{"annotation_id":"64a7863d-11d4-4a7c-968e-5731e048ff9c","file_hash":"582967ce7d55bee867b961c8ad28cc874ba8023c7f5233be15901a46ea40244b","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"626ca353-d0ae-4c9c-acbf-21354c83556c","block_type":"box","text":".","page_number":1,"box":{"x":258,"y":132,"width":2,"height":1}},{"id":"78b6c909-7d09-4861-962f-05d76dbb6553","block_type":"box","text":"Managed Pension Funds Limited","page_number":1,"box":{"x":48,"y":321,"width":571,"height":25}},{"id":"1ea5d37f-db18-4197-891b-08282b66ffc6","block_type":"box","text":"Solvency and","page_number":1,"box":{"x":47,"y":404,"width":234,"height":25}},{"id":"0a5d8283-896d-4db8-b24c-afa5be9835f5","block_type":"box","text":"Financial Condition","page_number":1,"box":{"x":296,"y":404,"width":338,"height":20}},{"id":"ebcc81de-a160-4d47-9f19-26f86cc3de75","block_type":"box","text":"Report","page_number":1,"box":{"x":650,"y":405,"width":115,"height":24}},{"id":"458f5658-2e2e-479f-b4d3-d2cdd05b6509","block_type":"box","text":"(\"SFCR\")","page_number":1,"box":{"x":47,"y":439,"width":157,"height":25}},{"id":"174dad49-fd5c-45ee-8ce8-ef724d26a8ee","block_type":"box","text":"as at 31 December 20","page_number":1,"box":{"x":47,"y":523,"width":372,"height":19}},{"id":"a3b8a019-3e6a-4497-b7d5-deb092a16485","block_type":"box","text":"2","page_number":1,"box":{"x":422,"y":523,"width":18,"height":19}},{"id":"75ad899f-8b05-4048-b877-fcf2092d0807","block_type":"box","text":"3","page_number":1,"box":{"x":443,"y":523,"width":18,"height":19}},{"id":"bd0cc5ab-7482-4fe5-a839-c7743f8c798d","block_type":"box","text":"ssga.com","page_number":1,"box":{"x":467,"y":963,"width":64,"height":8}},{"id":"e144d384-3684-48e7-b829-332a87d526ee","block_type":"box","text":"Managed Pension Funds Lim","page_number":2,"box":{"x":62,"y":963,"width":195,"height":10}},{"id":"053c6210-b18e-425b-8bcd-84d8eea64a80","block_type":"box","text":"ited","page_number":2,"box":{"x":259,"y":963,"width":23,"height":8}},{"id":"332e5443-d0ad-4cd7-917a-5a01ab1bc2ad","block_type":"box","text":"2","page_number":2,"box":{"x":503,"y":963,"width":7,"height":7}},{"id":"af52f88b-39a0-4104-9d40-3aa935d0dfa1","block_type":"box","text":"/","page_number":2,"box":{"x":510,"y":963,"width":5,"height":8}},{"id":"c18498ab-6cac-4ffd-9365-9e572bd91f6c","block_type":"box","text":"38","page_number":2,"box":{"x":515,"y":963,"width":16,"height":8}},{"id":"26d309c2-3d31-4b55-a9e9-f013460a0d66","block_type":"box","text":"Table of","page_number":2,"box":{"x":78,"y":86,"width":66,"height":9}},{"id":"73c1fa66-3178-4184-b0ac-16a53fe20e65","block_type":"box","text":"Contents","page_number":2,"box":{"x":145,"y":86,"width":71,"height":9}},{"id":"df41cecc-6d98-49fd-b355-8b691f256995","block_type":"box","text":"Summary","page_number":2,"box":{"x":79,"y":112,"width":71,"height":12}},{"id":"359db03f-fe72-410f-bf92-55f702333f0c","block_type":"box","text":"................................","page_number":2,"box":{"x":156,"y":120,"width":152,"height":1}},{"id":"abb8d804-f8c6-4725-839f-65973cd05c74","block_type":"box","text":"................................","page_number":2,"box":{"x":311,"y":120,"width":151,"height":1}},{"id":"4260724f-948d-4821-af55-19f77e2bb777","block_type":"box","text":"................................","page_number":2,"box":{"x":466,"y":120,"width":151,"height":1}},{"id":"e62a4d06-972e-4921-9713-23d77a64e414","block_type":"box","text":"................................","page_number":2,"box":{"x":620,"y":120,"width":152,"height":1}},{"id":"450785d3-eb50-443d-8ce2-276874e2d2d3","block_type":"box","text":"..","page_number":2,"box":{"x":775,"y":120,"width":7,"height":1}},{"id":"3b5b3a0b-69a8-4c41-aa93-23e30ee1eec5","block_type":"box","text":"4","page_number":2,"box":{"x":787,"y":113,"width":8,"height":8}},{"id":"ef1bee8f-ad18-49eb-92ef-1bbf58a91a4d","block_type":"box","text":"Section A: Business and Performance","page_number":2,"box":{"x":79,"y":138,"width":281,"height":9}},{"id":"e4065f7f-be0d-4bc8-9641-e8a6cfdbfa13","block_type":"box","text":"................................","page_number":2,"box":{"x":364,"y":146,"width":152,"height":1}},{"id":"389f2771-0cea-4db7-8db0-a58f68e44956","block_type":"box","text":"................................","page_number":2,"box":{"x":519,"y":146,"width":152,"height":1}},{"id":"3ff0a20c-45d5-4a94-8d35-0a0e25b85194","block_type":"box","text":".......................","page_number":2,"box":{"x":674,"y":146,"width":108,"height":1}},{"id":"0790664b-47e3-4e17-8f6a-f62c9b967432","block_type":"box","text":"7","page_number":2,"box":{"x":787,"y":139,"width":8,"height":8}},{"id":"80c6c4d0-2f06-4b94-ad9d-e2640aab8c5f","block_type":"box","text":"A.1","page_number":2,"box":{"x":95,"y":165,"width":22,"height":8}},{"id":"e0fe4333-474d-4196-88d2-5eadcc7d4f53","block_type":"box","text":"Business","page_number":2,"box":{"x":155,"y":165,"width":67,"height":8}},{"id":"a79caca2-7d60-40a0-86f6-05224c8daa8c","block_type":"box","text":"7","page_number":2,"box":{"x":791,"y":165,"width":9,"height":8}},{"id":"bbdfe12b-393e-4a1a-889c-8118d7962b00","block_type":"box","text":"A.2","page_number":2,"box":{"x":95,"y":190,"width":25,"height":9}},{"id":"edbcf25e-9c80-4f70-9d79-84336cf50f59","block_type":"box","text":"Underwriting performance","page_number":2,"box":{"x":155,"y":190,"width":192,"height":12}},{"id":"92123d3b-5a19-4a49-911f-43eda5b88d5e","block_type":"box","text":"8","page_number":2,"box":{"x":791,"y":190,"width":9,"height":9}},{"id":"35f1ec84-b69f-4add-a24e-01d77191e888","block_type":"box","text":"A.3","page_number":2,"box":{"x":95,"y":216,"width":25,"height":9}},{"id":"9d0e302e-f516-4852-99d6-b07c40ed8942","block_type":"box","text":"Investment performance","page_number":2,"box":{"x":155,"y":216,"width":179,"height":11}},{"id":"3b4495cc-04a4-4d7b-8ad4-557626eda1a7","block_type":"box","text":"8","page_number":2,"box":{"x":791,"y":217,"width":9,"height":8}},{"id":"cd219451-529e-4564-893e-dac616439764","block_type":"box","text":"A.4","page_number":2,"box":{"x":95,"y":243,"width":25,"height":8}},{"id":"6441d79d-e2fd-42db-96fd-001b7552ad4a","block_type":"box","text":"Performance of other activities","page_number":2,"box":{"x":155,"y":242,"width":225,"height":9}},{"id":"7cfc23e8-cfe5-423f-abc4-a0c803cf6f13","block_type":"box","text":"8","page_number":2,"box":{"x":791,"y":243,"width":9,"height":8}},{"id":"159c37f7-2dee-4ab7-9b00-0d61c22e8ff0","block_type":"box","text":"A.5","page_number":2,"box":{"x":95,"y":269,"width":25,"height":8}},{"id":"96b25906-f96c-4b48-8321-9ce57b523017","block_type":"box","text":"Any other information","page_number":2,"box":{"x":154,"y":268,"width":158,"height":12}},{"id":"ef55b2ed-cadc-4f02-8537-563d001429c2","block_type":"box","text":"8","page_number":2,"box":{"x":791,"y":269,"width":9,"height":8}},{"id":"f266e9fa-2154-43b5-9909-6c3f00917364","block_type":"box","text":"Section B: System of Governance","page_number":2,"box":{"x":79,"y":294,"width":251,"height":12}},{"id":"1c6ccec8-1417-4b95-9c9f-bb9a04764b72","block_type":"box","text":"................................","page_number":2,"box":{"x":335,"y":302,"width":152,"height":1}},{"id":"b12c64be-69b0-49bc-8862-c1d1cb95b6a3","block_type":"box","text":"................................","page_number":2,"box":{"x":490,"y":302,"width":151,"height":1}},{"id":"b67c258a-cfa3-4fd5-8b9a-757f5a43df0c","block_type":"box","text":".............................","page_number":2,"box":{"x":645,"y":302,"width":137,"height":1}},{"id":"14d9cfa6-a0cd-413a-a29d-ac09d2a8874b","block_type":"box","text":"9","page_number":2,"box":{"x":787,"y":295,"width":8,"height":9}},{"id":"3e7ac31a-c213-4236-8e9c-cdf04e8c61da","block_type":"box","text":"B.1","page_number":2,"box":{"x":96,"y":320,"width":21,"height":9}},{"id":"cba49e25-a455-4a8f-a1d9-99913bf2b0aa","block_type":"box","text":"General information on the system of governance","page_number":2,"box":{"x":155,"y":320,"width":366,"height":12}},{"id":"5d75b365-36a9-4c8c-993e-0e23aa8f0b5b","block_type":"box","text":"9","page_number":2,"box":{"x":792,"y":321,"width":7,"height":8}},{"id":"3bceeb3e-24ff-4236-ac87-fbf1a1334d2f","block_type":"box","text":"B.2","page_number":2,"box":{"x":96,"y":346,"width":24,"height":9}},{"id":"58d2b57b-f044-4a6a-b084-60f92bfb5cac","block_type":"box","text":"Fit and proper","page_number":2,"box":{"x":155,"y":346,"width":109,"height":12}},{"id":"8c3aa6d9-a562-4705-a423-66c477ff7da0","block_type":"box","text":"requirements","page_number":2,"box":{"x":265,"y":346,"width":96,"height":12}},{"id":"72c27d35-f298-4b5a-9eda-dc9aa8bfb59a","block_type":"box","text":"13","page_number":2,"box":{"x":783,"y":347,"width":17,"height":8}},{"id":"1eefc8ba-ac80-4e8c-9417-00d33712ee5d","block_type":"box","text":"B.3","page_number":2,"box":{"x":96,"y":373,"width":24,"height":8}},{"id":"4884031f-2a68-4cd8-b7e4-a6c9844a0ba9","block_type":"box","text":"Risk management system including the Own Risk and Solvency Assessment","page_number":2,"box":{"x":155,"y":372,"width":568,"height":12}},{"id":"ed344f45-ac99-4385-b97e-c365dede5601","block_type":"box","text":"13","page_number":2,"box":{"x":783,"y":373,"width":17,"height":8}},{"id":"c682f207-4c2f-4b01-9a84-7094c1c3c12f","block_type":"box","text":"B.4","page_number":2,"box":{"x":96,"y":399,"width":24,"height":8}},{"id":"5115f807-7f70-4801-8a58-903b82d8133b","block_type":"box","text":"Internal control system","page_number":2,"box":{"x":155,"y":399,"width":166,"height":11}},{"id":"051fbdd9-1230-4d15-9f61-ad2c7fee075a","block_type":"box","text":"15","page_number":2,"box":{"x":783,"y":399,"width":16,"height":8}},{"id":"5818e9fe-e130-4946-b9f2-b9a3726ed3ea","block_type":"box","text":"B.5","page_number":2,"box":{"x":96,"y":425,"width":24,"height":9}},{"id":"419ca344-028b-4f2e-bcf8-cb31fe67d267","block_type":"box","text":"Internal audit function","page_number":2,"box":{"x":155,"y":425,"width":159,"height":9}},{"id":"6ee5fd8a-381d-4f49-be16-db0df0f863a2","block_type":"box","text":"16","page_number":2,"box":{"x":783,"y":425,"width":17,"height":9}},{"id":"9eff02d2-72d6-40b3-a7f0-139915323cbf","block_type":"box","text":"B.6","page_number":2,"box":{"x":96,"y":450,"width":24,"height":9}},{"id":"b3a459e0-aaa2-4d19-b7b5-5b261cd1b3b3","block_type":"box","text":"Actuarial function","page_number":2,"box":{"x":154,"y":450,"width":128,"height":9}},{"id":"e8e1a26a-d24c-4356-b96f-a1ac394e5899","block_type":"box","text":"16","page_number":2,"box":{"x":783,"y":451,"width":17,"height":8}},{"id":"b425505d-ea09-427e-8bd0-eec7698ca514","block_type":"box","text":"B.8","page_number":2,"box":{"x":96,"y":477,"width":24,"height":8}},{"id":"60eebbd9-cdcf-4e38-8fcb-3a7fdb4a58e5","block_type":"box","text":"Any other information","page_number":2,"box":{"x":154,"y":476,"width":158,"height":12}},{"id":"3598958d-6fd6-4692-9046-7838613b656e","block_type":"box","text":"17","page_number":2,"box":{"x":783,"y":477,"width":17,"height":8}},{"id":"f15174a9-1721-47e8-9cfe-37ab1bece7ee","block_type":"box","text":"Section C: Risk Profile","page_number":2,"box":{"x":79,"y":502,"width":166,"height":9}},{"id":"e3662f36-d8d8-4f66-84e1-ec826736edcb","block_type":"box","text":"................................","page_number":2,"box":{"x":248,"y":510,"width":152,"height":1}},{"id":"78aee821-72b9-4c9c-a233-b8093f38881d","block_type":"box","text":"................................","page_number":2,"box":{"x":403,"y":510,"width":151,"height":1}},{"id":"bb878886-db77-4e8b-ab14-5068dd73e90c","block_type":"box","text":"................................","page_number":2,"box":{"x":558,"y":510,"width":151,"height":1}},{"id":"38ff5217-82e4-499a-a4c7-44742f5b7f05","block_type":"box","text":".............","page_number":2,"box":{"x":712,"y":510,"width":60,"height":1}},{"id":"5aadea35-5542-4e90-ac61-9f8df5b62afc","block_type":"box","text":"18","page_number":2,"box":{"x":779,"y":503,"width":16,"height":8}},{"id":"6a7ea495-a669-4b65-9e47-3a7d58667f72","block_type":"box","text":"C.1","page_number":2,"box":{"x":96,"y":529,"width":22,"height":9}},{"id":"87977f0f-945a-498c-ba2d-9a34065c5eca","block_type":"box","text":"Operational risk","page_number":2,"box":{"x":154,"y":529,"width":118,"height":11}},{"id":"a782be7d-d17a-4383-9ce9-71cd4a92ef95","block_type":"box","text":"18","page_number":2,"box":{"x":783,"y":529,"width":17,"height":9}},{"id":"b53c1fde-ae88-4e28-96d1-f534cafcd979","block_type":"box","text":"C.2","page_number":2,"box":{"x":96,"y":555,"width":25,"height":9}},{"id":"c98d40c1-9f61-4f36-9380-ea1260ae8613","block_type":"box","text":"Market","page_number":2,"box":{"x":155,"y":555,"width":55,"height":9}},{"id":"053938a7-6001-4983-b1fa-d4e033642122","block_type":"box","text":"risk","page_number":2,"box":{"x":212,"y":555,"width":25,"height":9}},{"id":"db00aab1-ed7b-4e53-8750-f16ebeec9b22","block_type":"box","text":"18","page_number":2,"box":{"x":783,"y":555,"width":17,"height":9}},{"id":"bfcec75c-2b28-42ab-b0df-64e19092c518","block_type":"box","text":"C.3","page_number":2,"box":{"x":96,"y":580,"width":25,"height":9}},{"id":"fa615c06-fa26-4776-8b45-57f4f3340c93","block_type":"box","text":"Credit risk","page_number":2,"box":{"x":154,"y":580,"width":76,"height":9}},{"id":"e4af9532-a884-4268-a725-e2518555157b","block_type":"box","text":"18","page_number":2,"box":{"x":783,"y":581,"width":17,"height":8}},{"id":"e94f9e2d-05b9-48c5-b62f-309c3869c162","block_type":"box","text":"C.4","page_number":2,"box":{"x":96,"y":606,"width":25,"height":9}},{"id":"3ee265bd-eb00-4b02-afac-ba701e3dff0c","block_type":"box","text":"Underwriting risk","page_number":2,"box":{"x":155,"y":607,"width":124,"height":11}},{"id":"f729392d-05a8-4231-b8ba-746fa8f65c59","block_type":"box","text":"19","page_number":2,"box":{"x":783,"y":607,"width":16,"height":8}},{"id":"64f553b0-6efd-465f-9ccf-1928c24efb6b","block_type":"box","text":"C.5","page_number":2,"box":{"x":96,"y":633,"width":25,"height":9}},{"id":"bec53baa-0d34-4233-a71e-d80ef5b5e946","block_type":"box","text":"Risks Not Captu","page_number":2,"box":{"x":155,"y":633,"width":119,"height":11}},{"id":"0312b5aa-b43c-4087-bb58-278e66cbd15a","block_type":"box","text":"red by the Standard Formula","page_number":2,"box":{"x":277,"y":633,"width":211,"height":11}},{"id":"db239ec3-cfc3-44cd-82ec-37d3ceebbbb1","block_type":"box","text":"19","page_number":2,"box":{"x":783,"y":633,"width":16,"height":9}},{"id":"4215e409-acd6-4da5-9dd2-bb7b17bb6a44","block_type":"box","text":"C.7","page_number":2,"box":{"x":96,"y":659,"width":25,"height":9}},{"id":"b03b3fc1-3484-47e1-bbcd-ed99c36cc4d7","block_type":"box","text":"Any other information","page_number":2,"box":{"x":154,"y":659,"width":158,"height":11}},{"id":"722a5830-40f0-439e-9cc3-b9a578bd91b7","block_type":"box","text":"20","page_number":2,"box":{"x":782,"y":659,"width":18,"height":9}},{"id":"ebeb6c34-f6a9-4904-8b18-52c2fda34667","block_type":"box","text":"Section D: Valuation for Solvency Purposes","page_number":2,"box":{"x":79,"y":685,"width":323,"height":11}},{"id":"8878fdd7-21ca-49b7-8b49-4a37a6f36906","block_type":"box","text":"................................","page_number":2,"box":{"x":407,"y":692,"width":152,"height":2}},{"id":"29b2d781-ed45-445d-aad2-8ed828f3f46c","block_type":"box","text":"................................","page_number":2,"box":{"x":562,"y":692,"width":152,"height":2}},{"id":"b86903b9-cb46-4c63-b40d-5ba883582ba1","block_type":"box","text":"............","page_number":2,"box":{"x":717,"y":692,"width":55,"height":2}},{"id":"8b314c5c-5d5b-4880-80c1-4261dfacb414","block_type":"box","text":"21","page_number":2,"box":{"x":777,"y":685,"width":16,"height":9}},{"id":"42727f0e-8bfd-4fb8-bb4e-a836481e6637","block_type":"box","text":"D.1","page_number":2,"box":{"x":96,"y":711,"width":22,"height":8}},{"id":"b0441a21-e94c-4f80-ad5f-bd4d8824769a","block_type":"box","text":"Assets","page_number":2,"box":{"x":154,"y":711,"width":50,"height":8}},{"id":"fdc8da20-f069-494d-a9e9-5e5ac3626c37","block_type":"box","text":"21","page_number":2,"box":{"x":782,"y":711,"width":15,"height":8}},{"id":"8b64aea2-dc1a-4c8f-800c-6db1a4d4d2c9","block_type":"box","text":"D.2","page_number":2,"box":{"x":96,"y":737,"width":25,"height":8}},{"id":"ad564d32-545c-440f-9cb0-8f0a435c5418","block_type":"box","text":"Technical provisions","page_number":2,"box":{"x":154,"y":737,"width":152,"height":11}},{"id":"0b1a7464-b99f-45e6-b5eb-a5bf9d27b0dd","block_type":"box","text":"23","page_number":2,"box":{"x":782,"y":737,"width":18,"height":9}},{"id":"20221a18-b65f-4b06-a567-fc142e60c58b","block_type":"box","text":"D.3","page_number":2,"box":{"x":96,"y":763,"width":25,"height":9}},{"id":"4131e0b4-cb1d-46ee-935c-214f6038e3d7","block_type":"box","text":"Other liabilities","page_number":2,"box":{"x":154,"y":763,"width":110,"height":9}},{"id":"cb64d2d3-b43d-4fcf-b7a6-e7f1b8d034dc","block_type":"box","text":"24","page_number":2,"box":{"x":782,"y":763,"width":18,"height":8}},{"id":"89f9c990-db22-48fa-90f5-76994cad48f2","block_type":"box","text":"D.4","page_number":2,"box":{"x":96,"y":789,"width":25,"height":9}},{"id":"af9b4b6d-5fd6-47dd-b8d9-5515c3352ed4","block_type":"box","text":"Alternative methods for valuation","page_number":2,"box":{"x":154,"y":789,"width":243,"height":9}},{"id":"3323ed2d-b34e-4ebe-b774-8be61a511b9d","block_type":"box","text":"25","page_number":2,"box":{"x":782,"y":789,"width":17,"height":9}},{"id":"8d6a95e1-f8d6-4fc5-8246-0f5d9cfb00b0","block_type":"box","text":"D.5","page_number":2,"box":{"x":96,"y":815,"width":25,"height":9}},{"id":"43137ffa-5e46-43f6-bc15-1a06748c11ce","block_type":"box","text":"Any other information","page_number":2,"box":{"x":154,"y":815,"width":158,"height":11}},{"id":"6694cc22-9c37-43ff-8e08-88d1d7a999e0","block_type":"box","text":"25","page_number":2,"box":{"x":782,"y":815,"width":17,"height":9}},{"id":"37cc6dba-fdda-4b0e-b88b-267ef0ec0250","block_type":"box","text":"Section E: Capital Management","page_number":2,"box":{"x":79,"y":840,"width":235,"height":12}},{"id":"a257ef0b-f9d8-48ec-b4aa-ea60dda84410","block_type":"box","text":"................................","page_number":2,"box":{"x":320,"y":848,"width":152,"height":1}},{"id":"fe5ba17b-ec19-49e4-81a1-68cb81f5d7b5","block_type":"box","text":"................................","page_number":2,"box":{"x":475,"y":848,"width":152,"height":1}},{"id":"75b27069-c67f-4ecf-8f2b-537fe2e55cb9","block_type":"box","text":"..............................","page_number":2,"box":{"x":630,"y":848,"width":142,"height":1}},{"id":"fa825c00-31c3-4990-8900-ed0aeabc6b28","block_type":"box","text":"26","page_number":2,"box":{"x":777,"y":841,"width":18,"height":9}},{"id":"5adc840c-0444-4cc7-8674-403e988dfb58","block_type":"box","text":"E.1","page_number":2,"box":{"x":97,"y":867,"width":20,"height":8}},{"id":"7046d3cd-8544-4af5-b2b5-3183b1f68667","block_type":"box","text":"Own funds","page_number":2,"box":{"x":154,"y":867,"width":80,"height":9}},{"id":"f43c8594-758a-419b-b518-44cc52fab255","block_type":"box","text":"26","page_number":2,"box":{"x":782,"y":867,"width":18,"height":9}},{"id":"c0e00a90-930c-4aec-be6d-4dc7c2831221","block_type":"box","text":"E.2","page_number":2,"box":{"x":97,"y":893,"width":23,"height":9}},{"id":"5539b2d8-0964-4804-8337-5ec0195b386e","block_type":"box","text":"Solvency Capital Requirement and Minimum Capital Requirement","page_number":2,"box":{"x":155,"y":893,"width":487,"height":11}},{"id":"11fdedbb-970b-43c5-96ff-15007b4c71b8","block_type":"box","text":"27","page_number":2,"box":{"x":782,"y":893,"width":18,"height":9}},{"id":"272c060c-9f8e-49e3-926c-497163705847","block_type":"box","text":"E.3","page_number":2,"box":{"x":97,"y":919,"width":23,"height":9}},{"id":"882c2197-6bd8-49d5-89e5-db728c525e74","block_type":"box","text":"Use of duration","page_number":2,"box":{"x":155,"y":919,"width":112,"height":9}},{"id":"d5f0fb91-be8a-4c85-b1ea-9a13e85ffbf0","block_type":"box","text":"-","page_number":2,"box":{"x":269,"y":924,"width":4,"height":1}},{"id":"84489de6-eb04-4552-b911-8a126074e802","block_type":"box","text":"based equity risk sub","page_number":2,"box":{"x":275,"y":919,"width":156,"height":11}},{"id":"5a153b77-e8b9-4368-afc7-374330e55e0e","block_type":"box","text":"-","page_number":2,"box":{"x":433,"y":924,"width":4,"height":1}},{"id":"81480e20-cae2-46d4-b6ae-3748963fa293","block_type":"box","text":"module in the calculation of the Solvency Capital Requirement","page_number":2,"box":{"x":438,"y":919,"width":460,"height":11}},{"id":"cdfad527-051f-4e3d-8741-652337ee04a5","block_type":"box","text":"28","page_number":2,"box":{"x":154,"y":935,"width":18,"height":8}},{"id":"f423a32d-9fdb-47cd-872a-b6821328539d","block_type":"box","text":"Solvency and Financial Condition Report","page_number":3,"box":{"x":544,"y":27,"width":326,"height":12}},{"id":"2f541eaa-e2da-48ac-af58-6817fcba8461","block_type":"box","text":"Managed Pension Funds Limited","page_number":3,"box":{"x":62,"y":963,"width":219,"height":10}},{"id":"e25d3764-ecbb-4b5b-ac91-563b5b001b2d","block_type":"box","text":"3","page_number":3,"box":{"x":501,"y":963,"width":7,"height":8}},{"id":"f3eb359b-3fbd-4f1f-b5d4-dfe7d1da5ae1","block_type":"box","text":"/","page_number":3,"box":{"x":509,"y":963,"width":4,"height":8}},{"id":"f02c38a6-2444-4da2-b7bf-7a9a3fc04b2b","block_type":"box","text":"38","page_number":3,"box":{"x":514,"y":963,"width":15,"height":8}},{"id":"1b3e894f-4009-4cd6-92da-ad1f9cec6d9b","block_type":"box","text":"E.4","page_number":3,"box":{"x":97,"y":78,"width":23,"height":8}},{"id":"e832edd3-d9c9-47b0-b32b-db6a3ec92b6c","block_type":"box","text":"Differences between the standard formula and any internal model used","page_number":3,"box":{"x":155,"y":78,"width":525,"height":11}},{"id":"10d3e0e8-76b1-4768-b954-b67dbf715ff7","block_type":"box","text":"28","page_number":3,"box":{"x":782,"y":78,"width":18,"height":9}},{"id":"fd6a671e-e455-44f6-836d-e1a6a7269b3e","block_type":"box","text":"E.5","page_number":3,"box":{"x":97,"y":104,"width":23,"height":9}},{"id":"ed43d2ef-20c5-4c9e-8174-4b017d2de672","block_type":"box","text":"Non","page_number":3,"box":{"x":155,"y":104,"width":29,"height":9}},{"id":"bd9f2475-fd11-42ef-8a32-efa975bb5017","block_type":"box","text":"-","page_number":3,"box":{"x":186,"y":109,"width":4,"height":1}},{"id":"5be7445c-ce4d-4cee-a701-b27d001444c7","block_type":"box","text":"compliance with the Minimum Capital Requirement and non","page_number":3,"box":{"x":191,"y":104,"width":441,"height":11}},{"id":"1489bd4a-5e99-4203-9b1c-f3190c78392e","block_type":"box","text":"-","page_number":3,"box":{"x":635,"y":109,"width":4,"height":1}},{"id":"db6e4b6b-311e-42b3-853b-d35375b67eb0","block_type":"box","text":"compliance with the Solvency","page_number":3,"box":{"x":640,"y":104,"width":225,"height":11}},{"id":"bfb2f97c-7553-438e-8ea8-9de750f953c3","block_type":"box","text":"Capital Requirement","page_number":3,"box":{"x":96,"y":119,"width":152,"height":11}},{"id":"dab60d3c-4fbe-46a2-a204-7cb9ab060f4a","block_type":"box","text":"28","page_number":3,"box":{"x":782,"y":119,"width":18,"height":9}},{"id":"7dba8e24-1703-43ad-90be-1422dd0ff4c4","block_type":"box","text":"E.6","page_number":3,"box":{"x":97,"y":145,"width":23,"height":9}},{"id":"ada251dc-455e-429a-8953-05ad872d8112","block_type":"box","text":"Any other information","page_number":3,"box":{"x":154,"y":145,"width":158,"height":12}},{"id":"05224384-840d-40dc-a79f-faa3da32ff28","block_type":"box","text":"28","page_number":3,"box":{"x":782,"y":146,"width":18,"height":8}},{"id":"1e50a5cf-f688-4219-9db9-79d2561a8f3c","block_type":"box","text":"Annexure","page_number":3,"box":{"x":95,"y":171,"width":72,"height":9}},{"id":"33c3d222-6f57-4eae-ac68-ef78a14fac68","block_type":"box","text":"29","page_number":3,"box":{"x":782,"y":171,"width":17,"height":9}},{"id":"726278c9-5858-4367-8f50-6c3d18e2148b","block_type":"box","text":"Appendix 1 –","page_number":3,"box":{"x":95,"y":197,"width":89,"height":11}},{"id":"3a998487-eaa4-44f0-bfe3-5aec5c91b077","block_type":"box","text":"–","page_number":3,"box":{"x":184,"y":202,"width":9,"height":1}},{"id":"78e01b82-9f97-451d-9159-10851da55949","block_type":"box","text":"Reporting templates","page_number":3,"box":{"x":200,"y":197,"width":148,"height":11}},{"id":"fb8ba958-e65d-4792-ad72-7a1e55f3c42c","block_type":"box","text":"30","page_number":3,"box":{"x":782,"y":197,"width":18,"height":9}},{"id":"cb52b1c3-a558-4e22-bcc1-8762968c1895","block_type":"box","text":"Solvency and Financial Condition Report","page_number":4,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"59a26104-4b44-4fe4-ab16-604b127be6cf","block_type":"box","text":"M","page_number":4,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"d72205d9-2d09-49e6-a42e-e0ba2b9539d0","block_type":"box","text":"anaged Pension Funds Limited","page_number":4,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"43fc42bc-e633-4bbc-9586-54ae52f22030","block_type":"box","text":"4","page_number":4,"box":{"x":500,"y":962,"width":7,"height":7}},{"id":"9c716efb-8263-4ddd-a5f7-19af78632c06","block_type":"box","text":"/","page_number":4,"box":{"x":507,"y":961,"width":5,"height":8}},{"id":"5d635bf5-b7b5-4fc5-a383-a22c92f3a158","block_type":"box","text":"38","page_number":4,"box":{"x":512,"y":962,"width":16,"height":7}},{"id":"98b56988-f44d-4c9c-ad40-5277a91ae2c9","block_type":"box","text":"Summary","page_number":4,"box":{"x":61,"y":96,"width":88,"height":13}},{"id":"9cc074d5-3df9-42fa-98b8-b8bc6acc4be9","block_type":"box","text":"Business model and strategy","page_number":4,"box":{"x":61,"y":129,"width":232,"height":12}},{"id":"e31205ec-bd23-4695-a697-0e42b95397a9","block_type":"box","text":"Managed Pension Funds Limited (“MPFL” and “the Company”) is a UK","page_number":4,"box":{"x":61,"y":151,"width":536,"height":11}},{"id":"cfe9e141-3fad-4f17-9c6a-6eead415bb6d","block_type":"box","text":"-","page_number":4,"box":{"x":599,"y":156,"width":4,"height":1}},{"id":"bd49ac5b-b9d6-499c-8ee9-eaea61068530","block_type":"box","text":"based insurance company authorised by the","page_number":4,"box":{"x":605,"y":151,"width":339,"height":12}},{"id":"aa1b5820-70bf-4279-9246-19532daff7aa","block_type":"box","text":"Prudential Regulation Authority (“PRA”","page_number":4,"box":{"x":61,"y":167,"width":292,"height":11}},{"id":"1f81f2dc-1ac0-4514-b972-d9ec606cdd15","block_type":"box","text":") and","page_number":4,"box":{"x":355,"y":167,"width":38,"height":11}},{"id":"4c7e8308-8dfe-48f3-a4e0-a9bb6cdc84b4","block_type":"box","text":"regulated by the Financial Conduct Authority (“FCA”) and the PRA. Its","page_number":4,"box":{"x":402,"y":167,"width":541,"height":11}},{"id":"fde44c9f-d04d-4ee2-813b-7e9bd19b4827","block_type":"box","text":"principal activity is to provide po","page_number":4,"box":{"x":61,"y":183,"width":237,"height":11}},{"id":"64142fdc-e5dd-434d-9cc2-22d504e2cf86","block_type":"box","text":"oled investment management services to pension schemes and reinsurance platforms","page_number":4,"box":{"x":299,"y":182,"width":644,"height":12}},{"id":"87a09c7a-df85-4f4e-9108-d67dfea005fb","block_type":"box","text":"under unit","page_number":4,"box":{"x":61,"y":198,"width":74,"height":9}},{"id":"cb0ce40f-1259-48ad-b5e4-4ae6c64898e9","block_type":"box","text":"-","page_number":4,"box":{"x":136,"y":203,"width":5,"height":1}},{"id":"f0a6afda-dfe7-4e75-b5db-d06a21226a5a","block_type":"box","text":"linked life insurance contracts.","page_number":4,"box":{"x":142,"y":198,"width":222,"height":9}},{"id":"22855e27-e104-4e32-b30c-c78847948290","block_type":"box","text":"The Company’s client base is predominantly in the UK.","page_number":4,"box":{"x":371,"y":198,"width":412,"height":12}},{"id":"f28c413a-022f-4428-9380-e55a786ec3af","block_type":"box","text":"The Company offers only unit","page_number":4,"box":{"x":60,"y":221,"width":217,"height":11}},{"id":"3a0cd3e4-d41f-4ae6-abba-5fadd6efa4f1","block_type":"box","text":"-","page_number":4,"box":{"x":279,"y":226,"width":4,"height":1}},{"id":"9ac93cfd-fc53-4a23-9cce-87017e66521c","block_type":"box","text":"linked contracts that offer no investment or li","page_number":4,"box":{"x":285,"y":221,"width":322,"height":9}},{"id":"c90da371-1869-4ff4-affd-d26dd76fc7d7","block_type":"box","text":"quidity guarantees, and that pass investment","page_number":4,"box":{"x":609,"y":221,"width":335,"height":11}},{"id":"f480b7c8-a8c1-41b3-a78b-0e27f15da7a3","block_type":"box","text":"and liquidity risk onto the policyholder.","page_number":4,"box":{"x":61,"y":237,"width":290,"height":11}},{"id":"334c3561-b136-4512-b1c3-efe488966bf1","block_type":"box","text":"The Company","page_number":4,"box":{"x":352,"y":237,"width":106,"height":11}},{"id":"6cc65e87-bfda-4c1f-a015-cc9cb82e0809","block_type":"box","text":"outsources operational activities to","page_number":4,"box":{"x":463,"y":237,"width":263,"height":11}},{"id":"7d8cbe0b-6028-4c32-9e17-72cbe771edf4","block_type":"box","text":"State Street Global Advisors","page_number":4,"box":{"x":728,"y":237,"width":216,"height":9}},{"id":"f902be99-dbf2-4458-8648-28a0b72391ce","block_type":"box","text":"Limited","page_number":4,"box":{"x":61,"y":253,"width":58,"height":9}},{"id":"e5c6b9bf-72ba-4ac2-8bbf-88f0ad743b71","block_type":"box","text":"(“","page_number":4,"box":{"x":122,"y":253,"width":9,"height":11}},{"id":"ca44938f-e8b9-4f96-8632-2c8e1c227b9a","block_type":"box","text":"SSGAL","page_number":4,"box":{"x":132,"y":253,"width":55,"height":9}},{"id":"3a50687a-fd1a-4513-9d57-513c4d09600f","block_type":"box","text":"”","page_number":4,"box":{"x":188,"y":253,"width":5,"height":3}},{"id":"196f87d3-5271-4634-a6f9-3cc3c73088b5","block_type":"box","text":"or","page_number":4,"box":{"x":199,"y":255,"width":19,"height":7}},{"id":"2cce7a25-04c1-43fb-a8a1-3e1e7bd5c90d","block_type":"box","text":"“SSGA","page_number":4,"box":{"x":220,"y":253,"width":51,"height":9}},{"id":"1cef6e43-7a70-450d-848d-9a5615292197","block_type":"box","text":"UK”)","page_number":4,"box":{"x":279,"y":253,"width":32,"height":11}},{"id":"f22fd054-0224-464d-a973-48033f4cfba2","block_type":"box","text":"through an outsourced services agreement under which SSGAL i","page_number":4,"box":{"x":317,"y":253,"width":489,"height":11}},{"id":"175fee4f-4f0d-4dd3-9a5a-e077da7baf68","block_type":"box","text":"s liable for losses","page_number":4,"box":{"x":809,"y":253,"width":135,"height":9}},{"id":"b098158a-9d72-4553-a188-bee61b00bd85","block_type":"box","text":"resulting from this activity.","page_number":4,"box":{"x":61,"y":268,"width":199,"height":12}},{"id":"9fb83d17-a75c-4a6d-baeb-6e97950a0b37","block_type":"box","text":"SSGA","page_number":4,"box":{"x":269,"y":268,"width":46,"height":9}},{"id":"f4e4794c-d730-4711-9a69-174824602853","block_type":"box","text":"L","page_number":4,"box":{"x":316,"y":269,"width":8,"height":8}},{"id":"c194a93e-ed0c-46bc-b600-4f4a98ee05ea","block_type":"box","text":"provides investment management, sales, marketing, administration and support","page_number":4,"box":{"x":332,"y":269,"width":611,"height":11}},{"id":"410d9510-b1d1-4276-aa3b-0b2fd384e4c7","block_type":"box","text":"services to","page_number":4,"box":{"x":61,"y":284,"width":85,"height":9}},{"id":"fb85dead-6cca-4101-b3ca-8b4a5b67bca0","block_type":"box","text":"the Company","page_number":4,"box":{"x":147,"y":284,"width":100,"height":11}},{"id":"9c887943-4ac7-442c-96ec-c436f7340d15","block_type":"box","text":". The costs to the Company for the provision of these services are met out of","page_number":4,"box":{"x":248,"y":284,"width":578,"height":11}},{"id":"0e82a8a5-0c6a-418a-9fcf-1d236c1af550","block_type":"box","text":"the Company’s","page_number":4,"box":{"x":828,"y":284,"width":111,"height":11}},{"id":"41200c3a-b8a7-4cfd-b887-77128dd1a111","block_type":"box","text":"fees cha","page_number":4,"box":{"x":60,"y":300,"width":65,"height":9}},{"id":"d77a90c4-c96b-4528-8b0c-5ddc0a9c6e42","block_type":"box","text":"rged to policyholders, plus any investment management fees deducted from specific funds less a retention","page_number":4,"box":{"x":127,"y":300,"width":816,"height":11}},{"id":"77dfa123-b1b8-4871-8ea2-121c6c268984","block_type":"box","text":"amount due to MPFL.","page_number":4,"box":{"x":61,"y":316,"width":157,"height":8}},{"id":"4306f2cf-514a-49b7-b272-a15885861748","block_type":"box","text":"This retention is to enable the Company to meet its direct administrative expenses and to","page_number":4,"box":{"x":224,"y":315,"width":652,"height":12}},{"id":"708e833c-76aa-429c-9caa-9abbdec56b7a","block_type":"box","text":"maintain","page_number":4,"box":{"x":877,"y":316,"width":62,"height":8}},{"id":"4e047abc-1b8b-46b0-bc29-b6e141f5e31b","block_type":"box","text":"a","page_number":4,"box":{"x":61,"y":333,"width":13,"height":7}},{"id":"ae3ae26d-7a37-40fc-bd23-dacd9c16b142","block_type":"box","text":"sufficient capital buffer so a","page_number":4,"box":{"x":74,"y":331,"width":200,"height":11}},{"id":"2820430d-397d-478f-ad10-2b364f1c47bb","block_type":"box","text":"s to meet its regulatory obligations. The time horizon used by the Company for its","page_number":4,"box":{"x":275,"y":331,"width":593,"height":11}},{"id":"44124ea5-9566-4519-955b-80cc5ae7e6ea","block_type":"box","text":"business","page_number":4,"box":{"x":874,"y":331,"width":65,"height":9}},{"id":"50da57d7-2f65-4fff-98c3-5cd69d69d424","block_type":"box","text":"planning is","page_number":4,"box":{"x":61,"y":347,"width":85,"height":11}},{"id":"139b56c6-eead-446b-8ae3-1ac6ebbb4c52","block_type":"box","text":"rolling","page_number":4,"box":{"x":147,"y":347,"width":48,"height":11}},{"id":"144ec2a4-4f8b-427b-b4a6-12855264bc61","block_type":"box","text":"three","page_number":4,"box":{"x":195,"y":347,"width":38,"height":9}},{"id":"61a870c7-1296-44c2-b918-baec87e2b753","block_type":"box","text":"years.","page_number":4,"box":{"x":238,"y":349,"width":44,"height":9}},{"id":"b587835a-0fc4-4a54-a7fa-1e3befa0f468","block_type":"box","text":"System of governance","page_number":4,"box":{"x":61,"y":377,"width":178,"height":11}},{"id":"5af45f01-657d-406f-9cc3-c8ffd1789ed5","block_type":"box","text":"MPFL has in place a system of governance designed to be fully compliant with Solvency","page_number":4,"box":{"x":61,"y":398,"width":659,"height":11}},{"id":"d2c53c5b-d389-4aba-a93c-1d38ac136bc6","block_type":"box","text":"II","page_number":4,"box":{"x":723,"y":398,"width":6,"height":9}},{"id":"4224d0b1-7759-436e-ac93-51c23f1567b6","block_type":"box","text":"and t","page_number":4,"box":{"x":736,"y":398,"width":32,"height":9}},{"id":"2ec7c28a-0795-4c86-9073-b99bbdb52682","block_type":"box","text":"the","page_number":4,"box":{"x":768,"y":398,"width":28,"height":9}},{"id":"6cf51344-527c-484a-89ad-ab67818c9da6","block_type":"box","text":"Senior Managers &","page_number":4,"box":{"x":797,"y":398,"width":147,"height":11}},{"id":"123b520b-f303-4238-bd2b-3fba9d3eac7e","block_type":"box","text":"Certification Regime","page_number":4,"box":{"x":61,"y":414,"width":150,"height":11}},{"id":"0bbe87f2-5a9a-4be3-9c15-2d08d6a9168a","block_type":"box","text":",","page_number":4,"box":{"x":213,"y":421,"width":2,"height":3}},{"id":"495ee3ec-54a1-4490-933a-d37c9565f507","block_type":"box","text":"and appropriate to its business.","page_number":4,"box":{"x":222,"y":414,"width":230,"height":11}},{"id":"9931ba5d-7ad7-4195-8caf-17c0697e9fd9","block_type":"box","text":"The Company has developed an","page_number":4,"box":{"x":60,"y":437,"width":247,"height":11}},{"id":"2a5e2aa6-ea17-4219-906f-28ca2f41b02c","block_type":"box","text":"Own Risk and Solvency Assessment (“ORSA”)","page_number":4,"box":{"x":308,"y":437,"width":345,"height":11}},{"id":"787a94ab-3b96-484c-85d6-0d9bd8b33c1e","block_type":"box","text":"framework und","page_number":4,"box":{"x":659,"y":437,"width":110,"height":9}},{"id":"07b8fe7d-f6fc-49b7-b9b9-a809bac841ee","block_type":"box","text":"er the Solvency","page_number":4,"box":{"x":770,"y":437,"width":120,"height":11}},{"id":"893dafa3-e142-48a3-88d2-eb78c3e0308f","block_type":"box","text":"II","page_number":4,"box":{"x":892,"y":437,"width":6,"height":8}},{"id":"91debbed-611e-4768-8147-1ec056d1e04a","block_type":"box","text":"rules","page_number":4,"box":{"x":905,"y":437,"width":39,"height":9}},{"id":"8c4149f1-ac22-45c2-a84e-579fac1286db","block_type":"box","text":"to identify the risks and quantify their impact on the economic capital. In accordance with","page_number":4,"box":{"x":60,"y":452,"width":646,"height":12}},{"id":"dd5cccd3-973c-4154-be2f-da6da672d9ff","block_type":"box","text":"the","page_number":4,"box":{"x":706,"y":453,"width":28,"height":8}},{"id":"d7c085a7-2c37-4800-942b-3ebecff807c1","block_type":"box","text":"UK regulation","page_number":4,"box":{"x":735,"y":453,"width":97,"height":11}},{"id":"e7986bf4-5689-43be-812d-b97efef0af96","block_type":"box","text":",","page_number":4,"box":{"x":835,"y":460,"width":2,"height":3}},{"id":"e5517a82-d194-4494-a705-5f1658a475e0","block_type":"box","text":"Consolidated","page_number":4,"box":{"x":843,"y":452,"width":101,"height":9}},{"id":"865052a6-3671-4644-8b3b-4c74407e6bc1","block_type":"box","text":"Solvency II Directive means 2009/138/EC","page_number":4,"box":{"x":61,"y":468,"width":315,"height":12}},{"id":"a98a3dae-113d-4b4f-b685-447dc3d8b4c1","block_type":"box","text":"(the “Directive”) and","page_number":4,"box":{"x":379,"y":468,"width":152,"height":12}},{"id":"29d242a3-08c7-4f2f-bd22-27278aaab848","block_type":"box","text":"Consolidated Solvency II Delegated Regulation","page_number":4,"box":{"x":533,"y":468,"width":350,"height":12}},{"id":"9a0515e6-7730-469a-9759-73c662ec2fdb","block_type":"box","text":"means","page_number":4,"box":{"x":890,"y":471,"width":54,"height":6}},{"id":"f2aa1c2f-e695-40dc-b0b0-55b83c67de6e","block_type":"box","text":"2015/35","page_number":4,"box":{"x":60,"y":484,"width":66,"height":9}},{"id":"0795691a-2e19-48c0-b8ad-d3ef53b10118","block_type":"box","text":"along with relevant technical standards as adopted by the UK","page_number":4,"box":{"x":127,"y":484,"width":454,"height":11}},{"id":"2cc76aec-c2da-401d-a420-5e9049fbf46c","block_type":"box","text":"(the “Regulation”)","page_number":4,"box":{"x":587,"y":484,"width":129,"height":11}},{"id":"2ba14677-f5da-42c0-b40f-c1d05fca79e4","block_type":"box","text":".","page_number":4,"box":{"x":718,"y":492,"width":9,"height":1}},{"id":"cea52e80-67f0-4e4c-8ea7-031542247333","block_type":"box","text":"HM Treasury and the PRA are currently developing new prudential insurance regulation regime which when","page_number":4,"box":{"x":61,"y":507,"width":882,"height":11}},{"id":"40cd19e8-6ad7-4719-aa37-eb266055e3f7","block_type":"box","text":"implemented will be known as “Solvency UK”. A number of","page_number":4,"box":{"x":61,"y":523,"width":443,"height":11}},{"id":"92de844c-78e7-440b-90db-48351dcd54a3","block_type":"box","text":"changes to the regulations were consulted on during 2023","page_number":4,"box":{"x":506,"y":523,"width":437,"height":11}},{"id":"c14c61c9-184d-460d-bc09-7677b42c127a","block_type":"box","text":"most of which are due to come into force on 31 December 2024. However, a small number of changes came into effect","page_number":4,"box":{"x":61,"y":538,"width":882,"height":11}},{"id":"74ac0069-6e7f-4c85-921e-5e2a8031c696","block_type":"box","text":"at 31 December 2023 and have therefore been reflected in the","page_number":4,"box":{"x":61,"y":554,"width":487,"height":9}},{"id":"37d6e830-3d4a-4a11-8cdd-9bc0e1f90a9f","block_type":"box","text":"Solvency II valuation at","page_number":4,"box":{"x":551,"y":554,"width":177,"height":11}},{"id":"b3cf9419-796a-4d70-8e78-e9c1a1e51554","block_type":"box","text":"31 December 2023.","page_number":4,"box":{"x":736,"y":554,"width":149,"height":9}},{"id":"d3934b5e-7ecc-427c-a760-61022fa2c0d2","block_type":"box","text":"These","page_number":4,"box":{"x":893,"y":554,"width":51,"height":9}},{"id":"5fbbea83-3298-4895-98ef-d7accea0438d","block_type":"box","text":"changes","page_number":4,"box":{"x":61,"y":570,"width":68,"height":11}},{"id":"bdb1a68b-788a-48c8-916d-6c8b9265c4b7","block_type":"box","text":"include reforms","page_number":4,"box":{"x":130,"y":570,"width":113,"height":9}},{"id":"bf7c102b-0bfc-45a6-b5a8-94dfc2a52c77","block_type":"box","text":"to the risk margin calculation.","page_number":4,"box":{"x":248,"y":570,"width":222,"height":11}},{"id":"19a55f43-1df3-46ee-9fd8-ded260923130","block_type":"box","text":"MPFL’s","page_number":4,"box":{"x":61,"y":592,"width":61,"height":9}},{"id":"de35c53d-57fb-4b42-b41c-4a916ce3b370","block_type":"box","text":"b","page_number":4,"box":{"x":124,"y":593,"width":8,"height":8}},{"id":"e7de99bd-d363-4e05-aa27-31899c07322c","block_type":"box","text":"oard","page_number":4,"box":{"x":133,"y":593,"width":38,"height":8}},{"id":"ca6a198b-b9a0-427d-a9b1-191b8852096d","block_type":"box","text":"(“the Board”)","page_number":4,"box":{"x":174,"y":592,"width":99,"height":12}},{"id":"8ef0c6e8-bd6f-42c4-8103-2ba77542e49c","block_type":"box","text":"comprises","page_number":4,"box":{"x":275,"y":593,"width":76,"height":11}},{"id":"e4e8a610-f13f-4208-b7db-7fb41cc94d24","block_type":"box","text":"a Non","page_number":4,"box":{"x":358,"y":593,"width":44,"height":8}},{"id":"532206f1-fe3a-477d-b3fa-e04c5592c323","block_type":"box","text":"-","page_number":4,"box":{"x":404,"y":597,"width":4,"height":1}},{"id":"adc3f113-1aa4-413c-96f8-09707d10040c","block_type":"box","text":"Executive Chairman, one additional Non","page_number":4,"box":{"x":411,"y":592,"width":301,"height":11}},{"id":"a797da3e-53d0-4b4e-9d66-ac0c2797d9c2","block_type":"box","text":"-","page_number":4,"box":{"x":715,"y":597,"width":4,"height":1}},{"id":"28ff28be-f20a-4dd7-91b6-8fc9bfcbe736","block_type":"box","text":"Executive","page_number":4,"box":{"x":721,"y":593,"width":76,"height":8}},{"id":"66092dee-7d74-478a-ba26-5817276f691c","block_type":"box","text":"D","page_number":4,"box":{"x":799,"y":593,"width":10,"height":8}},{"id":"e65d532b-2fc0-4519-a901-e02c852ddeda","block_type":"box","text":"ire","page_number":4,"box":{"x":811,"y":593,"width":17,"height":8}},{"id":"e5fab31a-c118-4d32-8c4b-2cca6233e070","block_type":"box","text":"ctor, and","page_number":4,"box":{"x":830,"y":593,"width":70,"height":10}},{"id":"53f48b65-8ee0-4687-951b-9b25baa4baa5","block_type":"box","text":"t","page_number":4,"box":{"x":902,"y":593,"width":4,"height":8}},{"id":"eec57a58-b7df-424b-a52b-181d346a9cc4","block_type":"box","text":"hree","page_number":4,"box":{"x":907,"y":593,"width":32,"height":8}},{"id":"6e7a0d06-3347-41bf-8987-96bd5ab772e0","block_type":"box","text":"further Executive","page_number":4,"box":{"x":60,"y":608,"width":130,"height":9}},{"id":"e6fc18f5-d100-416d-bba3-a568aca6e0ba","block_type":"box","text":"D","page_number":4,"box":{"x":191,"y":608,"width":10,"height":9}},{"id":"bec2da86-0f16-4e46-b313-97dcbe1f6be2","block_type":"box","text":"irector","page_number":4,"box":{"x":203,"y":608,"width":46,"height":9}},{"id":"fb29bca1-b0eb-444a-ad18-260bcad30337","block_type":"box","text":"s","page_number":4,"box":{"x":249,"y":611,"width":8,"height":6}},{"id":"0c7aa62d-beee-4c1e-9b8b-d1d906b29205","block_type":"box","text":". It meets at least quarterly and h","page_number":4,"box":{"x":259,"y":608,"width":237,"height":12}},{"id":"b30944aa-5b24-4ea3-af36-b37f28984aa4","block_type":"box","text":"as overall responsibility","page_number":4,"box":{"x":499,"y":608,"width":176,"height":12}},{"id":"6dd5ba36-7f95-4532-a245-31763cb466be","block_type":"box","text":"for","page_number":4,"box":{"x":675,"y":608,"width":19,"height":9}},{"id":"d22b274c-932f-4eec-9ebb-fbf1f72a7d4f","block_type":"box","text":"the governance of the Company.","page_number":4,"box":{"x":698,"y":608,"width":240,"height":12}},{"id":"165b2934-030f-45a7-b033-a0037108925f","block_type":"box","text":"There are","page_number":4,"box":{"x":60,"y":631,"width":75,"height":9}},{"id":"d6650f41-2c3f-4fa8-9431-434332356aa0","block_type":"box","text":"Audit and Nomination","page_number":4,"box":{"x":143,"y":631,"width":168,"height":9}},{"id":"30ee2059-8e10-4ad1-9205-77ba7c096ba3","block_type":"box","text":"Committees","page_number":4,"box":{"x":315,"y":631,"width":88,"height":9}},{"id":"cba1b9f1-837e-48e4-8e4b-a04c6897a661","block_type":"box","text":"to","page_number":4,"box":{"x":410,"y":632,"width":19,"height":8}},{"id":"346f9ff3-51ab-4a1f-b3d6-017367c0a0ae","block_type":"box","text":"which the Board delegates certain responsibilities. The Board also","page_number":4,"box":{"x":432,"y":631,"width":511,"height":11}},{"id":"ff5796c9-d34a-48ce-9c97-44f227e80159","block_type":"box","text":"delegates certain day","page_number":4,"box":{"x":61,"y":647,"width":164,"height":11}},{"id":"cd0d8e83-dd06-4fc4-81d7-11bbd4bbd31f","block_type":"box","text":"-","page_number":4,"box":{"x":226,"y":652,"width":5,"height":1}},{"id":"f2ec0ac4-88e2-4e1c-bef5-3cb96d3ce812","block_type":"box","text":"to","page_number":4,"box":{"x":231,"y":647,"width":13,"height":9}},{"id":"98dbc3f8-66f6-4938-a12d-72ea26cbe730","block_type":"box","text":"-","page_number":4,"box":{"x":246,"y":652,"width":4,"height":1}},{"id":"6f42627f-2a01-4fba-9600-1a1939a27d36","block_type":"box","text":"day management responsibilities of the","page_number":4,"box":{"x":251,"y":647,"width":306,"height":11}},{"id":"3efe90d2-152d-4b35-9b99-17b865f62b74","block_type":"box","text":"C","page_number":4,"box":{"x":561,"y":647,"width":11,"height":9}},{"id":"4fd992d2-92ec-47f0-b690-bcdac4270f2e","block_type":"box","text":"ompany to the MPFL Working Group (“Wor","page_number":4,"box":{"x":573,"y":647,"width":336,"height":11}},{"id":"74411f8f-96dd-4f01-bd4d-9acfe8e47c50","block_type":"box","text":"king","page_number":4,"box":{"x":910,"y":647,"width":34,"height":11}},{"id":"7737f521-b1e1-4cca-955a-a7b1a105287a","block_type":"box","text":"Group”), which comprises","page_number":4,"box":{"x":61,"y":662,"width":189,"height":12}},{"id":"b433c807-692d-4635-a8dc-09b434a2a56e","block_type":"box","text":"representatives from areas including Product, Operations","page_number":4,"box":{"x":257,"y":662,"width":419,"height":12}},{"id":"24c4e689-e63e-4852-a69c-76ed44bdc47c","block_type":"box","text":", Risk, Finance, Legal, Compliance,","page_number":4,"box":{"x":679,"y":662,"width":265,"height":12}},{"id":"4bda3f2e-f7c5-4da7-9a9a-ed19c02c45c9","block_type":"box","text":"Sales and Marketing","page_number":4,"box":{"x":61,"y":678,"width":151,"height":12}},{"id":"7e0cf50c-060e-42f0-a244-67c0af969611","block_type":"box","text":",","page_number":4,"box":{"x":215,"y":686,"width":2,"height":3}},{"id":"43f398b1-77f4-4f49-86c3-c05e4ac1638d","block_type":"box","text":"and Investment.","page_number":4,"box":{"x":223,"y":679,"width":118,"height":8}},{"id":"d8a599ae-e1e8-4c19-848e-af07e400ca9b","block_type":"box","text":"The below key functions are also established to support the Board in carrying out its responsibilities.","page_number":4,"box":{"x":60,"y":701,"width":746,"height":11}},{"id":"19f98bfd-bca3-48f1-8c0f-f6d170f1905b","block_type":"box","text":"•","page_number":4,"box":{"x":74,"y":727,"width":4,"height":3}},{"id":"3621c143-91d6-428d-b41a-c35fdd08a164","block_type":"box","text":"Risk management F","page_number":4,"box":{"x":83,"y":724,"width":149,"height":12}},{"id":"65d7ed1d-4eb3-480f-93c1-e119c37ae70c","block_type":"box","text":"unction;","page_number":4,"box":{"x":234,"y":724,"width":56,"height":11}},{"id":"d3ac65a0-f10d-4ce1-9d8d-d8aea18a724c","block_type":"box","text":"•","page_number":4,"box":{"x":74,"y":748,"width":4,"height":3}},{"id":"633520e2-f4a0-48fe-9c16-4a13ab46279f","block_type":"box","text":"Compliance Function;","page_number":4,"box":{"x":83,"y":745,"width":160,"height":12}},{"id":"a838350d-a811-48f1-83e2-23fbaf450300","block_type":"box","text":"•","page_number":4,"box":{"x":74,"y":769,"width":4,"height":4}},{"id":"4702135f-badf-499c-bbb4-225793ca479d","block_type":"box","text":"Internal Audit Function;","page_number":4,"box":{"x":83,"y":767,"width":170,"height":10}},{"id":"ee71cf7e-0865-4eb7-8a28-54c40750d041","block_type":"box","text":"•","page_number":4,"box":{"x":74,"y":791,"width":4,"height":3}},{"id":"5e4864bb-dcfc-492d-901b-00fdbd89ded9","block_type":"box","text":"Actuar","page_number":4,"box":{"x":82,"y":789,"width":49,"height":8}},{"id":"1707fee6-0052-475d-873d-8cc48ba6cc98","block_type":"box","text":"ial Function; and","page_number":4,"box":{"x":132,"y":789,"width":121,"height":10}},{"id":"561521d0-1a3a-442f-b4b1-1c4594f8db5e","block_type":"box","text":"•","page_number":4,"box":{"x":74,"y":812,"width":4,"height":4}},{"id":"33b5dffb-aa68-4c97-bdb2-da0f71456caf","block_type":"box","text":"Investment Management Function","page_number":4,"box":{"x":83,"y":810,"width":252,"height":11}},{"id":"b068a612-e56d-461d-b8b4-b5f058e8c205","block_type":"box","text":".","page_number":4,"box":{"x":338,"y":817,"width":2,"height":1}},{"id":"616d967f-a746-4272-baaa-9bb52accda98","block_type":"box","text":"In","page_number":4,"box":{"x":62,"y":831,"width":11,"height":8}},{"id":"0ae67744-11ac-4756-8951-b31923f17966","block_type":"box","text":"compliance with Solvency","page_number":4,"box":{"x":81,"y":831,"width":197,"height":11}},{"id":"fa190cff-cf05-49fb-8120-6edd87038856","block_type":"box","text":"II","page_number":4,"box":{"x":280,"y":831,"width":6,"height":8}},{"id":"757bb472-5b2e-4613-8222-bb5d0c831a4a","block_type":"box","text":"and the PRA’s","page_number":4,"box":{"x":294,"y":831,"width":112,"height":9}},{"id":"17ba4f5e-388b-48d2-a095-c1a9c6a707b7","block_type":"box","text":"Senior Managers & Certification Regime in December 20","page_number":4,"box":{"x":407,"y":831,"width":426,"height":11}},{"id":"11c4738c-c4f9-49d8-b5b1-0c5120f866f5","block_type":"box","text":"2","page_number":4,"box":{"x":834,"y":831,"width":8,"height":8}},{"id":"1f04ef2b-3ae6-4fd3-b910-2cdf3c5ab2a8","block_type":"box","text":"3","page_number":4,"box":{"x":844,"y":831,"width":8,"height":9}},{"id":"2e260e1d-7b5f-4011-b0fc-378be19f06f7","block_type":"box","text":", MPFL has","page_number":4,"box":{"x":855,"y":831,"width":89,"height":10}},{"id":"5ced4bec-966c-47a6-a921-40fd2815d5d8","block_type":"box","text":"policies and procedures in place to ensure that all persons in these capacities","page_number":4,"box":{"x":61,"y":847,"width":575,"height":11}},{"id":"56b8af93-f417-47f1-8cd2-2334d85b71ab","block_type":"box","text":"meet the","page_number":4,"box":{"x":638,"y":847,"width":69,"height":8}},{"id":"567d7e9c-67bc-40c1-80a2-c5fc25705b37","block_type":"box","text":"requir","page_number":4,"box":{"x":708,"y":847,"width":41,"height":11}},{"id":"d851b37f-7790-48d3-83b9-9f04a980691b","block_type":"box","text":"ements a","page_number":4,"box":{"x":750,"y":847,"width":59,"height":8}},{"id":"b5bc2eed-a88d-4fec-b307-84b9749fa030","block_type":"box","text":"and","page_number":4,"box":{"x":809,"y":847,"width":27,"height":8}},{"id":"03d72c01-5dce-4db8-8615-4ca5892883f0","block_type":"box","text":"this assertion","page_number":4,"box":{"x":841,"y":847,"width":103,"height":8}},{"id":"718fe951-bfaf-4975-9006-93add7341639","block_type":"box","text":"is reviewed on an ongoing basis.","page_number":4,"box":{"x":61,"y":863,"width":241,"height":11}},{"id":"4c51aaae-8294-4ef9-90e6-3c9e07ed6874","block_type":"box","text":"Key risks","page_number":4,"box":{"x":61,"y":892,"width":74,"height":11}},{"id":"bc0e2ad4-ca7f-4fca-a792-595377a40ee4","block_type":"box","text":"MPFL is run on a risk","page_number":4,"box":{"x":61,"y":914,"width":180,"height":9}},{"id":"65c18383-52e1-48dc-8642-789a35f6b108","block_type":"box","text":"-","page_number":4,"box":{"x":242,"y":919,"width":4,"height":1}},{"id":"11512803-4ed3-4aa6-aab3-2a39db0d21f2","block_type":"box","text":"averse basis and writes only unit","page_number":4,"box":{"x":247,"y":914,"width":263,"height":11}},{"id":"e26e8d89-7002-4ac5-ab73-955705d0d1f7","block_type":"box","text":"-","page_number":4,"box":{"x":511,"y":919,"width":5,"height":1}},{"id":"91a4c9be-c997-4bbf-bb5c-a433007e7dc7","block_type":"box","text":"linked pension business that offers no guarantees on","page_number":4,"box":{"x":517,"y":914,"width":427,"height":11}},{"id":"0d56fa42-b526-46ee-a897-edaf014b56ed","block_type":"box","text":"performance to policyholders. The risks of MPFL unit","page_number":4,"box":{"x":61,"y":930,"width":395,"height":11}},{"id":"92a3412a-6c57-4910-a021-677c3e9e6e9a","block_type":"box","text":"-","page_number":4,"box":{"x":458,"y":934,"width":4,"height":2}},{"id":"5c025d6f-f6f1-4887-8e48-2297f12db5dc","block_type":"box","text":"linked assets are borne b","page_number":4,"box":{"x":464,"y":930,"width":188,"height":8}},{"id":"9ce3a36a-75fd-4058-b075-0e9f6af75535","block_type":"box","text":"y the policyholders as explained in the","page_number":4,"box":{"x":653,"y":930,"width":291,"height":11}},{"id":"fa90d238-5cd6-4ce3-9c49-48632fe0650c","block_type":"box","text":"Solvency and Financial Condition Report","page_number":5,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"4850678d-b08e-4cbc-b636-3c95acc72ce1","block_type":"box","text":"M","page_number":5,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"35de11f8-c595-4ce2-b631-92926bf5207e","block_type":"box","text":"anaged Pension Funds Limited","page_number":5,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"198d7556-cc2e-4efd-ad4a-e58612280357","block_type":"box","text":"5","page_number":5,"box":{"x":500,"y":962,"width":7,"height":7}},{"id":"94342ed7-ec34-4559-ad92-45aee4039e52","block_type":"box","text":"/","page_number":5,"box":{"x":507,"y":961,"width":5,"height":8}},{"id":"7e75194d-8a00-439d-84c5-5fb572c7d282","block_type":"box","text":"38","page_number":5,"box":{"x":512,"y":962,"width":16,"height":7}},{"id":"9aeb9300-5f7e-4cbe-bf6d-e2f4604a6ec2","block_type":"box","text":"policyholder disclosures.","page_number":5,"box":{"x":61,"y":76,"width":182,"height":12}},{"id":"5b3c5bb0-0c44-4e79-80a1-258f18607a10","block_type":"box","text":"Investment risk is absorbed by the policyholders, since they fully fund the sub","page_number":5,"box":{"x":251,"y":76,"width":578,"height":12}},{"id":"656bce95-dae1-4a14-864b-3d86ab41f5d7","block_type":"box","text":"-","page_number":5,"box":{"x":832,"y":81,"width":4,"height":1}},{"id":"4f17b866-02e1-47fa-a5bf-e28cf04d49f4","block_type":"box","text":"funds","page_number":5,"box":{"x":837,"y":76,"width":46,"height":9}},{"id":"abe29dd7-c860-40de-a90e-9987d469a1fe","block_type":"box","text":"and","page_number":5,"box":{"x":884,"y":76,"width":26,"height":9}},{"id":"5e80e9d9-598e-41c4-9257-9bf436c30595","block_type":"box","text":"the","page_number":5,"box":{"x":917,"y":76,"width":27,"height":9}},{"id":"c682a586-e7a2-486e-af0a-a5d510641de9","block_type":"box","text":"entire return or loss of the sub","page_number":5,"box":{"x":61,"y":92,"width":221,"height":9}},{"id":"e9aa167a-0f4e-4ec4-8892-bcec41acfb97","block_type":"box","text":"-","page_number":5,"box":{"x":285,"y":97,"width":4,"height":1}},{"id":"51f72c55-fcb7-4099-aa27-1066d72b5711","block_type":"box","text":"funds accrue to the policyholders, less specified fees which co","page_number":5,"box":{"x":290,"y":92,"width":461,"height":11}},{"id":"91de1952-5947-4b0a-a594-3a68a399ad4e","block_type":"box","text":"mpensate the investment","page_number":5,"box":{"x":753,"y":92,"width":191,"height":11}},{"id":"7d8b0584-7cb3-4ae1-bfdf-22e0f4406b3b","block_type":"box","text":"manager, administrator, securities lending agent and custodian for their services","page_number":5,"box":{"x":61,"y":108,"width":594,"height":11}},{"id":"e2730608-85c8-47e0-a408-12c7abf12fb1","block_type":"box","text":".","page_number":5,"box":{"x":658,"y":115,"width":2,"height":1}},{"id":"11f79fe6-91a8-4667-851a-28d7de481687","block_type":"box","text":"In running the business and managing its investments, MPFL is exposed to the following risks in the Solvency","page_number":5,"box":{"x":62,"y":131,"width":797,"height":11}},{"id":"39a7a1b1-9d8e-4e57-ad1f-449f3dec0afc","block_type":"box","text":"II","page_number":5,"box":{"x":861,"y":131,"width":6,"height":8}},{"id":"683242a1-239d-404e-af0b-f6bc97dd716e","block_type":"box","text":"Standard","page_number":5,"box":{"x":873,"y":131,"width":71,"height":9}},{"id":"2b27ecfe-bb9a-4469-9374-cdd0b1589ad4","block_type":"box","text":"Formula module:","page_number":5,"box":{"x":61,"y":146,"width":124,"height":9}},{"id":"eba95369-5f19-49c4-99f4-0f69ff531ffa","block_type":"box","text":"•","page_number":5,"box":{"x":74,"y":172,"width":4,"height":3}},{"id":"5dc2cabd-4d32-4573-9032-9c1fdf1b6e3f","block_type":"box","text":"Operational","page_number":5,"box":{"x":82,"y":170,"width":91,"height":11}},{"id":"7b8480c8-a453-46cd-92ae-ee0cda53b728","block_type":"box","text":"Risk;","page_number":5,"box":{"x":175,"y":170,"width":35,"height":10}},{"id":"edb22052-83b1-4ba6-a339-14303f080219","block_type":"box","text":"•","page_number":5,"box":{"x":74,"y":193,"width":4,"height":4}},{"id":"1c0a9b2a-1f19-4b04-961f-893138acf8c1","block_type":"box","text":"Market Risk (including Interest Rate, Equity, Spread","page_number":5,"box":{"x":83,"y":191,"width":383,"height":11}},{"id":"9aa306ef-fd8c-4ed8-88f5-875143e40cf7","block_type":"box","text":",","page_number":5,"box":{"x":469,"y":198,"width":8,"height":4}},{"id":"567c6c2e-5192-4153-8393-aede6d453e56","block_type":"box","text":"Currency,","page_number":5,"box":{"x":478,"y":191,"width":70,"height":11}},{"id":"be5bfe6b-b8c3-4716-b993-eef3c5ad33dc","block_type":"box","text":"and Concentration risk);","page_number":5,"box":{"x":555,"y":191,"width":176,"height":11}},{"id":"efb52dcc-3eaa-4697-93e8-482737ac19a1","block_type":"box","text":"•","page_number":5,"box":{"x":74,"y":215,"width":4,"height":3}},{"id":"2ba55054-8753-4620-819a-6bcf3f39c6e1","block_type":"box","text":"Counterparty Default Risk; and","page_number":5,"box":{"x":83,"y":212,"width":228,"height":12}},{"id":"e10a819e-cdc4-4991-b801-bfd6502f6224","block_type":"box","text":"•","page_number":5,"box":{"x":74,"y":236,"width":4,"height":4}},{"id":"0b9cdeda-09f0-47ba-897d-af9ef3b2d7ad","block_type":"box","text":"Life Underwriting","page_number":5,"box":{"x":83,"y":234,"width":130,"height":11}},{"id":"484ba30b-0db7-4684-b168-62e2d213d24e","block_type":"box","text":"Risk","page_number":5,"box":{"x":215,"y":234,"width":31,"height":9}},{"id":"bf1498c5-d8b7-475e-a047-7d3e9fc1e434","block_type":"box","text":".","page_number":5,"box":{"x":247,"y":241,"width":8,"height":2}},{"id":"6c228d86-3943-491e-a323-b25b92597483","block_type":"box","text":"Underwriting and investment performance","page_number":5,"box":{"x":61,"y":262,"width":336,"height":11}},{"id":"4d14cfac-54be-4401-aa2e-617f697575ca","block_type":"box","text":"As explained above, MPFL writes only unit","page_number":5,"box":{"x":60,"y":283,"width":335,"height":11}},{"id":"ba6c1ab4-f374-46c2-8795-6f9cd346ae4e","block_type":"box","text":"-","page_number":5,"box":{"x":396,"y":288,"width":5,"height":1}},{"id":"4548d218-7582-46e0-93f7-1529025eae93","block_type":"box","text":"linked pension business","page_number":5,"box":{"x":402,"y":283,"width":183,"height":11}},{"id":"a24cabd0-2ba2-4bfd-a53a-a8061462eacb","block_type":"box","text":"that offers no guarantees on performance to","page_number":5,"box":{"x":594,"y":283,"width":350,"height":11}},{"id":"dcedc1bf-77ec-4b21-9d65-8d1823c810f9","block_type":"box","text":"policyholders and therefore no traditional underwriting is required. As a","page_number":5,"box":{"x":61,"y":299,"width":537,"height":11}},{"id":"f72d6508-ccc0-4589-a474-f669fbea03d9","block_type":"box","text":"result,","page_number":5,"box":{"x":601,"y":299,"width":43,"height":10}},{"id":"5d1aaa0d-e786-4961-9876-3804a9bcc08c","block_type":"box","text":"the unit","page_number":5,"box":{"x":651,"y":299,"width":54,"height":9}},{"id":"411763bd-6be7-4955-afde-4e62ff760834","block_type":"box","text":"-","page_number":5,"box":{"x":707,"y":304,"width":4,"height":1}},{"id":"c3501b99-c8fd-47b5-8981-e396bceb761c","block_type":"box","text":"linked assets and liabilities are","page_number":5,"box":{"x":713,"y":299,"width":231,"height":9}},{"id":"19d1a48f-8a3c-40cd-98e6-a13df58e8186","block_type":"box","text":"closely matched.","page_number":5,"box":{"x":61,"y":315,"width":129,"height":11}},{"id":"02c57e88-9b5c-4fa8-8017-44993582b58c","block_type":"box","text":"The investment income from shareholder assets in the reporting peri","page_number":5,"box":{"x":60,"y":337,"width":506,"height":12}},{"id":"4df2faaf-450c-430c-b5b6-0e3a74876e32","block_type":"box","text":"od","page_number":5,"box":{"x":569,"y":337,"width":23,"height":9}},{"id":"ae6dc547-36d4-48d5-8133-0688a5230e47","block_type":"box","text":"202","page_number":5,"box":{"x":592,"y":338,"width":27,"height":8}},{"id":"a1492b1a-fc79-4478-be12-ef048b744bc5","block_type":"box","text":"3","page_number":5,"box":{"x":620,"y":338,"width":8,"height":8}},{"id":"26fc12fe-714a-404e-8a8d-b629addbd08e","block_type":"box","text":"was","page_number":5,"box":{"x":634,"y":340,"width":34,"height":6}},{"id":"ca2cfac0-08c6-45e8-9e80-3fdbc026ac11","block_type":"box","text":"£","page_number":5,"box":{"x":669,"y":337,"width":8,"height":9}},{"id":"6fdb3adc-0ae2-40f9-ad35-b3496f114d05","block_type":"box","text":"329,336","page_number":5,"box":{"x":678,"y":338,"width":59,"height":10}},{"id":"7f662865-18a9-4f6c-bdd5-dff1436eddd0","block_type":"box","text":"(20","page_number":5,"box":{"x":744,"y":337,"width":22,"height":12}},{"id":"326851b7-1f89-4d08-a77c-8fb338a0b031","block_type":"box","text":"2","page_number":5,"box":{"x":768,"y":338,"width":8,"height":8}},{"id":"7a9e57e9-ddab-464e-a012-cd9cc55ce4d4","block_type":"box","text":"2","page_number":5,"box":{"x":777,"y":338,"width":8,"height":8}},{"id":"ee17786b-7367-4388-ac70-219f017ceaff","block_type":"box","text":":","page_number":5,"box":{"x":787,"y":340,"width":9,"height":6}},{"id":"8aeb4629-2b86-46c6-809c-f946a271ae7c","block_type":"box","text":"£","page_number":5,"box":{"x":796,"y":337,"width":8,"height":9}},{"id":"f324d2c3-cfa4-4941-973b-397f8bcb0b08","block_type":"box","text":"96,841","page_number":5,"box":{"x":805,"y":338,"width":56,"height":10}},{"id":"b575093b-b812-45af-b4dc-c070ed2f2060","block_type":"box","text":").","page_number":5,"box":{"x":862,"y":337,"width":8,"height":12}},{"id":"42c2a275-6732-4f62-9683-a8d91fc9b9cb","block_type":"box","text":"The tables below provide analysis of policyholder assets and the technical provisions it matches.","page_number":5,"box":{"x":60,"y":360,"width":714,"height":12}},{"id":"3222e69d-3ca1-472b-b549-5e4815360026","block_type":"box","text":"Assets held for unit","page_number":5,"box":{"x":60,"y":390,"width":157,"height":9}},{"id":"f9d263a8-59f0-4c16-a129-6dc05a9de86b","block_type":"box","text":"-","page_number":5,"box":{"x":218,"y":395,"width":4,"height":1}},{"id":"9efc5933-b791-44c8-b86b-50bad1023c5b","block_type":"box","text":"linked contracts","page_number":5,"box":{"x":224,"y":390,"width":126,"height":9}},{"id":"fac83faf-e413-41eb-b32f-1bea9707fdd3","block_type":"box","text":"202","page_number":5,"box":{"x":604,"y":417,"width":24,"height":8}},{"id":"8c6fb475-0901-464a-b26c-a7fb43829b64","block_type":"box","text":"3","page_number":5,"box":{"x":629,"y":417,"width":7,"height":8}},{"id":"bb4dc5ef-155d-41fe-ac78-f92cbcd8f9a3","block_type":"box","text":"£’000","page_number":5,"box":{"x":599,"y":429,"width":37,"height":8}},{"id":"99c32e48-9dcb-45d2-b38c-8b0e2c9776bc","block_type":"box","text":"202","page_number":5,"box":{"x":735,"y":417,"width":24,"height":8}},{"id":"9cfc530e-6f6d-4c67-9d6b-4f5e9ce89223","block_type":"box","text":"2","page_number":5,"box":{"x":760,"y":417,"width":8,"height":8}},{"id":"9b609499-6609-48b6-945e-8d054d088f36","block_type":"box","text":"£’000","page_number":5,"box":{"x":730,"y":429,"width":38,"height":8}},{"id":"01f784d5-deef-414c-8ca8-6e28610477d7","block_type":"box","text":"At 1 January","page_number":5,"box":{"x":65,"y":448,"width":84,"height":10}},{"id":"52078f33-6534-424a-a9a2-c83a10e414ee","block_type":"box","text":"-","page_number":5,"box":{"x":155,"y":453,"width":4,"height":1}},{"id":"8dbe764d-2b13-446d-b9b5-ca1a733918ec","block_type":"box","text":"Assets held for unit","page_number":5,"box":{"x":164,"y":448,"width":128,"height":8}},{"id":"7a4870d0-9369-4895-b3c6-9a081777f944","block_type":"box","text":"-","page_number":5,"box":{"x":293,"y":453,"width":4,"height":1}},{"id":"fea127ff-2615-4b92-a0ae-1c5dc22315a0","block_type":"box","text":"linked","page_number":5,"box":{"x":298,"y":448,"width":38,"height":8}},{"id":"1bee51b9-4779-49d6-89e1-6bd025384d55","block_type":"box","text":"contracts","page_number":5,"box":{"x":341,"y":449,"width":60,"height":7}},{"id":"f5d355f1-a57e-4b0e-b7cf-084735a3ba01","block_type":"box","text":"31,713,977","page_number":5,"box":{"x":562,"y":449,"width":75,"height":9}},{"id":"bcd3c933-b9c1-44da-a406-1b472e34d4f2","block_type":"box","text":"35,765,473","page_number":5,"box":{"x":693,"y":449,"width":75,"height":9}},{"id":"6ab3a897-d9ec-411b-85f4-8694b9507d32","block_type":"box","text":"Premiums written","page_number":5,"box":{"x":66,"y":480,"width":115,"height":7}},{"id":"c8d3f689-b452-4590-8521-2652b4acec5a","block_type":"box","text":"5,029,066","page_number":5,"box":{"x":570,"y":480,"width":67,"height":9}},{"id":"fd7286c7-a909-425e-8a19-e1a4c56aab64","block_type":"box","text":"4,750,106","page_number":5,"box":{"x":702,"y":480,"width":66,"height":9}},{"id":"a365fbab-a0b5-4f81-a752-0104c373d0fc","block_type":"box","text":"Claims incurred","page_number":5,"box":{"x":66,"y":511,"width":103,"height":8}},{"id":"bce3589f-ca38-4385-a3a7-bf3a8b80119d","block_type":"box","text":"(","page_number":5,"box":{"x":566,"y":511,"width":3,"height":10}},{"id":"83ca40b7-3774-402d-b97d-6ff5d0d624fb","block_type":"box","text":"2,567,007","page_number":5,"box":{"x":570,"y":511,"width":66,"height":10}},{"id":"26ffe025-82e4-4892-a7b9-fa476556837f","block_type":"box","text":")","page_number":5,"box":{"x":638,"y":511,"width":3,"height":10}},{"id":"91568804-d32f-476e-b7f4-a3fa06369ad9","block_type":"box","text":"(4,751,063)","page_number":5,"box":{"x":697,"y":511,"width":75,"height":10}},{"id":"37635426-8302-4fb8-80bc-9f40777b60e3","block_type":"box","text":"Investment return (net of all charges)","page_number":5,"box":{"x":66,"y":542,"width":245,"height":11}},{"id":"fdc5611b-19e6-4e43-ad6a-7c072fc3f7c3","block_type":"box","text":"3,068,806","page_number":5,"box":{"x":570,"y":543,"width":67,"height":9}},{"id":"aa03776c-b26d-4f8d-a2f4-f9d2e428d3d8","block_type":"box","text":"(4,050,539)","page_number":5,"box":{"x":697,"y":542,"width":75,"height":10}},{"id":"27b42cbf-ae62-49b0-8fdc-8997c3cc8144","block_type":"box","text":"At 31 December","page_number":5,"box":{"x":65,"y":574,"width":109,"height":8}},{"id":"55b2f1c3-eedb-4d18-b8c0-37a7639ec50f","block_type":"box","text":"-","page_number":5,"box":{"x":179,"y":578,"width":4,"height":1}},{"id":"efa9ca13-54cd-4552-ad3c-2e81777f58ee","block_type":"box","text":"Assets held for unit","page_number":5,"box":{"x":188,"y":574,"width":128,"height":8}},{"id":"c78704e9-e720-4198-8784-f8f044cda030","block_type":"box","text":"-","page_number":5,"box":{"x":317,"y":578,"width":4,"height":1}},{"id":"c9585477-8477-46de-a044-e40cec34384c","block_type":"box","text":"linked contracts","page_number":5,"box":{"x":322,"y":574,"width":104,"height":8}},{"id":"5ecf14df-6a68-4974-a284-d8fe5412a5d6","block_type":"box","text":"37,244,842","page_number":5,"box":{"x":562,"y":574,"width":75,"height":9}},{"id":"f6a719a2-bbdd-4bfb-8253-2290a76b6a04","block_type":"box","text":"31,713,977","page_number":5,"box":{"x":693,"y":574,"width":75,"height":9}},{"id":"c2e76c4a-7e73-4026-96a3-bdc310bcd46b","block_type":"box","text":"Inflow to policyholder funds was","page_number":5,"box":{"x":62,"y":626,"width":239,"height":11}},{"id":"240da066-9645-4d7c-b8be-7a221c3ac53b","block_type":"box","text":"£","page_number":5,"box":{"x":302,"y":626,"width":8,"height":9}},{"id":"fc6637be-f6c1-480e-9ad1-4113bbb08789","block_type":"box","text":"5","page_number":5,"box":{"x":311,"y":627,"width":8,"height":8}},{"id":"004dc506-ba84-49f9-a53a-77f9c5cd234d","block_type":"box","text":".","page_number":5,"box":{"x":322,"y":634,"width":1,"height":1}},{"id":"26b255b9-ba79-44fd-b0a6-e9b6d2257538","block_type":"box","text":"0","page_number":5,"box":{"x":326,"y":627,"width":8,"height":8}},{"id":"c3046f4f-1dc1-4a09-8ef9-b4f6b94c0870","block_type":"box","text":"bn (202","page_number":5,"box":{"x":335,"y":626,"width":55,"height":11}},{"id":"e82b74bf-7fab-4511-acb4-200d203f2a37","block_type":"box","text":"2","page_number":5,"box":{"x":391,"y":627,"width":8,"height":8}},{"id":"de2a9544-6cdf-4cdf-b20e-583fd639fa63","block_type":"box","text":": £","page_number":5,"box":{"x":402,"y":626,"width":17,"height":9}},{"id":"3b95817d-48f4-4cc1-a53f-d2070bb40408","block_type":"box","text":"4.8","page_number":5,"box":{"x":419,"y":627,"width":28,"height":8}},{"id":"6f8e6991-4c72-4a48-95d4-82d3c7919d86","block_type":"box","text":"bn) and the level of outflow was £","page_number":5,"box":{"x":448,"y":626,"width":246,"height":11}},{"id":"da1cdb56-c773-4530-ae69-e004203af45c","block_type":"box","text":"2","page_number":5,"box":{"x":695,"y":627,"width":8,"height":8}},{"id":"e7e3750e-91c0-443e-b8c7-a034f7d90242","block_type":"box","text":".","page_number":5,"box":{"x":706,"y":634,"width":1,"height":1}},{"id":"0516aa91-001b-4307-9f13-4eea12a50a9c","block_type":"box","text":"6","page_number":5,"box":{"x":709,"y":627,"width":8,"height":8}},{"id":"8f03981f-4ecb-4d75-a948-e5423a8b8883","block_type":"box","text":"bn (202","page_number":5,"box":{"x":719,"y":626,"width":55,"height":11}},{"id":"34729ae9-c9ff-46bd-9738-01224d7272a7","block_type":"box","text":"2","page_number":5,"box":{"x":775,"y":627,"width":9,"height":8}},{"id":"3033f45c-9cf9-40a0-a911-e0065044e6e5","block_type":"box","text":": £","page_number":5,"box":{"x":786,"y":626,"width":16,"height":9}},{"id":"8066f31c-110a-48d4-af9d-2e072a415c90","block_type":"box","text":"4.8","page_number":5,"box":{"x":803,"y":627,"width":28,"height":8}},{"id":"c16f6eed-0635-4e1b-8594-05bb96982854","block_type":"box","text":"bn).","page_number":5,"box":{"x":832,"y":626,"width":32,"height":11}},{"id":"04a50ce4-bd31-49f4-9645-c1cda44f737b","block_type":"box","text":"The driver","page_number":5,"box":{"x":865,"y":626,"width":79,"height":9}},{"id":"450d2242-abe1-4c67-9f02-58614ecad7fd","block_type":"box","text":"of net inflows was passive funds split equally between equity and fixed income asset classes. The investment return of","page_number":5,"box":{"x":61,"y":642,"width":882,"height":11}},{"id":"ea980010-23f9-4fc6-83eb-699321ad2ba7","block_type":"box","text":"£3.1 billion was driven by equity passive funds.","page_number":5,"box":{"x":61,"y":658,"width":350,"height":11}},{"id":"7927abcd-566c-40a3-af9b-1dfcb50f193a","block_type":"box","text":"This resulted in an equivalent year","page_number":5,"box":{"x":412,"y":658,"width":253,"height":11}},{"id":"af4479eb-0501-44f5-9bf8-7f13887b6b5a","block_type":"box","text":"-","page_number":5,"box":{"x":666,"y":663,"width":4,"height":1}},{"id":"9681fd0a-3a08-4141-8dae-2fd38279b875","block_type":"box","text":"on","page_number":5,"box":{"x":671,"y":660,"width":17,"height":7}},{"id":"1f03d673-7d1e-46d7-a484-001158138963","block_type":"box","text":"-","page_number":5,"box":{"x":690,"y":663,"width":5,"height":1}},{"id":"cbc2c986-4ec1-4e60-84bb-bd88d550f5cb","block_type":"box","text":"year","page_number":5,"box":{"x":695,"y":660,"width":37,"height":9}},{"id":"fd012496-ddc8-4951-9233-497c749a1cba","block_type":"box","text":"in","page_number":5,"box":{"x":733,"y":658,"width":11,"height":9}},{"id":"1d139f47-d5b5-49ae-a75e-13b0e3a2c7cd","block_type":"box","text":"crease in the value of unit","page_number":5,"box":{"x":746,"y":658,"width":188,"height":9}},{"id":"d9fd04c4-1d11-4735-b58f-237dcb7b69b0","block_type":"box","text":"li","page_number":5,"box":{"x":61,"y":674,"width":5,"height":8}},{"id":"63c7050b-f502-4ec2-b964-6a5acc60951d","block_type":"box","text":"nked assets held to cover unit","page_number":5,"box":{"x":68,"y":674,"width":223,"height":9}},{"id":"3e161049-10ab-4d82-a1bd-529b2b0945f7","block_type":"box","text":"-","page_number":5,"box":{"x":293,"y":679,"width":4,"height":1}},{"id":"893a69b6-2c92-4a79-ab9a-c05d0f0c5233","block_type":"box","text":"linked liabilities. In 202","page_number":5,"box":{"x":299,"y":674,"width":167,"height":9}},{"id":"9c60f9b2-52dd-43fc-92b7-1e4f9625991a","block_type":"box","text":"2","page_number":5,"box":{"x":467,"y":674,"width":8,"height":8}},{"id":"787c14ff-ce05-45b7-a927-d5cb15e03356","block_type":"box","text":"the","page_number":5,"box":{"x":481,"y":674,"width":23,"height":9}},{"id":"0ef2cbc7-ef7f-496e-96de-9a13baf48fbe","block_type":"box","text":"£","page_number":5,"box":{"x":510,"y":674,"width":9,"height":9}},{"id":"8d511c60-17fa-447c-978c-447f0e34bd62","block_type":"box","text":"4","page_number":5,"box":{"x":520,"y":674,"width":8,"height":8}},{"id":"248c7f5a-7a33-407c-9067-6a8109b3c0b3","block_type":"box","text":".","page_number":5,"box":{"x":530,"y":681,"width":1,"height":1}},{"id":"47f93c35-b227-4221-9b86-48f4e977a591","block_type":"box","text":"1","page_number":5,"box":{"x":535,"y":674,"width":4,"height":8}},{"id":"ed2f43ad-1d41-4691-a6f9-3e6c840a9945","block_type":"box","text":"billion investment","page_number":5,"box":{"x":548,"y":674,"width":133,"height":9}},{"id":"17738882-7393-41c9-82ca-5cd77a0098dc","block_type":"box","text":"loss","page_number":5,"box":{"x":683,"y":674,"width":28,"height":9}},{"id":"b36089ef-8eca-40dc-a79f-09703566393b","block_type":"box","text":"resulted in a","page_number":5,"box":{"x":718,"y":674,"width":95,"height":9}},{"id":"7ac60a87-ac4b-4e9c-a3ec-88a7ae37ddf9","block_type":"box","text":"de","page_number":5,"box":{"x":814,"y":674,"width":18,"height":9}},{"id":"35239d5b-5397-470d-a6f4-ed41999a5d56","block_type":"box","text":"crease of £","page_number":5,"box":{"x":834,"y":674,"width":82,"height":9}},{"id":"f2f3eeeb-3c08-4a25-b225-5d47198ac7b9","block_type":"box","text":"4","page_number":5,"box":{"x":917,"y":674,"width":8,"height":8}},{"id":"f285822e-4c57-44e3-9e23-3ee075e21280","block_type":"box","text":".","page_number":5,"box":{"x":928,"y":681,"width":2,"height":1}},{"id":"74a0811f-d5df-4f10-a028-b3821e94a48a","block_type":"box","text":"1","page_number":5,"box":{"x":932,"y":674,"width":5,"height":8}},{"id":"c9025eb3-c686-4366-b449-237ff5d43660","block_type":"box","text":"billion","page_number":5,"box":{"x":61,"y":689,"width":41,"height":9}},{"id":"a4961088-33e8-4777-85be-0c1e0bcbceae","block_type":"box","text":"in the value of assets held to cover unit linked liabilities","page_number":5,"box":{"x":110,"y":689,"width":404,"height":9}},{"id":"3bdd63e5-3553-442d-b7f1-c6cb6f2d15cd","block_type":"box","text":".","page_number":5,"box":{"x":517,"y":697,"width":2,"height":1}},{"id":"70add315-e7e7-4781-881f-8c80e0255866","block_type":"box","text":"T","page_number":5,"box":{"x":60,"y":719,"width":10,"height":9}},{"id":"23ff5115-3138-4e98-8411-23e0e1eff097","block_type":"box","text":"echnical provisions","page_number":5,"box":{"x":71,"y":719,"width":155,"height":11}},{"id":"771ffc65-0332-4a0d-a193-80d43d642fa4","block_type":"box","text":"20","page_number":5,"box":{"x":586,"y":746,"width":16,"height":8}},{"id":"6aecba6a-d6d7-4312-a766-b8cf1bddffcd","block_type":"box","text":"2","page_number":5,"box":{"x":602,"y":746,"width":8,"height":7}},{"id":"6253fb52-8de2-42ec-8d32-98a7dfdf8d2c","block_type":"box","text":"3","page_number":5,"box":{"x":611,"y":746,"width":7,"height":8}},{"id":"a45fcfd6-2477-496c-a9b5-81a35ab792c9","block_type":"box","text":"£’000","page_number":5,"box":{"x":581,"y":758,"width":37,"height":8}},{"id":"6a12a349-5393-456d-856e-cb6a11c11620","block_type":"box","text":"20","page_number":5,"box":{"x":741,"y":746,"width":16,"height":8}},{"id":"f1d5f4e5-03b5-42cc-8ac9-1a510496c9fb","block_type":"box","text":"2","page_number":5,"box":{"x":758,"y":746,"width":7,"height":7}},{"id":"03fbfdc7-0fc5-4bda-971d-25263eb566a9","block_type":"box","text":"2","page_number":5,"box":{"x":766,"y":746,"width":8,"height":7}},{"id":"c2ca7a6d-acad-4714-9d8b-b52f374bce9e","block_type":"box","text":"£’000","page_number":5,"box":{"x":736,"y":758,"width":38,"height":8}},{"id":"ccfbec28-fb5c-4c92-b46b-61a776756a8b","block_type":"box","text":"Financial","page_number":5,"box":{"x":66,"y":777,"width":59,"height":8}},{"id":"080c0ebb-8b9c-4d74-a9de-c0d7e27d0520","block_type":"box","text":"Statements technical provisions","page_number":5,"box":{"x":131,"y":777,"width":210,"height":10}},{"id":"55bdf678-96ca-479c-8b6f-33124a0c954d","block_type":"box","text":"3","page_number":5,"box":{"x":548,"y":778,"width":7,"height":7}},{"id":"000391cb-f116-4f08-bc11-8c0cc3609c36","block_type":"box","text":"7,244,842","page_number":5,"box":{"x":557,"y":778,"width":66,"height":9}},{"id":"9665735b-fd5c-4c49-ac41-a4abb1bfa206","block_type":"box","text":"31,713,977","page_number":5,"box":{"x":699,"y":778,"width":75,"height":9}},{"id":"9126f28a-a3c3-4d93-8d7c-57df0230167b","block_type":"box","text":"Value of In","page_number":5,"box":{"x":65,"y":809,"width":72,"height":8}},{"id":"0880d833-8c5f-49b7-a03a-f21b92739641","block_type":"box","text":"-","page_number":5,"box":{"x":139,"y":813,"width":3,"height":1}},{"id":"7d93b28f-018c-49ef-b682-0cd8683ad14d","block_type":"box","text":"Force (“VIF”)","page_number":5,"box":{"x":144,"y":808,"width":84,"height":11}},{"id":"f531761b-464e-43ba-922d-03c90190888e","block_type":"box","text":"(11","page_number":5,"box":{"x":594,"y":809,"width":18,"height":10}},{"id":"3f4c8331-8057-420f-b3af-446fc4762b77","block_type":"box","text":"8","page_number":5,"box":{"x":615,"y":809,"width":8,"height":8}},{"id":"c8855ec8-e558-4795-8a53-1d46c58f7617","block_type":"box","text":")","page_number":5,"box":{"x":624,"y":809,"width":3,"height":10}},{"id":"1d6c343f-7db5-40aa-a69e-e65346bf343b","block_type":"box","text":"(113)","page_number":5,"box":{"x":745,"y":809,"width":33,"height":10}},{"id":"26e6346d-ed9c-4111-8b03-7e23c44aa2bc","block_type":"box","text":"Risk Margin","page_number":5,"box":{"x":66,"y":840,"width":78,"height":10}},{"id":"c7983adb-c164-4094-81b4-9f04dd3b9e84","block_type":"box","text":"156","page_number":5,"box":{"x":599,"y":840,"width":24,"height":8}},{"id":"9aa7a802-188d-49ce-9576-5c9cfd43f259","block_type":"box","text":"249","page_number":5,"box":{"x":749,"y":840,"width":25,"height":8}},{"id":"d14c3496-a4d6-412a-80b7-eab7489e4b08","block_type":"box","text":"Solvency","page_number":5,"box":{"x":66,"y":871,"width":60,"height":11}},{"id":"69fb5ec3-d431-4a89-921e-7dddab438136","block_type":"box","text":"II","page_number":5,"box":{"x":132,"y":872,"width":6,"height":7}},{"id":"3a43c52e-9f03-4cef-8612-c56f6c1732cf","block_type":"box","text":"technical provisions","page_number":5,"box":{"x":144,"y":872,"width":130,"height":9}},{"id":"927f027f-ad3b-4649-a9f9-2828093d8388","block_type":"box","text":"3","page_number":5,"box":{"x":548,"y":872,"width":7,"height":7}},{"id":"193884a8-b1d4-4f3e-9c2c-cd202c6b4558","block_type":"box","text":"7,244,880","page_number":5,"box":{"x":557,"y":872,"width":66,"height":9}},{"id":"9aa8d19b-78d7-42e3-9204-f12a4c58d295","block_type":"box","text":"31,714,113","page_number":5,"box":{"x":699,"y":872,"width":75,"height":9}},{"id":"a441b08e-854c-46df-ade3-b390aa1f3161","block_type":"box","text":"Solvency and Financial Condition Report","page_number":6,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"8a1ecdd1-acd3-4d18-bd2f-79f021e9b0e3","block_type":"box","text":"M","page_number":6,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"bd230f31-bb4b-4c32-8e97-642258295ed1","block_type":"box","text":"anaged Pension Funds Limited","page_number":6,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"528f3d7e-861c-440f-836d-1d74a9b72b38","block_type":"box","text":"6","page_number":6,"box":{"x":500,"y":962,"width":7,"height":7}},{"id":"ebf1f86b-e0dd-408f-bd9c-b23f2a6387cf","block_type":"box","text":"/","page_number":6,"box":{"x":507,"y":961,"width":5,"height":8}},{"id":"e8c9a1aa-8583-4900-9563-4dc341f217b7","block_type":"box","text":"38","page_number":6,"box":{"x":512,"y":962,"width":16,"height":7}},{"id":"09a6dbed-97bb-47d6-93de-5832507d82cd","block_type":"box","text":"Capital requirement and own funds structure","page_number":6,"box":{"x":61,"y":79,"width":357,"height":12}},{"id":"14941165-093b-4526-bab4-55fd353c1a45","block_type":"box","text":"The company determines its own solvency needs using the Standard Formula.","page_number":6,"box":{"x":60,"y":101,"width":588,"height":12}},{"id":"01310c18-9205-41d4-ac67-92a7da6de514","block_type":"box","text":"As per the MPFL Capital Management","page_number":6,"box":{"x":654,"y":101,"width":290,"height":12}},{"id":"f3b308f5-237b-42af-9f28-0285d6fdfff2","block_type":"box","text":"Policy, the Board ha","page_number":6,"box":{"x":61,"y":117,"width":150,"height":11}},{"id":"3479d35f-69d3-4139-8663-425737f3321a","block_type":"box","text":"s","page_number":6,"box":{"x":212,"y":119,"width":8,"height":7}},{"id":"31eafa67-5b73-4608-9eac-96e84ecbe0f1","block_type":"box","text":"set a capital ratio in excess of 210%.","page_number":6,"box":{"x":226,"y":117,"width":279,"height":11}},{"id":"543c5b41-6753-484c-bcac-0bac7a551fab","block_type":"box","text":"The table below provides the capital requirement and own","page_number":6,"box":{"x":507,"y":117,"width":436,"height":11}},{"id":"84bf5394-09a6-407f-8fe2-3ba725875d63","block_type":"box","text":"funds structure of MPFL.","page_number":6,"box":{"x":60,"y":133,"width":183,"height":9}},{"id":"78ae9bbb-a519-4c64-b720-fa9c5ab4ce00","block_type":"box","text":"202","page_number":6,"box":{"x":495,"y":175,"width":24,"height":7}},{"id":"96618a96-cbf2-4d0b-916d-4c585efe009e","block_type":"box","text":"3","page_number":6,"box":{"x":520,"y":175,"width":8,"height":7}},{"id":"6f8c1856-5744-47ee-b518-0fe6e61c6934","block_type":"box","text":"£’000","page_number":6,"box":{"x":490,"y":186,"width":37,"height":8}},{"id":"3fa2cf87-b152-45f6-9a9d-b78bb1a4e16b","block_type":"box","text":"202","page_number":6,"box":{"x":695,"y":175,"width":24,"height":7}},{"id":"274659f2-3649-4c45-88e3-00d59fb83bf4","block_type":"box","text":"2","page_number":6,"box":{"x":720,"y":175,"width":8,"height":7}},{"id":"fdfe75cf-7a3c-46a3-88a0-a19776e08fcb","block_type":"box","text":"£’000","page_number":6,"box":{"x":690,"y":186,"width":38,"height":8}},{"id":"94b073c3-e81a-4f54-a117-6161a4772f22","block_type":"box","text":"Ordinary share capital (gross of own shares)","page_number":6,"box":{"x":65,"y":206,"width":296,"height":10}},{"id":"4c1c6cc8-2c64-4810-a8cc-b0234e74c1fe","block_type":"box","text":"5,000","page_number":6,"box":{"x":491,"y":206,"width":37,"height":9}},{"id":"fa03a4f8-33ab-4640-833b-a336b9d0cf19","block_type":"box","text":"5,000","page_number":6,"box":{"x":691,"y":206,"width":37,"height":9}},{"id":"55d5f578-b5bc-47dd-9759-5c18e2c14020","block_type":"box","text":"Reconciliation Reserve","page_number":6,"box":{"x":66,"y":228,"width":153,"height":7}},{"id":"713a2a11-fcfb-4253-9370-8e7f393afff8","block_type":"box","text":"after deductions","page_number":6,"box":{"x":224,"y":228,"width":107,"height":7}},{"id":"6917ffe9-2d7d-4d40-b6e9-82bda88ad1de","block_type":"box","text":"9,2","page_number":6,"box":{"x":491,"y":228,"width":19,"height":9}},{"id":"b4240179-43db-43be-8477-5724ac219f24","block_type":"box","text":"31","page_number":6,"box":{"x":512,"y":228,"width":13,"height":7}},{"id":"94f8bd74-b5ee-4df2-85ce-3c2d6b52ba69","block_type":"box","text":"7,598","page_number":6,"box":{"x":691,"y":228,"width":37,"height":9}},{"id":"51d9db37-890e-4d6e-a161-5442492f0220","block_type":"box","text":"Total available own funds","page_number":6,"box":{"x":65,"y":259,"width":170,"height":8}},{"id":"0a80f478-4f72-4db1-8d5d-27a978853184","block_type":"box","text":"1","page_number":6,"box":{"x":484,"y":259,"width":4,"height":8}},{"id":"99b8187c-a7c0-4d4f-a2b7-822ec52c2428","block_type":"box","text":"4,2","page_number":6,"box":{"x":491,"y":259,"width":20,"height":10}},{"id":"2dd5754c-de72-4cbd-9c5d-237bed7c140c","block_type":"box","text":"31","page_number":6,"box":{"x":512,"y":259,"width":14,"height":8}},{"id":"2b699394-64a4-4793-8e25-6d5a66fe9daf","block_type":"box","text":"12,598","page_number":6,"box":{"x":684,"y":259,"width":44,"height":10}},{"id":"2203c342-20c3-46a5-a14b-10ef82d479dc","block_type":"box","text":"Solvency capital requirement (SCR)","page_number":6,"box":{"x":66,"y":290,"width":238,"height":10}},{"id":"59b4b5fa-44cd-4382-8588-cad6703e4eb5","block_type":"box","text":"3,9","page_number":6,"box":{"x":491,"y":291,"width":20,"height":9}},{"id":"5ecdca25-6416-4793-9f89-fbab18d83bca","block_type":"box","text":"77","page_number":6,"box":{"x":512,"y":291,"width":16,"height":7}},{"id":"ffcf7b25-33af-4489-925a-9a125c55c557","block_type":"box","text":"4,460","page_number":6,"box":{"x":691,"y":291,"width":37,"height":9}},{"id":"d6a21cbb-837d-4dac-8db7-d98b552a1717","block_type":"box","text":"Minimum capital","page_number":6,"box":{"x":66,"y":322,"width":107,"height":10}},{"id":"72afc894-3d07-4db7-8f27-cb2985bbc206","block_type":"box","text":"requirement (MCR)","page_number":6,"box":{"x":180,"y":322,"width":127,"height":10}},{"id":"664bb648-52ac-4d33-a030-b4a0b0e967ca","block_type":"box","text":"3,4","page_number":6,"box":{"x":491,"y":322,"width":20,"height":9}},{"id":"895052e5-9b59-4e04-b783-581bfcca08af","block_type":"box","text":"95","page_number":6,"box":{"x":512,"y":322,"width":16,"height":8}},{"id":"725758b8-158a-4fc6-bc17-7f502561ce4f","block_type":"box","text":"3,445","page_number":6,"box":{"x":691,"y":322,"width":37,"height":9}},{"id":"f6486e41-191d-4cdf-8dd1-6ccdfdf7097d","block_type":"box","text":"Ratio of Eligible own funds to SCR","page_number":6,"box":{"x":66,"y":353,"width":230,"height":10}},{"id":"dee58430-dc76-4d6a-b1b7-ccc509d89298","block_type":"box","text":"35","page_number":6,"box":{"x":490,"y":354,"width":16,"height":7}},{"id":"72d4db94-1d68-4cf5-a85c-a02bfe443914","block_type":"box","text":"8","page_number":6,"box":{"x":507,"y":354,"width":7,"height":7}},{"id":"e4e9b7b5-d189-49a7-9fd6-6cefeb8750f8","block_type":"box","text":"%","page_number":6,"box":{"x":516,"y":354,"width":12,"height":7}},{"id":"1bedfc7b-a0a6-4e80-8ac2-8429cb2fe220","block_type":"box","text":"282%","page_number":6,"box":{"x":690,"y":354,"width":38,"height":7}},{"id":"d973adc6-8949-41bc-b2fb-52b53890ad96","block_type":"box","text":"Ratio of Eligible own funds to MCR","page_number":6,"box":{"x":66,"y":375,"width":232,"height":10}},{"id":"a3f8ce8c-8c39-4156-9f69-035d6d4549d5","block_type":"box","text":"407","page_number":6,"box":{"x":490,"y":375,"width":24,"height":8}},{"id":"e2b1059a-d4ed-4113-a3d3-50010910c300","block_type":"box","text":"%","page_number":6,"box":{"x":516,"y":375,"width":12,"height":8}},{"id":"ef179c35-f653-4582-ade9-d7f7d02621a8","block_type":"box","text":"366%","page_number":6,"box":{"x":690,"y":375,"width":38,"height":8}},{"id":"765d5361-9bdb-4d7d-9743-61fe1c1ef2a0","block_type":"box","text":"The total available own funds are classified as Tier 1 unrestricted. This also equates to own funds available and eligible","page_number":6,"box":{"x":60,"y":428,"width":883,"height":11}},{"id":"1fa5100f-22dc-4d64-aecd-8b13cffd42bc","block_type":"box","text":"to meet the","page_number":6,"box":{"x":60,"y":444,"width":92,"height":8}},{"id":"b3d49dd4-c136-4d78-a6a7-eb33697f841f","block_type":"box","text":"Solvency Capital Requirement (“","page_number":6,"box":{"x":155,"y":443,"width":244,"height":12}},{"id":"7d19b21d-9a8a-4404-ac2a-6756eb5cd7b8","block_type":"box","text":"SCR","page_number":6,"box":{"x":401,"y":443,"width":34,"height":9}},{"id":"047f1682-5875-4aaa-8119-cc17020d9732","block_type":"box","text":"”)","page_number":6,"box":{"x":436,"y":443,"width":10,"height":12}},{"id":"28e2878f-0c10-4f3d-8de2-abec72bf05a8","block_type":"box","text":"and","page_number":6,"box":{"x":453,"y":444,"width":33,"height":8}},{"id":"14e65920-45e5-439a-944b-2d74e2aa65c0","block_type":"box","text":"the Minimum Capital Requirement (“","page_number":6,"box":{"x":487,"y":443,"width":275,"height":12}},{"id":"7b150a3c-8394-4b4a-9e6e-1795ab0db84a","block_type":"box","text":"MCR","page_number":6,"box":{"x":764,"y":443,"width":37,"height":9}},{"id":"1c55a1e8-e863-4588-9ae4-ea1a87d61b3c","block_type":"box","text":"”)","page_number":6,"box":{"x":802,"y":443,"width":10,"height":12}},{"id":"c2f6ad88-8eb9-4040-985a-6efd7eed9ce7","block_type":"box","text":". MPFL does not","page_number":6,"box":{"x":813,"y":444,"width":131,"height":8}},{"id":"18b1b345-972f-407b-abdb-d5d7008077e4","block_type":"box","text":"apply matching or","page_number":6,"box":{"x":61,"y":459,"width":141,"height":12}},{"id":"7538e876-2dee-4855-b3ad-b2a510576320","block_type":"box","text":"volatility adjustments. Also, no transitional adjustments have been applied.","page_number":6,"box":{"x":204,"y":459,"width":567,"height":12}},{"id":"24c83b40-8154-4530-b1e8-e8a3b4ef13cf","block_type":"box","text":"The capital coverage","page_number":6,"box":{"x":780,"y":459,"width":164,"height":12}},{"id":"3b6d8ef2-50a6-4be8-9cff-afc55dfeb11b","block_type":"box","text":"increased in line with an increase in","page_number":6,"box":{"x":61,"y":475,"width":269,"height":9}},{"id":"a074e619-88bf-46bf-bcc2-57f9f1f61c82","block_type":"box","text":"available own funds","page_number":6,"box":{"x":331,"y":475,"width":146,"height":9}},{"id":"b82a4da9-31ce-4bdd-81ec-7d604f2e8225","block_type":"box","text":"following increase of retention fee for 2023","page_number":6,"box":{"x":483,"y":475,"width":315,"height":11}},{"id":"6ad2670e-2667-4325-9153-981feb0565d2","block_type":"box","text":".","page_number":6,"box":{"x":800,"y":483,"width":2,"height":1}},{"id":"79505e77-a441-4614-9b85-e3913293d7b4","block_type":"box","text":"Throughout","page_number":6,"box":{"x":60,"y":498,"width":86,"height":11}},{"id":"9b43dacd-de94-4c71-9f00-1f0efd8e1579","block_type":"box","text":"the reporting period","page_number":6,"box":{"x":151,"y":498,"width":145,"height":11}},{"id":"8141a118-176c-4925-ac69-e0f91827921e","block_type":"box","text":",","page_number":6,"box":{"x":298,"y":505,"width":2,"height":3}},{"id":"c6144a9f-80b8-4640-84c6-6ff1a35ef200","block_type":"box","text":"the C","page_number":6,"box":{"x":306,"y":498,"width":40,"height":9}},{"id":"0734832d-1965-4356-a7a2-a171f73018bb","block_type":"box","text":"ompany ha","page_number":6,"box":{"x":347,"y":498,"width":82,"height":11}},{"id":"c261907a-3d83-4799-850c-62665b471b2e","block_type":"box","text":"s","page_number":6,"box":{"x":430,"y":500,"width":7,"height":7}},{"id":"ce65a855-d9b9-4d76-9054-48c018814df3","block_type":"box","text":"maint","page_number":6,"box":{"x":443,"y":498,"width":40,"height":9}},{"id":"7c2f83b3-5756-4cae-b0c0-61b5fcb70a5f","block_type":"box","text":"ained eligible capital above its calculated SCR.","page_number":6,"box":{"x":484,"y":498,"width":346,"height":11}},{"id":"82cccadf-da36-41ee-86b4-61645ff4ec2b","block_type":"box","text":"Significant business or other events","page_number":6,"box":{"x":61,"y":527,"width":287,"height":12}},{"id":"c9955280-aa69-4a8a-8fe2-cc4cb4919d74","block_type":"box","text":"N","page_number":6,"box":{"x":61,"y":549,"width":10,"height":9}},{"id":"bfb0ffe8-1813-450b-bd9e-458a72c8f19e","block_type":"box","text":"o other significant business","page_number":6,"box":{"x":73,"y":549,"width":208,"height":12}},{"id":"39f9fa7a-5357-4248-b54c-0838d03dadd4","block_type":"box","text":"changes","page_number":6,"box":{"x":289,"y":549,"width":67,"height":12}},{"id":"f93ec80d-02be-434a-a4c0-e6ebb38d8f0a","block_type":"box","text":"or other events with material impact on the solvency and financial condition","page_number":6,"box":{"x":359,"y":549,"width":584,"height":11}},{"id":"983d8e3d-d87e-431e-86e2-a388bc279bfa","block_type":"box","text":"occurred over the reporting period.","page_number":6,"box":{"x":61,"y":565,"width":255,"height":11}},{"id":"8240b26d-b3ab-4c81-a79d-d8566cbb505e","block_type":"box","text":"Solvency and Financial Condition Report","page_number":7,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"5af6fc94-50fe-45e9-9537-066731a0193a","block_type":"box","text":"M","page_number":7,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"d740a300-143a-4fa8-9591-2c0e1847c07d","block_type":"box","text":"anaged Pension Funds Limited","page_number":7,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"85e6ffab-800d-4c79-87af-62d2fb2a2bad","block_type":"box","text":"7","page_number":7,"box":{"x":500,"y":962,"width":7,"height":7}},{"id":"a824b179-4009-4279-ac19-8f2b5df2b6f5","block_type":"box","text":"/","page_number":7,"box":{"x":507,"y":961,"width":5,"height":8}},{"id":"edaaaff9-5267-4186-80a7-6731d7e3a665","block_type":"box","text":"38","page_number":7,"box":{"x":512,"y":962,"width":16,"height":7}},{"id":"12065d17-3f31-4fee-9bd6-efeb14996fef","block_type":"box","text":"Section A: Busine","page_number":7,"box":{"x":61,"y":92,"width":164,"height":11}},{"id":"0d27791f-b380-470b-8359-5e90a80045c1","block_type":"box","text":"ss and Performance","page_number":7,"box":{"x":226,"y":92,"width":184,"height":11}},{"id":"9e3aef54-a4a5-4fae-baab-9f8597e1b6f3","block_type":"box","text":"A.1","page_number":7,"box":{"x":60,"y":131,"width":25,"height":9}},{"id":"a4ec9c97-08d9-4211-bac8-6314aa5df66c","block_type":"box","text":"Business","page_number":7,"box":{"x":122,"y":131,"width":77,"height":9}},{"id":"b3da595a-5f1d-4a91-81b3-e4d24b55d038","block_type":"box","text":"Company structure","page_number":7,"box":{"x":61,"y":161,"width":153,"height":12}},{"id":"63d503b8-8c9b-4a8e-b929-3833d083e66c","block_type":"box","text":"MPFL is a wholly owned direct subsidiary of","page_number":7,"box":{"x":61,"y":183,"width":332,"height":12}},{"id":"8cb080a7-9ad4-4fae-ab10-8a839283dc8c","block_type":"box","text":"State Street Global Advisors","page_number":7,"box":{"x":395,"y":183,"width":211,"height":9}},{"id":"643b5987-f49d-4a64-ba3d-e210b23881e9","block_type":"box","text":"Inc","page_number":7,"box":{"x":613,"y":183,"width":21,"height":9}},{"id":"ca4a95e9-5926-4b26-91e2-1bab10536c8a","block_type":"box","text":"(“","page_number":7,"box":{"x":641,"y":183,"width":9,"height":12}},{"id":"ee5ffacc-ed04-406f-8ed3-92196395f6db","block_type":"box","text":"SSGA Inc.","page_number":7,"box":{"x":651,"y":183,"width":77,"height":9}},{"id":"a4b95e10-302a-4f77-9807-1b7bdb3d5562","block_type":"box","text":"”)","page_number":7,"box":{"x":730,"y":183,"width":10,"height":12}},{"id":"50452b46-ff8d-4702-8ed0-d77e7a33b14d","block_type":"box","text":", which is wholly owned by","page_number":7,"box":{"x":742,"y":183,"width":202,"height":12}},{"id":"bb2d4b02-83a5-4a45-8a2b-a96f9d35dc08","block_type":"box","text":"State Street Corporation (“","page_number":7,"box":{"x":61,"y":199,"width":204,"height":11}},{"id":"15275282-f366-4773-a23d-69e2abbe508d","block_type":"box","text":"SSC","page_number":7,"box":{"x":267,"y":199,"width":34,"height":9}},{"id":"f48b6b1c-98ce-41ab-a536-72f9820af277","block_type":"box","text":"”)","page_number":7,"box":{"x":302,"y":199,"width":10,"height":11}},{"id":"e5beadb0-d361-480d-b294-24669233c57a","block_type":"box","text":", the","page_number":7,"box":{"x":314,"y":199,"width":39,"height":10}},{"id":"8055db6e-d44a-4a06-b55b-2445d672c9d6","block_type":"box","text":"US","page_number":7,"box":{"x":357,"y":199,"width":21,"height":9}},{"id":"660dfc9f-730f-4c42-82ec-b57f1c010eff","block_type":"box","text":"-","page_number":7,"box":{"x":380,"y":204,"width":4,"height":1}},{"id":"dd0bbba2-7e41-4cc7-b054-cf91f1e63d22","block_type":"box","text":"based","page_number":7,"box":{"x":385,"y":199,"width":50,"height":9}},{"id":"c3ace2b3-da1a-4673-ab75-1c6c4f126bd8","block_type":"box","text":"p","page_number":7,"box":{"x":439,"y":201,"width":8,"height":9}},{"id":"0db5d130-37c7-4eb6-ad19-03a200865f78","block_type":"box","text":"arent","page_number":7,"box":{"x":448,"y":199,"width":43,"height":9}},{"id":"1713581c-b08a-4d9a-b7fd-39b4aaa197c7","block_type":"box","text":"c","page_number":7,"box":{"x":494,"y":201,"width":8,"height":7}},{"id":"51444a8f-dcbc-4f8c-83d0-68dba01c0aa1","block_type":"box","text":"ompany of","page_number":7,"box":{"x":502,"y":199,"width":86,"height":11}},{"id":"59857ea2-fe5f-4546-8904-59e0c7f38998","block_type":"box","text":"the State Street","page_number":7,"box":{"x":591,"y":199,"width":127,"height":9}},{"id":"20c5755c-c85c-49bd-9c82-491c59455904","block_type":"box","text":"financial services group (the","page_number":7,"box":{"x":722,"y":199,"width":222,"height":11}},{"id":"a0a1c357-2390-45ad-a4d7-cc23b1151608","block_type":"box","text":"“Group”).","page_number":7,"box":{"x":61,"y":214,"width":66,"height":12}},{"id":"c32ac5b0-26d7-44e0-8b06-0a5145c7ecea","block_type":"box","text":"The Group","page_number":7,"box":{"x":60,"y":238,"width":85,"height":11}},{"id":"0988913d-c9e7-4ebc-915d-edefae645f8a","block_type":"box","text":"organisational","page_number":7,"box":{"x":146,"y":238,"width":103,"height":11}},{"id":"b4de9149-923a-478b-8183-210ea76a31bb","block_type":"box","text":"structure is as follows","page_number":7,"box":{"x":255,"y":238,"width":160,"height":9}},{"id":"e3387cb6-e05e-4344-b8aa-5b6d3ff66b22","block_type":"box","text":"as at 31 December 20","page_number":7,"box":{"x":421,"y":238,"width":163,"height":9}},{"id":"7d02df01-8c78-439e-a013-a8674355de61","block_type":"box","text":"2","page_number":7,"box":{"x":586,"y":238,"width":8,"height":8}},{"id":"22a89f83-34fc-4d66-a832-6a190712c2d6","block_type":"box","text":"3","page_number":7,"box":{"x":595,"y":238,"width":8,"height":9}},{"id":"29dabb1a-d18f-4392-bee6-51f5f0ed464e","block_type":"box","text":":","page_number":7,"box":{"x":605,"y":240,"width":2,"height":6}},{"id":"92962552-5e34-4584-9e19-0ef8a6293c0d","block_type":"box","text":"The C","page_number":7,"box":{"x":60,"y":600,"width":45,"height":9}},{"id":"c7c60a5e-e3f6-4725-92cb-a7c6f0ca71b0","block_type":"box","text":"ompany operates as an integrated part of the Group and has outsourced all investment management, client facing","page_number":7,"box":{"x":106,"y":600,"width":837,"height":11}},{"id":"e15dafa4-221c-488f-9c72-c1568bde565f","block_type":"box","text":"and","page_number":7,"box":{"x":61,"y":616,"width":32,"height":8}},{"id":"7b52538a-d897-4d20-80fd-bcb0a3369681","block_type":"box","text":"back","page_number":7,"box":{"x":94,"y":616,"width":35,"height":8}},{"id":"5c8b8cb7-915b-4c8e-be51-0f5e9de3238a","block_type":"box","text":"-","page_number":7,"box":{"x":130,"y":620,"width":4,"height":1}},{"id":"21853f43-fa0a-4dfa-b5d3-27ded37c46dc","block_type":"box","text":"office","page_number":7,"box":{"x":134,"y":616,"width":39,"height":8}},{"id":"8d0bbd1c-c1a8-4396-bcb6-3991b49c4446","block_type":"box","text":"services to other Group companies through contractual agreements. The com","page_number":7,"box":{"x":180,"y":615,"width":574,"height":12}},{"id":"47b13dca-652d-4f9f-a4b1-e02125ab8281","block_type":"box","text":"pany has no","page_number":7,"box":{"x":757,"y":616,"width":90,"height":11}},{"id":"10c3247b-dc42-4b7c-811d-ea8c04352dd5","block_type":"box","text":"employees.","page_number":7,"box":{"x":853,"y":616,"width":90,"height":11}},{"id":"8e45fef7-b3ec-4541-b47b-18bb4035348c","block_type":"box","text":"Supervisory authority","page_number":7,"box":{"x":61,"y":645,"width":172,"height":11}},{"id":"2b416dd3-2293-49d8-b175-338c6d620640","block_type":"box","text":"MPFL’s reg","page_number":7,"box":{"x":61,"y":667,"width":84,"height":11}},{"id":"be61dce9-8593-4ada-8008-4b79cfe78bfe","block_type":"box","text":"ulators are:","page_number":7,"box":{"x":147,"y":667,"width":82,"height":9}},{"id":"19544a90-5634-4865-adf2-f354a726db12","block_type":"box","text":"PRA","page_number":7,"box":{"x":61,"y":690,"width":34,"height":8}},{"id":"524cb36d-8a02-49ae-88e2-cd4dbb0f1f6e","block_type":"box","text":",","page_number":7,"box":{"x":97,"y":697,"width":1,"height":3}},{"id":"d79b0ddc-a06e-4c1a-a7ce-57fe1759eade","block_type":"box","text":"20 Moorgate, London, EC2R 6DA; telephone","page_number":7,"box":{"x":105,"y":689,"width":338,"height":12}},{"id":"3069789b-34f1-42ee-af0d-4cbe5b434069","block_type":"box","text":"020 3461 7000","page_number":7,"box":{"x":444,"y":690,"width":110,"height":8}},{"id":"a0420171-21a5-4cbf-9276-a31d58edabc9","block_type":"box","text":".","page_number":7,"box":{"x":557,"y":697,"width":2,"height":1}},{"id":"2b6f8f77-b540-4ccc-bdbc-2bda17d16a29","block_type":"box","text":"FCA","page_number":7,"box":{"x":61,"y":713,"width":32,"height":9}},{"id":"79842564-f41a-4227-85ff-fa5245e4ede3","block_type":"box","text":",","page_number":7,"box":{"x":95,"y":720,"width":8,"height":3}},{"id":"4173e46a-c877-49c7-8741-f3d7e620f472","block_type":"box","text":"12 Endeavour Square, London, E20 1JN","page_number":7,"box":{"x":105,"y":713,"width":299,"height":11}},{"id":"06b898d2-12ec-4125-8a52-702bb0f65d2e","block_type":"box","text":";","page_number":7,"box":{"x":407,"y":715,"width":9,"height":8}},{"id":"d3b3195c-ccee-454b-9f42-564b6a0ff4f8","block_type":"box","text":"Telephone","page_number":7,"box":{"x":416,"y":713,"width":78,"height":11}},{"id":"c44f80fc-44db-41b5-8976-b6e5c444c426","block_type":"box","text":"020 7066 1000","page_number":7,"box":{"x":500,"y":713,"width":111,"height":9}},{"id":"7ff5dd4c-8e2f-4a66-911b-389621c311d7","block_type":"box","text":".","page_number":7,"box":{"x":613,"y":720,"width":2,"height":1}},{"id":"c8be7c7a-dc00-43de-92f0-bc4d32dec48b","block_type":"box","text":"S","page_number":7,"box":{"x":61,"y":735,"width":9,"height":9}},{"id":"cf08727a-f981-488b-bfb8-724a08839c30","block_type":"box","text":"SGA","page_number":7,"box":{"x":72,"y":735,"width":40,"height":9}},{"id":"ecab550e-08e3-42f7-a5a1-469cc0d0146b","block_type":"box","text":"Inc.’s","page_number":7,"box":{"x":114,"y":735,"width":37,"height":9}},{"id":"bf1d42a6-f294-4e58-8983-664f890f8d3d","block_type":"box","text":"regulator","page_number":7,"box":{"x":157,"y":735,"width":65,"height":12}},{"id":"e419d394-e7c2-4450-acff-8dfe4010d157","block_type":"box","text":"s","page_number":7,"box":{"x":223,"y":738,"width":7,"height":6}},{"id":"23a932f4-1bdc-476d-aa72-4abcc6cf41bb","block_type":"box","text":"are","page_number":7,"box":{"x":235,"y":738,"width":24,"height":6}},{"id":"495ed644-ac2d-4d09-b693-8634248ab8c6","block_type":"box","text":":","page_number":7,"box":{"x":261,"y":738,"width":8,"height":6}},{"id":"0c558db9-6ac6-4708-bac7-f678e8d9a890","block_type":"box","text":"Federal Deposit Insurance Corporation (“FDIC”)","page_number":7,"box":{"x":61,"y":758,"width":354,"height":11}},{"id":"fb116805-b334-4f1f-bda0-75a24ffcc70b","block_type":"box","text":",","page_number":7,"box":{"x":417,"y":765,"width":8,"height":3}},{"id":"9418eed9-0b6f-4d28-98e9-c6dc0314bf5b","block_type":"box","text":"550 17th Street, NW, Washington, DC","page_number":7,"box":{"x":426,"y":758,"width":287,"height":11}},{"id":"cc59d9a7-10c8-4051-9700-aca2ffa27582","block_type":"box","text":"20429; telephone +1 877","page_number":7,"box":{"x":714,"y":758,"width":185,"height":11}},{"id":"e324e44d-6321-46c7-87ab-e4ed01f2db10","block_type":"box","text":"-","page_number":7,"box":{"x":901,"y":763,"width":4,"height":1}},{"id":"85b96237-d728-401f-92cf-f0dae2e5b284","block_type":"box","text":"275","page_number":7,"box":{"x":906,"y":758,"width":27,"height":9}},{"id":"ede86a0b-5bef-4dc0-9b6f-8cfac1deab7d","block_type":"box","text":"-","page_number":7,"box":{"x":935,"y":763,"width":4,"height":1}},{"id":"0cd8dd89-784e-4cb9-818e-bc2c3b1564d6","block_type":"box","text":"3342.","page_number":7,"box":{"x":61,"y":774,"width":40,"height":9}},{"id":"a8920ad8-a872-4868-abb5-13ec13515808","block_type":"box","text":"Federal Reserve (“","page_number":7,"box":{"x":61,"y":797,"width":137,"height":11}},{"id":"c95e6d88-2497-43fd-a7c9-ac80aed9c012","block_type":"box","text":"Fed”)","page_number":7,"box":{"x":201,"y":797,"width":38,"height":11}},{"id":"463a2d82-560b-4edc-b781-1c02555b89ea","block_type":"box","text":",","page_number":7,"box":{"x":241,"y":804,"width":2,"height":3}},{"id":"80a65cfa-0a98-4068-8bb8-29cd31e18c7e","block_type":"box","text":"20th Street and Constitution Avenue NW, Mail Stop K","page_number":7,"box":{"x":249,"y":797,"width":393,"height":11}},{"id":"61f1b512-8447-40c0-9124-0946a0952f43","block_type":"box","text":"-","page_number":7,"box":{"x":643,"y":802,"width":4,"height":1}},{"id":"c1c731f6-6161-4d5c-9f33-e709d5f7bba0","block_type":"box","text":"300, Washington, DC 20551; telephone","page_number":7,"box":{"x":648,"y":797,"width":296,"height":11}},{"id":"7c8a5847-7bb4-42b2-ac97-0869e6df5236","block_type":"box","text":"+1 202","page_number":7,"box":{"x":61,"y":813,"width":50,"height":8}},{"id":"b5dbf598-e582-4f03-b4b7-3bcb4c96b943","block_type":"box","text":"-","page_number":7,"box":{"x":113,"y":817,"width":5,"height":1}},{"id":"3fba5aad-d60c-4c22-9f06-9479ba1e0ebf","block_type":"box","text":"452","page_number":7,"box":{"x":118,"y":813,"width":27,"height":8}},{"id":"a9cafce0-410a-4dc7-8aa5-9884267015a3","block_type":"box","text":"-","page_number":7,"box":{"x":147,"y":817,"width":4,"height":1}},{"id":"07b50c24-5c8e-4621-a211-76caa93e02f1","block_type":"box","text":"3000","page_number":7,"box":{"x":152,"y":813,"width":36,"height":8}},{"id":"027f5854-313f-4fb3-a92e-583a5dea361c","block_type":"box","text":".","page_number":7,"box":{"x":190,"y":820,"width":2,"height":1}},{"id":"54c1aab1-288c-4079-8770-af8fe1c98feb","block_type":"box","text":"External auditor","page_number":7,"box":{"x":61,"y":842,"width":127,"height":9}},{"id":"fc47ca51-7b6e-4542-bebb-03c41fcad104","block_type":"box","text":"MPFL’s external auditor is: Ernst & Young LLP, 25 Churchill Place, London E14 5EY; telephone","page_number":7,"box":{"x":61,"y":864,"width":714,"height":11}},{"id":"08891b89-3374-40ea-828b-39089c734fda","block_type":"box","text":"020 7951 2000","page_number":7,"box":{"x":776,"y":864,"width":111,"height":9}},{"id":"5f28542d-a613-4520-8d9d-fccd0b613967","block_type":"box","text":".","page_number":7,"box":{"x":890,"y":871,"width":1,"height":1}},{"id":"3c9ad506-157e-4eec-adc9-e072b1c98a86","block_type":"box","text":"Actuarial Function","page_number":7,"box":{"x":60,"y":887,"width":153,"height":9}},{"id":"22e058cd-1365-4b4a-b699-c192b534a834","block_type":"box","text":"MPFL’s","page_number":7,"box":{"x":61,"y":909,"width":61,"height":9}},{"id":"43754e3c-6e0a-4bce-8c0f-b29189fb2202","block_type":"box","text":"Actuarial Function","page_number":7,"box":{"x":123,"y":910,"width":140,"height":8}},{"id":"cbba8bf1-142f-43e9-911b-37716d3d9458","block_type":"box","text":"is performed by","page_number":7,"box":{"x":266,"y":909,"width":121,"height":12}},{"id":"abd878ee-ed03-4b88-87f1-6edf8183119e","block_type":"box","text":"WTW","page_number":7,"box":{"x":388,"y":910,"width":42,"height":8}},{"id":"7d508c0b-2d0f-4e07-8761-cefb2960f823","block_type":"box","text":",","page_number":7,"box":{"x":432,"y":917,"width":7,"height":3}},{"id":"3539e0d6-6419-40fe-bd2f-7d12886864d4","block_type":"box","text":"51 Lime Street London, England EC3M 7DQ; telephone 0203 124","page_number":7,"box":{"x":441,"y":909,"width":502,"height":12}},{"id":"55443408-c5ec-49bb-8b15-efdfce8b259b","block_type":"box","text":"6000.","page_number":7,"box":{"x":61,"y":926,"width":40,"height":8}},{"id":"ebafa3e1-af3c-415a-a552-c2c22001aadf","block_type":"box","text":"State Street Global Advisors Inc.","page_number":7,"box":{"x":155,"y":401,"width":241,"height":9}},{"id":"f976687a-f119-49e4-969e-fef206b254e5","block_type":"box","text":"(incorporated in the Commonw","page_number":7,"box":{"x":163,"y":427,"width":182,"height":9}},{"id":"7eec0ad1-2ce8-4d06-8a27-5869365814ab","block_type":"box","text":"e","page_number":7,"box":{"x":346,"y":429,"width":6,"height":5}},{"id":"b2c8c295-76ff-4632-aa4a-d6886fed9a48","block_type":"box","text":"alth of","page_number":7,"box":{"x":354,"y":427,"width":35,"height":7}},{"id":"47889d77-5493-4042-b422-50e337ed7781","block_type":"box","text":"Massachusetts, in the United States of","page_number":7,"box":{"x":163,"y":439,"width":227,"height":9}},{"id":"269eb14e-4521-4182-8a4a-55800fda840b","block_type":"box","text":"America)","page_number":7,"box":{"x":249,"y":452,"width":52,"height":9}},{"id":"b8e7f970-2713-465b-ab1d-d738f2009494","block_type":"box","text":"Managed Pension Funds Limited","page_number":7,"box":{"x":142,"y":525,"width":268,"height":13}},{"id":"38b332c5-af6c-4757-8122-a38a89f95420","block_type":"box","text":"(incorporated in England and Wales)","page_number":7,"box":{"x":167,"y":552,"width":216,"height":9}},{"id":"00bb861f-39cf-483e-8d31-fa4734f50ebf","block_type":"box","text":"State Street Corporation","page_number":7,"box":{"x":186,"y":287,"width":180,"height":11}},{"id":"d4fc32fd-a7f9-463d-b4b7-7f674a0cf5f0","block_type":"box","text":"(incorporated in the Commonw","page_number":7,"box":{"x":163,"y":312,"width":182,"height":9}},{"id":"b656c668-70c7-4e32-858b-b5f8c29815c6","block_type":"box","text":"e","page_number":7,"box":{"x":346,"y":314,"width":6,"height":5}},{"id":"6f343d80-1c50-4d5c-a5c1-0c8158eb9931","block_type":"box","text":"alth of","page_number":7,"box":{"x":354,"y":312,"width":35,"height":7}},{"id":"d2a7ff21-8e29-4541-8f77-9613e742e143","block_type":"box","text":"Massachusetts, in the United States of","page_number":7,"box":{"x":163,"y":325,"width":227,"height":8}},{"id":"76ea8c9b-798d-4979-a6c2-10d97f648be1","block_type":"box","text":"America)","page_number":7,"box":{"x":249,"y":337,"width":52,"height":9}},{"id":"b7830ba5-f158-4b21-a0d7-ce36f5d0d612","block_type":"box","text":"Solvency and Financial Condition Report","page_number":8,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"2150f205-5565-4ae6-baa2-a88696942647","block_type":"box","text":"M","page_number":8,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"7ba6d3b4-87f0-4ab5-a2cc-7247345d27f3","block_type":"box","text":"anaged Pension Funds Limited","page_number":8,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"8b33c685-d6a3-4a61-918b-1ec88040e3c4","block_type":"box","text":"8","page_number":8,"box":{"x":500,"y":962,"width":7,"height":7}},{"id":"c80b2149-f13d-418f-9b23-81cae5a32426","block_type":"box","text":"/","page_number":8,"box":{"x":507,"y":961,"width":5,"height":8}},{"id":"eb8e462b-c8e3-44a1-874b-41bf356fd3c9","block_type":"box","text":"38","page_number":8,"box":{"x":512,"y":962,"width":16,"height":7}},{"id":"4ae900c6-067a-47ef-bea2-66c867be2a0c","block_type":"box","text":"Significant bus","page_number":8,"box":{"x":61,"y":79,"width":119,"height":12}},{"id":"d44f13c5-0e32-4261-8b39-270d124dc30e","block_type":"box","text":"iness or other events","page_number":8,"box":{"x":182,"y":79,"width":167,"height":9}},{"id":"3207a0ad-c0d5-47ef-b0da-85b8d7b960f6","block_type":"box","text":"N","page_number":8,"box":{"x":61,"y":101,"width":10,"height":9}},{"id":"977f6f09-4910-4329-bf01-ed8562a00be9","block_type":"box","text":"o significant business or other events occurred over the reporting period","page_number":8,"box":{"x":73,"y":101,"width":538,"height":12}},{"id":"e5679085-534a-412d-a941-a7bb6ea09a69","block_type":"box","text":"that","page_number":8,"box":{"x":612,"y":101,"width":32,"height":9}},{"id":"026ef81f-1f7e-4544-acab-d246c0cb9538","block_type":"box","text":"had a material impact on MPFL.","page_number":8,"box":{"x":645,"y":101,"width":241,"height":11}},{"id":"7865357c-d7fd-400d-8c26-6c5052a36c12","block_type":"box","text":"A.2","page_number":8,"box":{"x":60,"y":135,"width":27,"height":10}},{"id":"677385b8-73d9-4e74-897a-9d942591c019","block_type":"box","text":"Underwriting p","page_number":8,"box":{"x":122,"y":135,"width":123,"height":13}},{"id":"fd65d3ff-517c-4851-968b-814ab11c1a4e","block_type":"box","text":"erformance","page_number":8,"box":{"x":246,"y":135,"width":95,"height":10}},{"id":"cf6d77b2-3b66-403e-929f-fb792c83f506","block_type":"box","text":"MPFL writes only unit","page_number":8,"box":{"x":61,"y":160,"width":160,"height":11}},{"id":"a4dde595-60c9-4744-88f5-0d1892a81d5b","block_type":"box","text":"-","page_number":8,"box":{"x":223,"y":165,"width":4,"height":1}},{"id":"8a2ac5c6-26e7-4884-b142-274f1ce599af","block_type":"box","text":"linked pension business that offers no guarantees or otherwise provide","page_number":8,"box":{"x":229,"y":160,"width":531,"height":11}},{"id":"971d41fb-8c12-4819-ba29-317148711f3b","block_type":"box","text":"any benefits beyond the","page_number":8,"box":{"x":761,"y":160,"width":183,"height":11}},{"id":"ad9367c3-4c3c-499d-a2af-1ae892a29cfd","block_type":"box","text":"return of","page_number":8,"box":{"x":61,"y":176,"width":66,"height":9}},{"id":"e74544dc-c050-47b2-82cf-ad7f31789b54","block_type":"box","text":"assets","page_number":8,"box":{"x":128,"y":176,"width":53,"height":9}},{"id":"98bac04f-ab4a-4869-88eb-173402b118a1","block_type":"box","text":"under management. As a consequence, no traditional underwriting is required.","page_number":8,"box":{"x":182,"y":176,"width":585,"height":11}},{"id":"bb77a27f-7c0d-4344-8a2a-ba85134c85af","block_type":"box","text":"With regards to the unit","page_number":8,"box":{"x":60,"y":198,"width":176,"height":12}},{"id":"177d882b-7b9f-4bb5-b2ab-5ac282bac298","block_type":"box","text":"-","page_number":8,"box":{"x":238,"y":203,"width":4,"height":1}},{"id":"598fa9ab-b60a-4185-b5e2-e5c1a0da0b73","block_type":"box","text":"linked pensions business, the costs and rewards of investing are passed on to policyholders.","page_number":8,"box":{"x":244,"y":198,"width":699,"height":12}},{"id":"eb2f5ee9-4ac2-464c-b9bd-ac7115970f2a","block_type":"box","text":"The entire return","page_number":8,"box":{"x":60,"y":214,"width":135,"height":9}},{"id":"74af0929-68fa-44cf-b90d-74f3c81330a3","block_type":"box","text":"or loss of the sub","page_number":8,"box":{"x":199,"y":214,"width":139,"height":9}},{"id":"ef99f696-cf36-4287-962f-588f83dd41a7","block_type":"box","text":"-","page_number":8,"box":{"x":340,"y":219,"width":4,"height":1}},{"id":"543d5d98-e69f-4786-8fa4-6189f818e317","block_type":"box","text":"funds accrue to the policyholders, less specified fees which compensate the","page_number":8,"box":{"x":345,"y":214,"width":598,"height":11}},{"id":"0e820eac-5ba3-47be-9f65-919355309008","block_type":"box","text":"investment manager, administrator, securities lending agent and custodian for their services. The unit","page_number":8,"box":{"x":61,"y":230,"width":743,"height":11}},{"id":"26a83ea8-965e-4032-a304-8cd23026592d","block_type":"box","text":"-","page_number":8,"box":{"x":807,"y":234,"width":4,"height":2}},{"id":"9e8d6c40-2359-4298-b9d1-3d5ee8a3a6b2","block_type":"box","text":"linked assets and","page_number":8,"box":{"x":812,"y":230,"width":132,"height":8}},{"id":"471e04df-f0af-42c5-8ca3-19a942d3ae4d","block_type":"box","text":"liabilities are therefore closely matche","page_number":8,"box":{"x":61,"y":245,"width":287,"height":12}},{"id":"5990855d-f796-4bfb-9084-5eb44702d434","block_type":"box","text":"d. As MPFL does not undertake traditional underwriting activities, there is no","page_number":8,"box":{"x":350,"y":246,"width":593,"height":11}},{"id":"eeca4581-42ef-4a6a-9736-01a3bfdc330a","block_type":"box","text":"quantitative information on current or previous underwriting performance to report.","page_number":8,"box":{"x":61,"y":261,"width":606,"height":12}},{"id":"11a574d9-1583-46cf-a016-391511405836","block_type":"box","text":"A.3","page_number":8,"box":{"x":60,"y":296,"width":27,"height":9}},{"id":"253b5c80-9414-4465-ac1b-1e6d705ff982","block_type":"box","text":"Investment p","page_number":8,"box":{"x":122,"y":296,"width":107,"height":12}},{"id":"c6865f61-de89-4511-8ca4-d7e1215da3d1","block_type":"box","text":"erformance","page_number":8,"box":{"x":229,"y":295,"width":97,"height":10}},{"id":"c0dc7fdd-e701-4a65-8a69-8558f4e420a1","block_type":"box","text":"MPFL outsources investment management and operational activities to SSGAL through an outsourced services","page_number":8,"box":{"x":61,"y":320,"width":882,"height":11}},{"id":"2513fd4b-4b86-41a9-910a-62a53cd58855","block_type":"box","text":"agreement. The","page_number":8,"box":{"x":61,"y":335,"width":118,"height":12}},{"id":"584ccf11-1461-4736-9cb1-a841917e1a81","block_type":"box","text":"design of MPF","page_number":8,"box":{"x":185,"y":335,"width":108,"height":12}},{"id":"9d96b79a-717e-4df7-8e5d-7e2b2532d3bb","block_type":"box","text":"L","page_number":8,"box":{"x":294,"y":335,"width":8,"height":9}},{"id":"8dde433f-2024-4d97-a9db-13d4c5f06b8e","block_type":"box","text":"is as an investment vehicle. Though the legal form of organi","page_number":8,"box":{"x":309,"y":335,"width":443,"height":12}},{"id":"46593878-4d5d-481d-a411-063bc4991772","block_type":"box","text":"s","page_number":8,"box":{"x":754,"y":338,"width":8,"height":6}},{"id":"48d7d9c8-80af-4e7d-aad0-475b98af7398","block_type":"box","text":"ation is as an insurance","page_number":8,"box":{"x":762,"y":335,"width":182,"height":9}},{"id":"55d08306-a482-4445-902f-3e476442a13e","block_type":"box","text":"entity issuing policies to its poli","page_number":8,"box":{"x":61,"y":351,"width":224,"height":11}},{"id":"c3ab369e-5b0b-4e14-a3d5-9125da96de47","block_type":"box","text":"cyholders, the payout under the policies","page_number":8,"box":{"x":288,"y":351,"width":298,"height":11}},{"id":"080046c6-0418-442b-a1a5-4e9ae7f37349","block_type":"box","text":"is","page_number":8,"box":{"x":587,"y":351,"width":10,"height":9}},{"id":"f35d0ea8-deb5-4f40-b7ea-ef0f52e09e06","block_type":"box","text":"based solely on the returns of specified MPF","page_number":8,"box":{"x":602,"y":351,"width":328,"height":11}},{"id":"e3ce70c6-eac8-44e6-9747-45d4d8a40988","block_type":"box","text":"L","page_number":8,"box":{"x":932,"y":351,"width":8,"height":9}},{"id":"c5f6f37e-0d62-4650-a200-f6bcdb3a0dcb","block_type":"box","text":"sub","page_number":8,"box":{"x":61,"y":367,"width":26,"height":9}},{"id":"f8241c4c-26e9-46c0-9133-a7bfa1397baf","block_type":"box","text":"-","page_number":8,"box":{"x":89,"y":372,"width":4,"height":1}},{"id":"97488042-f87b-4e5f-9787-250f024211d7","block_type":"box","text":"funds that policyholders invest","page_number":8,"box":{"x":93,"y":367,"width":230,"height":11}},{"id":"4764b18c-dc04-4b80-8162-1162fcb93c27","block_type":"box","text":"in,","page_number":8,"box":{"x":324,"y":367,"width":15,"height":10}},{"id":"272e2249-fd65-4d3f-87ea-b1bfbc658c29","block_type":"box","text":"and which are managed in accordance with specified investment objectives.","page_number":8,"box":{"x":346,"y":367,"width":561,"height":11}},{"id":"79792689-ca4e-4971-a1f8-b7b8460d263d","block_type":"box","text":"The investment performance of the unit","page_number":8,"box":{"x":60,"y":390,"width":294,"height":11}},{"id":"a3aa0d9f-da31-4081-ae89-2ac24cffdbaf","block_type":"box","text":"-","page_number":8,"box":{"x":355,"y":394,"width":4,"height":2}},{"id":"caf0f787-e7e7-45c3-a2c3-b8cde6ed3f36","block_type":"box","text":"linked funds","page_number":8,"box":{"x":361,"y":390,"width":94,"height":8}},{"id":"34157c44-3fe9-4ccd-8a37-932caa2cacce","block_type":"box","text":"has no direct impact on MPFL’s performance, other than through","page_number":8,"box":{"x":456,"y":389,"width":487,"height":12}},{"id":"1cc11808-34b6-4ff5-9ed7-c286ff577a38","block_type":"box","text":"the seed capital that MPFL places into new unit","page_number":8,"box":{"x":60,"y":406,"width":360,"height":11}},{"id":"0b7f19a1-7b5b-4991-85c5-52e0c2746361","block_type":"box","text":"-","page_number":8,"box":{"x":422,"y":410,"width":4,"height":1}},{"id":"0b13b53f-b6f3-416e-9549-09faf8841a46","block_type":"box","text":"linked funds.","page_number":8,"box":{"x":428,"y":405,"width":92,"height":9}},{"id":"861cd9a1-9da6-4a4c-8cae-336a61740d7f","block_type":"box","text":"These seeding investments","page_number":8,"box":{"x":528,"y":406,"width":206,"height":11}},{"id":"0d542685-9f61-4699-b278-54cb3c241452","block_type":"box","text":"in equity and fixed interest","page_number":8,"box":{"x":742,"y":405,"width":202,"height":12}},{"id":"cf2bcc95-50fc-47e0-a614-88ce03684889","block_type":"box","text":"securities","page_number":8,"box":{"x":61,"y":421,"width":75,"height":9}},{"id":"b19d4319-10b7-47bc-bff2-b96ab0959637","block_type":"box","text":"represented","page_number":8,"box":{"x":138,"y":421,"width":92,"height":11}},{"id":"8b3a5375-595e-4948-adc6-0a97120e1372","block_type":"box","text":"5.8","page_number":8,"box":{"x":231,"y":422,"width":22,"height":8}},{"id":"ef23b9d5-4472-4601-92ee-0320f7859999","block_type":"box","text":"%","page_number":8,"box":{"x":254,"y":422,"width":14,"height":8}},{"id":"ab960677-0bf5-4926-92da-42c5d7c05976","block_type":"box","text":"of MPFL own funds at 31 December 202","page_number":8,"box":{"x":274,"y":421,"width":300,"height":9}},{"id":"a78c8ee1-e317-4127-85e8-e41587cfa3f5","block_type":"box","text":"3","page_number":8,"box":{"x":575,"y":422,"width":9,"height":8}},{"id":"cb6e3a2a-0d50-4599-8942-0bf7a78e5c73","block_type":"box","text":".","page_number":8,"box":{"x":586,"y":429,"width":8,"height":1}},{"id":"5a229374-6bb6-4aa4-8ceb-bbcf4972cc5e","block_type":"box","text":"MPFL’s","page_number":8,"box":{"x":61,"y":444,"width":56,"height":9}},{"id":"b42a9225-203c-46a1-9796-93ba6cde0bb6","block_type":"box","text":"shareholder assets are predominantly held in a highly rated liquid cash or near cash equivalent, SSGA Liquidity","page_number":8,"box":{"x":122,"y":444,"width":821,"height":11}},{"id":"82b1d976-31d7-40b5-98df-bcfa3af2d473","block_type":"box","text":"PLC SSGA GBP Liquidity Fund (“SSGA Liquidity Fund”), although, as noted above, shareholder assets may also be","page_number":8,"box":{"x":61,"y":460,"width":882,"height":11}},{"id":"afd0fef7-30cf-47cb-adde-adaea1cf075a","block_type":"box","text":"used to seed new unit","page_number":8,"box":{"x":61,"y":476,"width":162,"height":8}},{"id":"2ec22faa-cba8-4299-9205-8e690e74066f","block_type":"box","text":"-","page_number":8,"box":{"x":225,"y":480,"width":4,"height":2}},{"id":"3a2ed89f-96d2-4597-bd1d-07ebeabe76cc","block_type":"box","text":"linked fund","page_number":8,"box":{"x":230,"y":476,"width":80,"height":8}},{"id":"7755a6a2-3f4d-4f97-9093-d33273cec362","block_type":"box","text":"s from time to time, subject to limits approved by the Board.","page_number":8,"box":{"x":312,"y":476,"width":444,"height":11}},{"id":"c8826cce-05e1-465f-a985-ccb120958bd0","block_type":"box","text":"MPFL’s","page_number":8,"box":{"x":61,"y":498,"width":61,"height":9}},{"id":"8fb36adf-df98-4e4e-b9df-ebb250b8a577","block_type":"box","text":"o","page_number":8,"box":{"x":122,"y":501,"width":9,"height":6}},{"id":"cf32e3f4-a445-4f1c-b03f-9caf22e968b7","block_type":"box","text":"ther f","page_number":8,"box":{"x":132,"y":498,"width":33,"height":9}},{"id":"6201eaf1-5fd1-4d52-9834-fc25d2186698","block_type":"box","text":"f","page_number":8,"box":{"x":165,"y":498,"width":4,"height":9}},{"id":"1a16640c-45aa-45cb-a3da-d37d41425235","block_type":"box","text":"inancial","page_number":8,"box":{"x":171,"y":498,"width":60,"height":9}},{"id":"7937f818-d977-4295-9bc9-3dba52dff7a7","block_type":"box","text":"i","page_number":8,"box":{"x":232,"y":498,"width":2,"height":9}},{"id":"e90f2d48-2f43-4d5a-8044-dfcebe4b9072","block_type":"box","text":"nvestments accounted for at fair value through","page_number":8,"box":{"x":236,"y":498,"width":348,"height":12}},{"id":"8c6546b7-814a-4b6c-b3c6-1612bd8f1b51","block_type":"box","text":"p","page_number":8,"box":{"x":585,"y":501,"width":8,"height":8}},{"id":"be53c97e-311c-4146-855b-cf55a0cb38a0","block_type":"box","text":"rofit","page_number":8,"box":{"x":595,"y":498,"width":32,"height":9}},{"id":"9dbb4382-c3d8-4622-a8bb-e844e81c1455","block_type":"box","text":"or","page_number":8,"box":{"x":627,"y":501,"width":15,"height":6}},{"id":"4fefe595-3bea-4186-9907-070d731211b6","block_type":"box","text":"l","page_number":8,"box":{"x":647,"y":498,"width":2,"height":9}},{"id":"b709166f-b101-4331-a457-f067ac90d063","block_type":"box","text":"oss","page_number":8,"box":{"x":650,"y":501,"width":30,"height":6}},{"id":"1c9e797a-34ca-481f-903c-d2b87c11bfd4","block_type":"box","text":"generate","page_number":8,"box":{"x":681,"y":499,"width":70,"height":11}},{"id":"52af377e-ce60-47a5-ba61-8713cbbdc4b0","block_type":"box","text":"realised gains and losses","page_number":8,"box":{"x":753,"y":498,"width":191,"height":12}},{"id":"4540bab6-2d0e-41d0-980c-1fedda2afbb0","block_type":"box","text":"on disposal and","page_number":8,"box":{"x":61,"y":514,"width":123,"height":11}},{"id":"9b199d22-34f7-40ee-8da6-8190d0c8e07f","block_type":"box","text":"interest","page_number":8,"box":{"x":187,"y":514,"width":58,"height":9}},{"id":"340bcd02-711a-4a84-bbdc-301a7e92e4a2","block_type":"box","text":"receivable","page_number":8,"box":{"x":248,"y":514,"width":74,"height":9}},{"id":"32f93991-c0dc-4d1d-be7f-ff4d1abc7ff8","block_type":"box","text":"which is","page_number":8,"box":{"x":329,"y":514,"width":60,"height":9}},{"id":"7783242d-03b7-417b-8e9a-8e8e759de2ce","block_type":"box","text":"recognised in the","page_number":8,"box":{"x":396,"y":514,"width":133,"height":11}},{"id":"0364f97c-fd6e-4777-9d31-2882559af261","block_type":"box","text":"i","page_number":8,"box":{"x":532,"y":514,"width":1,"height":9}},{"id":"ccd33828-aeb3-4afc-b742-4687a2537f34","block_type":"box","text":"ncome statement","page_number":8,"box":{"x":535,"y":515,"width":133,"height":8}},{"id":"7351b4ae-d621-4092-8b6a-9f2da2cafe47","block_type":"box","text":"on an accrued basis and","page_number":8,"box":{"x":670,"y":514,"width":191,"height":9}},{"id":"2b7cf534-c219-4768-ae76-e00ad67488c4","block_type":"box","text":"unrealised","page_number":8,"box":{"x":863,"y":514,"width":81,"height":9}},{"id":"8a91091f-c8ac-478f-b7f0-ceafd3ffb193","block_type":"box","text":"gains and losses","page_number":8,"box":{"x":61,"y":530,"width":124,"height":11}},{"id":"85d7ef20-b386-4125-a4e7-96cf6787fca7","block_type":"box","text":"representing the difference between","page_number":8,"box":{"x":192,"y":530,"width":271,"height":11}},{"id":"87bae7b1-d1fe-4b27-be9e-752a27135a75","block_type":"box","text":"carrying value of","page_number":8,"box":{"x":465,"y":530,"width":122,"height":11}},{"id":"ea4fcd5f-23b9-4139-9616-94c4acaeba94","block_type":"box","text":"seeding","page_number":8,"box":{"x":593,"y":530,"width":57,"height":11}},{"id":"7d6cb6eb-0f1c-43c1-a1bf-a859bea10553","block_type":"box","text":"investments at the balance sheet date","page_number":8,"box":{"x":658,"y":530,"width":286,"height":8}},{"id":"bd51389b-d851-4cfa-9b25-813280168a6e","block_type":"box","text":"and their purchase price","page_number":8,"box":{"x":61,"y":545,"width":179,"height":12}},{"id":"cff8b421-3941-4bc0-98a4-86c728b2c5d4","block_type":"box","text":".","page_number":8,"box":{"x":242,"y":553,"width":8,"height":1}},{"id":"0efd717e-2244-49e5-bc8f-b078cc1030ae","block_type":"box","text":"The income from shareholder assets in the reporting","page_number":8,"box":{"x":60,"y":568,"width":403,"height":12}},{"id":"27fd2c24-5a38-45ac-a301-2895899255db","block_type":"box","text":"period wa","page_number":8,"box":{"x":466,"y":569,"width":73,"height":11}},{"id":"e89dc331-63a0-49d6-8fd9-b797a627a80a","block_type":"box","text":"s","page_number":8,"box":{"x":540,"y":571,"width":13,"height":6}},{"id":"cff6b388-cfc6-441a-8c56-13cad54bff67","block_type":"box","text":"£","page_number":8,"box":{"x":554,"y":569,"width":9,"height":8}},{"id":"cfd082b3-da22-4fb5-9a26-41de20d73a8f","block_type":"box","text":"329,336","page_number":8,"box":{"x":564,"y":569,"width":59,"height":10}},{"id":"73fb00eb-67da-42d5-b584-08276c3219dd","block_type":"box","text":"(20","page_number":8,"box":{"x":632,"y":568,"width":22,"height":12}},{"id":"1c38844d-1e3a-468d-804a-a12a26af38ab","block_type":"box","text":"2","page_number":8,"box":{"x":655,"y":569,"width":8,"height":8}},{"id":"839819cb-d4ab-49d7-8b6a-ad8698aabcd8","block_type":"box","text":"2","page_number":8,"box":{"x":664,"y":569,"width":8,"height":8}},{"id":"ab8d2085-376f-4895-a85e-4a917e29172e","block_type":"box","text":":","page_number":8,"box":{"x":674,"y":571,"width":8,"height":6}},{"id":"b33dffeb-2335-4b12-879f-4d4fb93fdb19","block_type":"box","text":"£","page_number":8,"box":{"x":684,"y":569,"width":8,"height":8}},{"id":"7c2e1a08-4f38-4689-97ea-63918139ce73","block_type":"box","text":"96,841","page_number":8,"box":{"x":693,"y":569,"width":56,"height":10}},{"id":"43969cd9-698b-4ea0-9ea5-b745f9845be0","block_type":"box","text":")","page_number":8,"box":{"x":751,"y":568,"width":4,"height":12}},{"id":"5263fed3-997e-4e56-9b89-1c328103dfa8","block_type":"box","text":".","page_number":8,"box":{"x":757,"y":576,"width":2,"height":1}},{"id":"f03088f5-b380-4656-a24b-1a61ea6b65ae","block_type":"box","text":"The increase year","page_number":8,"box":{"x":767,"y":569,"width":137,"height":11}},{"id":"fed24575-0ebd-4078-9d5c-461b24cba999","block_type":"box","text":"-","page_number":8,"box":{"x":905,"y":573,"width":4,"height":1}},{"id":"4e5afd1a-c3a7-434c-967d-85a2d1e58af5","block_type":"box","text":"on","page_number":8,"box":{"x":916,"y":571,"width":17,"height":6}},{"id":"2b1411d7-7adf-43bc-94bf-eb250c7b7c2a","block_type":"box","text":"year is a result of increase in yield available on money market funds","page_number":8,"box":{"x":60,"y":584,"width":508,"height":11}},{"id":"b1dbe47b-7bef-48a5-ada1-e4e48d373142","block_type":"box","text":"as","page_number":8,"box":{"x":570,"y":586,"width":22,"height":7}},{"id":"7fd4ec88-39bc-4e0a-bbe0-3e40871b3145","block_type":"box","text":"compared to 202","page_number":8,"box":{"x":592,"y":584,"width":125,"height":11}},{"id":"9b7fc5cc-6c9e-4fd9-bd01-9dccca873f94","block_type":"box","text":"2","page_number":8,"box":{"x":718,"y":584,"width":8,"height":9}},{"id":"3659eafb-6903-4cb1-ae22-c242c1d88338","block_type":"box","text":".","page_number":8,"box":{"x":729,"y":591,"width":1,"height":2}},{"id":"5fa60643-9b27-4eb4-8f76-cf87a1726d4f","block_type":"box","text":"There are no","page_number":8,"box":{"x":60,"y":607,"width":96,"height":9}},{"id":"e8356e93-5ec1-4313-be27-3b0770b3e5d0","block_type":"box","text":"securitised","page_number":8,"box":{"x":162,"y":607,"width":78,"height":9}},{"id":"1639b804-f2a4-49f4-8688-5eacb80292c1","block_type":"box","text":"investments.","page_number":8,"box":{"x":247,"y":607,"width":92,"height":9}},{"id":"d6936ebd-46ce-4a44-8c94-4f311fc44f0b","block_type":"box","text":"A.4","page_number":8,"box":{"x":60,"y":641,"width":27,"height":10}},{"id":"97ed4a0d-ff67-486a-9b88-d0bba6eb9360","block_type":"box","text":"Performance of other activities","page_number":8,"box":{"x":122,"y":641,"width":256,"height":10}},{"id":"3c9de5f5-1ab4-4f1b-b9bd-ed8518060258","block_type":"box","text":"MPFL retain","page_number":8,"box":{"x":61,"y":665,"width":92,"height":9}},{"id":"b8c403d1-0ff3-42ec-9feb-06d47017efd5","block_type":"box","text":"s","page_number":8,"box":{"x":155,"y":667,"width":7,"height":7}},{"id":"3450335c-e1ef-4cbb-adef-d90cb7f8a53d","block_type":"box","text":"a fee income upon collection of its policy charges and pays the remainder to SSGAL as investment","page_number":8,"box":{"x":170,"y":665,"width":773,"height":11}},{"id":"c100ce68-fd20-42d7-8433-50d41f45310d","block_type":"box","text":"management fees under","page_number":8,"box":{"x":61,"y":681,"width":187,"height":11}},{"id":"673e81f8-c80d-4ebf-a22e-4d875582f8be","block_type":"box","text":"an","page_number":8,"box":{"x":249,"y":683,"width":18,"height":7}},{"id":"83f7b9eb-c4ca-4308-b3e9-fd73b44d6cc7","block_type":"box","text":"investment management","page_number":8,"box":{"x":274,"y":681,"width":188,"height":11}},{"id":"a9fe5c8d-5cfd-4db7-85b6-18c776e31caf","block_type":"box","text":"agreement","page_number":8,"box":{"x":463,"y":682,"width":80,"height":10}},{"id":"1fce1406-4e0a-495a-ab96-b2193103bf74","block_type":"box","text":". Th","page_number":8,"box":{"x":545,"y":681,"width":31,"height":9}},{"id":"0c9a4ca4-09d2-470a-bbb1-3c8c251e128d","block_type":"box","text":"e retention is to enable the Company to meet its","page_number":8,"box":{"x":579,"y":681,"width":365,"height":11}},{"id":"43eb683d-a50f-447e-ad12-6d6748f6e2e9","block_type":"box","text":"day","page_number":8,"box":{"x":61,"y":697,"width":27,"height":11}},{"id":"d3203354-44b0-4724-aa80-02f34394043f","block_type":"box","text":"-","page_number":8,"box":{"x":89,"y":702,"width":4,"height":1}},{"id":"9fe82779-dd59-45ec-bbd2-b85446ea837e","block_type":"box","text":"to","page_number":8,"box":{"x":93,"y":698,"width":13,"height":8}},{"id":"fc0b9ed6-1dbb-4128-aadc-5b4fd07dd4ed","block_type":"box","text":"-","page_number":8,"box":{"x":108,"y":702,"width":4,"height":1}},{"id":"9aeda47f-a760-49af-9965-d06a87af0e85","block_type":"box","text":"day","page_number":8,"box":{"x":113,"y":697,"width":32,"height":11}},{"id":"a12686aa-d888-453a-853e-7ab99b4d8b0d","block_type":"box","text":"direct administrative expenses","page_number":8,"box":{"x":145,"y":697,"width":225,"height":11}},{"id":"c773f10f-c11f-451f-ad28-806c704920a6","block_type":"box","text":"and","page_number":8,"box":{"x":376,"y":697,"width":26,"height":9}},{"id":"33bd3709-ddf5-4d9b-9b63-a455df79dc35","block_type":"box","text":"ma","page_number":8,"box":{"x":408,"y":699,"width":23,"height":7}},{"id":"4485fbc9-9eeb-4921-a1d0-83dec77e16d4","block_type":"box","text":"intain","page_number":8,"box":{"x":433,"y":697,"width":37,"height":9}},{"id":"007406bf-0469-4911-9dd1-15ca981af93f","block_type":"box","text":"a","page_number":8,"box":{"x":476,"y":699,"width":14,"height":7}},{"id":"f0a13fc9-8451-4c93-b205-7fd069d5c2a7","block_type":"box","text":"sufficient","page_number":8,"box":{"x":491,"y":697,"width":65,"height":9}},{"id":"ba92157f-dc53-45cf-8f23-1d237f9c75e8","block_type":"box","text":"capital","page_number":8,"box":{"x":562,"y":697,"width":52,"height":11}},{"id":"18e77dab-f11d-4ac3-822e-e62e4038e554","block_type":"box","text":"buffer to meet its capital","page_number":8,"box":{"x":615,"y":697,"width":182,"height":11}},{"id":"b182ed9c-d4c9-4f05-bf61-3b948459c357","block_type":"box","text":"requirements","page_number":8,"box":{"x":799,"y":697,"width":96,"height":11}},{"id":"5f7c7e5d-4182-4266-aff3-96f4c0db47dc","block_type":"box","text":".","page_number":8,"box":{"x":896,"y":704,"width":8,"height":2}},{"id":"5f2ef765-64cc-48e0-b03b-46537ca05958","block_type":"box","text":"The charge paid to SSGAL is intended","page_number":8,"box":{"x":60,"y":719,"width":286,"height":12}},{"id":"71f0b508-e362-4d4c-8dcd-c5718e3a0f41","block_type":"box","text":"to cover all the costs in relation to","page_number":8,"box":{"x":352,"y":720,"width":254,"height":8}},{"id":"323e09ef-54d2-4dcd-a0e8-2a8417f4d95c","block_type":"box","text":"the","page_number":8,"box":{"x":606,"y":720,"width":22,"height":8}},{"id":"01166ecc-5a32-4887-b1cd-8be2a177f8f4","block_type":"box","text":"G","page_number":8,"box":{"x":635,"y":719,"width":11,"height":9}},{"id":"4a51682d-bb1b-41ad-8614-798129904a8a","block_type":"box","text":"roup outsourced activities","page_number":8,"box":{"x":649,"y":720,"width":188,"height":11}},{"id":"40c99e57-26e8-4d92-a7d8-b97cc99d9e56","block_type":"box","text":".","page_number":8,"box":{"x":839,"y":727,"width":8,"height":1}},{"id":"2a651a8f-236e-48b0-ab67-5969d53bace2","block_type":"box","text":"MPFL’s financial profile is not expected to change materially over the plan","page_number":8,"box":{"x":61,"y":742,"width":545,"height":12}},{"id":"8a98b5f4-dc1c-49a3-8dc6-1d10d8f41e55","block_type":"box","text":"ning period","page_number":8,"box":{"x":610,"y":743,"width":81,"height":11}},{"id":"e5fe6921-207e-419f-b255-6182593ccca6","block_type":"box","text":".","page_number":8,"box":{"x":694,"y":750,"width":1,"height":1}},{"id":"4e2c5c85-5d74-47aa-b243-5c9a5a28edd1","block_type":"box","text":"The Company","page_number":8,"box":{"x":60,"y":765,"width":106,"height":12}},{"id":"70bc36e7-5f25-4f13-b17b-6fe13db33f7a","block_type":"box","text":"has no leasing arrangements in place.","page_number":8,"box":{"x":172,"y":765,"width":281,"height":12}},{"id":"e7c075e3-4f59-48db-9004-1a35a05c03b6","block_type":"box","text":"A.5","page_number":8,"box":{"x":60,"y":800,"width":27,"height":9}},{"id":"7e999dcd-a82d-4232-ba1f-c3f17bcf3c37","block_type":"box","text":"Any other information","page_number":8,"box":{"x":121,"y":799,"width":183,"height":13}},{"id":"55160ce3-a399-41b1-9e85-c42cb0d9475a","block_type":"box","text":"There is no other","page_number":8,"box":{"x":60,"y":824,"width":133,"height":9}},{"id":"317369f2-107d-4b78-b3c8-0ac0c089a657","block_type":"box","text":"i","page_number":8,"box":{"x":194,"y":824,"width":2,"height":9}},{"id":"7abb2d27-5b6a-48b3-b532-16445a80c49c","block_type":"box","text":"nformation regarding MPFL’s business and performance to add","page_number":8,"box":{"x":198,"y":824,"width":469,"height":11}},{"id":"718db6e4-1bf1-41f8-a60f-f629fe794562","block_type":"box","text":"as all","page_number":8,"box":{"x":674,"y":824,"width":44,"height":9}},{"id":"93e975db-2ed1-4376-9e1e-34b4608197bb","block_type":"box","text":"relevant","page_number":8,"box":{"x":719,"y":824,"width":64,"height":9}},{"id":"b5c4404e-8ca5-4ab9-b4a1-e86ecba652ac","block_type":"box","text":"information has been","page_number":8,"box":{"x":784,"y":824,"width":160,"height":9}},{"id":"224586c5-1a97-43b9-89d3-c11852722d8a","block_type":"box","text":"provided","page_number":8,"box":{"x":61,"y":840,"width":63,"height":11}},{"id":"6542e93d-b6df-464c-aab7-dd51dfac291f","block_type":"box","text":".","page_number":8,"box":{"x":126,"y":847,"width":2,"height":1}},{"id":"d24481be-ffd7-411b-823f-fda34c0fd3e8","block_type":"box","text":"Solvency and Financial Condition Report","page_number":9,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"20a6736d-878e-4b80-a8d5-b290a5243a49","block_type":"box","text":"M","page_number":9,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"0d084157-c7bb-4d54-ac7e-7ed184ddd85b","block_type":"box","text":"anaged Pension Funds Limited","page_number":9,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"6fd1ee7b-3b69-4d2f-9288-214e7441e386","block_type":"box","text":"9","page_number":9,"box":{"x":500,"y":962,"width":7,"height":7}},{"id":"c733bc53-ffc0-407d-99af-e764e4544da0","block_type":"box","text":"/","page_number":9,"box":{"x":507,"y":961,"width":5,"height":8}},{"id":"90715cd6-3c5b-4df2-a770-e7a1dbd91aa9","block_type":"box","text":"38","page_number":9,"box":{"x":512,"y":962,"width":16,"height":7}},{"id":"80591e98-0134-49ed-abef-195703d51252","block_type":"box","text":"Section B: System of","page_number":9,"box":{"x":61,"y":92,"width":197,"height":14}},{"id":"725d7c22-4ff1-4483-8be7-78ad234eaab4","block_type":"box","text":"Governance","page_number":9,"box":{"x":259,"y":93,"width":111,"height":10}},{"id":"e159f284-c0a3-42a7-91b4-fc6f776ecf98","block_type":"box","text":"B.1","page_number":9,"box":{"x":61,"y":131,"width":24,"height":9}},{"id":"0f681552-3f46-48ed-b1a3-ce0702ca4477","block_type":"box","text":"General information on the system of governance","page_number":9,"box":{"x":121,"y":131,"width":416,"height":12}},{"id":"a1536b83-2791-42c7-a7df-ea3c20dc18c6","block_type":"box","text":"The","page_number":9,"box":{"x":60,"y":155,"width":34,"height":9}},{"id":"e71a758d-8061-4abe-850d-37c230d593e7","block_type":"box","text":"Board","page_number":9,"box":{"x":99,"y":155,"width":43,"height":9}},{"id":"29c67eaf-1cf2-4a3c-b912-fb024e5216b1","block_type":"box","text":"is comprised of a non","page_number":9,"box":{"x":152,"y":155,"width":172,"height":11}},{"id":"70a7ff0a-a60c-4cb2-8740-ffd2b250de7e","block_type":"box","text":"-","page_number":9,"box":{"x":326,"y":160,"width":4,"height":1}},{"id":"803d3149-b3c2-41be-a6ed-b52cbb76d6e9","block_type":"box","text":"executive chairman, one additional non","page_number":9,"box":{"x":331,"y":155,"width":304,"height":10}},{"id":"42d9eb9d-e3d0-475e-9dcd-76e669d63485","block_type":"box","text":"-","page_number":9,"box":{"x":638,"y":160,"width":4,"height":1}},{"id":"c2d08ace-e8c7-4af5-8415-fcf962f1eb14","block_type":"box","text":"executive director and","page_number":9,"box":{"x":643,"y":155,"width":176,"height":9}},{"id":"c0976f78-2027-437c-91d8-3a9d910af6bf","block_type":"box","text":"t","page_number":9,"box":{"x":823,"y":155,"width":4,"height":8}},{"id":"9652a2a6-8fc4-43ff-890a-ba9f2e137169","block_type":"box","text":"hree","page_number":9,"box":{"x":828,"y":155,"width":32,"height":9}},{"id":"f5799313-f59c-479f-804a-37233ed23801","block_type":"box","text":"executive","page_number":9,"box":{"x":870,"y":155,"width":74,"height":9}},{"id":"9fdc5c72-faea-49ee-a5bf-2e2284487b0b","block_type":"box","text":"directors.","page_number":9,"box":{"x":61,"y":171,"width":67,"height":8}},{"id":"0f5ac39b-df82-4c77-b984-6c0151586de2","block_type":"box","text":"It meets at least quarterly, and its principal roles and responsibilitie","page_number":9,"box":{"x":136,"y":171,"width":491,"height":11}},{"id":"e8f47241-484f-483f-bb6c-fc13db351f94","block_type":"box","text":"s include:","page_number":9,"box":{"x":630,"y":171,"width":69,"height":8}},{"id":"36412e31-f144-456b-884f-4b2863c9191b","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":196,"width":4,"height":3}},{"id":"ad887527-4a6b-49cd-b167-ab330bbd3c5f","block_type":"box","text":"Setting (reviewing and amending as appropriate) the parameters of any delegations and any authorities to officers","page_number":9,"box":{"x":103,"y":193,"width":840,"height":12}},{"id":"cfadd531-5a68-4b6b-ad9f-d9c306beb09b","block_type":"box","text":"and staff engaged within the business and acting on behalf of the Company, including granting signing authorities","page_number":9,"box":{"x":103,"y":208,"width":840,"height":11}},{"id":"f5cf20d5-01cd-4e08-910c-0d66cbe16a13","block_type":"box","text":"and/or powers of","page_number":9,"box":{"x":103,"y":222,"width":130,"height":11}},{"id":"f27ebe4b-c4a7-4991-88aa-d5577fe82aa6","block_type":"box","text":"attorney;","page_number":9,"box":{"x":233,"y":223,"width":64,"height":11}},{"id":"4c95d58c-2ae9-4855-a3b6-17078ecd3e13","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":246,"width":4,"height":3}},{"id":"76d72ed7-ec84-46e1-9d00-b59220f9e5b6","block_type":"box","text":"Reviewing and ensuring the delineation of responsibilities for the Board and members of management of the","page_number":9,"box":{"x":104,"y":244,"width":839,"height":11}},{"id":"72fc8496-eca6-432b-8852-63a01521c378","block_type":"box","text":"Company, in particular lines of responsibility at the Company, immediate","page_number":9,"box":{"x":103,"y":258,"width":549,"height":11}},{"id":"774b352b-b6f5-4671-ae4a-3d8d64c08d37","block_type":"box","text":"P","page_number":9,"box":{"x":655,"y":258,"width":9,"height":9}},{"id":"37a80d5e-39fd-4695-b8df-bef8393a1d13","block_type":"box","text":"arent and Group with respect to risk,","page_number":9,"box":{"x":665,"y":258,"width":279,"height":11}},{"id":"b79b24e8-79cb-403e-91ee-842f492ac70e","block_type":"box","text":"compliance, legal, finance a","page_number":9,"box":{"x":103,"y":272,"width":206,"height":12}},{"id":"db56da28-a130-44e1-ba9b-da1ec1e69340","block_type":"box","text":"nd audit;","page_number":9,"box":{"x":311,"y":272,"width":62,"height":11}},{"id":"3bbf593c-eef4-404d-91f4-32f6fbec048f","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":296,"width":4,"height":3}},{"id":"81b542dd-2131-41cf-adf1-686626763315","block_type":"box","text":"Overseeing, implementing and reviewing compliance with the Company’s Articles of Association and corporate","page_number":9,"box":{"x":103,"y":294,"width":840,"height":11}},{"id":"81828e51-5843-40cf-991d-99f383a1ca6c","block_type":"box","text":"governance structure;","page_number":9,"box":{"x":103,"y":309,"width":161,"height":10}},{"id":"77d732fb-5e67-43f0-af4b-05e728e4877f","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":332,"width":4,"height":3}},{"id":"689b24ac-5286-4541-b9e1-e4e588b6f874","block_type":"box","text":"Determining the goals and strategies of the Company in the context of the","page_number":9,"box":{"x":104,"y":329,"width":590,"height":12}},{"id":"31a4c622-0d8c-49ab-a7c8-d30a667366b3","block_type":"box","text":"G","page_number":9,"box":{"x":700,"y":329,"width":11,"height":9}},{"id":"79c5a529-45a8-40f0-991c-eb0b06f69361","block_type":"box","text":"roup and","page_number":9,"box":{"x":713,"y":329,"width":73,"height":11}},{"id":"ae24f02b-7cad-4923-9570-cac137a4498b","block_type":"box","text":"G","page_number":9,"box":{"x":790,"y":329,"width":12,"height":9}},{"id":"49b5281f-5a95-4727-bc70-e11c1684b766","block_type":"box","text":"roup strategy and","page_number":9,"box":{"x":804,"y":329,"width":140,"height":12}},{"id":"dcc588df-d8bc-4759-a7a5-ac7d0897f5b5","block_type":"box","text":"overseeing the","page_number":9,"box":{"x":103,"y":343,"width":109,"height":12}},{"id":"fd2ce4f1-2667-4be1-bf6e-f728574a0433","block_type":"box","text":"ir implementation;","page_number":9,"box":{"x":214,"y":343,"width":130,"height":12}},{"id":"aa202083-4fb0-4916-8514-80890ae47b99","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":367,"width":4,"height":4}},{"id":"efea97af-101e-440b-a5b4-2699671a425d","block_type":"box","text":"Reviewing and approving material new products and services and other business proposals relevant to the","page_number":9,"box":{"x":104,"y":365,"width":839,"height":11}},{"id":"212d2296-351c-49d8-945f-86024e61a42b","block_type":"box","text":"Company and","page_number":9,"box":{"x":103,"y":379,"width":103,"height":12}},{"id":"222c3f5d-b975-48a9-8e5b-e9ddd6a46498","block_type":"box","text":"its business;","page_number":9,"box":{"x":214,"y":379,"width":89,"height":11}},{"id":"bef3e158-3973-4771-9f51-864ef995ae40","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":403,"width":4,"height":3}},{"id":"8b12afbe-d9fc-4e92-995c-cbb057c875ba","block_type":"box","text":"Ensuring that the Company has sufficient resources including capital and key and experienced staff for the","page_number":9,"box":{"x":104,"y":401,"width":839,"height":11}},{"id":"44fdb8f6-25f8-4c9c-9450-c777b0fb3af9","block_type":"box","text":"business to meet its objecti","page_number":9,"box":{"x":103,"y":415,"width":200,"height":11}},{"id":"0b42fa1a-483b-4d7e-9f61-6d76b8846efd","block_type":"box","text":"ves and effectively manage risk;","page_number":9,"box":{"x":305,"y":415,"width":237,"height":11}},{"id":"be168bdd-5c2d-4254-8d75-48fbb64d5dbf","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":439,"width":4,"height":3}},{"id":"abd835a5-d382-4b61-b775-30cabe9b2ab7","block_type":"box","text":"Considering the adequacy of all management information (and, where necessary requiring its enhancement) and","page_number":9,"box":{"x":103,"y":436,"width":840,"height":12}},{"id":"8373cd99-6761-4370-8759-a9b5fb0d608d","block_type":"box","text":"reviewing, monitoring and, where applicable, approving standard reporting on the financ","page_number":9,"box":{"x":104,"y":450,"width":667,"height":12}},{"id":"81eb741a-e951-4cf4-a6ca-72a6ce942636","block_type":"box","text":"ial performance of the","page_number":9,"box":{"x":774,"y":450,"width":170,"height":12}},{"id":"10dec1eb-c27a-41c5-9dbf-b49d7d4777e0","block_type":"box","text":"Company;","page_number":9,"box":{"x":103,"y":465,"width":75,"height":11}},{"id":"e0343bb5-d031-46e4-9920-f4381b37faa5","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":489,"width":4,"height":3}},{"id":"99b4651b-0cad-464c-ac88-d50bc0a7846a","block_type":"box","text":"Reviewing the risk appetite statement and monitoring Company performance with respect to risk concentration,","page_number":9,"box":{"x":104,"y":486,"width":839,"height":12}},{"id":"fd244a1a-dbbd-490d-a1a8-03d6ee4a86a5","block_type":"box","text":"liquidity and capital;","page_number":9,"box":{"x":103,"y":501,"width":144,"height":11}},{"id":"b5c7ee44-5270-4826-86a5-f02aaeb662a8","block_type":"box","text":"and","page_number":9,"box":{"x":255,"y":501,"width":26,"height":8}},{"id":"3c44edc1-cbcf-4565-a536-0116b331e3ee","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":524,"width":4,"height":4}},{"id":"737dad54-dece-4be1-ade8-94ae6d0589fa","block_type":"box","text":"Modelling, fostering and monitoring the development of a sound culture within the Company and encouraging","page_number":9,"box":{"x":104,"y":522,"width":839,"height":11}},{"id":"c32c9f23-70ac-4f00-ba29-3005d4b66f9c","block_type":"box","text":"honest and ethical conduct by the","page_number":9,"box":{"x":103,"y":536,"width":271,"height":11}},{"id":"1cdfc3f7-8a1b-4329-92b9-d8204e20443c","block_type":"box","text":"C","page_number":9,"box":{"x":378,"y":536,"width":11,"height":9}},{"id":"76cff83a-cb5e-4c0e-b5ef-105ae50c07fb","block_type":"box","text":"ompany and avoiding or appropriately managing conflicts of interest in","page_number":9,"box":{"x":390,"y":536,"width":553,"height":11}},{"id":"dad25e11-643c-48bf-bf1c-5b94ff1ef758","block_type":"box","text":"accordance with the","page_number":9,"box":{"x":103,"y":551,"width":154,"height":8}},{"id":"389510b4-b7ef-4c6b-a681-796b7d0233d9","block_type":"box","text":"Group’s","page_number":9,"box":{"x":258,"y":550,"width":57,"height":12}},{"id":"8ab184ce-74bf-4410-880e-2e6cdd691bae","block_type":"box","text":"Standard of Cond","page_number":9,"box":{"x":321,"y":550,"width":130,"height":9}},{"id":"526f112e-63cb-4634-83c9-2fd2324c7a52","block_type":"box","text":"uct an","page_number":9,"box":{"x":453,"y":551,"width":44,"height":8}},{"id":"542b1048-0c07-4b09-9072-7f1e0db7bc30","block_type":"box","text":"d applicable law and regulation","page_number":9,"box":{"x":499,"y":551,"width":228,"height":11}},{"id":"805353b5-0a0d-4216-baf8-547c333ce754","block_type":"box","text":".","page_number":9,"box":{"x":730,"y":558,"width":2,"height":1}},{"id":"6739724e-e121-474f-b7d8-7a975ca4a0d4","block_type":"box","text":"The Board has delegated certain responsibilities","page_number":9,"box":{"x":60,"y":572,"width":355,"height":11}},{"id":"475810b6-7ea5-488c-a4b1-1a2578e04b1f","block_type":"box","text":"of the Company","page_number":9,"box":{"x":421,"y":571,"width":117,"height":12}},{"id":"682dc592-3f97-4391-b192-4bd1b916073b","block_type":"box","text":"to a Nominations Committee and an Audit Committee.","page_number":9,"box":{"x":542,"y":571,"width":396,"height":9}},{"id":"984eb747-0715-4855-8122-3dfeda6d21a0","block_type":"box","text":"The Board has delegated certain day","page_number":9,"box":{"x":60,"y":594,"width":273,"height":11}},{"id":"061d8633-1624-41c4-8d4d-256af07e7c00","block_type":"box","text":"-","page_number":9,"box":{"x":335,"y":599,"width":4,"height":1}},{"id":"05b6f0eb-917d-447b-a8a1-f9b9ad6e91d6","block_type":"box","text":"to","page_number":9,"box":{"x":340,"y":595,"width":13,"height":8}},{"id":"873c86ec-4693-42c9-83ae-51a138735f41","block_type":"box","text":"-","page_number":9,"box":{"x":355,"y":599,"width":4,"height":1}},{"id":"7885d551-6ddd-4786-a75f-d318fc3f93b5","block_type":"box","text":"day mana","page_number":9,"box":{"x":359,"y":594,"width":73,"height":11}},{"id":"d23aec09-aefb-4494-b09d-db59422315a9","block_type":"box","text":"gement responsibilities of the C","page_number":9,"box":{"x":433,"y":594,"width":232,"height":11}},{"id":"dccb4c89-9b0c-4a37-965f-984f605d7f1e","block_type":"box","text":"ompany to the W","page_number":9,"box":{"x":666,"y":594,"width":110,"height":11}},{"id":"9d36f6f2-1410-4a88-953c-a58609871a03","block_type":"box","text":"Working Group","page_number":9,"box":{"x":776,"y":594,"width":111,"height":11}},{"id":"c0b87db9-a92f-49f8-9774-f954cfd664b4","block_type":"box","text":",","page_number":9,"box":{"x":890,"y":602,"width":1,"height":3}},{"id":"23b8fe00-8381-455d-ac56-9b5cc9bc4639","block_type":"box","text":"which","page_number":9,"box":{"x":897,"y":594,"width":42,"height":9}},{"id":"90f2c02e-7c46-478d-a5a6-6ce53659b2ed","block_type":"box","text":"comprises","page_number":9,"box":{"x":61,"y":610,"width":76,"height":11}},{"id":"b4f0a736-f04c-4e6c-bf4e-e4ec1f2b5370","block_type":"box","text":"representatives from areas including Product, Operations, Risk, Finance, Legal, Compliance, Sales and","page_number":9,"box":{"x":145,"y":610,"width":798,"height":11}},{"id":"33fb8920-de5a-4e5e-9c76-bf3442c24ce2","block_type":"box","text":"Marketing","page_number":9,"box":{"x":61,"y":625,"width":72,"height":12}},{"id":"6d5d22fc-7a27-44a7-aaee-b5f0e58ec370","block_type":"box","text":",","page_number":9,"box":{"x":136,"y":633,"width":2,"height":3}},{"id":"9a423c10-2cbe-485c-a383-126e63d76527","block_type":"box","text":"and Investment.","page_number":9,"box":{"x":144,"y":625,"width":117,"height":9}},{"id":"18b09a2f-5750-4ed9-8e7c-7b5388ce1690","block_type":"box","text":"The W","page_number":9,"box":{"x":60,"y":649,"width":34,"height":8}},{"id":"349cbc3c-538f-4d4d-adca-fc8016fb6770","block_type":"box","text":"Working Group","page_number":9,"box":{"x":94,"y":649,"width":122,"height":11}},{"id":"92305723-aaf0-42b7-81ac-2130aebaddf5","block_type":"box","text":"’s","page_number":9,"box":{"x":217,"y":649,"width":12,"height":8}},{"id":"34581c23-0d20-4bf4-97cc-57b296f97b21","block_type":"box","text":"responsibilities include:","page_number":9,"box":{"x":237,"y":649,"width":169,"height":11}},{"id":"1a0cdaec-0853-4d58-b452-a510fd5d96af","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":674,"width":4,"height":3}},{"id":"7faffc46-c4bc-417e-b248-09ba0570d9e7","block_type":"box","text":"All matters co","page_number":9,"box":{"x":103,"y":672,"width":101,"height":8}},{"id":"a478571d-3dab-49c2-bde1-e6869e80185a","block_type":"box","text":"ncerning the governance of MPFL;","page_number":9,"box":{"x":206,"y":672,"width":254,"height":11}},{"id":"0dcebb39-bea3-4c8b-9f24-c36f79a99402","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":695,"width":4,"height":4}},{"id":"573c256e-10f4-4aa0-aa66-da1f5b5e5ebb","block_type":"box","text":"Rev","page_number":9,"box":{"x":104,"y":693,"width":28,"height":9}},{"id":"47442dac-ab58-42b6-ac16-fa83220bc81b","block_type":"box","text":"iewing periodic reporting and other applicable management information for MPFL, including key","page_number":9,"box":{"x":134,"y":693,"width":703,"height":11}},{"id":"7fc8c9f9-d79f-432f-845c-d0aeb789af54","block_type":"box","text":"material","page_number":9,"box":{"x":838,"y":693,"width":64,"height":9}},{"id":"6248b5eb-0f0a-4120-b0c0-6e3775669180","block_type":"box","text":"risk","page_number":9,"box":{"x":903,"y":693,"width":24,"height":9}},{"id":"4c94bd0f-f6ef-4d5f-86ab-062572696780","block_type":"box","text":"s","page_number":9,"box":{"x":928,"y":695,"width":7,"height":7}},{"id":"70c756e3-52f6-45a4-9905-ef34ac99fae8","block_type":"box","text":",","page_number":9,"box":{"x":937,"y":700,"width":7,"height":3}},{"id":"174d3384-73e7-45a9-856f-bb5e57d3b8e2","block_type":"box","text":"compliance, financial, operational or other relevant indicators and recommending or initiating remedial action","page_number":9,"box":{"x":103,"y":708,"width":840,"height":11}},{"id":"498508f6-c10d-4f09-9363-b7ef4849dfd2","block_type":"box","text":"where appropriate;","page_number":9,"box":{"x":103,"y":722,"width":138,"height":11}},{"id":"3118e9d8-fac2-4e3a-9fb3-86d2a3c564ae","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":745,"width":4,"height":4}},{"id":"bec31eb9-eb7b-4476-be27-8d71cfc194f8","block_type":"box","text":"Reviewing and mo","page_number":9,"box":{"x":104,"y":743,"width":136,"height":11}},{"id":"6cfb5818-1af9-43c1-acf3-275b74f05548","block_type":"box","text":"nitoring major outsourcing","page_number":9,"box":{"x":242,"y":743,"width":191,"height":11}},{"id":"d0fa9791-4d01-4a01-926f-b9763146320d","block_type":"box","text":"arrangements that impact MPFL;","page_number":9,"box":{"x":439,"y":743,"width":243,"height":11}},{"id":"b1454289-25cc-4779-aec7-e67c9aa55fca","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":767,"width":4,"height":3}},{"id":"e0115773-e4e5-4365-87ff-2474e05094b2","block_type":"box","text":"Monitoring adherence to the risk appetite and risk tolerance established by MPFL. Reviewing the current risk","page_number":9,"box":{"x":104,"y":765,"width":839,"height":11}},{"id":"59c204ac-233d-49eb-a69f-ba31737c6054","block_type":"box","text":"exposures for MPFL in relation to the stated risk appetite and tolerance and recommending","page_number":9,"box":{"x":103,"y":779,"width":663,"height":11}},{"id":"cae79fd5-1d36-4b2a-b83e-2208845faddb","block_type":"box","text":"remedial action, where","page_number":9,"box":{"x":774,"y":779,"width":170,"height":10}},{"id":"4011e437-2282-4a37-885b-52a822d51bd1","block_type":"box","text":"appropriate;","page_number":9,"box":{"x":103,"y":793,"width":88,"height":11}},{"id":"a3cd5094-22cd-4c55-b844-6382a59cda6b","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":817,"width":4,"height":3}},{"id":"db2574de-080a-4bb5-bf00-de1d5e991369","block_type":"box","text":"Reviewing and approving","page_number":9,"box":{"x":104,"y":815,"width":195,"height":11}},{"id":"56d2588e-bf41-43f6-b5b7-51b47592c923","block_type":"box","text":"G","page_number":9,"box":{"x":302,"y":814,"width":11,"height":9}},{"id":"cf7e7a9c-1b05-41b2-9d4f-a9d63e5fa7b0","block_type":"box","text":"roup policies that apply to MPFL and recommendi","page_number":9,"box":{"x":316,"y":815,"width":378,"height":11}},{"id":"88ff832c-fa36-4b01-b086-3365ed00a08c","block_type":"box","text":"ng revisions, where appropriate;","page_number":9,"box":{"x":697,"y":815,"width":247,"height":11}},{"id":"7879a141-d813-4b6a-ba52-b0d7c38c6c86","block_type":"box","text":"r","page_number":9,"box":{"x":104,"y":831,"width":4,"height":6}},{"id":"f06cba76-7b2a-4c12-b223-514362e41237","block_type":"box","text":"eviewing significant exceptions or breaches to policies and guidelines impacting MPFL and initiating or","page_number":9,"box":{"x":108,"y":829,"width":835,"height":11}},{"id":"8e43a3c8-b0f9-41d3-bfe4-339eb8d7b55a","block_type":"box","text":"recommend","page_number":9,"box":{"x":104,"y":843,"width":87,"height":9}},{"id":"a727f183-0e68-40c9-bc9e-d84cce9a3bb3","block_type":"box","text":"ing rem","page_number":9,"box":{"x":193,"y":843,"width":53,"height":11}},{"id":"3d32e5ec-568c-4d62-96c7-114ce14c0a49","block_type":"box","text":"edial action, where appropriate;","page_number":9,"box":{"x":248,"y":843,"width":232,"height":11}},{"id":"70b20932-7665-43aa-9732-7c1297e4e8c6","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":866,"width":4,"height":4}},{"id":"4fb3357c-37d3-40d3-9532-3e5d2d33029b","block_type":"box","text":"Escalating significant matte","page_number":9,"box":{"x":104,"y":864,"width":202,"height":11}},{"id":"938ed286-f5a4-463f-a464-e2200f54d5dc","block_type":"box","text":"rs to be reported to the Board; and","page_number":9,"box":{"x":308,"y":864,"width":254,"height":11}},{"id":"8fce1454-ba21-473d-b537-a4a30e7c73c5","block_type":"box","text":"•","page_number":9,"box":{"x":74,"y":888,"width":4,"height":3}},{"id":"c9894495-737a-452c-a123-11064976b7cf","block_type":"box","text":"Periodic review of the MPF","page_number":9,"box":{"x":104,"y":886,"width":209,"height":8}},{"id":"c25f45ca-5b85-4a58-927c-35c6379e0ae4","block_type":"box","text":"L","page_number":9,"box":{"x":314,"y":886,"width":8,"height":8}},{"id":"b69a5d7a-bd9e-4e85-8126-115cdac57d2f","block_type":"box","text":"Management Responsibilities Matrix","page_number":9,"box":{"x":331,"y":886,"width":272,"height":11}},{"id":"7c07f66b-7310-4f01-8e1d-a87ab4ea39e5","block_type":"box","text":"; monitoring the ongoing appropriateness of","page_number":9,"box":{"x":605,"y":886,"width":339,"height":11}},{"id":"1ebfe4dd-4d37-4413-aff7-893ce2a5562b","block_type":"box","text":"identified key functions, key function holders","page_number":9,"box":{"x":103,"y":900,"width":350,"height":11}},{"id":"fd590b2e-3cb5-440e-8456-1a6bdfa05eb0","block_type":"box","text":", Senior Manager Functions,","page_number":9,"box":{"x":456,"y":900,"width":227,"height":11}},{"id":"afc42d25-5d69-4f6d-8790-2f72f06f9c78","block_type":"box","text":"and the","page_number":9,"box":{"x":689,"y":900,"width":59,"height":9}},{"id":"f41d55c8-57bd-4369-8a32-a25936064154","block_type":"box","text":"allocation","page_number":9,"box":{"x":759,"y":900,"width":68,"height":9}},{"id":"892bece8-f942-4be2-bef5-6060c6b462a6","block_type":"box","text":"of prescribed","page_number":9,"box":{"x":839,"y":900,"width":105,"height":11}},{"id":"38b0c075-6e0d-4520-adcc-478b29ce9af4","block_type":"box","text":"responsibilities.","page_number":9,"box":{"x":104,"y":914,"width":112,"height":11}},{"id":"fe79601a-dbad-48eb-91b3-c1f08a08c299","block_type":"box","text":"Solvency and Financial Condition Report","page_number":10,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"06e7394a-4870-4d97-9d81-f7e05f7f79b2","block_type":"box","text":"M","page_number":10,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"76484265-6d3b-4af0-8328-a2188ac60ccb","block_type":"box","text":"anaged Pension Funds Limited","page_number":10,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"7150c037-a7d2-4c94-a5f9-723a95762b03","block_type":"box","text":"10","page_number":10,"box":{"x":496,"y":962,"width":15,"height":7}},{"id":"5b9a0492-0b51-4a14-8a55-97ff87fd9e3e","block_type":"box","text":"/","page_number":10,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"8cd50c21-35de-44c4-b982-3c00089d75e4","block_type":"box","text":"38","page_number":10,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"1467a48d-60e4-497a-a561-d7def7784dfb","block_type":"box","text":"The Board delegates to the State Street Global Advisors","page_number":10,"box":{"x":60,"y":77,"width":417,"height":11}},{"id":"565f0737-1155-4aa7-8c3b-ea724be1236d","block_type":"box","text":"Limited S","page_number":10,"box":{"x":478,"y":77,"width":58,"height":9}},{"id":"9b812257-15ff-4b17-a19c-92c54975565c","block_type":"box","text":"Senior Manag","page_number":10,"box":{"x":536,"y":77,"width":102,"height":11}},{"id":"c7ac46db-18e4-4623-946b-99ff5a32add9","block_type":"box","text":"ement","page_number":10,"box":{"x":640,"y":77,"width":46,"height":9}},{"id":"f34fdf88-6997-4b8c-a45b-5d7af18934d3","block_type":"box","text":"Committee (the “SSGA UK SMC”)","page_number":10,"box":{"x":691,"y":77,"width":253,"height":11}},{"id":"752918e3-fd83-4a45-9efc-46944aadc0d0","block_type":"box","text":"oversight of the Company’s corporate and fund governance, including those matters delegated by the Company to","page_number":10,"box":{"x":61,"y":91,"width":877,"height":11}},{"id":"f8f90d2b-bd10-4c58-a629-b487324acf84","block_type":"box","text":"SSGAL","page_number":10,"box":{"x":61,"y":105,"width":55,"height":9}},{"id":"c6553484-a086-488e-aa93-67b45444fbc9","block_type":"box","text":". The Working Group and the SSGA UK SMC escalate significant matters to the Board as necessary, and report","page_number":10,"box":{"x":118,"y":105,"width":825,"height":11}},{"id":"f95c5ffe-1046-4c0e-b4d6-a7d48a71cb8b","block_type":"box","text":"to","page_number":10,"box":{"x":60,"y":120,"width":19,"height":8}},{"id":"da705a52-462a-49f7-9a70-62c570312ee8","block_type":"box","text":"the Board on their actions under this delegation on a regular basis.","page_number":10,"box":{"x":80,"y":120,"width":498,"height":11}},{"id":"2079d456-e3a6-463a-a9c4-f0de42f1619d","block_type":"box","text":"There are various governance committees within the","page_number":10,"box":{"x":60,"y":141,"width":409,"height":11}},{"id":"2aa83d2f-0611-4422-be55-a2dbb80faef3","block_type":"box","text":"G","page_number":10,"box":{"x":473,"y":141,"width":11,"height":9}},{"id":"e105d028-5473-4017-a50f-98586fa57ab1","block_type":"box","text":"roup, which review and set policies and procedures for the","page_number":10,"box":{"x":487,"y":141,"width":456,"height":11}},{"id":"f5cc9c18-557c-47c5-b16b-dad9cddd1d38","block_type":"box","text":"entities operating within the UK and, as applicable, Europe or globally. Th","page_number":10,"box":{"x":61,"y":155,"width":552,"height":11}},{"id":"08001503-6308-446b-b4f8-b25e43970b32","block_type":"box","text":"ese committees have responsibilities to the","page_number":10,"box":{"x":616,"y":155,"width":328,"height":11}},{"id":"f4d43143-fa97-4a7e-a6df-709e277dacda","block_type":"box","text":"Board and to other","page_number":10,"box":{"x":61,"y":169,"width":142,"height":9}},{"id":"0fe759da-71f5-4b58-8db0-cdf3a9dce3b0","block_type":"box","text":"Group","page_number":10,"box":{"x":204,"y":169,"width":45,"height":11}},{"id":"ead04727-976e-4b04-b562-4b22d691b951","block_type":"box","text":"entities. They are established to assist and support the Board in key strategic matters, review","page_number":10,"box":{"x":254,"y":169,"width":689,"height":12}},{"id":"429723ca-da36-49cc-9ef2-0e675163632b","block_type":"box","text":"business activity and risks, and provide support in certain matters.","page_number":10,"box":{"x":61,"y":184,"width":487,"height":11}},{"id":"a961897a-8127-4892-bd5f-0ab46a65458f","block_type":"box","text":"Roles and responsibili","page_number":10,"box":{"x":61,"y":212,"width":177,"height":11}},{"id":"ddc9a456-74ee-4300-8b42-c276ff648e35","block_type":"box","text":"ties of key functions","page_number":10,"box":{"x":240,"y":212,"width":161,"height":11}},{"id":"60a4a54f-fb54-4286-86af-5fc9c1d8d688","block_type":"box","text":"Risk","page_number":10,"box":{"x":61,"y":240,"width":39,"height":9}},{"id":"5ec6a231-af1a-4553-9571-cf3c533f6d4d","block_type":"box","text":"M","page_number":10,"box":{"x":102,"y":240,"width":11,"height":9}},{"id":"2eccf892-18e8-4e86-98c6-6b7107cc8550","block_type":"box","text":"anagement","page_number":10,"box":{"x":115,"y":240,"width":93,"height":11}},{"id":"c3c8973f-aa0d-4c7c-8bea-28874483867f","block_type":"box","text":"F","page_number":10,"box":{"x":209,"y":240,"width":9,"height":9}},{"id":"65a92cc2-086e-4746-b430-8e2853bf7690","block_type":"box","text":"unction","page_number":10,"box":{"x":220,"y":240,"width":58,"height":9}},{"id":"3b433202-2b08-4304-a5b8-9be4dcecc39e","block_type":"box","text":"The Risk Management","page_number":10,"box":{"x":60,"y":262,"width":172,"height":11}},{"id":"22140398-2fec-49a0-af17-8b3ce3fbdfba","block_type":"box","text":"function assists the Board,","page_number":10,"box":{"x":239,"y":262,"width":205,"height":10}},{"id":"743d23f0-4ccb-4e0c-97f2-b7c95c2a5630","block_type":"box","text":"Working Group","page_number":10,"box":{"x":446,"y":262,"width":113,"height":11}},{"id":"7f36e226-9ca9-4480-93f3-e7900bcb0cc8","block_type":"box","text":"and Audit Committee","page_number":10,"box":{"x":567,"y":262,"width":158,"height":9}},{"id":"8baf566a-6753-4bcb-a048-6b544c582396","block_type":"box","text":"governing bodies","page_number":10,"box":{"x":732,"y":262,"width":134,"height":11}},{"id":"66cdcce3-7627-46b7-8372-334a774089a7","block_type":"box","text":"within the","page_number":10,"box":{"x":868,"y":262,"width":76,"height":9}},{"id":"408dee8f-2321-403a-b19c-52735893905e","block_type":"box","text":"Com","page_number":10,"box":{"x":61,"y":277,"width":34,"height":9}},{"id":"88139aa6-2e4a-4763-9194-0bd93c772387","block_type":"box","text":"pany in the effective operation","page_number":10,"box":{"x":97,"y":277,"width":222,"height":12}},{"id":"a0d5e075-f867-40d9-bc2c-52a57ec4dbf5","block_type":"box","text":"of the risk management","page_number":10,"box":{"x":326,"y":277,"width":179,"height":12}},{"id":"0439051e-86ac-4f74-b473-bf13233ecacc","block_type":"box","text":"framework","page_number":10,"box":{"x":506,"y":277,"width":78,"height":9}},{"id":"38e4d36d-4b4b-4d52-bbbd-df080e25c4d9","block_type":"box","text":".","page_number":10,"box":{"x":586,"y":285,"width":8,"height":1}},{"id":"f853fb4b-e297-4462-bf2b-f803a9ef524c","block_type":"box","text":"The","page_number":10,"box":{"x":594,"y":278,"width":33,"height":8}},{"id":"5d7138bf-3772-4b24-a606-ac6f1b0e8fe4","block_type":"box","text":"designated SMF4","page_number":10,"box":{"x":628,"y":277,"width":130,"height":12}},{"id":"003630b6-e4f1-45e1-8798-2c7276dd3f95","block_type":"box","text":"has","page_number":10,"box":{"x":765,"y":278,"width":26,"height":8}},{"id":"3b822846-5fca-4ed2-8fe6-8c4f28ec4e65","block_type":"box","text":"the re","page_number":10,"box":{"x":796,"y":278,"width":42,"height":8}},{"id":"385e49cb-a0c7-4e1c-a703-6eade0f88db4","block_type":"box","text":"sponsibility","page_number":10,"box":{"x":840,"y":278,"width":85,"height":11}},{"id":"ba1fde0a-7916-4d80-8cc0-91adb086ab12","block_type":"box","text":"of","page_number":10,"box":{"x":926,"y":277,"width":14,"height":9}},{"id":"694b27ad-4462-426c-82b6-95ba4da34b25","block_type":"box","text":"the","page_number":10,"box":{"x":60,"y":293,"width":28,"height":9}},{"id":"21ab175a-bc9a-423c-8b5d-751993701ef2","block_type":"box","text":"Chief","page_number":10,"box":{"x":90,"y":293,"width":42,"height":9}},{"id":"98ea5a75-942d-4729-8ac2-cd4f342249d1","block_type":"box","text":"Risk Management function.","page_number":10,"box":{"x":135,"y":293,"width":206,"height":12}},{"id":"cd9b33ca-913e-4149-8096-d248f713e21f","block_type":"box","text":"The","page_number":10,"box":{"x":343,"y":293,"width":33,"height":9}},{"id":"5981ef2a-74bb-414b-a6d7-0e56a39a90d5","block_type":"box","text":"Chief Risk Management function","page_number":10,"box":{"x":377,"y":293,"width":241,"height":12}},{"id":"ce1322f2-dbaf-4339-b1e5-07d786339a83","block_type":"box","text":"reports to both the Board and the","page_number":10,"box":{"x":626,"y":293,"width":251,"height":12}},{"id":"252ddc72-0307-4f80-8ee5-e138251c4e0f","block_type":"box","text":"Working","page_number":10,"box":{"x":878,"y":293,"width":66,"height":12}},{"id":"90145870-50f0-4aa6-b10f-0a0df15dc1d0","block_type":"box","text":"Group","page_number":10,"box":{"x":61,"y":309,"width":45,"height":11}},{"id":"41a2f1a5-f4d0-4ce9-b562-9099ef32c9c9","block_type":"box","text":"in relation to setting and controlling risk exposure.","page_number":10,"box":{"x":113,"y":309,"width":371,"height":11}},{"id":"c32acc32-ddd8-4d21-84d8-19ef2527f3c2","block_type":"box","text":"The","page_number":10,"box":{"x":60,"y":332,"width":34,"height":9}},{"id":"394a8db6-5ac6-462a-aece-7517775c0035","block_type":"box","text":"Chief","page_number":10,"box":{"x":97,"y":332,"width":43,"height":9}},{"id":"462280e5-8f9d-4c55-825f-18ad0c01765a","block_type":"box","text":"Risk Management function conducts the following tasks as","page_number":10,"box":{"x":144,"y":332,"width":449,"height":11}},{"id":"728dd2eb-750d-44bf-a032-1b25284816ad","block_type":"box","text":"applicable to MPFL and detailed in the Risk","page_number":10,"box":{"x":601,"y":332,"width":343,"height":11}},{"id":"68debca0-5420-4b7c-9f02-72ec4da8d850","block_type":"box","text":"Management Framework","page_number":10,"box":{"x":61,"y":347,"width":186,"height":12}},{"id":"068cc885-945a-4e39-b3b9-aee7219969af","block_type":"box","text":"(“RMF”)","page_number":10,"box":{"x":253,"y":347,"width":56,"height":11}},{"id":"bad9b393-b87f-4dd0-bd0d-6eedd25c220b","block_type":"box","text":":","page_number":10,"box":{"x":311,"y":350,"width":8,"height":6}},{"id":"c2bc2c25-1f54-4fa4-ae53-eb276f2f8ed0","block_type":"box","text":"•","page_number":10,"box":{"x":74,"y":373,"width":4,"height":3}},{"id":"1be6a60b-8dbe-49e2-a8ef-0d8578045ff8","block_type":"box","text":"Assisting the administrative, management or supervisory body and other functions in the effective operation of the","page_number":10,"box":{"x":103,"y":371,"width":840,"height":11}},{"id":"f20e9444-6ead-4f48-9675-3e3cd9d89fa5","block_type":"box","text":"risk management f","page_number":10,"box":{"x":104,"y":385,"width":132,"height":11}},{"id":"c296a7a4-de4d-46a9-8ca2-9d38603a58aa","block_type":"box","text":"framework","page_number":10,"box":{"x":236,"y":385,"width":79,"height":9}},{"id":"05319f7b-de8a-4737-ba8d-32402fe8d7fd","block_type":"box","text":";","page_number":10,"box":{"x":316,"y":387,"width":8,"height":8}},{"id":"87156f30-ddc5-4249-8654-f83cf516598b","block_type":"box","text":"•","page_number":10,"box":{"x":74,"y":409,"width":4,"height":3}},{"id":"fdf395f1-0ee8-4431-988f-9c22c4b14c74","block_type":"box","text":"Monitoring the risk management","page_number":10,"box":{"x":104,"y":406,"width":243,"height":12}},{"id":"db9e19bc-3372-4b6b-9492-a9a9bffe4376","block_type":"box","text":"framew","page_number":10,"box":{"x":348,"y":406,"width":54,"height":9}},{"id":"817ef898-a8e9-4703-8251-ee88a8bc8094","block_type":"box","text":"ork","page_number":10,"box":{"x":403,"y":406,"width":23,"height":9}},{"id":"94d7ff7b-bfbc-4130-89ae-5153bd9dcdc2","block_type":"box","text":";","page_number":10,"box":{"x":427,"y":409,"width":9,"height":8}},{"id":"3bcfb695-c8f6-445f-9474-c96d1e3a980e","block_type":"box","text":"•","page_number":10,"box":{"x":74,"y":430,"width":4,"height":3}},{"id":"eb7eb8af-349d-4308-9386-9669ac9e4478","block_type":"box","text":"Monitoring the general risk profile of the undertaking as a whole;","page_number":10,"box":{"x":104,"y":428,"width":480,"height":11}},{"id":"ae7718a4-12fc-43f1-b3ab-fde4ffea358e","block_type":"box","text":"•","page_number":10,"box":{"x":74,"y":451,"width":4,"height":4}},{"id":"36a68d27-1fe5-4dad-810d-993e43e27191","block_type":"box","text":"Detailed reporting on risk exposures and advising the W","page_number":10,"box":{"x":104,"y":449,"width":395,"height":11}},{"id":"a2826156-fd44-4b43-9ffb-9e3b3cde1c11","block_type":"box","text":"Working Group","page_number":10,"box":{"x":499,"y":449,"width":112,"height":11}},{"id":"8da04090-d64b-4313-ab6f-5932e1c85274","block_type":"box","text":"and t","page_number":10,"box":{"x":616,"y":449,"width":32,"height":9}},{"id":"e67fd096-0525-494d-be6e-76a0f86a5cd7","block_type":"box","text":"the","page_number":10,"box":{"x":648,"y":449,"width":28,"height":9}},{"id":"e5a464e6-06fd-40a2-b18d-a1392b71dd73","block_type":"box","text":"Board on risk management matters,","page_number":10,"box":{"x":676,"y":449,"width":268,"height":11}},{"id":"c8dedd90-eb4b-438c-ad3a-aadefab30492","block_type":"box","text":"including in relation to strategic affairs such as corporate","page_number":10,"box":{"x":103,"y":463,"width":428,"height":12}},{"id":"6217e631-ef47-4f64-a043-8956bf6afd39","block_type":"box","text":"strategy, mergers and acquisitions","page_number":10,"box":{"x":534,"y":463,"width":256,"height":12}},{"id":"aeeba56f-663b-4041-8f38-16a183ef0de0","block_type":"box","text":",","page_number":10,"box":{"x":792,"y":471,"width":2,"height":3}},{"id":"ab1718a7-b77a-4bdb-9701-e76e13b7fabc","block_type":"box","text":"and major projects","page_number":10,"box":{"x":801,"y":463,"width":143,"height":11}},{"id":"2fb395a3-cbfb-4b55-b535-15aa3e5944cf","block_type":"box","text":"and investments;","page_number":10,"box":{"x":103,"y":478,"width":131,"height":10}},{"id":"9ecf03e6-75b3-4a56-8663-1ce55aa2076f","block_type":"box","text":"•","page_number":10,"box":{"x":74,"y":501,"width":4,"height":4}},{"id":"9cb9210b-7aad-4021-acf9-bb11e1f43fb9","block_type":"box","text":"Identifying and assessing emerging risks; and","page_number":10,"box":{"x":104,"y":499,"width":343,"height":11}},{"id":"3c35f142-f665-444a-97f9-ec2dca450d10","block_type":"box","text":"•","page_number":10,"box":{"x":74,"y":523,"width":4,"height":3}},{"id":"2e6c0fe7-f757-4515-b540-19b99558d6e8","block_type":"box","text":"Working closely with the actuarial function","page_number":10,"box":{"x":103,"y":521,"width":310,"height":11}},{"id":"60683e15-9916-4797-a00b-d5591b588d17","block_type":"box","text":"holder","page_number":10,"box":{"x":420,"y":521,"width":46,"height":8}},{"id":"1084b4b9-9bc1-4c0c-99b9-d18c16acc7ce","block_type":"box","text":".","page_number":10,"box":{"x":467,"y":528,"width":2,"height":1}},{"id":"17f0bb0a-c3ad-4300-b9ec-e7de9bcc364b","block_type":"box","text":"Compliance Function","page_number":10,"box":{"x":61,"y":548,"width":175,"height":12}},{"id":"fdf142d5-f868-4934-a782-1fc539e11634","block_type":"box","text":"As required by Article 46 of the","page_number":10,"box":{"x":60,"y":570,"width":229,"height":11}},{"id":"2f3e20b0-5380-41ae-ad26-1d32d108ffa1","block_type":"box","text":"Solvency","page_number":10,"box":{"x":289,"y":570,"width":72,"height":11}},{"id":"0d688c51-48d3-4a8d-b0f9-d2037c54e747","block_type":"box","text":"II","page_number":10,"box":{"x":362,"y":570,"width":6,"height":8}},{"id":"7bff462e-5b4b-40b7-86a7-28e8f913369c","block_type":"box","text":"Directive, and as part of its internal control system","page_number":10,"box":{"x":375,"y":570,"width":360,"height":11}},{"id":"7f8eb32f-f1ee-4b43-8999-dc450522d7ed","block_type":"box","text":",","page_number":10,"box":{"x":739,"y":577,"width":2,"height":3}},{"id":"4a345316-0961-41d9-bc7e-86f95c26e9a7","block_type":"box","text":"MPFL has an independent","page_number":10,"box":{"x":747,"y":570,"width":197,"height":11}},{"id":"68c834fe-b07c-40df-b31d-c317d550f497","block_type":"box","text":"Compliance Function that reports to both the Board and the","page_number":10,"box":{"x":61,"y":585,"width":442,"height":12}},{"id":"695e75ee-64a0-4f41-b7cf-65a4d5b238a4","block_type":"box","text":"Working Group","page_number":10,"box":{"x":504,"y":585,"width":112,"height":12}},{"id":"2ba0e68e-aa6d-49cd-95c8-f90b5fbc2db9","block_type":"box","text":"on regulatory matters and findings from the","page_number":10,"box":{"x":621,"y":586,"width":323,"height":11}},{"id":"baf4a613-9871-4efe-9403-bd40989d0846","block_type":"box","text":"execution of th","page_number":10,"box":{"x":61,"y":601,"width":107,"height":9}},{"id":"936df833-0418-401a-bf66-c1ac3f47cf56","block_type":"box","text":"e Company’s Compliance Oversight Program","page_number":10,"box":{"x":170,"y":601,"width":336,"height":12}},{"id":"da192876-2e3a-4efd-8d49-a706372c2d35","block_type":"box","text":"me","page_number":10,"box":{"x":508,"y":604,"width":22,"height":6}},{"id":"30e3c251-9808-42c3-a562-b23c0ef5475d","block_type":"box","text":"(“COP”). As part of MPFL’s COP, a risk assessment is","page_number":10,"box":{"x":537,"y":601,"width":407,"height":12}},{"id":"49b04392-25c1-42ba-9426-50823f798d05","block_type":"box","text":"carried out to assess quantitative and qualitative factors and risks faced by the business","page_number":10,"box":{"x":61,"y":617,"width":674,"height":11}},{"id":"601f5ea6-0417-42ce-8fca-c4ba55251ae0","block_type":"box","text":"that","page_number":10,"box":{"x":738,"y":617,"width":28,"height":9}},{"id":"3df4f428-a323-4bbc-92f8-1db2875f224b","block_type":"box","text":"are rated against both","page_number":10,"box":{"x":773,"y":617,"width":171,"height":12}},{"id":"4cc7dc65-be9b-4943-8cc5-8ca3c773521a","block_type":"box","text":"inherent and environmental factors.","page_number":10,"box":{"x":61,"y":633,"width":268,"height":9}},{"id":"eae441d1-cc80-46fd-9447-1288e7e44e8b","block_type":"box","text":"T","page_number":10,"box":{"x":329,"y":633,"width":10,"height":8}},{"id":"4a26b785-318d-4d85-91de-5d7b9de33984","block_type":"box","text":"he H","page_number":10,"box":{"x":341,"y":633,"width":33,"height":9}},{"id":"115fad5d-1565-4454-81bf-9f586e3a7153","block_type":"box","text":"ead of SSGA","page_number":10,"box":{"x":375,"y":633,"width":103,"height":9}},{"id":"587ce41c-bfd4-455f-8a98-d17b7cb808e0","block_type":"box","text":"UK","page_number":10,"box":{"x":480,"y":633,"width":21,"height":9}},{"id":"73f92ed5-d02d-4c87-bea6-5b0c3106d9ef","block_type":"box","text":"Compliance","page_number":10,"box":{"x":507,"y":633,"width":93,"height":11}},{"id":"36145d3f-c815-4076-8437-ce1c4c075007","block_type":"box","text":"has been designated","page_number":10,"box":{"x":601,"y":633,"width":160,"height":11}},{"id":"ead617de-9b13-4fba-9ba1-da0bb6132afd","block_type":"box","text":"with the responsibility","page_number":10,"box":{"x":761,"y":633,"width":164,"height":11}},{"id":"cd57574e-2d9e-4206-a8eb-b6b1f7a04220","block_type":"box","text":"of","page_number":10,"box":{"x":926,"y":633,"width":13,"height":9}},{"id":"1982a65b-7a74-4697-b770-aa6487c843d2","block_type":"box","text":"performing the Compliance function for MPFL. The Head of SSGA","page_number":10,"box":{"x":61,"y":648,"width":498,"height":12}},{"id":"f18391d4-802e-40db-a75d-566000ae3f44","block_type":"box","text":"UK","page_number":10,"box":{"x":567,"y":649,"width":21,"height":8}},{"id":"c23a1bd0-dfaf-4459-ba8d-689ef4baceaf","block_type":"box","text":"Compliance reports to both the Board and the","page_number":10,"box":{"x":595,"y":648,"width":344,"height":12}},{"id":"b4cb3622-dafd-4ea1-bb60-4ac0c1671502","block_type":"box","text":"Working Group","page_number":10,"box":{"x":60,"y":664,"width":113,"height":12}},{"id":"8f3367e8-54b2-4146-97e1-f06545d64114","block_type":"box","text":"on all Compliance matters.","page_number":10,"box":{"x":179,"y":664,"width":202,"height":11}},{"id":"f850cd12-fa84-40ce-a6b8-9d3d940be021","block_type":"box","text":"Internal Audit Function","page_number":10,"box":{"x":61,"y":694,"width":188,"height":9}},{"id":"8ec9e1d5-a809-450a-8638-517132d52267","block_type":"box","text":"In acc","page_number":10,"box":{"x":62,"y":716,"width":45,"height":9}},{"id":"44811b84-6372-421d-bc29-4bc7296f2b5b","block_type":"box","text":"ordance with SUP 10","page_number":10,"box":{"x":108,"y":716,"width":162,"height":9}},{"id":"201be3e4-e767-43b6-99be-c57c9653ba36","block_type":"box","text":"C.6A","page_number":10,"box":{"x":272,"y":716,"width":36,"height":9}},{"id":"320700a4-eec8-47ec-abca-d726058107b7","block_type":"box","text":".6","page_number":10,"box":{"x":310,"y":716,"width":12,"height":9}},{"id":"3713d384-6ee0-4c87-8f94-1fbba822eb88","block_type":"box","text":"and Article 47 of Solvency","page_number":10,"box":{"x":329,"y":716,"width":206,"height":11}},{"id":"0974f299-161d-430b-9dc2-fd97053d1780","block_type":"box","text":"II Directive","page_number":10,"box":{"x":539,"y":716,"width":78,"height":9}},{"id":"e58477b8-06c0-4c64-bfe0-b784e3568c16","block_type":"box","text":", MPFL has an independent Internal Audit","page_number":10,"box":{"x":620,"y":716,"width":324,"height":11}},{"id":"8ac80924-a550-4582-80d5-c41065cb841a","block_type":"box","text":"Function, whose remit enables them to assess the adequacy and effectiveness of MPFL’s internal control system and","page_number":10,"box":{"x":61,"y":731,"width":882,"height":12}},{"id":"1807ab78-48e4-4588-929f-2421c7c34508","block_type":"box","text":"the system of governance that is in","page_number":10,"box":{"x":60,"y":747,"width":264,"height":11}},{"id":"9b86afcd-43b3-42c3-b57b-4e5bda2ff919","block_type":"box","text":"place.","page_number":10,"box":{"x":325,"y":747,"width":49,"height":11}},{"id":"b8cfedb8-585f-41e5-84cc-9e3ebe64bbe9","block_type":"box","text":"Internal Audit provides the following services:","page_number":10,"box":{"x":62,"y":770,"width":338,"height":11}},{"id":"b6a0af84-4665-450d-8ead-7e93810c8d7a","block_type":"box","text":"•","page_number":10,"box":{"x":74,"y":795,"width":4,"height":4}},{"id":"25092d13-6bfc-4b49-8333-7e4bc26dff80","block_type":"box","text":"Establishing, implementing and maintaining an audit plan setting out the audit work to be undertaken, taking into","page_number":10,"box":{"x":104,"y":793,"width":839,"height":11}},{"id":"fe42dc76-7c36-452a-bf60-8d84242000ea","block_type":"box","text":"account the Company’s activities, system of governance and activities outsourced to o","page_number":10,"box":{"x":103,"y":808,"width":639,"height":11}},{"id":"6d27ff83-e80c-4898-b5b6-c80ef0b13f70","block_type":"box","text":"ther","page_number":10,"box":{"x":743,"y":808,"width":34,"height":9}},{"id":"4d5873fa-3d1d-4e77-9417-c7b7af96a6d6","block_type":"box","text":"Group","page_number":10,"box":{"x":778,"y":808,"width":44,"height":11}},{"id":"6e89b9db-af53-4f8e-a936-05eed0e618c8","block_type":"box","text":"companies;","page_number":10,"box":{"x":829,"y":808,"width":83,"height":11}},{"id":"bc891289-e349-4843-9ec1-aea5a7e2b8ed","block_type":"box","text":"•","page_number":10,"box":{"x":74,"y":831,"width":4,"height":4}},{"id":"40aa3443-cb52-49d1-8105-e78b570bf76b","block_type":"box","text":"Reporting the audit plan to the Audit Committee;","page_number":10,"box":{"x":104,"y":829,"width":362,"height":11}},{"id":"4f2f837f-1e38-4618-9a4e-1c9797f161d7","block_type":"box","text":"•","page_number":10,"box":{"x":74,"y":853,"width":4,"height":3}},{"id":"e1ec0f0f-39e7-4d27-a25f-2da45fd3a8c8","block_type":"box","text":"Submitting a written report on its observations, management actions and an overall opinion at the project level","page_number":10,"box":{"x":103,"y":850,"width":813,"height":12}},{"id":"2b3e13d4-3f77-4ee1-9573-c3ec1b071f03","block_type":"box","text":";","page_number":10,"box":{"x":921,"y":853,"width":8,"height":8}},{"id":"7f6bed95-acba-4424-8dc7-f4e84b538dae","block_type":"box","text":"•","page_number":10,"box":{"x":74,"y":874,"width":4,"height":4}},{"id":"d6947e43-751c-4a0c-85db-c18d09f763c9","block_type":"box","text":"V","page_number":10,"box":{"x":103,"y":872,"width":10,"height":9}},{"id":"532de2a1-7db5-4e64-a5b8-d256800d55c5","block_type":"box","text":"alidating the closure of issues based on the","page_number":10,"box":{"x":114,"y":872,"width":326,"height":11}},{"id":"b035382b-8133-472a-8ffd-93d4c0805b49","block_type":"box","text":"implementation of agreed management actions","page_number":10,"box":{"x":442,"y":872,"width":348,"height":11}},{"id":"0daf0b84-5a76-484f-ad8e-f5389687364b","block_type":"box","text":";","page_number":10,"box":{"x":793,"y":874,"width":2,"height":8}},{"id":"80ed0199-e038-4ce0-abe4-3762091efb95","block_type":"box","text":"•","page_number":10,"box":{"x":74,"y":896,"width":4,"height":3}},{"id":"5f822a30-7516-49c9-abd8-96b15b65f3a8","block_type":"box","text":"Evaluating the adequacy and effectiveness of MPFL’s internal control system and other elements of the system","page_number":10,"box":{"x":104,"y":893,"width":839,"height":11}},{"id":"295058e9-f409-46f6-99df-c06669127908","block_type":"box","text":"of governance; and","page_number":10,"box":{"x":103,"y":907,"width":148,"height":12}},{"id":"09482032-890c-46ea-b22f-d16c59b8ce48","block_type":"box","text":"Solvency and Financial Condition Report","page_number":11,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"545e88cc-7f7e-474c-904a-e84c046d9bc6","block_type":"box","text":"M","page_number":11,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"569d4255-4e78-4e97-a309-a29575b3034e","block_type":"box","text":"anaged Pension Funds Limited","page_number":11,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"8edcdab7-26bc-40e4-a91d-802345a2f24c","block_type":"box","text":"11","page_number":11,"box":{"x":496,"y":962,"width":13,"height":7}},{"id":"0e0e994a-98d1-4a80-b9bc-00e274e86c6e","block_type":"box","text":"/","page_number":11,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"19a2acc2-a9b1-4a48-aec3-3ed23ff3b98c","block_type":"box","text":"38","page_number":11,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"d26701c9-a95f-41a7-bb0e-c768fa391576","block_type":"box","text":"•","page_number":11,"box":{"x":74,"y":79,"width":4,"height":4}},{"id":"8b1ea18f-682a-4f37-8933-5fdba56b9643","block_type":"box","text":"Conduct special reviews, provide business control consulting services and particip","page_number":11,"box":{"x":103,"y":77,"width":620,"height":11}},{"id":"d21e137d-a450-4894-885d-5911d4c519f5","block_type":"box","text":"ate in due diligence work as","page_number":11,"box":{"x":726,"y":77,"width":218,"height":11}},{"id":"2e2c5ceb-fbe2-42f7-83e7-e00227700464","block_type":"box","text":"requested by management, the","page_number":11,"box":{"x":104,"y":91,"width":236,"height":11}},{"id":"6bbf3ca3-55d0-4a24-8630-0f2d1d74f41a","block_type":"box","text":"SSC","page_number":11,"box":{"x":341,"y":91,"width":38,"height":9}},{"id":"993829ff-6e64-42c4-9095-988b3b205b33","block_type":"box","text":"E","page_number":11,"box":{"x":381,"y":91,"width":8,"height":9}},{"id":"59018816-6249-46b2-b84e-854e80d0c1fe","block_type":"box","text":"xamination","page_number":11,"box":{"x":390,"y":91,"width":87,"height":9}},{"id":"e15c2cac-b420-4dd5-8abe-e41858109eb8","block_type":"box","text":"&","page_number":11,"box":{"x":477,"y":91,"width":10,"height":9}},{"id":"531bb6f9-4ed7-41dc-99db-b2c30a870400","block_type":"box","text":"A","page_number":11,"box":{"x":492,"y":91,"width":11,"height":9}},{"id":"6e4f32d6-c678-41a3-845e-3de4685c9971","block_type":"box","text":"udit Committee","page_number":11,"box":{"x":505,"y":91,"width":110,"height":9}},{"id":"fb246859-f038-43d2-b657-e5c13613d004","block_type":"box","text":"or the Board of Directors","page_number":11,"box":{"x":621,"y":91,"width":182,"height":9}},{"id":"9e13b564-a1ee-4c1c-a1ba-4fb9209fa879","block_type":"box","text":".","page_number":11,"box":{"x":806,"y":98,"width":1,"height":2}},{"id":"f2be14b2-76bd-46e2-bb64-97bbea6a8291","block_type":"box","text":"•","page_number":11,"box":{"x":74,"y":115,"width":4,"height":3}},{"id":"5644699d-13ca-470a-959a-8637cad1ca8b","block_type":"box","text":"As","page_number":11,"box":{"x":103,"y":112,"width":24,"height":9}},{"id":"a8fc7cce-dea4-4255-bd0f-d7e46901ef75","block_type":"box","text":"SMF5, the Head of Internal Audit or their delegate attends MPFL’s Audit Committee and Board meetings at","page_number":11,"box":{"x":128,"y":112,"width":797,"height":12}},{"id":"ee97a239-65d4-4942-8a0e-514b047afdb6","block_type":"box","text":"such times as required. State","page_number":11,"box":{"x":103,"y":126,"width":221,"height":12}},{"id":"3b3ec57c-8576-4f35-8cff-cb447f5459c1","block_type":"box","text":"Street Corporations Board of Directors and Audit Committee receive copies of all","page_number":11,"box":{"x":326,"y":126,"width":602,"height":12}},{"id":"4089d754-6a60-4efe-95a6-15ec788628df","block_type":"box","text":"audit reports in relation to the provision of the internal audit services to MPFL. Group companies’ management,","page_number":11,"box":{"x":103,"y":141,"width":832,"height":11}},{"id":"d4cc164e-f647-469a-838c-e841177b30d6","block_type":"box","text":"related to outsourced MPFL activities, are required to prepare","page_number":11,"box":{"x":104,"y":155,"width":454,"height":11}},{"id":"5a7c194c-e29c-4fd2-b90d-4de130bfced8","block_type":"box","text":"a corrective action plan to address issues raised","page_number":11,"box":{"x":566,"y":155,"width":362,"height":11}},{"id":"227f59f0-0f8f-45ac-9f94-a4ec45147c9e","block_type":"box","text":"in reviews of MPFL, where applicable.","page_number":11,"box":{"x":103,"y":169,"width":281,"height":11}},{"id":"bfb81f2d-12ab-4a3d-a1f9-0037e47a001b","block_type":"box","text":"A","page_number":11,"box":{"x":60,"y":197,"width":12,"height":9}},{"id":"d206e694-72d1-4cec-9e15-5a06ebfd7398","block_type":"box","text":"ctuarial Function","page_number":11,"box":{"x":73,"y":197,"width":140,"height":9}},{"id":"08c97731-b5bc-4809-beb1-2ebc2f0e69d1","block_type":"box","text":"MPFL has a Statement of Work in place with WTW for the provision of effective actuarial services to the business as","page_number":11,"box":{"x":61,"y":219,"width":881,"height":11}},{"id":"4891bb43-8d84-48bb-9f27-eaf508d6c36b","block_type":"box","text":"set out in","page_number":11,"box":{"x":61,"y":235,"width":72,"height":9}},{"id":"c7318335-daed-4425-83d6-46137b47a204","block_type":"box","text":"SUP 4.3 and A","page_number":11,"box":{"x":134,"y":235,"width":99,"height":9}},{"id":"bdf3e576-9655-435f-a7aa-fd7c55c700e8","block_type":"box","text":"Article","page_number":11,"box":{"x":233,"y":235,"width":46,"height":9}},{"id":"1aab0196-27cf-4116-9102-ca1357244aca","block_type":"box","text":"48 of the","page_number":11,"box":{"x":285,"y":235,"width":69,"height":9}},{"id":"20006b28-f725-49a8-b38d-569c2280240b","block_type":"box","text":"Solvency II","page_number":11,"box":{"x":355,"y":235,"width":86,"height":11}},{"id":"95ddb443-a0d4-4183-9c78-6d9d40118faa","block_type":"box","text":"Directive and supporting legislat","page_number":11,"box":{"x":443,"y":235,"width":236,"height":11}},{"id":"97084026-979e-4962-99bc-67f30ea56f67","block_type":"box","text":"ion.","page_number":11,"box":{"x":681,"y":235,"width":30,"height":9}},{"id":"1963eac6-7e6b-461a-af0a-9d8d9b479c22","block_type":"box","text":"The appointment requires the Chief Actuary","page_number":11,"box":{"x":60,"y":257,"width":336,"height":12}},{"id":"13a460dc-b2f6-4afc-8a55-80cb22cb4f85","block_type":"box","text":", in his role as SMF20,","page_number":11,"box":{"x":398,"y":257,"width":174,"height":11}},{"id":"da10a94d-2b0a-46f2-a60e-007ed871ad59","block_type":"box","text":"to attend","page_number":11,"box":{"x":581,"y":257,"width":72,"height":9}},{"id":"c345953e-c933-446e-99e2-c0075f2ffe71","block_type":"box","text":"Audit Committee and quarterly Board","page_number":11,"box":{"x":655,"y":257,"width":289,"height":12}},{"id":"370e5d95-c5d2-4ee1-8052-642cb7768fb1","block_type":"box","text":"meetin","page_number":11,"box":{"x":61,"y":273,"width":48,"height":9}},{"id":"6c5046c5-c217-401a-a842-11d0a0a24c68","block_type":"box","text":"g","page_number":11,"box":{"x":112,"y":275,"width":7,"height":10}},{"id":"021f66d6-0cd6-4f13-a45a-0ecebe069579","block_type":"box","text":"s","page_number":11,"box":{"x":121,"y":275,"width":7,"height":7}},{"id":"5dc46e26-87a7-4ee2-952b-dba3bcf2f832","block_type":"box","text":". The Chief Actuary has a fixed item on the agenda, providing updates to","page_number":11,"box":{"x":130,"y":273,"width":575,"height":12}},{"id":"d97f28c5-a448-405f-b73a-a6c3a915ae9d","block_type":"box","text":"the Board on","page_number":11,"box":{"x":709,"y":273,"width":106,"height":9}},{"id":"ecaa4b7c-2b5b-4cf6-96b2-9972967cb726","block_type":"box","text":"relevant","page_number":11,"box":{"x":819,"y":273,"width":57,"height":9}},{"id":"adf41926-2aa4-4e78-b22a-3d293eb39c0b","block_type":"box","text":"matters","page_number":11,"box":{"x":884,"y":274,"width":60,"height":8}},{"id":"2ae8f88b-9bd3-43ff-9b15-27051be62238","block_type":"box","text":"impacting MPFL, any work currently being undertaken and makes recommendations on any issues impacting the","page_number":11,"box":{"x":61,"y":289,"width":882,"height":11}},{"id":"65abe44c-b2da-4edb-8703-1da93fde1f8d","block_type":"box","text":"business.","page_number":11,"box":{"x":61,"y":305,"width":75,"height":8}},{"id":"57803a90-d53a-430a-883b-bd8a6fbedcdd","block_type":"box","text":"Investment Management Function","page_number":11,"box":{"x":61,"y":334,"width":275,"height":12}},{"id":"c4b6e3ea-9436-49be-b225-ce61c3071eda","block_type":"box","text":"T","page_number":11,"box":{"x":60,"y":356,"width":10,"height":9}},{"id":"5ec8c8ed-c430-42b9-98b8-34f837197687","block_type":"box","text":"he","page_number":11,"box":{"x":71,"y":356,"width":23,"height":9}},{"id":"928a541f-bd55-47b2-b7ba-718556f02e06","block_type":"box","text":"Chief Executive","page_number":11,"box":{"x":100,"y":356,"width":125,"height":9}},{"id":"8cba2453-fb2e-42ad-a6ad-915cdf5f8f83","block_type":"box","text":"provides oversight over the investment management functio","page_number":11,"box":{"x":231,"y":356,"width":472,"height":11}},{"id":"7957b692-6afa-4462-b03c-b3b6c8e0457d","block_type":"box","text":"n which delegates investment","page_number":11,"box":{"x":706,"y":356,"width":238,"height":11}},{"id":"4379ec0f-c3db-499f-86bb-168b6a8a5565","block_type":"box","text":"management by MPFL to SSGAL and provides regular reports to the Board.","page_number":11,"box":{"x":61,"y":369,"width":562,"height":12}},{"id":"978fea45-f0f3-417c-9f63-a9668b361eea","block_type":"box","text":"Finance Function","page_number":11,"box":{"x":61,"y":397,"width":143,"height":9}},{"id":"23930ce8-a611-4c61-ae8a-ae09d567107e","block_type":"box","text":"In accordance with the requirements of SUP","page_number":11,"box":{"x":62,"y":419,"width":331,"height":11}},{"id":"5f29239c-cebd-4d79-ac9b-ca81cc52bdb1","block_type":"box","text":"10C.6A.3","page_number":11,"box":{"x":396,"y":419,"width":67,"height":9}},{"id":"82208729-80fc-46d0-97ab-823abb97aa77","block_type":"box","text":", the Finance function:","page_number":11,"box":{"x":466,"y":419,"width":168,"height":11}},{"id":"7eb91ca9-ac22-4f69-b70a-f32c1fc96fb0","block_type":"box","text":"•","page_number":11,"box":{"x":74,"y":445,"width":4,"height":3}},{"id":"0fc653f8-35cc-40d2-9b93-663ec9d57724","block_type":"box","text":"Prepares a business plan","page_number":11,"box":{"x":104,"y":442,"width":200,"height":11}},{"id":"2150a53b-4ee2-4ff2-b9e5-5b6be53a73be","block_type":"box","text":"that","page_number":11,"box":{"x":308,"y":442,"width":27,"height":9}},{"id":"a7f55d6d-bef2-4149-a7f3-b535891aa688","block_type":"box","text":"includes capital planning as part of the ORSA process","page_number":11,"box":{"x":344,"y":442,"width":419,"height":12}},{"id":"cea098d9-9704-498a-b42a-182d94e41331","block_type":"box","text":", covering a","page_number":11,"box":{"x":766,"y":442,"width":95,"height":12}},{"id":"578408be-fc5b-4b44-8929-5ba305fb53d0","block_type":"box","text":"three","page_number":11,"box":{"x":864,"y":442,"width":37,"height":9}},{"id":"98886265-a4f4-4461-8adb-eb82ac9f34cd","block_type":"box","text":"-","page_number":11,"box":{"x":903,"y":447,"width":4,"height":1}},{"id":"53ddd49d-f809-4c51-a710-e693eec3393d","block_type":"box","text":"year","page_number":11,"box":{"x":908,"y":444,"width":36,"height":9}},{"id":"07745304-2e81-4454-afeb-7410a8953e2b","block_type":"box","text":"horizon;","page_number":11,"box":{"x":103,"y":456,"width":58,"height":11}},{"id":"68ada538-5a37-4764-b704-f9c258796476","block_type":"box","text":"•","page_number":11,"box":{"x":74,"y":480,"width":4,"height":3}},{"id":"bfa8baab-a206-4d4d-a556-348a91d171eb","block_type":"box","text":"Monitors the adequacy of financial resources, including capital, following any significant changes to the business","page_number":11,"box":{"x":104,"y":478,"width":839,"height":11}},{"id":"3db401d6-f31d-4a9d-bede-4fe7bf4d250a","block_type":"box","text":"profile and strategy of MPFL and on a quarterly bas","page_number":11,"box":{"x":103,"y":492,"width":392,"height":12}},{"id":"15ce0618-609b-4136-a715-530404c36d3b","block_type":"box","text":"is","page_number":11,"box":{"x":497,"y":492,"width":11,"height":9}},{"id":"c9dbdcdd-5d57-43ca-8e46-b8f83f62400d","block_type":"box","text":"formally reports to the Board;","page_number":11,"box":{"x":515,"y":492,"width":219,"height":12}},{"id":"d0a009f4-de32-4bdc-8d41-9b5b29abd1df","block_type":"box","text":"ensures MPFL at all times","page_number":11,"box":{"x":742,"y":492,"width":202,"height":9}},{"id":"a2c7a70b-e6c1-4a86-ab02-6e4bc050232a","block_type":"box","text":"meets its","page_number":11,"box":{"x":103,"y":507,"width":72,"height":8}},{"id":"2731eeb3-5106-498c-a5ef-33769b15096d","block_type":"box","text":"f","page_number":11,"box":{"x":175,"y":506,"width":4,"height":9}},{"id":"5b37b570-5197-4e42-9266-5ac88e097253","block_type":"box","text":"inancial","page_number":11,"box":{"x":181,"y":507,"width":60,"height":8}},{"id":"a36cad74-72c1-4ccd-9612-7b176fd2b0f8","block_type":"box","text":"r","page_number":11,"box":{"x":243,"y":509,"width":4,"height":6}},{"id":"ec545cc5-6f02-40f7-b1c0-0a178006e33d","block_type":"box","text":"esources","page_number":11,"box":{"x":248,"y":509,"width":72,"height":6}},{"id":"75d20abf-7370-4932-981c-861f8a1dc82e","block_type":"box","text":"r","page_number":11,"box":{"x":321,"y":509,"width":5,"height":6}},{"id":"dab2f082-012a-4f59-9648-73b286369ddc","block_type":"box","text":"equirement and provides Financial Returns to the","page_number":11,"box":{"x":326,"y":507,"width":366,"height":11}},{"id":"c83ee80c-0e81-4262-9801-8642c019487e","block_type":"box","text":"FCA and PRA on a timely basis;","page_number":11,"box":{"x":700,"y":506,"width":244,"height":12}},{"id":"ce09002a-dbee-425f-8566-14985c2e0f4c","block_type":"box","text":"and","page_number":11,"box":{"x":103,"y":521,"width":27,"height":8}},{"id":"a5ef7afc-6dec-4e65-a170-085a4d61575c","block_type":"box","text":"•","page_number":11,"box":{"x":74,"y":544,"width":4,"height":4}},{"id":"eb3d45d7-334d-408b-9e25-7490449f2a51","block_type":"box","text":"Ensures that any breaches, or potential breaches, of the","page_number":11,"box":{"x":104,"y":542,"width":423,"height":11}},{"id":"15749685-f6f3-46fb-a7e5-159e8b1a6a3a","block_type":"box","text":"f","page_number":11,"box":{"x":528,"y":542,"width":5,"height":9}},{"id":"80b94244-6dc8-4d3c-825f-efce43ee474c","block_type":"box","text":"inancial","page_number":11,"box":{"x":534,"y":542,"width":61,"height":9}},{"id":"8c268920-c231-4da7-ac9f-b51371e9977e","block_type":"box","text":"re","page_number":11,"box":{"x":597,"y":544,"width":4,"height":7}},{"id":"3fe4442f-2825-4014-8467-3facb066b65f","block_type":"box","text":"resources","page_number":11,"box":{"x":601,"y":544,"width":72,"height":7}},{"id":"833cc879-3564-4383-b389-0b6da3906704","block_type":"box","text":"r","page_number":11,"box":{"x":675,"y":544,"width":5,"height":7}},{"id":"0d2a36a9-ec32-4b91-9c92-d76061b81e62","block_type":"box","text":"ules a","page_number":11,"box":{"x":681,"y":542,"width":43,"height":9}},{"id":"000e9ca0-a287-4d59-8c44-16e9cec56f38","block_type":"box","text":"re notified to the Compliance","page_number":11,"box":{"x":726,"y":542,"width":218,"height":11}},{"id":"c6d8a8dd-8b22-415e-b82d-9f85d9f3457f","block_type":"box","text":"Officer promptly.","page_number":11,"box":{"x":103,"y":556,"width":127,"height":12}},{"id":"6676882f-1e1e-4200-b887-c56f0e75bdb9","block_type":"box","text":"The Chief Finance Function","page_number":11,"box":{"x":60,"y":577,"width":209,"height":9}},{"id":"99debcfa-3707-4232-b828-8d2eaf549ce3","block_type":"box","text":"as SMF","page_number":11,"box":{"x":277,"y":577,"width":58,"height":9}},{"id":"e6af8b04-9dcb-4d16-9d4d-3acdc4680252","block_type":"box","text":"2 and Key Function holder ensures that the Board receives timely and accurate","page_number":11,"box":{"x":336,"y":578,"width":607,"height":11}},{"id":"ae492d81-6e9d-46cb-b78d-50e7ac0a9b09","block_type":"box","text":"financial information in order for them to monitor the business effectively.","page_number":11,"box":{"x":60,"y":593,"width":538,"height":11}},{"id":"ba9bcc12-7a5c-4307-bd64-c26fc37591fe","block_type":"box","text":"Material","page_number":11,"box":{"x":61,"y":623,"width":68,"height":9}},{"id":"bfde018f-02d1-401a-b242-95b05613f345","block_type":"box","text":"changes to system of governance","page_number":11,"box":{"x":129,"y":623,"width":269,"height":11}},{"id":"6870dace-92fd-4811-bed8-c9b858f4a8a4","block_type":"box","text":"No material changes to the system of governance","page_number":11,"box":{"x":61,"y":645,"width":368,"height":11}},{"id":"e49e51be-7ffa-4791-9aa1-d44d86a8f453","block_type":"box","text":"occurred","page_number":11,"box":{"x":436,"y":645,"width":69,"height":9}},{"id":"6bc54a49-028a-4074-a9f5-a0155b1dd495","block_type":"box","text":"during the reporting period.","page_number":11,"box":{"x":505,"y":645,"width":200,"height":11}},{"id":"ac2e207b-9faa-4e04-9703-062c0c77f0e1","block_type":"box","text":"Remuneration policy and practices","page_number":11,"box":{"x":61,"y":674,"width":277,"height":11}},{"id":"6fe06102-06e2-4822-afed-4f3d81da48b0","block_type":"box","text":"The Company has no employees","page_number":11,"box":{"x":60,"y":699,"width":248,"height":12}},{"id":"cfc6143a-79bb-4202-97ea-2f8a13fae848","block_type":"box","text":",","page_number":11,"box":{"x":310,"y":707,"width":8,"height":3}},{"id":"2f2ec78b-bc5f-4f57-9474-ca02926a116e","block_type":"box","text":"however MPFL’s Board adopt an MPFL","page_number":11,"box":{"x":319,"y":699,"width":295,"height":11}},{"id":"a64ff60f-1144-44c6-8ff9-883b9a6431ea","block_type":"box","text":"-","page_number":11,"box":{"x":616,"y":704,"width":4,"height":1}},{"id":"42b36762-e52b-45b0-8cb5-24d21586b631","block_type":"box","text":"specific remuneration policy that","page_number":11,"box":{"x":621,"y":699,"width":245,"height":12}},{"id":"b66042ff-9b00-46d5-b2af-26f44f11209d","block_type":"box","text":"applies to","page_number":11,"box":{"x":868,"y":700,"width":76,"height":11}},{"id":"008ca482-a847-48ab-a0a6-992ea52bf812","block_type":"box","text":"the Board and those group employees providing services to MPFL under delegation agreements","page_number":11,"box":{"x":60,"y":715,"width":749,"height":11}},{"id":"2c8b525d-bd8a-4d86-ad73-e98447aabf42","block_type":"box","text":". In line with the","page_number":11,"box":{"x":813,"y":715,"width":131,"height":9}},{"id":"02f01ccd-ea6d-42e4-88b9-04903e607d69","block_type":"box","text":"Solvency","page_number":11,"box":{"x":61,"y":730,"width":72,"height":11}},{"id":"1b9ea659-9baa-498b-a5ef-723220f294f0","block_type":"box","text":"II","page_number":11,"box":{"x":135,"y":730,"width":6,"height":9}},{"id":"c9eb1411-bd5d-4746-a7eb-5476d50d00d6","block_type":"box","text":"Regulation, the policy is designed to discourage excessive risk","page_number":11,"box":{"x":149,"y":730,"width":463,"height":12}},{"id":"f26857ec-9f57-44f8-96f4-bb779ccdab06","block_type":"box","text":"-","page_number":11,"box":{"x":613,"y":735,"width":4,"height":1}},{"id":"299f78f2-bfb8-4a26-9bec-aeffc7069175","block_type":"box","text":"taking and incorporates measures aimed at","page_number":11,"box":{"x":618,"y":730,"width":326,"height":12}},{"id":"0b0d370e-bafc-4d06-b48b-03563ef19e9b","block_type":"box","text":"avoiding conflicts","page_number":11,"box":{"x":61,"y":745,"width":127,"height":11}},{"id":"f3c08aed-88fb-4430-9063-8d458f1ab9dd","block_type":"box","text":"of interest. The MPFL Board also approves amendments to the","page_number":11,"box":{"x":194,"y":745,"width":472,"height":11}},{"id":"e28d59a0-24d4-4ab4-b28a-38f37a1bf35d","block_type":"box","text":"MPFL","page_number":11,"box":{"x":667,"y":745,"width":49,"height":9}},{"id":"b68d5aa1-010a-4f55-95e5-cabf2f7fb427","block_type":"box","text":"remuneration policy.","page_number":11,"box":{"x":718,"y":745,"width":148,"height":11}},{"id":"87898332-e823-446d-8627-c102ffb96c1b","block_type":"box","text":"Key","page_number":11,"box":{"x":61,"y":768,"width":33,"height":12}},{"id":"63e0bad5-032e-4faa-8686-e3592f83a67d","block_type":"box","text":"Remuneration Principles are:","page_number":11,"box":{"x":96,"y":768,"width":213,"height":11}},{"id":"6df1e3a9-9bfc-42a4-8d5e-bb55ec18c1f2","block_type":"box","text":"•","page_number":11,"box":{"x":92,"y":792,"width":4,"height":3}},{"id":"f9695e2e-0dea-4ea5-9a33-605e55e1a24c","block_type":"box","text":"The e","page_number":11,"box":{"x":120,"y":790,"width":42,"height":9}},{"id":"6ea18e98-98dd-40b4-90d8-ab99e08532cb","block_type":"box","text":"mphasis","page_number":11,"box":{"x":163,"y":790,"width":67,"height":11}},{"id":"2829e542-b00e-4f91-9dcd-9c3939a9399c","block_type":"box","text":"on t","page_number":11,"box":{"x":230,"y":792,"width":23,"height":7}},{"id":"00b5f512-3d29-47d1-86a2-51d9a6a77b25","block_type":"box","text":"total rewards, which means a","page_number":11,"box":{"x":253,"y":790,"width":206,"height":10}},{"id":"18944100-7e8c-4c9e-a21a-90173786a20b","block_type":"box","text":"a","page_number":11,"box":{"x":459,"y":792,"width":8,"height":7}},{"id":"908f4bba-06df-482e-893b-3629deb83c52","block_type":"box","text":"focus on the total value of all components of pay package","page_number":11,"box":{"x":472,"y":790,"width":421,"height":11}},{"id":"3c542d85-79de-4b7b-a6a7-51303f7e4bc8","block_type":"box","text":"s","page_number":11,"box":{"x":895,"y":792,"width":7,"height":7}},{"id":"d9381abd-fc85-4051-9ae0-2622a6f94d6c","block_type":"box","text":"(i.e.,","page_number":11,"box":{"x":908,"y":790,"width":36,"height":11}},{"id":"7b18bc7b-6487-4889-a390-05103ed4a19c","block_type":"box","text":"salary, benefits and ince","page_number":11,"box":{"x":120,"y":804,"width":181,"height":11}},{"id":"db625fc6-62e3-428b-9c41-d0c9331d0c4e","block_type":"box","text":"ntive","page_number":11,"box":{"x":302,"y":804,"width":40,"height":9}},{"id":"6fce2fc4-1840-4afd-964b-fb813d7441cf","block_type":"box","text":"remuner","page_number":11,"box":{"x":343,"y":806,"width":61,"height":7}},{"id":"20b82ae8-5117-4221-ad42-4d2e59d18a79","block_type":"box","text":"ation), rather than on the value of each one individually","page_number":11,"box":{"x":405,"y":804,"width":406,"height":11}},{"id":"8322c245-e60b-4f4d-9a2d-121106765f2f","block_type":"box","text":";","page_number":11,"box":{"x":813,"y":806,"width":2,"height":8}},{"id":"59dc3d39-08dd-43cd-944e-94354c4d6919","block_type":"box","text":"•","page_number":11,"box":{"x":92,"y":828,"width":4,"height":3}},{"id":"54e81873-404d-4a1a-a960-932ea5cee726","block_type":"box","text":"T","page_number":11,"box":{"x":120,"y":825,"width":10,"height":9}},{"id":"cc7ed9e1-b019-406a-93c5-f8ef65bae6e8","block_type":"box","text":"arget","page_number":11,"box":{"x":131,"y":826,"width":37,"height":11}},{"id":"d4d4b2b1-a55e-4384-9a60-56c58c871214","block_type":"box","text":"ing","page_number":11,"box":{"x":170,"y":825,"width":20,"height":12}},{"id":"2f518381-3f51-4625-89ec-33cad3aa4645","block_type":"box","text":"the aggregate annual value of","page_number":11,"box":{"x":196,"y":825,"width":226,"height":12}},{"id":"822326a1-69c6-4449-96a7-4086671d35b0","block_type":"box","text":"the","page_number":11,"box":{"x":423,"y":825,"width":23,"height":9}},{"id":"9eccc460-2cd6-4a2f-a5cc-ae2a13b8bba6","block_type":"box","text":"Total Rewards Program to be competitive with business peers","page_number":11,"box":{"x":452,"y":825,"width":459,"height":12}},{"id":"c3a6f9da-7f1b-4580-8690-7f859cd48a6b","block_type":"box","text":";","page_number":11,"box":{"x":914,"y":828,"width":2,"height":8}},{"id":"4e96f7bc-77b5-4984-a0a6-3aed360f0be9","block_type":"box","text":"•","page_number":11,"box":{"x":92,"y":849,"width":4,"height":3}},{"id":"f4a45e41-8fa8-481e-b44e-ed2c09dfab22","block_type":"box","text":"U","page_number":11,"box":{"x":121,"y":847,"width":10,"height":9}},{"id":"46dde5ed-1bb5-4fef-8907-5358108d4dab","block_type":"box","text":"nequivocal","page_number":11,"box":{"x":133,"y":847,"width":79,"height":11}},{"id":"5ffc13be-67e2-4005-9e67-1e6bf4bcaea4","block_type":"box","text":"ly","page_number":11,"box":{"x":214,"y":847,"width":11,"height":11}},{"id":"c324644d-746e-4b5f-a3da-5f3f0b097d4e","block_type":"box","text":"support","page_number":11,"box":{"x":231,"y":847,"width":54,"height":11}},{"id":"c3d14ec1-6ebf-4394-9b5b-a69bb773a090","block_type":"box","text":"ing","page_number":11,"box":{"x":287,"y":847,"width":20,"height":11}},{"id":"d5e76f26-68a5-4425-9931-53e140782d6e","block_type":"box","text":"equal pay for work of equal value","page_number":11,"box":{"x":313,"y":847,"width":245,"height":11}},{"id":"da1ba50d-dc45-40ca-8ae6-5a643ffd1a10","block_type":"box","text":";","page_number":11,"box":{"x":561,"y":849,"width":1,"height":8}},{"id":"9cf5c780-9a77-47be-991e-5efb010b71c0","block_type":"box","text":"•","page_number":11,"box":{"x":92,"y":870,"width":4,"height":4}},{"id":"01689599-bf4c-4b57-9af7-610a32f1ce74","block_type":"box","text":"Funding for t","page_number":11,"box":{"x":121,"y":868,"width":88,"height":11}},{"id":"327c7d6c-73ca-42e4-94f0-3c53300a09a4","block_type":"box","text":"the","page_number":11,"box":{"x":208,"y":868,"width":23,"height":9}},{"id":"8aa42db5-f0bc-4912-989b-d258bd7bd7c7","block_type":"box","text":"tot","page_number":11,"box":{"x":236,"y":869,"width":18,"height":8}},{"id":"33ba3d45-a781-4a52-814c-e78dfc6f2125","block_type":"box","text":"al rewards program is subject to affordability and is designed to be flexible based on corporate","page_number":11,"box":{"x":254,"y":868,"width":689,"height":11}},{"id":"2c26d874-13ad-4924-9952-846566806250","block_type":"box","text":"performance","page_number":11,"box":{"x":121,"y":882,"width":93,"height":11}},{"id":"980c712c-c293-4c9c-b9d1-7c44b7a1e36e","block_type":"box","text":";","page_number":11,"box":{"x":216,"y":885,"width":2,"height":8}},{"id":"9f70b657-b455-49f2-868a-b6e0ba000547","block_type":"box","text":"•","page_number":11,"box":{"x":92,"y":906,"width":4,"height":3}},{"id":"aff646a9-e75c-4083-84ac-d2785b7aa397","block_type":"box","text":"D","page_number":11,"box":{"x":121,"y":904,"width":10,"height":8}},{"id":"70a4e3b4-c52c-4f89-805e-b71557530540","block_type":"box","text":"ifferentiat","page_number":11,"box":{"x":133,"y":903,"width":68,"height":9}},{"id":"a7b83a6e-41cc-4165-a4d0-6eced00d14a7","block_type":"box","text":"ing","page_number":11,"box":{"x":203,"y":904,"width":20,"height":11}},{"id":"9e4c7b1a-2de2-40f0-b71f-229d6627150d","block_type":"box","text":"pay based on performance. Even in years when funding for","page_number":11,"box":{"x":232,"y":903,"width":470,"height":12}},{"id":"6bc44818-cc7d-46fc-8e94-5bd16fc8c88d","block_type":"box","text":"the","page_number":11,"box":{"x":706,"y":904,"width":22,"height":8}},{"id":"bebb5356-9947-452a-9dc7-fc2025d9cbe3","block_type":"box","text":"Total Rewards Program is","page_number":11,"box":{"x":737,"y":904,"width":207,"height":11}},{"id":"40c67610-99cd-4aee-a103-99a6806a19f6","block_type":"box","text":"constrained,","page_number":11,"box":{"x":121,"y":918,"width":95,"height":11}},{"id":"25deeb39-a60f-45af-b732-f6a9f2afb317","block_type":"box","text":"the Group","page_number":11,"box":{"x":217,"y":918,"width":79,"height":11}},{"id":"d4dc1048-12cf-46c2-8009-74150bb45157","block_type":"box","text":"differentiate","page_number":11,"box":{"x":297,"y":918,"width":86,"height":9}},{"id":"67c309be-cd7e-44f3-aa26-47d34a37137f","block_type":"box","text":"s","page_number":11,"box":{"x":384,"y":920,"width":8,"height":7}},{"id":"a635a204-ba40-4cda-82f0-95eddd445714","block_type":"box","text":"pay by individual in order to reward","page_number":11,"box":{"x":397,"y":918,"width":264,"height":11}},{"id":"9e7390f3-44be-49a7-9aa2-725b6f333ccc","block_type":"box","text":"our","page_number":11,"box":{"x":663,"y":920,"width":23,"height":7}},{"id":"92f6c220-893e-49f8-b1f9-4cc118f5cfa8","block_type":"box","text":"highest performers;","page_number":11,"box":{"x":692,"y":918,"width":142,"height":11}},{"id":"b3fa9877-274d-49f4-bc61-180eeb722397","block_type":"box","text":"Solvency and Financial Condition Report","page_number":12,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"f3c24f53-894d-4f29-8b18-65daae185488","block_type":"box","text":"M","page_number":12,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"43d24123-3bc9-419f-a4c6-08174f745593","block_type":"box","text":"anaged Pension Funds Limited","page_number":12,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"d7d9dfbb-ca93-41d9-a512-4799c8e6ddb9","block_type":"box","text":"12","page_number":12,"box":{"x":496,"y":962,"width":15,"height":7}},{"id":"27ee1a69-a694-42c6-a281-3a475dcce73a","block_type":"box","text":"/","page_number":12,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"fc8b5d87-56fd-446b-b51a-acefc51dd7a9","block_type":"box","text":"38","page_number":12,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"74a44331-75dc-4c78-9654-8ae9a6bf5b27","block_type":"box","text":"•","page_number":12,"box":{"x":92,"y":79,"width":4,"height":4}},{"id":"37ed3588-e884-42d5-9cfb-d18215449b26","block_type":"box","text":"The a","page_number":12,"box":{"x":120,"y":77,"width":49,"height":9}},{"id":"71cad6af-6699-487e-bc54-bfc0690f8d81","block_type":"box","text":"lign","page_number":12,"box":{"x":171,"y":77,"width":23,"height":11}},{"id":"ea6ef896-7e9d-4848-87c1-5fbafa17e930","block_type":"box","text":"ment of","page_number":12,"box":{"x":196,"y":77,"width":61,"height":9}},{"id":"e8d98f80-8470-46bf-92d8-7d79d90c60f2","block_type":"box","text":"employees’ interests with shareholders’ interests by deferring a portion of incentive","page_number":12,"box":{"x":268,"y":77,"width":675,"height":11}},{"id":"799bd03d-de3f-43e2-a5b4-22860c0afdf7","block_type":"box","text":"remunera","page_number":12,"box":{"x":121,"y":93,"width":71,"height":7}},{"id":"0309eb6e-d23e-4c04-809f-254424375a6e","block_type":"box","text":"tion at increasing percentages for employees with higher incentive","page_number":12,"box":{"x":193,"y":91,"width":490,"height":11}},{"id":"328b358c-666e-49fc-9c4b-bf53e11e057b","block_type":"box","text":"remuner","page_number":12,"box":{"x":685,"y":93,"width":61,"height":7}},{"id":"9cf827e5-952d-4fde-841f-e7900841adad","block_type":"box","text":"ation awa","page_number":12,"box":{"x":747,"y":91,"width":70,"height":9}},{"id":"7d81143e-35d2-4378-9161-37514a913ca3","block_type":"box","text":"rds, and delivery","page_number":12,"box":{"x":819,"y":91,"width":125,"height":11}},{"id":"352ea920-b1c3-43bc-abd2-14438f3730a9","block_type":"box","text":"of a portion of incentive","page_number":12,"box":{"x":120,"y":105,"width":187,"height":11}},{"id":"2c4be743-d9ba-4346-8808-270f0d2525b5","block_type":"box","text":"remunera","page_number":12,"box":{"x":311,"y":107,"width":70,"height":7}},{"id":"8fdc1a81-b2c9-42ff-87f5-b90255b14a54","block_type":"box","text":"tion in equity","page_number":12,"box":{"x":382,"y":105,"width":99,"height":11}},{"id":"10df4f7a-2548-44d9-b5c0-f358c2d2820f","block_type":"box","text":"-","page_number":12,"box":{"x":482,"y":110,"width":4,"height":1}},{"id":"74ce8f0b-f0ac-4b53-aef9-0fb1d025a26d","block_type":"box","text":"based vehicles with a higher proportion in equity for senior","page_number":12,"box":{"x":487,"y":105,"width":456,"height":11}},{"id":"b8061151-2997-4ee7-9ecf-e9655c52738a","block_type":"box","text":"executives; and","page_number":12,"box":{"x":121,"y":120,"width":115,"height":10}},{"id":"a98cec81-2d73-4e2e-87b2-3d55177bd92e","block_type":"box","text":"•","page_number":12,"box":{"x":92,"y":143,"width":4,"height":4}},{"id":"eeee8e34-d7c7-44f7-8f37-73737185db26","block_type":"box","text":"Having","page_number":12,"box":{"x":121,"y":141,"width":50,"height":11}},{"id":"553625e4-b400-4ff6-a7f0-7d677de4a96c","block_type":"box","text":"remuneration","page_number":12,"box":{"x":181,"y":141,"width":96,"height":9}},{"id":"fd9b777c-563e-432b-b873-956a8a373608","block_type":"box","text":"plans designed to comply with applicable regulations and related guidance, including","page_number":12,"box":{"x":287,"y":141,"width":656,"height":11}},{"id":"ce19764b-ff99-4c0c-b2d8-7448b1770704","block_type":"box","text":"alignin","page_number":12,"box":{"x":121,"y":155,"width":46,"height":11}},{"id":"193940f4-3f66-4c79-92b7-7e5ee73251b0","block_type":"box","text":"g incentive","page_number":12,"box":{"x":170,"y":155,"width":86,"height":11}},{"id":"6b606bc2-f9ab-41e6-8361-c4f3f540f712","block_type":"box","text":"remuner","page_number":12,"box":{"x":259,"y":157,"width":61,"height":7}},{"id":"c60e939c-e9b9-4a3a-92ae-f8e5f5c37b21","block_type":"box","text":"ation with appropriate risk management principles.","page_number":12,"box":{"x":320,"y":155,"width":385,"height":11}},{"id":"ca297d0a-868c-47f5-be88-6bbf59d256ed","block_type":"box","text":"The Group p","page_number":12,"box":{"x":708,"y":155,"width":96,"height":11}},{"id":"e9d0522b-3704-4ec8-b210-2192332ffc14","block_type":"box","text":"rovide","page_number":12,"box":{"x":806,"y":155,"width":44,"height":9}},{"id":"fa7b6791-774d-4732-bf05-968f2b0629b2","block_type":"box","text":"s","page_number":12,"box":{"x":851,"y":157,"width":8,"height":7}},{"id":"857c1703-f072-4e9f-be2d-e1b10f0d15ce","block_type":"box","text":"incentives","page_number":12,"box":{"x":866,"y":155,"width":78,"height":9}},{"id":"0eaf9551-2ba9-489e-9305-f4444febca96","block_type":"box","text":"that are designed not to encourage unnecessary or excessive risk","page_number":12,"box":{"x":120,"y":169,"width":520,"height":12}},{"id":"740d84b9-ec52-40e1-970b-cc72ae4d66a4","block_type":"box","text":"-","page_number":12,"box":{"x":641,"y":174,"width":5,"height":1}},{"id":"eb34e78e-00bb-46e1-80ae-88b82198707f","block_type":"box","text":"taking. There are established process","page_number":12,"box":{"x":646,"y":169,"width":298,"height":12}},{"id":"5e992355-b1b2-48c4-b9dc-96f38bbc7b10","block_type":"box","text":"controls and oversight","page_number":12,"box":{"x":121,"y":184,"width":164,"height":11}},{"id":"fd71ec9c-b0c5-47b1-b3d9-b665c34c09c6","block_type":"box","text":",","page_number":12,"box":{"x":287,"y":191,"width":2,"height":3}},{"id":"0cfa84e7-4f9d-425a-bacd-639d188f3d77","block_type":"box","text":"including incorporation of ri","page_number":12,"box":{"x":296,"y":184,"width":199,"height":11}},{"id":"210946db-e50b-43de-b0ae-c246e95836eb","block_type":"box","text":"sk","page_number":12,"box":{"x":497,"y":184,"width":17,"height":9}},{"id":"9d460750-b122-490e-b0e4-49403b866207","block_type":"box","text":"-","page_number":12,"box":{"x":514,"y":189,"width":5,"height":1}},{"id":"d5afd55b-b1e8-4e4d-9994-74a5a48d6e18","block_type":"box","text":"based metrics into incentive pool funding determinations","page_number":12,"box":{"x":520,"y":184,"width":424,"height":11}},{"id":"02ce239c-e1ec-42c0-9028-aaed5e301760","block_type":"box","text":"and individual award decisions","page_number":12,"box":{"x":121,"y":198,"width":229,"height":9}},{"id":"62e9027b-bdfd-421b-8d31-6e505a01efb3","block_type":"box","text":". In addition, executive incentive compensation plan awards include significant","page_number":12,"box":{"x":352,"y":198,"width":591,"height":11}},{"id":"df8be338-6df4-43d7-8089-869b5c1d91de","block_type":"box","text":"levels of deferred remuneration and equity","page_number":12,"box":{"x":121,"y":212,"width":319,"height":11}},{"id":"0a7f4efe-5178-4cbd-92b1-7802375b5092","block_type":"box","text":"-","page_number":12,"box":{"x":442,"y":217,"width":4,"height":1}},{"id":"67eb42d6-a4fa-4cea-92e9-ef62b2d087da","block_type":"box","text":"based remuneration, which are further subje","page_number":12,"box":{"x":448,"y":212,"width":332,"height":11}},{"id":"9406c8bb-7bd9-4a43-b9b0-e21055ddfe9d","block_type":"box","text":"ct to ex","page_number":12,"box":{"x":782,"y":213,"width":56,"height":8}},{"id":"1dac84d3-2d91-4669-9495-f47567a2853f","block_type":"box","text":"-","page_number":12,"box":{"x":839,"y":217,"width":4,"height":1}},{"id":"8673dcc0-74b5-4394-8a66-a4d19cfc0ed5","block_type":"box","text":"ante and ex","page_number":12,"box":{"x":844,"y":212,"width":90,"height":9}},{"id":"32754391-486f-4de8-92c6-5a25a5ea98bd","block_type":"box","text":"post adjustments (malus forfeiture and clawback inclusive)","page_number":12,"box":{"x":121,"y":227,"width":432,"height":11}},{"id":"d1e68fa6-c25c-4719-8538-8267c8027a8f","block_type":"box","text":".","page_number":12,"box":{"x":556,"y":234,"width":2,"height":1}},{"id":"f540ef4b-86c6-462f-b869-1e298bd72325","block_type":"box","text":"In jurisdictions such as the UK where a maximum ratio between fixed and variable remuneration exists, robust","page_number":12,"box":{"x":62,"y":248,"width":881,"height":11}},{"id":"7036d9b9-f905-4f5e-8575-19924509cc01","block_type":"box","text":"governance processes are in place to oversee compliance with such","page_number":12,"box":{"x":61,"y":262,"width":507,"height":11}},{"id":"f7d06247-d731-426d-8b5e-3e8fd4262663","block_type":"box","text":"ratios. In the UK, these are the responsibility of the","page_number":12,"box":{"x":569,"y":262,"width":375,"height":11}},{"id":"fb9532e4-4f0d-47e5-9d2d-f818691bee5a","block_type":"box","text":"UK Remuneration","page_number":12,"box":{"x":61,"y":276,"width":137,"height":9}},{"id":"0abe76cd-69ea-4e62-8df6-42f6567caa19","block_type":"box","text":"Committee,","page_number":12,"box":{"x":199,"y":276,"width":84,"height":11}},{"id":"bccf2d10-3bab-462e-beeb-5071694ce790","block_type":"box","text":"and its primary duties are:","page_number":12,"box":{"x":290,"y":276,"width":197,"height":11}},{"id":"01463711-e431-44f6-a7da-5b2a78078663","block_type":"box","text":"•","page_number":12,"box":{"x":92,"y":300,"width":4,"height":3}},{"id":"d153d054-082a-4cd1-8a7b-d733047d2fbd","block_type":"box","text":"the oversight of the process for identifying and determining the remuneration of UK Identified Staff;","page_number":12,"box":{"x":120,"y":297,"width":735,"height":12}},{"id":"e5f2746a-1cbc-426c-b4bd-5945b1aef7aa","block_type":"box","text":"•","page_number":12,"box":{"x":92,"y":321,"width":4,"height":4}},{"id":"7f66e74d-10e9-4842-b517-ac8b256d9db6","block_type":"box","text":"the oversight of decisions made by those w","page_number":12,"box":{"x":120,"y":319,"width":329,"height":11}},{"id":"7d19d22f-f25f-4c22-8421-ec67757db81a","block_type":"box","text":"ith authority to determine the remuneration of UK","page_number":12,"box":{"x":451,"y":319,"width":374,"height":11}},{"id":"fc9cdb17-95aa-4abf-8205-64106d5adaf1","block_type":"box","text":"Identified Staff","page_number":12,"box":{"x":828,"y":319,"width":107,"height":9}},{"id":"24153ae6-56c2-48fc-8fb2-9f7f31e86d48","block_type":"box","text":";","page_number":12,"box":{"x":937,"y":322,"width":7,"height":7}},{"id":"1a544700-0400-4f99-97ff-8c6fbd87d21e","block_type":"box","text":"and","page_number":12,"box":{"x":121,"y":334,"width":26,"height":8}},{"id":"64e26c78-64a0-4642-a85e-dad2e6d15f5b","block_type":"box","text":"•","page_number":12,"box":{"x":92,"y":357,"width":4,"height":4}},{"id":"b8866050-9a22-45ec-b65e-52e15bae1580","block_type":"box","text":"holistic oversight of regional remuneration matters, with a view providing a central forum for consideration of","page_number":12,"box":{"x":121,"y":355,"width":822,"height":11}},{"id":"4ff614a5-d8ac-4b15-b29d-246d9f1967c3","block_type":"box","text":"issues and thereby enhancing consistency of approach across","page_number":12,"box":{"x":121,"y":369,"width":466,"height":11}},{"id":"1b2256f8-ec19-4234-8757-0641aeb3e240","block_type":"box","text":"the Group in","page_number":12,"box":{"x":588,"y":369,"width":91,"height":11}},{"id":"bace4f1c-c0ed-4742-98d4-72a57ab1632a","block_type":"box","text":"EMEA.","page_number":12,"box":{"x":687,"y":369,"width":49,"height":9}},{"id":"1a01959c-ce14-4fc4-8d04-ae75ba17f9d9","block_type":"box","text":"Employees of the Group providing the outsourced services are also offered the opportunity to participate in","page_number":12,"box":{"x":61,"y":393,"width":801,"height":12}},{"id":"3ab4a8a1-5439-4ed9-98cf-5b19b122d225","block_type":"box","text":"the Group","page_number":12,"box":{"x":865,"y":393,"width":79,"height":12}},{"id":"c7bbee7a-716f-4215-8366-5bba51e745d2","block_type":"box","text":"flexible benefits. Most benefits are generally consistent across all job grades in a market, although sometimes benefits","page_number":12,"box":{"x":60,"y":409,"width":883,"height":11}},{"id":"a6627a50-296f-472d-a51d-63a2d49c9ec2","block_type":"box","text":"may vary b","page_number":12,"box":{"x":61,"y":424,"width":81,"height":12}},{"id":"af3ef815-f2b3-41ff-8e69-195c09f45725","block_type":"box","text":"y job grade or other factors based on prevailing market practices or applicable regulations. Benefits include,","page_number":12,"box":{"x":142,"y":424,"width":801,"height":12}},{"id":"d3893faa-0259-477a-a63c-f4924997d7a8","block_type":"box","text":"but are not limited to, retirement and savings plans as well as health, disability, death, and ancillary benefits which vary","page_number":12,"box":{"x":61,"y":440,"width":882,"height":11}},{"id":"3eabf212-4efe-4147-9d74-510af4ae5f37","block_type":"box","text":"by location based up","page_number":12,"box":{"x":61,"y":455,"width":153,"height":11}},{"id":"c6f1e37e-5e59-4bbc-9949-774fb37d6b57","block_type":"box","text":"on market practice.","page_number":12,"box":{"x":215,"y":455,"width":147,"height":11}},{"id":"2ab84ac4-5a81-47af-a06b-8fb7ba561b90","block_type":"box","text":"The Group","page_number":12,"box":{"x":363,"y":455,"width":78,"height":11}},{"id":"6e2a8959-d058-4e59-b0bf-aee6a91fc95a","block_type":"box","text":"does not currently operate any discretionary pension schemes.","page_number":12,"box":{"x":448,"y":455,"width":464,"height":11}},{"id":"f4ff16ba-d0a2-42db-934d-8bbde3969010","block_type":"box","text":"Additionally,","page_number":12,"box":{"x":60,"y":481,"width":95,"height":11}},{"id":"7197d134-31d7-4629-81e8-42a185f82ecf","block_type":"box","text":"MPFL","page_number":12,"box":{"x":160,"y":481,"width":43,"height":8}},{"id":"b6470dce-0088-4cb6-8108-981f60369a41","block_type":"box","text":"has developed a methodology to identify individuals as Solvency","page_number":12,"box":{"x":212,"y":481,"width":503,"height":11}},{"id":"30f73f23-d72e-43e9-aea0-b9c38d6c71d8","block_type":"box","text":"II","page_number":12,"box":{"x":721,"y":481,"width":6,"height":8}},{"id":"f3163772-9550-4ae8-9c07-a8ba8b32b864","block_type":"box","text":"Staff who perform roles or","page_number":12,"box":{"x":737,"y":481,"width":207,"height":11}},{"id":"9ec973c0-35c4-426e-aa99-b718188afae3","block_type":"box","text":"conduct activities that can impact the risk profile of MPFL. The list of Solvency","page_number":12,"box":{"x":61,"y":496,"width":570,"height":11}},{"id":"62050a39-f82d-49ff-ba43-f1597f9fa3cb","block_type":"box","text":"II","page_number":12,"box":{"x":633,"y":496,"width":6,"height":9}},{"id":"a24256d6-7c63-4c76-be1f-33fa3b2bf261","block_type":"box","text":"S","page_number":12,"box":{"x":645,"y":496,"width":10,"height":9}},{"id":"7fcda346-1b71-4e20-a51b-4084334df531","block_type":"box","text":"taff identified as a result of this process","page_number":12,"box":{"x":656,"y":496,"width":288,"height":11}},{"id":"e8f35e9e-03cc-4dc9-b52e-5b690d0f1ab3","block_type":"box","text":"is approved by the MPFL Board of Directors.","page_number":12,"box":{"x":61,"y":512,"width":329,"height":11}},{"id":"1d62ec24-e314-4ad1-9d5d-f25f48e7530c","block_type":"box","text":"All Solvency","page_number":12,"box":{"x":60,"y":537,"width":97,"height":11}},{"id":"b0ffa34e-7781-4521-ba7e-d4b1d2398e6b","block_type":"box","text":"II","page_number":12,"box":{"x":160,"y":537,"width":7,"height":9}},{"id":"3c5e804a-2d29-453d-a377-13739e8d8103","block_type":"box","text":"Staff receive a detailed written commu","page_number":12,"box":{"x":175,"y":537,"width":287,"height":9}},{"id":"be08bf2e-7627-4794-b411-6b17d3a5a747","block_type":"box","text":"nication including background information, MPFL’s position and","page_number":12,"box":{"x":464,"y":537,"width":479,"height":11}},{"id":"9b00f135-23f8-429f-b82e-32d07c2698ef","block_type":"box","text":"obligations, and the implications of being Solvency","page_number":12,"box":{"x":61,"y":553,"width":372,"height":11}},{"id":"11b5bfa0-e0cf-4138-927d-ce35baac28f5","block_type":"box","text":"II","page_number":12,"box":{"x":434,"y":553,"width":7,"height":9}},{"id":"e6cce8df-c2d6-46a0-ae6c-8f9c877ccd07","block_type":"box","text":"Staff. The communication also outlines the prohibition on employing","page_number":12,"box":{"x":446,"y":553,"width":497,"height":11}},{"id":"b24a9cfb-3b5c-4194-8b49-3c2b71acc412","block_type":"box","text":"personal hedging strategies to undermine the risk alignment effects em","page_number":12,"box":{"x":61,"y":568,"width":525,"height":11}},{"id":"82d7464c-a210-49ee-81d4-71a5beedbe04","block_type":"box","text":"bedded in their remuneration arrangements.","page_number":12,"box":{"x":589,"y":568,"width":331,"height":11}},{"id":"2ad467fc-cb1d-430e-ab32-8e3034e05f12","block_type":"box","text":"A link is included in the communication to refer individuals to relevant guidance. All Solvency","page_number":12,"box":{"x":60,"y":594,"width":709,"height":11}},{"id":"10f5fda0-5127-4c3f-ac21-96bec3dccdd2","block_type":"box","text":"II","page_number":12,"box":{"x":774,"y":594,"width":6,"height":9}},{"id":"9981bcca-104e-426b-8655-aecb163a3ee1","block_type":"box","text":"Staff are required to","page_number":12,"box":{"x":788,"y":594,"width":156,"height":11}},{"id":"cd2a494b-3308-48f8-9084-79af6440e891","block_type":"box","text":"acknowledge the communication and confirm receipt and understanding by completing an attest","page_number":12,"box":{"x":61,"y":610,"width":710,"height":11}},{"id":"e8c86835-93d0-4141-ae6e-1b14f1c8d9bb","block_type":"box","text":"ation.","page_number":12,"box":{"x":773,"y":610,"width":40,"height":8}},{"id":"6c3fecc9-08cd-42ac-af73-7b17107cb48f","block_type":"box","text":"Control","page_number":12,"box":{"x":61,"y":635,"width":58,"height":9}},{"id":"73970bd5-7591-4195-8852-2011cd978ccd","block_type":"box","text":"F","page_number":12,"box":{"x":122,"y":635,"width":8,"height":9}},{"id":"524b0f0e-1595-470c-b4f9-14542bf60d0c","block_type":"box","text":"unctions have reporting lines which are independent from the business units which they supervise and the","page_number":12,"box":{"x":132,"y":635,"width":811,"height":12}},{"id":"b2cfd1ba-7728-46bc-8af9-9171d0e895eb","block_type":"box","text":"global management for control functions is responsible for determining remuneration of control function staff, within","page_number":12,"box":{"x":61,"y":651,"width":882,"height":11}},{"id":"d54e06d9-383e-4514-b148-88588b06ae97","block_type":"box","text":"overall","page_number":12,"box":{"x":61,"y":666,"width":53,"height":9}},{"id":"d4b77133-4ff5-4913-b6d6-25d5e669915f","block_type":"box","text":"Group","page_number":12,"box":{"x":115,"y":666,"width":45,"height":11}},{"id":"4f4bacd8-ab34-4021-bdd1-880faab33222","block_type":"box","text":"gui","page_number":12,"box":{"x":165,"y":666,"width":22,"height":11}},{"id":"68a8d0ba-ffef-4965-814d-075ffb8e2b83","block_type":"box","text":"delines. Funding for these employees is based on overall corporate results and not by reference to the","page_number":12,"box":{"x":188,"y":666,"width":755,"height":11}},{"id":"8ca75871-599f-4af0-a146-9eb3e6483fc7","block_type":"box","text":"business units which individual","page_number":12,"box":{"x":61,"y":682,"width":233,"height":8}},{"id":"564a882e-ecb6-4973-8a66-6b90119ff81a","block_type":"box","text":"C","page_number":12,"box":{"x":295,"y":681,"width":11,"height":9}},{"id":"07e3bd91-a3e1-4c81-adea-416c7d13a061","block_type":"box","text":"ontrol","page_number":12,"box":{"x":306,"y":682,"width":47,"height":8}},{"id":"fce18de5-b665-4448-8cc8-828064320159","block_type":"box","text":"F","page_number":12,"box":{"x":354,"y":682,"width":9,"height":8}},{"id":"a927091f-8daf-4384-bc75-6482b33f2c86","block_type":"box","text":"unction employees supervise to avoid potential conflicts of interest.","page_number":12,"box":{"x":364,"y":681,"width":494,"height":12}},{"id":"449a670d-77fb-4d65-8405-7ee2692b509b","block_type":"box","text":"Material transactions","page_number":12,"box":{"x":61,"y":704,"width":167,"height":9}},{"id":"5dffc2cb-e46e-42de-9d89-40167d31b53b","block_type":"box","text":"No material","page_number":12,"box":{"x":61,"y":727,"width":90,"height":9}},{"id":"c5deef77-4783-4d61-a57e-65335bd7223e","block_type":"box","text":"transactions were entered into during the reporting period with shareholders, with persons who exercise a","page_number":12,"box":{"x":152,"y":727,"width":791,"height":11}},{"id":"382f8673-e9b0-4459-9c06-cc9fa8490a81","block_type":"box","text":"significant influence on the undertaking, and with members of the Board or Working Group.","page_number":12,"box":{"x":61,"y":742,"width":672,"height":12}},{"id":"45adff84-540f-4557-98c2-d43422da12ab","block_type":"box","text":"Assessment of adequacy of system of governance","page_number":12,"box":{"x":60,"y":772,"width":403,"height":11}},{"id":"1f2434a1-529a-4fe6-b7bd-301dc164b17c","block_type":"box","text":"MPF","page_number":12,"box":{"x":61,"y":794,"width":34,"height":9}},{"id":"db314b3f-4e99-4a16-adce-d0cb8a7908ce","block_type":"box","text":"L","page_number":12,"box":{"x":97,"y":794,"width":8,"height":9}},{"id":"56c85294-f5cf-4551-9961-6fcfcb58a6d5","block_type":"box","text":"has in","page_number":12,"box":{"x":111,"y":794,"width":49,"height":9}},{"id":"03ca2a88-0bfc-439d-9d3a-a539fa4b0d50","block_type":"box","text":"place a system of governance designed to be fully compliant w","page_number":12,"box":{"x":160,"y":794,"width":465,"height":11}},{"id":"6f0dfe94-bda6-47e3-96ff-d9b08b11121a","block_type":"box","text":"ith Solvency","page_number":12,"box":{"x":627,"y":794,"width":94,"height":11}},{"id":"96efe600-63b4-4c9a-ab3c-90466126814d","block_type":"box","text":"II","page_number":12,"box":{"x":723,"y":794,"width":6,"height":9}},{"id":"5151c7aa-21b7-472f-81f2-610ab24d5ab8","block_type":"box","text":"and the","page_number":12,"box":{"x":736,"y":794,"width":60,"height":9}},{"id":"81f16742-e92c-4658-a8ab-9e3bc308ae84","block_type":"box","text":"Senior Managers &","page_number":12,"box":{"x":797,"y":794,"width":147,"height":11}},{"id":"79dcf72c-a13d-4d8a-bef5-52b6bbb06f8a","block_type":"box","text":"Certification Regime in December 20","page_number":12,"box":{"x":61,"y":810,"width":272,"height":11}},{"id":"17fd3c82-7fa8-4e7f-9e57-0968a8e590e3","block_type":"box","text":"2","page_number":12,"box":{"x":335,"y":810,"width":8,"height":8}},{"id":"14d3c1b5-caac-415e-8773-495c3054d14d","block_type":"box","text":"3","page_number":12,"box":{"x":344,"y":810,"width":9,"height":9}},{"id":"9c28fb77-3550-46cb-aea3-dc3df4f3a46c","block_type":"box","text":"and appropriate to","page_number":12,"box":{"x":358,"y":810,"width":135,"height":11}},{"id":"9569e19f-134a-4ba7-9370-05af210fa062","block_type":"box","text":"its","page_number":12,"box":{"x":500,"y":810,"width":15,"height":9}},{"id":"22ef0376-ddf8-4b26-a1f9-9eb74c995c5f","block_type":"box","text":"business.","page_number":12,"box":{"x":521,"y":810,"width":68,"height":9}},{"id":"a2f57800-5fb5-43fa-b9a3-44c13c97edfa","block_type":"box","text":"As part of these obli","page_number":12,"box":{"x":600,"y":810,"width":147,"height":11}},{"id":"13a96082-c010-4a4b-9511-25fe4261d763","block_type":"box","text":"gations","page_number":12,"box":{"x":749,"y":810,"width":53,"height":11}},{"id":"520dfbb5-a07b-4afb-8137-32f833692cdf","block_type":"box","text":",","page_number":12,"box":{"x":804,"y":817,"width":2,"height":3}},{"id":"f1b70ec7-710a-4948-9e27-e2941a3942f8","block_type":"box","text":"MPF","page_number":12,"box":{"x":814,"y":810,"width":33,"height":8}},{"id":"78f283fc-777a-421b-9694-156877de727e","block_type":"box","text":"L","page_number":12,"box":{"x":849,"y":810,"width":8,"height":8}},{"id":"0375aa29-e1e4-4cf0-90ae-390dcb9f44da","block_type":"box","text":"is required","page_number":12,"box":{"x":863,"y":810,"width":81,"height":11}},{"id":"9abd7d19-03b8-4b55-8f9c-b3c64d26e4d2","block_type":"box","text":"to have","page_number":12,"box":{"x":60,"y":825,"width":55,"height":9}},{"id":"bedcf0d9-b783-47a5-89dc-e396c9896107","block_type":"box","text":"in place a clear organisational structure and segregation of duties. These are set out in MPF","page_number":12,"box":{"x":122,"y":825,"width":680,"height":12}},{"id":"06ecbf9f-8e5e-411a-be0d-ae2ca2a45c38","block_type":"box","text":"L’","page_number":12,"box":{"x":805,"y":825,"width":11,"height":9}},{"id":"72ddb060-add7-4360-8d8f-806ebb2f5375","block_type":"box","text":"s","page_number":12,"box":{"x":817,"y":827,"width":13,"height":7}},{"id":"7767ca7d-460f-4b06-88b8-17de7a859496","block_type":"box","text":"Management’s","page_number":12,"box":{"x":831,"y":825,"width":113,"height":11}},{"id":"fe730521-a820-4786-a96d-66be3dec7090","block_type":"box","text":"Responsibilities Matrix","page_number":12,"box":{"x":61,"y":841,"width":167,"height":11}},{"id":"85900534-1dbe-4636-987b-a3ff9365399e","block_type":"box","text":", which is owned by the","page_number":12,"box":{"x":230,"y":841,"width":183,"height":11}},{"id":"0a8cc827-9c6a-4196-94e3-fec0f8baed08","block_type":"box","text":"C","page_number":12,"box":{"x":416,"y":841,"width":11,"height":9}},{"id":"f8e37b91-91b7-43d1-b81c-5c58317baddb","block_type":"box","text":"hief","page_number":12,"box":{"x":428,"y":841,"width":31,"height":9}},{"id":"50e17e0d-6f91-4534-8c09-80fc0df5db77","block_type":"box","text":"E","page_number":12,"box":{"x":461,"y":841,"width":9,"height":9}},{"id":"8e6bbe7c-c3d9-41b3-afe8-2e7f974f60e4","block_type":"box","text":"xecutive and reviewed","page_number":12,"box":{"x":472,"y":841,"width":173,"height":9}},{"id":"275c94d1-6906-40d8-a18b-aa4b588bfb1e","block_type":"box","text":"quarterly","page_number":12,"box":{"x":646,"y":841,"width":65,"height":11}},{"id":"e9ce8668-feb4-4652-9c8b-6c4f8b035ebb","block_type":"box","text":"by the","page_number":12,"box":{"x":718,"y":841,"width":45,"height":11}},{"id":"befdc11c-57f0-425f-9de7-19bc8f4e23d4","block_type":"box","text":"Working G","page_number":12,"box":{"x":770,"y":841,"width":79,"height":11}},{"id":"5e14dad8-ae15-4d87-9a38-b649fbd3aec7","block_type":"box","text":"roup. MPF","page_number":12,"box":{"x":852,"y":841,"width":78,"height":11}},{"id":"7c9f9aeb-3a28-4713-aab6-c6077e4e70a1","block_type":"box","text":"L","page_number":12,"box":{"x":931,"y":841,"width":8,"height":9}},{"id":"2af104f7-bc8f-40ea-9842-6dab5c560d9a","block_type":"box","text":"also has in place permanent Risk","page_number":12,"box":{"x":61,"y":857,"width":249,"height":11}},{"id":"adcaaf61-1ce9-474f-866e-d6e7da194b14","block_type":"box","text":"Management, Compliance,","page_number":12,"box":{"x":317,"y":857,"width":204,"height":11}},{"id":"7662de47-3d65-441b-9bbd-1671b9ac5a43","block_type":"box","text":"Internal","page_number":12,"box":{"x":524,"y":857,"width":58,"height":9}},{"id":"dc7bf214-c780-4a9f-80f2-049b0a336d96","block_type":"box","text":"A","page_number":12,"box":{"x":584,"y":857,"width":10,"height":9}},{"id":"c7e49ea0-50f8-4750-95a5-d5f3c0452a82","block_type":"box","text":"udit and A","page_number":12,"box":{"x":595,"y":857,"width":76,"height":9}},{"id":"81399962-f201-4189-82b6-5d05b9f83042","block_type":"box","text":"ctuarial functions","page_number":12,"box":{"x":672,"y":857,"width":125,"height":9}},{"id":"fb44570a-2ce8-4fb6-ba7b-2c799386d21e","block_type":"box","text":". In addition, it also","page_number":12,"box":{"x":800,"y":857,"width":139,"height":10}},{"id":"de8d5c05-0fef-4b86-a2a1-4e4578ae9659","block_type":"box","text":"has in place a suite of poli","page_number":12,"box":{"x":61,"y":873,"width":191,"height":11}},{"id":"430f09d6-a8e9-46b4-aaff-5fbd913af817","block_type":"box","text":"cies relevant to its activities. T","page_number":12,"box":{"x":254,"y":873,"width":221,"height":9}},{"id":"b7ded1da-b156-42cb-bcd8-9b05b59da287","block_type":"box","text":"hese are reviewed at least annually. MPF","page_number":12,"box":{"x":476,"y":873,"width":305,"height":11}},{"id":"67bf1793-f3dc-447b-8824-9e61480c13f1","block_type":"box","text":"L","page_number":12,"box":{"x":784,"y":873,"width":7,"height":8}},{"id":"e9d2950f-b2dc-4037-a5a5-9497d0540bc3","block_type":"box","text":"continues to review","page_number":12,"box":{"x":797,"y":873,"width":147,"height":9}},{"id":"e8d68c27-228f-479f-9112-e45f92f6dca2","block_type":"box","text":"the adequacy of its systems of governance to e","page_number":12,"box":{"x":60,"y":888,"width":342,"height":11}},{"id":"a8062742-55a1-4a28-870b-09afff886f8a","block_type":"box","text":"nsure it continues to remain appropriate and proportionate to the activities","page_number":12,"box":{"x":403,"y":888,"width":540,"height":11}},{"id":"bd70fdf8-318c-4c55-b15a-ca95722416f1","block_type":"box","text":"of the business","page_number":12,"box":{"x":61,"y":904,"width":112,"height":9}},{"id":"435142c3-e65b-4a0e-93d3-fdfddf338ad1","block_type":"box","text":".","page_number":12,"box":{"x":175,"y":911,"width":2,"height":2}},{"id":"3a1ac1d9-149e-4410-88af-0140364b4499","block_type":"box","text":"Solvency and Financial Condition Report","page_number":13,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"77ed45c0-1e04-44b9-b33c-e9c78a266f8e","block_type":"box","text":"M","page_number":13,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"f4e45443-ea53-4ccd-9a2f-44537df0b61e","block_type":"box","text":"anaged Pension Funds Limited","page_number":13,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"d713fe8d-f454-41f7-826c-bbd80d3565fd","block_type":"box","text":"13","page_number":13,"box":{"x":496,"y":962,"width":15,"height":7}},{"id":"684270d9-8494-4016-a7be-3b5f740b77cc","block_type":"box","text":"/","page_number":13,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"e9435a9f-d921-48b2-a651-ff739938d3e5","block_type":"box","text":"38","page_number":13,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"cf0199af-b620-49e1-8907-0ae32601b17e","block_type":"box","text":"B.2","page_number":13,"box":{"x":61,"y":84,"width":26,"height":10}},{"id":"65038c89-d847-430d-bd13-99fdc7a9e0a5","block_type":"box","text":"Fit and proper requirements","page_number":13,"box":{"x":122,"y":84,"width":233,"height":12}},{"id":"b41e9399-0fd1-47b3-bc2a-5f9a5cb45f00","block_type":"box","text":"Under article 294(2) of the Solvency","page_number":13,"box":{"x":61,"y":108,"width":270,"height":12}},{"id":"69416db9-4cb4-4f7c-bcb4-da916d4d1ea7","block_type":"box","text":"II","page_number":13,"box":{"x":333,"y":109,"width":7,"height":8}},{"id":"f9f081e3-18b4-4c9f-8a6b-4e238f76fd38","block_type":"box","text":"Regulation and the PRA’s","page_number":13,"box":{"x":347,"y":108,"width":194,"height":12}},{"id":"c9345c92-12a7-402b-9e0f-40e9cc158642","block_type":"box","text":"Senior Managers & Certification Regime in December","page_number":13,"box":{"x":542,"y":108,"width":402,"height":12}},{"id":"09474af3-d1ad-4f83-9b7e-674d7121f1f2","block_type":"box","text":"20","page_number":13,"box":{"x":60,"y":124,"width":18,"height":9}},{"id":"7802c67f-19a5-4bd0-8004-4e9792204cc7","block_type":"box","text":"2","page_number":13,"box":{"x":79,"y":124,"width":8,"height":9}},{"id":"6e38bf9c-bd30-49cc-aaae-38f6e4f02e62","block_type":"box","text":"3","page_number":13,"box":{"x":89,"y":124,"width":8,"height":9}},{"id":"1a01f245-8b44-4d84-8605-49134b2a74a6","block_type":"box","text":", M","page_number":13,"box":{"x":100,"y":124,"width":19,"height":10}},{"id":"94acf28c-ef0c-4c31-bbd5-aab1b65cfb2b","block_type":"box","text":"PF","page_number":13,"box":{"x":122,"y":124,"width":20,"height":9}},{"id":"db4fcb25-8b2f-4318-93de-299c4687a434","block_type":"box","text":"L","page_number":13,"box":{"x":143,"y":124,"width":8,"height":9}},{"id":"d664a71d-8ba5-4137-a763-f69ab47ac21c","block_type":"box","text":"is obliged to ensure that all persons who run the","page_number":13,"box":{"x":157,"y":124,"width":353,"height":11}},{"id":"467eb88b-86b9-4863-b800-2ea1ae2a1c73","block_type":"box","text":"organisation","page_number":13,"box":{"x":511,"y":124,"width":90,"height":11}},{"id":"6e5457c1-b158-494f-a0f0-9dc33562669e","block_type":"box","text":"or have other key functions a","page_number":13,"box":{"x":606,"y":124,"width":204,"height":11}},{"id":"a898a95f-afd3-436b-9dac-57420dccfde0","block_type":"box","text":"are fit and proper.","page_number":13,"box":{"x":810,"y":124,"width":134,"height":11}},{"id":"78eec195-d630-4421-ad30-91ed67ced660","block_type":"box","text":"MPF","page_number":13,"box":{"x":61,"y":140,"width":34,"height":8}},{"id":"8ef8c7fa-33ae-4686-985d-0e96232776d7","block_type":"box","text":"L","page_number":13,"box":{"x":97,"y":140,"width":8,"height":8}},{"id":"4518fbdc-1727-43e6-8c48-e2cf72e67d7a","block_type":"box","text":"has policies and procedures in place to ensure that all persons have both the skills and experience","page_number":13,"box":{"x":111,"y":140,"width":730,"height":11}},{"id":"90985d9e-5a2c-4568-87a0-4b8a64edc28f","block_type":"box","text":"that meet the","page_number":13,"box":{"x":842,"y":140,"width":102,"height":9}},{"id":"a174fd3c-192a-45bf-afd2-2a9b96f87e80","block_type":"box","text":"requirements deemed fit a","page_number":13,"box":{"x":61,"y":156,"width":196,"height":11}},{"id":"2ea5f025-ec42-4ed5-ac2a-c70ad97abc0c","block_type":"box","text":"nd proper","page_number":13,"box":{"x":259,"y":156,"width":72,"height":11}},{"id":"526abcec-c417-467d-981f-d5d62bfb3053","block_type":"box","text":".","page_number":13,"box":{"x":332,"y":163,"width":2,"height":1}},{"id":"6c1a9087-1913-4577-bcb1-3a05859c8083","block_type":"box","text":"These assessments are made both prior to MPF","page_number":13,"box":{"x":340,"y":156,"width":364,"height":11}},{"id":"cbbc8688-42df-4812-bb67-a7b6c8c51e54","block_type":"box","text":"L","page_number":13,"box":{"x":706,"y":156,"width":8,"height":8}},{"id":"44d204e2-dece-48ac-87fe-e0fdccc6b558","block_type":"box","text":"submitting any application for","page_number":13,"box":{"x":721,"y":156,"width":223,"height":11}},{"id":"bae9861c-3cab-48b9-94c1-6d76c09677a7","block_type":"box","text":"regulatory approval to the PRA and on an ongoing basis.","page_number":13,"box":{"x":61,"y":171,"width":419,"height":12}},{"id":"dd51214a-5320-4e5f-aa51-39aaf93d9782","block_type":"box","text":"B.3","page_number":13,"box":{"x":61,"y":206,"width":26,"height":9}},{"id":"1066a8d4-8a8a-4344-94cd-96d0f93f75ba","block_type":"box","text":"Risk management system including the","page_number":13,"box":{"x":122,"y":206,"width":336,"height":12}},{"id":"76bb087c-e7c9-4f0c-9589-e868e4c23309","block_type":"box","text":"O","page_number":13,"box":{"x":458,"y":206,"width":13,"height":9}},{"id":"84665057-e69e-4869-8378-51de4488a203","block_type":"box","text":"wn","page_number":13,"box":{"x":472,"y":208,"width":30,"height":7}},{"id":"bfbdc4e0-b2e2-4d90-bf24-599919275015","block_type":"box","text":"R","page_number":13,"box":{"x":503,"y":206,"width":11,"height":9}},{"id":"0105339c-4cdf-4a74-b566-2a9ebe334d01","block_type":"box","text":"isk and","page_number":13,"box":{"x":516,"y":206,"width":64,"height":9}},{"id":"6c480d34-567c-40c4-ab30-673fd1656743","block_type":"box","text":"S","page_number":13,"box":{"x":580,"y":205,"width":11,"height":10}},{"id":"80c796f4-b732-4bad-95a2-4fde8c1535ce","block_type":"box","text":"olvency","page_number":13,"box":{"x":592,"y":206,"width":70,"height":12}},{"id":"e7c64581-a9a4-4597-a397-afd83edbf228","block_type":"box","text":"A","page_number":13,"box":{"x":662,"y":206,"width":13,"height":9}},{"id":"2ca6a49e-3318-40af-b1f5-2dc98409395f","block_type":"box","text":"ssessment","page_number":13,"box":{"x":675,"y":206,"width":91,"height":9}},{"id":"1fe8c7e0-896e-417a-8193-426461e9f2ce","block_type":"box","text":"Risk management strategy and objectiv","page_number":13,"box":{"x":61,"y":236,"width":316,"height":12}},{"id":"3ea010fb-65e5-46dd-ae12-36ae05fe0d49","block_type":"box","text":"es","page_number":13,"box":{"x":377,"y":239,"width":18,"height":6}},{"id":"48cc52b7-f5ac-4767-89d0-bd8604bc31b5","block_type":"box","text":"The key","page_number":13,"box":{"x":60,"y":258,"width":65,"height":11}},{"id":"49a125ea-eac4-43a9-ad39-70e968a21dc4","block_type":"box","text":"objectives of MPFL’s risk management strategy are to:","page_number":13,"box":{"x":125,"y":258,"width":403,"height":11}},{"id":"48fe4e1e-90f2-44a7-82ac-8369e5199f74","block_type":"box","text":"•","page_number":13,"box":{"x":74,"y":284,"width":4,"height":3}},{"id":"74e7d160-106b-4763-8595-345eacde3d35","block_type":"box","text":"Fully comply with all applicable laws, regulations and corporate policies;","page_number":13,"box":{"x":104,"y":281,"width":529,"height":12}},{"id":"86a594da-174f-4113-b1e4-5c010931b297","block_type":"box","text":"•","page_number":13,"box":{"x":74,"y":305,"width":4,"height":3}},{"id":"920a029c-8f91-460b-979d-0341505b0057","block_type":"box","text":"Ensure MPFL’s financial goals and key business performance metrics are consistent with acceptable levels of risk","page_number":13,"box":{"x":104,"y":303,"width":839,"height":11}},{"id":"c0f5741a-cfa8-4615-8208-a44c56fd173c","block_type":"box","text":"as","page_number":13,"box":{"x":103,"y":320,"width":22,"height":6}},{"id":"a4d1aaa2-99ae-4113-9297-809ffc732e0c","block_type":"box","text":"agreed by the MPFL Board and defined in MPFL policies;","page_number":13,"box":{"x":125,"y":317,"width":425,"height":12}},{"id":"b7333bfd-a3c6-4546-836a-a9e376cf9df9","block_type":"box","text":"•","page_number":13,"box":{"x":74,"y":341,"width":4,"height":3}},{"id":"685522ac-8aa5-49f3-abc4-ef2f96337e9d","block_type":"box","text":"Foster a culture of risk excellence that extends across MPFL and all of its activities, inclusive of the MPFL business,","page_number":13,"box":{"x":104,"y":339,"width":839,"height":10}},{"id":"7a3d6f0b-c310-4541-85e1-76ce3bec5d54","block_type":"box","text":"driving comprehensive risk mitigation techniques and ensuring that identification","page_number":13,"box":{"x":103,"y":353,"width":594,"height":11}},{"id":"9bdeea47-0c2c-4d81-8ac5-bcd6b345ab39","block_type":"box","text":"and escalation of potential risks","page_number":13,"box":{"x":705,"y":353,"width":239,"height":11}},{"id":"a70a2e1f-584d-4ab6-9382-4e3046f89b00","block_type":"box","text":"represent a core responsibility at all levels.","page_number":13,"box":{"x":104,"y":367,"width":313,"height":11}},{"id":"20b68f97-cbf4-43dd-baf0-93e33cb13bab","block_type":"box","text":"MPFL’s approach to risk management is documented in the","page_number":13,"box":{"x":61,"y":388,"width":447,"height":11}},{"id":"0edc5a80-020f-49e3-ae71-35495346c726","block_type":"box","text":"RMF","page_number":13,"box":{"x":510,"y":388,"width":40,"height":9}},{"id":"f12febb6-df09-4efa-aaef-ed098feca0f5","block_type":"box","text":"which includes:","page_number":13,"box":{"x":550,"y":388,"width":112,"height":9}},{"id":"e3950a85-3ab7-488c-a8e2-90508111b2d2","block_type":"box","text":"•","page_number":13,"box":{"x":74,"y":414,"width":4,"height":3}},{"id":"aac4c431-205a-48e2-b6d8-0651d3b55ec3","block_type":"box","text":"A clearly defined risk management strategy which is consistent with the overall business","page_number":13,"box":{"x":103,"y":411,"width":657,"height":12}},{"id":"49fc238d-cffc-4c52-a51a-98cefb263dce","block_type":"box","text":"strategy;","page_number":13,"box":{"x":762,"y":412,"width":63,"height":11}},{"id":"f1b5ddff-a61d-4918-b4c9-7c9f44e68246","block_type":"box","text":"•","page_number":13,"box":{"x":74,"y":435,"width":4,"height":4}},{"id":"0e95e979-11ca-452d-bfed-756836dcad1f","block_type":"box","text":"A clearly defined risk appetite and overall risk tolerance limits;","page_number":13,"box":{"x":103,"y":433,"width":456,"height":11}},{"id":"4bfcdd13-018f-4cc7-b48f-826e2c4a8147","block_type":"box","text":"•","page_number":13,"box":{"x":74,"y":457,"width":4,"height":3}},{"id":"c023fbfd-f3d5-48eb-ac97-02ec96ab50ba","block_type":"box","text":"A clearly defined decision","page_number":13,"box":{"x":103,"y":454,"width":189,"height":11}},{"id":"8228166c-b595-4691-9a8a-0aad5ff3e822","block_type":"box","text":"-","page_number":13,"box":{"x":294,"y":459,"width":4,"height":1}},{"id":"f7d56848-dd45-4d78-a22b-26d18f6f4d19","block_type":"box","text":"making process;","page_number":13,"box":{"x":299,"y":454,"width":127,"height":12}},{"id":"cc59b165-62ab-4e62-a6b3-81ae14595ab9","block_type":"box","text":"•","page_number":13,"box":{"x":74,"y":478,"width":4,"height":3}},{"id":"97ce550e-c159-4410-b9eb-5df834763ccc","block_type":"box","text":"Written policies that effectively ensure definition and categorisation of material risks by type to which MPFL is","page_number":13,"box":{"x":103,"y":476,"width":840,"height":11}},{"id":"8cb4b7f5-22ca-4b51-84a8-44a637fe13e2","block_type":"box","text":"exposed, and the appr","page_number":13,"box":{"x":103,"y":490,"width":169,"height":11}},{"id":"cb6af44b-16a1-4efb-aa0b-d7e49384f253","block_type":"box","text":"oved risk tolerance limits for each type of risk (i.e. risk appetite statement built into RMF);","page_number":13,"box":{"x":272,"y":490,"width":671,"height":11}},{"id":"85766890-c5a8-4fdf-b91d-c3c0af80b854","block_type":"box","text":"and","page_number":13,"box":{"x":103,"y":504,"width":27,"height":9}},{"id":"2ffaca62-032a-46d9-8be8-dff73f9f2da7","block_type":"box","text":"•","page_number":13,"box":{"x":74,"y":528,"width":4,"height":3}},{"id":"8128a817-eb6f-4821-9d92-1faf0a7ebfea","block_type":"box","text":"Reporting procedures and processes that ensure that material risks are identified, managed, monitored, and","page_number":13,"box":{"x":104,"y":526,"width":839,"height":11}},{"id":"7fe8675f-09f4-44f7-8d2a-e2928922c6fd","block_type":"box","text":"reported, so as to avoid undue concentration of r","page_number":13,"box":{"x":104,"y":540,"width":360,"height":11}},{"id":"645006dd-f123-4c9a-98bc-62e18e9cb86d","block_type":"box","text":"isk.","page_number":13,"box":{"x":465,"y":540,"width":23,"height":9}},{"id":"d2f91c7c-9665-414c-bf2b-a89237293ee7","block_type":"box","text":"MPFL is also required to ensure that persons who hold key functions take into account the information reported within","page_number":13,"box":{"x":61,"y":561,"width":882,"height":11}},{"id":"7608ecc2-32d4-4517-87ec-1bb728119815","block_type":"box","text":"the RMF, as part of their decision","page_number":13,"box":{"x":60,"y":577,"width":246,"height":11}},{"id":"74824505-9642-4368-9cbe-4f1186250ec3","block_type":"box","text":"-","page_number":13,"box":{"x":309,"y":581,"width":4,"height":2}},{"id":"c9fe3e8b-2678-451d-bb2a-d075f722c732","block_type":"box","text":"making process","page_number":13,"box":{"x":314,"y":577,"width":117,"height":11}},{"id":"f4c9745b-9e85-480a-9f0e-b112ad3124ab","block_type":"box","text":".","page_number":13,"box":{"x":433,"y":584,"width":2,"height":1}},{"id":"6fcf3735-7d52-4a3f-812e-5279655c1313","block_type":"box","text":"Risk management process","page_number":13,"box":{"x":61,"y":606,"width":211,"height":11}},{"id":"1269151a-62af-4936-87db-a3aad9968c94","block_type":"box","text":"A key step in the risk management process is the identific","page_number":13,"box":{"x":60,"y":628,"width":427,"height":11}},{"id":"8a7558d7-9cf0-4eb6-b911-aa058cfdb742","block_type":"box","text":"ation of risks.","page_number":13,"box":{"x":488,"y":628,"width":103,"height":9}},{"id":"d8642124-4f7f-469d-b662-90d6a5912218","block_type":"box","text":"The","page_number":13,"box":{"x":60,"y":651,"width":34,"height":8}},{"id":"ca42eab7-2a2d-49a3-8ba8-e2d336d6c25f","block_type":"box","text":"Risk Identification (“RI”) process leverages the","page_number":13,"box":{"x":100,"y":650,"width":370,"height":12}},{"id":"972ec03b-0930-4cec-a563-208af6e53d51","block_type":"box","text":"Group","page_number":13,"box":{"x":476,"y":650,"width":45,"height":12}},{"id":"fe296df2-239b-483c-aaa4-17afcfe84afd","block_type":"box","text":"Integrated Non","page_number":13,"box":{"x":533,"y":651,"width":113,"height":11}},{"id":"66ba63af-b7ce-4d4e-8596-8ad8bf5913a2","block_type":"box","text":"-","page_number":13,"box":{"x":648,"y":655,"width":4,"height":2}},{"id":"4203321a-507c-4aa3-b71d-eb22d4141ad5","block_type":"box","text":"Financial Risk Assessment Standard","page_number":13,"box":{"x":654,"y":650,"width":290,"height":10}},{"id":"495ec3ed-b652-45f5-9501-5fa531da4198","block_type":"box","text":"(“INFRA”) process. The INFRA is one of","page_number":13,"box":{"x":61,"y":666,"width":309,"height":12}},{"id":"461998f3-976e-4216-9d42-8b2981acdc58","block_type":"box","text":"the Group","page_number":13,"box":{"x":372,"y":666,"width":75,"height":12}},{"id":"4304c8eb-72ca-4728-a57d-8e11c4b6c48f","block_type":"box","text":"’s primary risk identification programs and establishes a common","page_number":13,"box":{"x":449,"y":666,"width":494,"height":12}},{"id":"5de6736f-63c8-42bc-a495-607ec9a046f1","block_type":"box","text":"methodology and p","page_number":13,"box":{"x":61,"y":682,"width":141,"height":12}},{"id":"a94c12d3-dabb-4f15-9abe-66f148f12696","block_type":"box","text":"rocess for the identification, assessment and measurement of non","page_number":13,"box":{"x":205,"y":682,"width":487,"height":11}},{"id":"e5328654-2ea4-4067-8d98-0630b8e08731","block_type":"box","text":"-","page_number":13,"box":{"x":695,"y":687,"width":4,"height":1}},{"id":"d78b54cb-45a6-4dba-ad2c-b2bf6a33a54e","block_type":"box","text":"financial risks for the firm across","page_number":13,"box":{"x":700,"y":682,"width":244,"height":9}},{"id":"ab71fa5d-4180-499e-8ed4-99a09c754414","block_type":"box","text":"all on","page_number":13,"box":{"x":61,"y":698,"width":38,"height":9}},{"id":"4c278aad-6d61-4ecc-8543-1223f4fdca04","block_type":"box","text":"-","page_number":13,"box":{"x":101,"y":703,"width":4,"height":1}},{"id":"9bcbde30-46e0-4fdc-8442-739e5a35bd75","block_type":"box","text":"and off","page_number":13,"box":{"x":111,"y":698,"width":51,"height":9}},{"id":"06b6bed7-04d4-4885-84b9-923a416c07ee","block_type":"box","text":"-","page_number":13,"box":{"x":163,"y":703,"width":4,"height":1}},{"id":"7009e5ac-50ef-4bcd-b052-9def3c0fabf6","block_type":"box","text":"balance sheet risk","page_number":13,"box":{"x":173,"y":698,"width":134,"height":9}},{"id":"dc6e7cdc-fe51-468b-bbc0-b26f8f10f0fc","block_type":"box","text":"-","page_number":13,"box":{"x":308,"y":703,"width":4,"height":1}},{"id":"68bf93b3-85e5-410c-bba4-3d4c4363c0fc","block_type":"box","text":"taking activities, including credit, market, liquidity, interest rate, operational, fiduciary,","page_number":13,"box":{"x":313,"y":698,"width":630,"height":11}},{"id":"a1da9a3c-6bf9-4c0c-a8cc-7b1d67496a28","block_type":"box","text":"business, reputation and","page_number":13,"box":{"x":61,"y":714,"width":180,"height":11}},{"id":"0abe7021-8c3b-4998-812f-beeed02b89ee","block_type":"box","text":"regulatory risks","page_number":13,"box":{"x":247,"y":714,"width":110,"height":11}},{"id":"544130ab-c791-49f2-bfc2-9c9ba5f937d0","block_type":"box","text":".","page_number":13,"box":{"x":360,"y":721,"width":1,"height":1}},{"id":"494d6005-3779-4675-939e-ceb49a688cc0","block_type":"box","text":"For MPFL, the RI is undertaken as part of the annual ORSA cycle. The primary","page_number":13,"box":{"x":368,"y":713,"width":575,"height":12}},{"id":"bc88bd51-dd09-4ec6-b0c9-72df909f6e7e","block_type":"box","text":"output is a risk inventory that establishes the material risk exposures","page_number":13,"box":{"x":61,"y":729,"width":519,"height":12}},{"id":"ca4e1b98-554e-4318-a07d-1e07e359176e","block_type":"box","text":"of","page_number":13,"box":{"x":583,"y":729,"width":18,"height":9}},{"id":"50213c94-8ec8-48a2-9062-1bba8dbe92b6","block_type":"box","text":"MPFL. The framework for this process builds","page_number":13,"box":{"x":603,"y":729,"width":341,"height":12}},{"id":"331b91d7-9d85-4a35-85e3-9540621f0baa","block_type":"box","text":"on other routine risk assessment and moni","page_number":13,"box":{"x":61,"y":745,"width":314,"height":9}},{"id":"e061d637-6d17-4e9d-b2ad-4fa90ce530bc","block_type":"box","text":"toring programmes","page_number":13,"box":{"x":377,"y":745,"width":140,"height":11}},{"id":"a198836f-a535-437f-ba6b-02bb5f17fd94","block_type":"box","text":".","page_number":13,"box":{"x":519,"y":752,"width":2,"height":1}},{"id":"21c7ca4f-db24-4cff-96f3-15604dafcc53","block_type":"box","text":"MPFL follows the","page_number":13,"box":{"x":61,"y":768,"width":133,"height":9}},{"id":"3d82814d-3fc0-4f9c-b40d-b54953f410f1","block_type":"box","text":"Group","page_number":13,"box":{"x":195,"y":768,"width":45,"height":11}},{"id":"20120517-5477-4725-a747-436c1f2ac6a4","block_type":"box","text":"-","page_number":13,"box":{"x":242,"y":773,"width":4,"height":1}},{"id":"d1045dac-c23d-4dfb-a193-1189f7ac2287","block_type":"box","text":"approved programmes to identify the","page_number":13,"box":{"x":247,"y":768,"width":277,"height":11}},{"id":"b11f3da5-2dc6-4b63-817c-26f09c574a5f","block_type":"box","text":"material r","page_number":13,"box":{"x":525,"y":768,"width":70,"height":9}},{"id":"57785fa6-bc08-42fb-9086-38ea58e9c633","block_type":"box","text":"isks of the business:","page_number":13,"box":{"x":596,"y":768,"width":148,"height":9}},{"id":"4109222f-697f-4425-b198-559c188fcc62","block_type":"box","text":"•","page_number":13,"box":{"x":74,"y":793,"width":4,"height":4}},{"id":"9e5c28c3-a5f6-4708-8b28-6239904846eb","block_type":"box","text":"The","page_number":13,"box":{"x":103,"y":791,"width":34,"height":9}},{"id":"ecf4cf27-2f96-45f1-a0f8-918163ba4642","block_type":"box","text":"Integrated Non","page_number":13,"box":{"x":138,"y":791,"width":108,"height":11}},{"id":"ba57920a-7618-4601-bb72-06523bdbab15","block_type":"box","text":"-","page_number":13,"box":{"x":248,"y":796,"width":4,"height":1}},{"id":"5bcc2625-7d26-45cf-b758-025301ad8607","block_type":"box","text":"Financial Risk Assessment Standard (“INFRA”)","page_number":13,"box":{"x":254,"y":791,"width":354,"height":11}},{"id":"aa2fe256-81e1-4f37-a9b3-0b654c121f96","block_type":"box","text":"process","page_number":13,"box":{"x":610,"y":793,"width":57,"height":9}},{"id":"3c4b9023-0a86-4ec8-8e6e-627b6ace14cb","block_type":"box","text":";","page_number":13,"box":{"x":669,"y":793,"width":2,"height":8}},{"id":"ab704607-2242-4ea1-87b4-d854835a943f","block_type":"box","text":"•","page_number":13,"box":{"x":74,"y":815,"width":4,"height":3}},{"id":"094abad9-240a-4686-b8a8-0da8ab9a46dc","block_type":"box","text":"Risk and Control Self","page_number":13,"box":{"x":104,"y":812,"width":157,"height":9}},{"id":"4e326fac-e848-497d-9ae3-1f1a78ed08f0","block_type":"box","text":"-","page_number":13,"box":{"x":262,"y":817,"width":4,"height":1}},{"id":"b8600fe5-e4ad-4a43-a074-20d8f750c0d1","block_type":"box","text":"Assessment (“RCSA”)","page_number":13,"box":{"x":267,"y":812,"width":170,"height":12}},{"id":"029a56a4-5d41-4dd4-906a-cfefe5d91cf7","block_type":"box","text":"-","page_number":13,"box":{"x":439,"y":817,"width":4,"height":1}},{"id":"f8417ade-28dc-4b33-a9e8-b01456f4d2e1","block_type":"box","text":"This is a structured workshop","page_number":13,"box":{"x":449,"y":812,"width":218,"height":12}},{"id":"abbd80b0-25eb-4969-ba19-062dbf89566f","block_type":"box","text":"-","page_number":13,"box":{"x":669,"y":817,"width":4,"height":1}},{"id":"7ccd6a00-1885-4529-8cf4-0bf1753d5642","block_type":"box","text":"based programme conducted on an","page_number":13,"box":{"x":674,"y":812,"width":270,"height":12}},{"id":"850d4695-0a6e-4e5a-afe5-0e2aa31441be","block_type":"box","text":"annual basis for UK entities. The programme supports a business assessment of risks and controls used within","page_number":13,"box":{"x":103,"y":827,"width":840,"height":11}},{"id":"111b1054-b4e9-4d17-8c42-7f4c6ace8c03","block_type":"box","text":"business activities;","page_number":13,"box":{"x":103,"y":841,"width":144,"height":10}},{"id":"9c39e1a0-8b58-48a8-9bd2-c997d0a7a539","block_type":"box","text":"•","page_number":13,"box":{"x":74,"y":865,"width":4,"height":3}},{"id":"cbd00044-a255-4b6d-b6e1-00cd6c612ebb","block_type":"box","text":"Loss Event Management, including collection of internal, and monitoring of external, operational loss data and risk","page_number":13,"box":{"x":104,"y":862,"width":839,"height":12}},{"id":"9108b5a0-2e34-4937-b1df-bc133e31162c","block_type":"box","text":"events. This provides important information to support the effective management and measurement of","page_number":13,"box":{"x":103,"y":877,"width":754,"height":11}},{"id":"58c83e42-95ba-49f1-b02d-abce278ce07c","block_type":"box","text":"operational","page_number":13,"box":{"x":857,"y":877,"width":87,"height":11}},{"id":"d4e6fdf5-6182-4e44-be5e-2d136cbbbd71","block_type":"box","text":"risk;","page_number":13,"box":{"x":104,"y":891,"width":28,"height":11}},{"id":"1a7cf408-4afd-46ca-898a-fefccf7920c9","block_type":"box","text":"•","page_number":13,"box":{"x":74,"y":915,"width":4,"height":3}},{"id":"82e2da8d-4355-4f7a-8133-353fe8fccbe2","block_type":"box","text":"Key Risk Indicators (“K","page_number":13,"box":{"x":104,"y":912,"width":170,"height":12}},{"id":"5ef61918-5dec-42a4-85a1-67f7ff104e29","block_type":"box","text":"RIs”)","page_number":13,"box":{"x":275,"y":912,"width":40,"height":12}},{"id":"a94d39b2-0c57-433c-819c-cfc8ae9fdca5","block_type":"box","text":"-","page_number":13,"box":{"x":316,"y":917,"width":4,"height":1}},{"id":"b76903b2-107f-4df6-97ce-d39cb858dfba","block_type":"box","text":"used to monitor the level and trend of the organisation’s risk profile and adherence","page_number":13,"box":{"x":327,"y":912,"width":616,"height":12}},{"id":"dda990ba-c3dc-4093-bd5e-7466ed05a08c","block_type":"box","text":"to risk appetite on at least a quarterly basis. The objective of KRI","page_number":13,"box":{"x":103,"y":927,"width":498,"height":11}},{"id":"a019eb15-e379-4ba2-bd7f-788885aece01","block_type":"box","text":"s","page_number":13,"box":{"x":604,"y":929,"width":8,"height":6}},{"id":"c2865470-2acb-44b6-950f-f19fff024eb4","block_type":"box","text":"reporting is to serve as an “early warning”","page_number":13,"box":{"x":620,"y":926,"width":324,"height":12}},{"id":"a88f1a38-0419-42f9-a919-e91cb8ba2bbe","block_type":"box","text":"Solvency and Financial Condition Report","page_number":14,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"fcd70fc9-007d-4d89-a870-04d93873790f","block_type":"box","text":"M","page_number":14,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"97dfb637-facf-47d2-a19a-807bd26bdf71","block_type":"box","text":"anaged Pension Funds Limited","page_number":14,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"ab1b6bf2-cffc-468d-9699-142c6d37ec6d","block_type":"box","text":"14","page_number":14,"box":{"x":496,"y":962,"width":15,"height":7}},{"id":"527f4331-e6d0-4c73-a711-00f88856ecd9","block_type":"box","text":"/","page_number":14,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"288326d1-0987-47f9-8649-723dd06dc8ca","block_type":"box","text":"38","page_number":14,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"4e9731fe-4b3e-4c1f-83ff-28e1f96fae0d","block_type":"box","text":"mechanism that allows managers to take proactive","page_number":14,"box":{"x":103,"y":77,"width":390,"height":11}},{"id":"7e9a8e4f-0e7c-4c1d-ae0f-1c231b25acb3","block_type":"box","text":"action to manage and mitigate risks as exposure","page_number":14,"box":{"x":496,"y":77,"width":374,"height":11}},{"id":"5f02e277-e7c1-4809-b530-18e375a5a1a2","block_type":"box","text":"changes.","page_number":14,"box":{"x":873,"y":77,"width":71,"height":11}},{"id":"b78b2360-8695-4c80-b44b-e4837bb65fd6","block_type":"box","text":"KRIs","page_number":14,"box":{"x":104,"y":91,"width":35,"height":9}},{"id":"3ba521c4-7a08-4e73-a1ac-b7d7d6635fd6","block_type":"box","text":"are a key component of MPFL’s escalation process and communicate material exposures to the Board,","page_number":14,"box":{"x":147,"y":91,"width":796,"height":11}},{"id":"55d098af-29c2-4dad-9e7c-8477570811a6","block_type":"box","text":"Working Group and relevant committees;","page_number":14,"box":{"x":103,"y":105,"width":309,"height":11}},{"id":"54159b2b-e7d0-4b31-a8e7-eba7a6d7630f","block_type":"box","text":"and","page_number":14,"box":{"x":413,"y":105,"width":27,"height":9}},{"id":"c66c7995-15c1-41e6-a68b-75a777026197","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":129,"width":4,"height":3}},{"id":"513d17d4-9481-4fc2-8a1c-150877e9623e","block_type":"box","text":"New Business and Product Review and Approval (“NBPRA”","page_number":14,"box":{"x":104,"y":126,"width":440,"height":12}},{"id":"adba79e9-30ad-4c24-af01-9b1f367f5e51","block_type":"box","text":"). The primary focus of this process is to evaluate the","page_number":14,"box":{"x":546,"y":126,"width":398,"height":12}},{"id":"cb78f7ca-09b9-41e7-9351-fea5beb72ee6","block_type":"box","text":"risk inherent in new business and product proposals to the sponsoring business unit, other business units and","page_number":14,"box":{"x":104,"y":141,"width":839,"height":11}},{"id":"80dc65b8-27e5-4366-8a2c-224f15706bee","block_type":"box","text":"Group","page_number":14,"box":{"x":103,"y":155,"width":46,"height":11}},{"id":"0feff3e6-73a8-4e73-92fe-fc40fabd7f58","block_type":"box","text":"; and new business or products are considered as part of the formulation of the Busi","page_number":14,"box":{"x":151,"y":155,"width":618,"height":11}},{"id":"18f66179-e55c-4991-b90a-6add83132927","block_type":"box","text":"ness Plan. Additionally","page_number":14,"box":{"x":772,"y":155,"width":172,"height":11}},{"id":"ee12b0c2-447a-4eb6-b49b-c643cf6fbca7","block_type":"box","text":"any changes in the business profile (e.g. significant new business or products) are considered during the","page_number":14,"box":{"x":103,"y":169,"width":785,"height":12}},{"id":"24e291ee-cee5-4bfe-9b12-eadbd60a565d","block_type":"box","text":"INFRA","page_number":14,"box":{"x":892,"y":169,"width":48,"height":9}},{"id":"3a1980cd-70d9-401a-a14e-fcdacdbe0461","block_type":"box","text":"process.","page_number":14,"box":{"x":103,"y":186,"width":62,"height":9}},{"id":"987f999a-3b03-4a3c-8ae6-ea738b3af760","block_type":"box","text":"Implementation and integration","page_number":14,"box":{"x":61,"y":212,"width":249,"height":11}},{"id":"e36d86ba-deee-4e0c-a488-231ed4ca09e9","block_type":"box","text":"Aligned to corporate policies, risks are monitored and challenged through MPFL’s","page_number":14,"box":{"x":60,"y":233,"width":598,"height":11}},{"id":"f8fdb387-29c9-41ae-974e-f600b7be7756","block_type":"box","text":"governance and committee structure.","page_number":14,"box":{"x":664,"y":233,"width":280,"height":11}},{"id":"c2ba69d4-d512-4a9d-91f0-41b80a9cf0b8","block_type":"box","text":"Responsibilities are allocated as follows:","page_number":14,"box":{"x":61,"y":249,"width":298,"height":11}},{"id":"e53c11c6-382b-4044-95d3-0505ed0665a5","block_type":"box","text":"The Board","page_number":14,"box":{"x":60,"y":279,"width":82,"height":9}},{"id":"851edcef-5d5d-43fd-a19c-7ec25e78202d","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":303,"width":4,"height":3}},{"id":"411a3ee2-e859-4fe8-8c53-f8f50915f3d6","block_type":"box","text":"Reviews, challenges and approves the MPFL risk appetite;","page_number":14,"box":{"x":104,"y":301,"width":433,"height":11}},{"id":"29a8765d-6941-469c-a317-0a6521cb58b8","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":324,"width":4,"height":4}},{"id":"9b7f5689-53e9-443b-a5c5-dccc3c53efb4","block_type":"box","text":"Monitors actual risk profile against risk appetite;","page_number":14,"box":{"x":104,"y":322,"width":351,"height":11}},{"id":"0f83ea52-d4e7-4ade-a698-4da075091d87","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":346,"width":4,"height":3}},{"id":"921f63ef-66cd-4eff-a8d7-4009b6fb8083","block_type":"box","text":"Reviews MPFL’s current risk exposures in relation to its","page_number":14,"box":{"x":104,"y":343,"width":416,"height":11}},{"id":"0767d2d9-623e-48cf-abff-3a275165016c","block_type":"box","text":"stated risk appetite and tolerance, at least qua","page_number":14,"box":{"x":522,"y":343,"width":342,"height":12}},{"id":"1737c58e-bfcd-4823-8688-d7f433015b6e","block_type":"box","text":"rterly, and","page_number":14,"box":{"x":866,"y":343,"width":78,"height":12}},{"id":"06911af7-71d9-434a-b97a-8daec50f4764","block_type":"box","text":"monitors","page_number":14,"box":{"x":103,"y":358,"width":63,"height":9}},{"id":"cf757430-da0f-4ac6-bc5f-dea7c226f085","block_type":"box","text":"remedial mitigating actions as appropriate and tracks to resolution;","page_number":14,"box":{"x":173,"y":358,"width":491,"height":11}},{"id":"7867cf0b-6478-4b6b-bac7-359d8ad03929","block_type":"box","text":"and","page_number":14,"box":{"x":671,"y":358,"width":27,"height":9}},{"id":"ce777fc2-d1ca-4ee1-a539-3cf74ce4ec17","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":382,"width":4,"height":3}},{"id":"4e278f23-9897-433d-9fac-8181d1b9d5d0","block_type":"box","text":"Aligns with","page_number":14,"box":{"x":103,"y":379,"width":84,"height":12}},{"id":"356b235f-99ff-46dd-be7f-12931d3fca96","block_type":"box","text":"G","page_number":14,"box":{"x":188,"y":379,"width":12,"height":9}},{"id":"d44a8ba6-1e32-43db-b7ba-e82e15854e77","block_type":"box","text":"roup","page_number":14,"box":{"x":202,"y":382,"width":37,"height":8}},{"id":"0c75e129-3048-492c-adf5-c18e6ac7346f","block_type":"box","text":"strategy and related risk appetite statements.","page_number":14,"box":{"x":240,"y":379,"width":333,"height":12}},{"id":"803ca216-e94d-426d-8836-d29b145bffd9","block_type":"box","text":"The W","page_number":14,"box":{"x":60,"y":407,"width":35,"height":9}},{"id":"79345b1a-a006-4c90-ac7d-b45f72a09072","block_type":"box","text":"Working Group","page_number":14,"box":{"x":95,"y":407,"width":122,"height":11}},{"id":"aa6c7d1d-3abb-475e-b71c-e8824aaf7387","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":431,"width":4,"height":4}},{"id":"d463acd0-4916-4388-a895-bcf7ac5b63c0","block_type":"box","text":"Oversee","page_number":14,"box":{"x":103,"y":429,"width":62,"height":9}},{"id":"b0495617-3bdf-43b3-8d25-6522635d4dd3","block_type":"box","text":"s","page_number":14,"box":{"x":167,"y":431,"width":7,"height":7}},{"id":"57769292-99dd-4c8d-8e09-1be5c167f10f","block_type":"box","text":"the production of","page_number":14,"box":{"x":179,"y":429,"width":130,"height":11}},{"id":"08c7ff6a-df13-4015-a340-88fcac6e6c63","block_type":"box","text":"stra","page_number":14,"box":{"x":310,"y":430,"width":26,"height":8}},{"id":"c31d4a56-b0d9-4412-9061-98ed7547abee","block_type":"box","text":"tegic plans and budgets incorporating MPFL’s overall risk appetite;","page_number":14,"box":{"x":337,"y":429,"width":493,"height":11}},{"id":"3461cfed-7030-4b5a-866b-5fdc9cc5e290","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":453,"width":4,"height":3}},{"id":"8642ea7b-1811-49f4-bb0c-3e22745228c1","block_type":"box","text":"Drive","page_number":14,"box":{"x":104,"y":450,"width":37,"height":9}},{"id":"b932ff3b-2f83-48e2-a248-998cb9200770","block_type":"box","text":"s","page_number":14,"box":{"x":142,"y":453,"width":8,"height":6}},{"id":"eaf5ff00-dbbe-4c42-83ce-3294bca6e289","block_type":"box","text":"risk awareness and understanding of risk appetite;","page_number":14,"box":{"x":156,"y":450,"width":371,"height":12}},{"id":"6e0efc20-4968-48f2-97f5-057cf225e04f","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":474,"width":4,"height":3}},{"id":"d0401d85-e324-468c-be9c-a2d1793fafe8","block_type":"box","text":"Challenge","page_number":14,"box":{"x":103,"y":472,"width":75,"height":11}},{"id":"7924e350-1385-45b6-bb8c-439d6131502a","block_type":"box","text":"s","page_number":14,"box":{"x":179,"y":474,"width":7,"height":7}},{"id":"0109c6c1-beac-460b-bdde-516ab71efb66","block_type":"box","text":"proposals for metrics, limits and statements;","page_number":14,"box":{"x":192,"y":472,"width":325,"height":11}},{"id":"7d67e49b-80ae-4160-b26e-06e9250c34bb","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":495,"width":4,"height":4}},{"id":"fc53e137-b609-4759-95b5-520364b3974a","block_type":"box","text":"Monitor","page_number":14,"box":{"x":104,"y":493,"width":55,"height":9}},{"id":"6b2fe103-e029-4776-9b0a-daa2e2b38cca","block_type":"box","text":"s","page_number":14,"box":{"x":159,"y":495,"width":7,"height":7}},{"id":"0b67a24d-e4d2-44ea-9601-4ea3bdfac7b7","block_type":"box","text":"business specific","page_number":14,"box":{"x":172,"y":493,"width":130,"height":11}},{"id":"95b4da60-d32e-4c13-b70f-a679ee169c0b","block_type":"box","text":"Risk Appetite Statement (“","page_number":14,"box":{"x":303,"y":493,"width":192,"height":11}},{"id":"1dc4e898-6af0-4599-a647-97024e4dc959","block_type":"box","text":"RAS","page_number":14,"box":{"x":498,"y":493,"width":32,"height":9}},{"id":"54afec88-e5f5-4d19-aa49-0a7835d729b7","block_type":"box","text":"”)","page_number":14,"box":{"x":531,"y":493,"width":10,"height":11}},{"id":"1aba4d9e-b784-4228-9aeb-40527a0ca399","block_type":"box","text":"metrics, risk limits and KRIs on an on","page_number":14,"box":{"x":547,"y":493,"width":269,"height":11}},{"id":"fb26a3b7-d085-4116-aeea-0a4d5c49d07b","block_type":"box","text":"-","page_number":14,"box":{"x":819,"y":498,"width":4,"height":1}},{"id":"757cb3d5-e230-4870-ba81-ee89679844a8","block_type":"box","text":"going basis and","page_number":14,"box":{"x":824,"y":493,"width":120,"height":11}},{"id":"f1f3e8e0-d593-42c0-8ea2-4f5ecc5f9dcb","block_type":"box","text":"escalate breaches to risk;","page_number":14,"box":{"x":103,"y":508,"width":189,"height":10}},{"id":"390b26ab-fa57-42df-b7a1-5e00dfd9d1ba","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":531,"width":4,"height":4}},{"id":"2e0e7691-dc3c-4fe6-9a64-3ee60af305e4","block_type":"box","text":"Proactively manage","page_number":14,"box":{"x":104,"y":529,"width":145,"height":11}},{"id":"fc750a27-f4c0-4bbf-98a6-072fcf6f1550","block_type":"box","text":"s","page_number":14,"box":{"x":251,"y":531,"width":7,"height":7}},{"id":"b928b4fc-2eee-4964-9c28-3e386fa4919f","block_type":"box","text":"mitigation actions agreed in the event of breaches;","page_number":14,"box":{"x":264,"y":529,"width":373,"height":11}},{"id":"59fc244d-0e2f-482b-954d-f01ad0b9b722","block_type":"box","text":"and","page_number":14,"box":{"x":644,"y":529,"width":26,"height":9}},{"id":"72d46984-595a-4f1f-aca1-26af2a769019","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":553,"width":4,"height":3}},{"id":"65e05cc5-408b-4828-8c88-3d43b5e7336d","block_type":"box","text":"Ensure","page_number":14,"box":{"x":104,"y":551,"width":51,"height":8}},{"id":"b79bb363-f70f-4587-a8b2-25474e95f7c6","block_type":"box","text":"s","page_number":14,"box":{"x":157,"y":553,"width":7,"height":6}},{"id":"ff5b1715-1018-4e4c-ad7e-1e9edeff97f7","block_type":"box","text":"risk appetite is","page_number":14,"box":{"x":171,"y":551,"width":110,"height":11}},{"id":"7134e9e2-eaf3-437a-b4d5-b982844af7a0","block_type":"box","text":"considered in the development of new businesses and products.","page_number":14,"box":{"x":282,"y":550,"width":475,"height":12}},{"id":"d7ef6052-fdde-4371-8f30-e6b08700a6f9","block_type":"box","text":"ORSA","page_number":14,"box":{"x":61,"y":589,"width":53,"height":9}},{"id":"73a8d29c-2a7a-4219-b88d-508293334352","block_type":"box","text":"proce","page_number":14,"box":{"x":115,"y":591,"width":44,"height":9}},{"id":"6180c588-7f80-4671-aca9-4b60a77894e4","block_type":"box","text":"ss","page_number":14,"box":{"x":160,"y":591,"width":17,"height":7}},{"id":"a80a92e7-c160-4d71-9208-fea05a80b5a9","block_type":"box","text":"MPFL undertakes an ORSA on at least an annual basis through the following process:","page_number":14,"box":{"x":61,"y":610,"width":637,"height":12}},{"id":"e0b06c8c-740f-4cd4-aa53-418f1b2c1581","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":636,"width":4,"height":4}},{"id":"825f35e5-3473-471e-b5c5-90aa07c073a7","block_type":"box","text":"Risk identification:","page_number":14,"box":{"x":104,"y":634,"width":138,"height":9}},{"id":"32cfbce9-e49e-4760-befa-e7db803f6ca7","block_type":"box","text":"Identification of the risks to which the Company is (or will be) exposed, taking into consideration","page_number":14,"box":{"x":243,"y":634,"width":700,"height":11}},{"id":"cb4da99b-f97c-45a1-aefb-5af6bf9ead99","block_type":"box","text":"its business model and the business environment i","page_number":14,"box":{"x":103,"y":648,"width":372,"height":9}},{"id":"84faaac7-90b4-4a38-8940-e95fed0c23b9","block_type":"box","text":"n which it operates","page_number":14,"box":{"x":477,"y":648,"width":138,"height":11}},{"id":"72d82a0b-9b5b-45c2-bc35-7bf40c0062e9","block_type":"box","text":".","page_number":14,"box":{"x":617,"y":655,"width":8,"height":2}},{"id":"8737e708-ee3e-416c-b3c8-3bdf31d5dc04","block_type":"box","text":"Risk identification is performed by the Risk","page_number":14,"box":{"x":627,"y":648,"width":317,"height":11}},{"id":"bdaa7d75-7c8d-4f46-a600-9ab4a5773242","block_type":"box","text":"Management function according to all risk types included in SSC’s risk taxonomies, and as required by the","page_number":14,"box":{"x":104,"y":662,"width":839,"height":11}},{"id":"2109f49a-caf1-43a9-a3c5-79a3d8416c4d","block_type":"box","text":"regulators. In performing the risk identification analysis, the Risk Management func","page_number":14,"box":{"x":104,"y":677,"width":630,"height":11}},{"id":"0b04cac4-3e1b-49d1-af1f-1f9f8e564d41","block_type":"box","text":"tion is supported by","page_number":14,"box":{"x":736,"y":677,"width":155,"height":11}},{"id":"6177a4df-8824-42c0-bd60-567cbad50bbc","block_type":"box","text":"all the","page_number":14,"box":{"x":894,"y":677,"width":50,"height":9}},{"id":"e09d2002-2093-475f-bc0c-a478e8945b10","block_type":"box","text":"business, support and governance functions according to their assigned responsibilities and activities","page_number":14,"box":{"x":103,"y":691,"width":749,"height":11}},{"id":"4621a717-d562-4738-a87e-0cf4f4d3c0cc","block_type":"box","text":";","page_number":14,"box":{"x":855,"y":693,"width":2,"height":8}},{"id":"7f26d3f5-139c-4fd7-b61d-3bb5d8d84bbd","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":715,"width":4,"height":3}},{"id":"0e328456-8c00-421e-8558-781d610804a7","block_type":"box","text":"Risk Appetite: The risk appetite provides a clear articulation of MPFL’s willingness and capacity to take on risk","page_number":14,"box":{"x":104,"y":712,"width":839,"height":11}},{"id":"ee5e4141-ab71-4dae-99b3-0ee90804e55a","block_type":"box","text":"and MPFL’","page_number":14,"box":{"x":103,"y":726,"width":80,"height":9}},{"id":"9d3eeeef-f6a0-40d7-9baf-bb0d37bdd34f","block_type":"box","text":"s tolerance for loss or negative events. The definition and quantification of the MPFL’s risk appetite is","page_number":14,"box":{"x":185,"y":726,"width":758,"height":12}},{"id":"bfbc248f-9b97-453d-b5fd-68cf47504f87","block_type":"box","text":"the responsibility of the Board; the Risk Management function provides guidance and recommendations. The","page_number":14,"box":{"x":103,"y":741,"width":840,"height":11}},{"id":"5080a114-9061-4143-867e-4aee5270f148","block_type":"box","text":"Board approves a risk appetite for MPFL incor","page_number":14,"box":{"x":104,"y":755,"width":360,"height":11}},{"id":"4134d8a2-b6b6-443a-9ae0-2d519842f1a4","block_type":"box","text":"porating both quantitative aspects relating to minimum capital","page_number":14,"box":{"x":466,"y":755,"width":477,"height":11}},{"id":"a3c94fb4-0d8b-4290-bbc9-4e2c7efb4d4c","block_type":"box","text":"requirements, and qualitative aspects relating more broadly to compliance with internal and Solvency II","page_number":14,"box":{"x":104,"y":769,"width":839,"height":11}},{"id":"ad30db81-eeb3-4047-ac24-dbf504b7a479","block_type":"box","text":"requirements;","page_number":14,"box":{"x":104,"y":784,"width":100,"height":11}},{"id":"da06732c-3bf5-4f93-ba13-3d55edc6a952","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":807,"width":4,"height":4}},{"id":"d037c5ab-0eda-4289-964b-8a19ad666104","block_type":"box","text":"Financial","page_number":14,"box":{"x":104,"y":805,"width":71,"height":9}},{"id":"1fa5fb02-18c8-4521-95e7-ee64131cfc33","block_type":"box","text":"Projections","page_number":14,"box":{"x":177,"y":805,"width":81,"height":11}},{"id":"3c29464c-05dc-4922-9c04-7e2d54a924b7","block_type":"box","text":": The purpose of financial p","page_number":14,"box":{"x":260,"y":805,"width":205,"height":11}},{"id":"75e0939c-e313-4e81-8bfa-d866996c3764","block_type":"box","text":"rojection","page_number":14,"box":{"x":467,"y":805,"width":67,"height":11}},{"id":"2d2e3d5d-a585-4ea3-8366-6000038fac1f","block_type":"box","text":"is to outline","page_number":14,"box":{"x":536,"y":805,"width":91,"height":9}},{"id":"9a4ee66b-6309-40c5-bf9f-61a498f612da","block_type":"box","text":"the main components of the Statement of","page_number":14,"box":{"x":628,"y":805,"width":316,"height":11}},{"id":"0bf55752-767d-4906-a0eb-140c83cf75fe","block_type":"box","text":"Financial Position and the Income Statement over the forecast period.","page_number":14,"box":{"x":104,"y":819,"width":522,"height":11}},{"id":"71142e3a-8660-4bc9-9db1-ed1395535020","block_type":"box","text":"Three","page_number":14,"box":{"x":628,"y":819,"width":42,"height":9}},{"id":"a92d1b50-324f-446f-861b-8a25cba5d263","block_type":"box","text":"-","page_number":14,"box":{"x":672,"y":824,"width":4,"height":1}},{"id":"9538493b-92c7-45b3-84a3-7edd2b9580ff","block_type":"box","text":"year financial projections, based","page_number":14,"box":{"x":677,"y":819,"width":238,"height":11}},{"id":"1ba2e952-53fe-4918-9404-b3694b335bb8","block_type":"box","text":"on","page_number":14,"box":{"x":922,"y":821,"width":22,"height":7}},{"id":"4fec1d41-3e08-4125-a665-8a46c8249b61","block_type":"box","text":"MPF","page_number":14,"box":{"x":104,"y":833,"width":34,"height":9}},{"id":"3f16de2f-cc38-4488-ab4a-5f6fe96d1f33","block_type":"box","text":"L’s approved Business Plan, are","page_number":14,"box":{"x":139,"y":833,"width":239,"height":11}},{"id":"e8c4047d-0c2f-45cc-ba9a-f77de3d04419","block_type":"box","text":"developed and use","page_number":14,"box":{"x":384,"y":833,"width":141,"height":12}},{"id":"57bf7e30-32ea-452a-b8fd-59861d3a73e2","block_type":"box","text":"d as the base case for the ORSA;","page_number":14,"box":{"x":526,"y":833,"width":248,"height":11}},{"id":"4dd2b98e-60f7-4c4e-9d3a-a77f1e1cd795","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":857,"width":4,"height":3}},{"id":"e10e8d9e-6d09-4463-91e4-9dceac526a3f","block_type":"box","text":"Risk","page_number":14,"box":{"x":104,"y":855,"width":31,"height":9}},{"id":"10268820-a792-4e12-98a5-9daf26d85beb","block_type":"box","text":"Quantification:","page_number":14,"box":{"x":141,"y":855,"width":112,"height":9}},{"id":"a383f64f-96e1-413c-965b-7edecd96d029","block_type":"box","text":"Quantification of the internal capital for each measurable risk type recognised withi","page_number":14,"box":{"x":254,"y":855,"width":615,"height":11}},{"id":"7306fb93-ae55-46ab-ad5e-d2c338c729b1","block_type":"box","text":"n the risk","page_number":14,"box":{"x":872,"y":855,"width":72,"height":9}},{"id":"5debd27b-d3fe-4084-a04f-11258b0d187a","block_type":"box","text":"identification phase","page_number":14,"box":{"x":103,"y":869,"width":142,"height":11}},{"id":"731701f6-7237-4002-bc28-bb89798f9800","block_type":"box","text":". T","page_number":14,"box":{"x":248,"y":877,"width":7,"height":1}},{"id":"348bf6ba-9366-4dca-9e3a-b2b25e08a33b","block_type":"box","text":"The Standard Formula, as deemed appropriate, is used to define the methodology to quantify","page_number":14,"box":{"x":255,"y":869,"width":688,"height":12}},{"id":"bc33225f-7713-4559-bf1c-7eecefd488c3","block_type":"box","text":"Pillar 2 risk types","page_number":14,"box":{"x":104,"y":884,"width":125,"height":11}},{"id":"819fbc35-d960-4979-9b1f-2e705153f6a1","block_type":"box","text":";","page_number":14,"box":{"x":231,"y":886,"width":2,"height":8}},{"id":"1ee55383-35b7-4193-8f59-262cbadf81a5","block_type":"box","text":"•","page_number":14,"box":{"x":74,"y":907,"width":4,"height":4}},{"id":"db300b9e-13a0-402f-bfa5-00348a69444f","block_type":"box","text":"Stress","page_number":14,"box":{"x":103,"y":905,"width":52,"height":9}},{"id":"8c80a5a6-784a-47e0-bff1-5a84a5936b0d","block_type":"box","text":"T","page_number":14,"box":{"x":156,"y":905,"width":10,"height":9}},{"id":"85ecb1ad-3486-4b94-b6cd-42cfa480642d","block_type":"box","text":"est","page_number":14,"box":{"x":167,"y":905,"width":21,"height":9}},{"id":"1ba9b350-1808-41b3-8f40-02c6eca2cfb3","block_type":"box","text":"ing:","page_number":14,"box":{"x":190,"y":905,"width":31,"height":11}},{"id":"6303e0c1-d995-4404-8998-255650eea87d","block_type":"box","text":"The","page_number":14,"box":{"x":227,"y":905,"width":34,"height":9}},{"id":"92327ab2-3893-49a6-8012-fafecfdea54b","block_type":"box","text":"vulnerability of the","page_number":14,"box":{"x":262,"y":905,"width":141,"height":11}},{"id":"268546a7-19c7-4936-81b0-3a568ca54cc4","block_type":"box","text":"C","page_number":14,"box":{"x":405,"y":905,"width":11,"height":9}},{"id":"a25a97cd-a92b-4f63-ae2f-83f5afd41108","block_type":"box","text":"ompany to exceptional but plausible adverse events","page_number":14,"box":{"x":416,"y":905,"width":390,"height":11}},{"id":"2e1d7e7f-c714-4fe6-b6ed-8b1bb25fbd91","block_type":"box","text":"is assessed","page_number":14,"box":{"x":814,"y":905,"width":86,"height":9}},{"id":"52030777-abcf-418d-b588-46ea47605d2e","block_type":"box","text":". The","page_number":14,"box":{"x":902,"y":905,"width":42,"height":9}},{"id":"3164c4a2-d2dc-473b-ab2e-1f1fab967a70","block_type":"box","text":"Board owns the definition and parameterisation of the","page_number":14,"box":{"x":104,"y":919,"width":400,"height":11}},{"id":"bdd6222b-8f04-4f89-8181-6e0a43c9ec20","block_type":"box","text":"stress scenarios, in consideration with applicable","page_number":14,"box":{"x":505,"y":919,"width":366,"height":11}},{"id":"836f82be-443f-403a-92e6-4a7cdc01ad4c","block_type":"box","text":"Solvency","page_number":14,"box":{"x":873,"y":919,"width":71,"height":11}},{"id":"bcb49a2f-da56-4677-ba6d-6f1cb44c008c","block_type":"box","text":"Solvency and Financial Condition Report","page_number":15,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"2725eb30-5805-4dee-ba13-5be30c8e171a","block_type":"box","text":"M","page_number":15,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"6f3ec2e5-5b0c-419a-9cf8-9e5d396f8f62","block_type":"box","text":"anaged Pension Funds Limited","page_number":15,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"d612131d-c53e-436d-868b-45ac3cd42ccb","block_type":"box","text":"15","page_number":15,"box":{"x":496,"y":962,"width":15,"height":7}},{"id":"6bdad86a-a3f8-4224-a9a4-b3fecc1b2ac0","block_type":"box","text":"/","page_number":15,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"33316a8c-e397-4fc3-b5a1-a985610f8412","block_type":"box","text":"38","page_number":15,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"b50c6ece-f1b8-4c14-9b8b-1780a855d8cf","block_type":"box","text":"II","page_number":15,"box":{"x":104,"y":77,"width":13,"height":8}},{"id":"d64519ed-3e63-4221-94c6-ff855df4f205","block_type":"box","text":"requirements. The base case","page_number":15,"box":{"x":119,"y":77,"width":223,"height":11}},{"id":"5121fcfe-1a1c-4445-aeee-815c75611739","block_type":"box","text":"financial model","page_number":15,"box":{"x":344,"y":77,"width":117,"height":9}},{"id":"3ac0cc70-fd17-423c-ba0d-23d1467916aa","block_type":"box","text":"is","page_number":15,"box":{"x":463,"y":77,"width":11,"height":9}},{"id":"4e0cc95f-dcad-48ef-8c00-d58411f9cc78","block_type":"box","text":"stressed using a range of severe single and combined stress","page_number":15,"box":{"x":480,"y":77,"width":464,"height":11}},{"id":"bf5a0b6e-0109-4bfe-8719-368a61fc6ef0","block_type":"box","text":"scenarios to determine the profit and capital impact on MPFL, and to inform the quantif","page_number":15,"box":{"x":103,"y":91,"width":700,"height":11}},{"id":"c0bcebc7-1576-42bf-abc4-a27fcbc5fe1f","block_type":"box","text":"ic","page_number":15,"box":{"x":806,"y":91,"width":11,"height":9}},{"id":"95e075c3-6f40-4401-8839-b8fd5b20544b","block_type":"box","text":"ation of Pillar 2","page_number":15,"box":{"x":817,"y":91,"width":127,"height":9}},{"id":"3175d759-6544-4a7e-9a8f-3951080536d4","block_type":"box","text":"requirements;","page_number":15,"box":{"x":104,"y":105,"width":100,"height":11}},{"id":"8ac1aa25-1b47-41ac-b28d-ac4d12155c69","block_type":"box","text":"•","page_number":15,"box":{"x":74,"y":129,"width":4,"height":3}},{"id":"ed48bd33-dc4a-42ee-9672-555f03413283","block_type":"box","text":"Aggregation of","page_number":15,"box":{"x":103,"y":126,"width":113,"height":12}},{"id":"4b1413f9-b1fa-4361-8673-4227ce37415e","block_type":"box","text":"C","page_number":15,"box":{"x":217,"y":126,"width":11,"height":9}},{"id":"efebcb96-e82a-41d0-ba97-14a681f29126","block_type":"box","text":"apital","page_number":15,"box":{"x":229,"y":127,"width":44,"height":11}},{"id":"3c3d8e88-213d-4ae8-bb84-626020f2b1d4","block_type":"box","text":"R","page_number":15,"box":{"x":275,"y":127,"width":10,"height":8}},{"id":"e913a7fe-b3db-48c1-80da-44a4bf5d95ad","block_type":"box","text":"equirements","page_number":15,"box":{"x":286,"y":127,"width":91,"height":11}},{"id":"9769bce8-b8c9-44a2-98c2-483a6e11cc07","block_type":"box","text":":","page_number":15,"box":{"x":380,"y":129,"width":8,"height":6}},{"id":"e1a31893-46b1-4c47-8793-597b8fad74d8","block_type":"box","text":"Capital requirement","page_number":15,"box":{"x":389,"y":126,"width":145,"height":12}},{"id":"a915be39-f0b8-49ad-9bab-addfd0556dcb","block_type":"box","text":"s across the risk universe are aggregated to inform the","page_number":15,"box":{"x":535,"y":126,"width":409,"height":12}},{"id":"1c402d26-eb96-493b-8422-c0b9e5dd9a92","block_type":"box","text":"capital adequacy assessment under the Standard Formula approach, where allowance for diversification benefits","page_number":15,"box":{"x":103,"y":141,"width":840,"height":11}},{"id":"b7503506-8ecc-446c-b4af-bfeba6fcc636","block_type":"box","text":"have been recognised","page_number":15,"box":{"x":103,"y":155,"width":164,"height":11}},{"id":"c88ab8d3-03e2-4217-9fa8-2b96d9939fff","block_type":"box","text":";","page_number":15,"box":{"x":270,"y":158,"width":1,"height":8}},{"id":"761c8200-d805-4bf1-825e-fcef40961f59","block_type":"box","text":"•","page_number":15,"box":{"x":74,"y":179,"width":4,"height":3}},{"id":"174ac1ae-79bb-42fd-9111-39dfc5acca6e","block_type":"box","text":"Capital Adequacy:","page_number":15,"box":{"x":103,"y":176,"width":141,"height":12}},{"id":"4df4a637-5c1c-490e-a388-3c85fb1b0a54","block_type":"box","text":"Verification th","page_number":15,"box":{"x":245,"y":176,"width":101,"height":9}},{"id":"813e162c-d3e3-4ab2-8ee5-2c9433353708","block_type":"box","text":"at the C","page_number":15,"box":{"x":347,"y":176,"width":60,"height":9}},{"id":"0ef435ed-8ec8-476a-82ab-711e792f228c","block_type":"box","text":"ompany’s total capital (i.e. its available financial resources) is adequate","page_number":15,"box":{"x":407,"y":176,"width":536,"height":12}},{"id":"1965e28c-5def-49eb-a696-c7f6fb3c9b63","block_type":"box","text":"in terms of size and composition to cover all material risk types to which the","page_number":15,"box":{"x":103,"y":191,"width":605,"height":11}},{"id":"9fd78b7e-5354-488c-99eb-252448d15d86","block_type":"box","text":"C","page_number":15,"box":{"x":713,"y":191,"width":11,"height":9}},{"id":"5108c8bf-ac25-4695-b1f2-31c780da3044","block_type":"box","text":"ompany is exposed. Ca","page_number":15,"box":{"x":725,"y":191,"width":183,"height":11}},{"id":"40de953d-bb77-467a-94f1-4f89af01cdce","block_type":"box","text":"pital","page_number":15,"box":{"x":910,"y":191,"width":34,"height":11}},{"id":"76d8f50e-c574-4f9d-b8a0-ecc1bd17c417","block_type":"box","text":"requirements are","page_number":15,"box":{"x":104,"y":205,"width":125,"height":11}},{"id":"5cb1102d-6c71-4588-8ceb-f63f52e51573","block_type":"box","text":"compared to available resources to confirm that MPFL","page_number":15,"box":{"x":235,"y":205,"width":407,"height":11}},{"id":"aaacf999-798a-4c4d-a9a3-7250f8e188f5","block_type":"box","text":"has","page_number":15,"box":{"x":644,"y":205,"width":25,"height":9}},{"id":"149283f2-8116-415f-a30e-db5f3bc88c72","block_type":"box","text":"adequate capital resources;","page_number":15,"box":{"x":675,"y":205,"width":204,"height":11}},{"id":"f722d3fd-51be-4c9f-9386-fa578ac99392","block_type":"box","text":"and","page_number":15,"box":{"x":886,"y":205,"width":26,"height":9}},{"id":"ee998db2-b666-401d-b1b9-d81a3d3a3613","block_type":"box","text":"•","page_number":15,"box":{"x":74,"y":229,"width":4,"height":3}},{"id":"0d6791a7-4a7d-4c2c-8ad8-c20f2919b47e","block_type":"box","text":"Preparation of ORSA Report, which is reviewed and challenged by the Actuarial function, S","page_number":15,"box":{"x":104,"y":226,"width":675,"height":12}},{"id":"0376ce47-e49c-41ba-919f-5899589fd021","block_type":"box","text":"ubject","page_number":15,"box":{"x":782,"y":227,"width":49,"height":11}},{"id":"d82d4a67-16a6-40a8-894a-de5e63f10fa0","block_type":"box","text":"M","page_number":15,"box":{"x":832,"y":227,"width":12,"height":8}},{"id":"adc6bc79-9914-4266-80a5-401281c54752","block_type":"box","text":"atter","page_number":15,"box":{"x":845,"y":227,"width":38,"height":8}},{"id":"40ba714c-1973-47b8-83a4-96d56fb57393","block_type":"box","text":"E","page_number":15,"box":{"x":884,"y":227,"width":9,"height":8}},{"id":"073aa2d5-eda7-43bc-942b-16c5f88dc3ca","block_type":"box","text":"xpert","page_number":15,"box":{"x":894,"y":227,"width":37,"height":11}},{"id":"2be0351b-0cf6-428c-a5e4-6f648ea59cce","block_type":"box","text":"s","page_number":15,"box":{"x":932,"y":229,"width":8,"height":6}},{"id":"b79171aa-52e2-47ea-9067-5c2cba36fdcc","block_type":"box","text":"(“SMEs”)","page_number":15,"box":{"x":103,"y":241,"width":66,"height":11}},{"id":"19e041cb-69cf-43af-a6d7-dbebe6fab77e","block_type":"box","text":"and the W","page_number":15,"box":{"x":175,"y":241,"width":60,"height":9}},{"id":"6e89365d-3ca5-417f-b0ad-c381cafd448a","block_type":"box","text":"Working Group","page_number":15,"box":{"x":235,"y":241,"width":112,"height":11}},{"id":"2b4dfc51-bbbe-4602-83ed-0aae53949acf","block_type":"box","text":"and ultimately approved by the Board","page_number":15,"box":{"x":353,"y":241,"width":277,"height":11}},{"id":"84ef970d-9166-405e-a521-73264edc25ba","block_type":"box","text":".","page_number":15,"box":{"x":633,"y":248,"width":1,"height":1}},{"id":"389b6585-0611-47d5-a1a3-d3ae78902c41","block_type":"box","text":"The ORSA is integrated into MPFL’s","page_number":15,"box":{"x":60,"y":262,"width":275,"height":11}},{"id":"55c582f3-4a2c-483f-9a16-0c16c2f3eb6b","block_type":"box","text":"risk man","page_number":15,"box":{"x":337,"y":262,"width":61,"height":9}},{"id":"8021f5f6-0e0c-4cee-b252-efa106ce41df","block_type":"box","text":"agement framework","page_number":15,"box":{"x":400,"y":262,"width":148,"height":11}},{"id":"19b604af-e998-478f-80bf-c2d6e54075a4","block_type":"box","text":"and decision","page_number":15,"box":{"x":553,"y":262,"width":92,"height":9}},{"id":"d1d8c395-64a1-420f-9c15-1f169b9aaff4","block_type":"box","text":"-","page_number":15,"box":{"x":648,"y":267,"width":4,"height":1}},{"id":"3dad2634-d0b2-4fb1-a241-e4d4aba15058","block_type":"box","text":"making processes as follows:","page_number":15,"box":{"x":653,"y":262,"width":216,"height":11}},{"id":"cc2e83a7-c9f6-4db6-b065-7c651adcf7d3","block_type":"box","text":"•","page_number":15,"box":{"x":74,"y":287,"width":4,"height":3}},{"id":"b2610ef0-eb65-44aa-81a6-da8a12003ff9","block_type":"box","text":"The use of stress testing and scenario analysis are also incorporated within the Company’s forecasting of","page_number":15,"box":{"x":103,"y":285,"width":840,"height":11}},{"id":"50dac133-82f5-4a27-b014-c7e7f7cc6e79","block_type":"box","text":"revenues, costs, expected losses and potential regulatory capital requirements;","page_number":15,"box":{"x":104,"y":299,"width":585,"height":12}},{"id":"ed772f33-b4fe-422f-b599-3bc64bc25b0c","block_type":"box","text":"•","page_number":15,"box":{"x":74,"y":323,"width":4,"height":3}},{"id":"5fa4615d-1e65-4245-9744-d3c2319ee5ec","block_type":"box","text":"Inclusion","page_number":15,"box":{"x":104,"y":321,"width":69,"height":9}},{"id":"3777adac-9a23-4959-917e-63a97fbdff89","block_type":"box","text":"of ORSA impacts as a standing item on the","page_number":15,"box":{"x":174,"y":321,"width":325,"height":11}},{"id":"bcc3cb23-644c-4d0a-93ef-2da808b6efb8","block_type":"box","text":"Working Group","page_number":15,"box":{"x":499,"y":321,"width":113,"height":11}},{"id":"233506ad-2505-457b-9152-50c85a2c2d94","block_type":"box","text":"and the Board agendas;","page_number":15,"box":{"x":618,"y":321,"width":177,"height":11}},{"id":"838a1337-defd-477d-9ce6-49f2de3a75e7","block_type":"box","text":"•","page_number":15,"box":{"x":74,"y":344,"width":4,"height":4}},{"id":"82b78b47-0fa1-41e7-b999-43091f33388a","block_type":"box","text":"Integration of an assessment of impacts on the future risk management or solvency of the Company into key","page_number":15,"box":{"x":104,"y":342,"width":839,"height":11}},{"id":"445f5929-81d7-4d2d-a6c8-ca692e885d8d","block_type":"box","text":"business decisions such as the launching and seeding of new unit","page_number":15,"box":{"x":103,"y":356,"width":489,"height":12}},{"id":"0cb1919f-c752-4b47-bd13-7ea75d5709f7","block_type":"box","text":"-","page_number":15,"box":{"x":594,"y":361,"width":4,"height":1}},{"id":"1dd386c9-1f9b-4fce-9a91-aa17f926fc37","block_type":"box","text":"linked","page_number":15,"box":{"x":600,"y":356,"width":41,"height":9}},{"id":"e4f265db-8da2-4ff5-8da1-9d1877544466","block_type":"box","text":"funds;","page_number":15,"box":{"x":648,"y":356,"width":44,"height":11}},{"id":"c8705066-2589-4266-af52-1478a7263a45","block_type":"box","text":"•","page_number":15,"box":{"x":74,"y":380,"width":4,"height":3}},{"id":"4e549545-3206-41cc-8f98-60ba06be6737","block_type":"box","text":"The ORSA workshops serve to engage business managers in the risk management processes and enhance risk","page_number":15,"box":{"x":103,"y":377,"width":840,"height":12}},{"id":"976ea821-7054-4228-8f6a-eeebca5e335b","block_type":"box","text":"awareness in the Company;","page_number":15,"box":{"x":103,"y":392,"width":206,"height":11}},{"id":"cc13aabd-5526-43d9-a20f-1e77adfd0246","block_type":"box","text":"•","page_number":15,"box":{"x":74,"y":415,"width":4,"height":4}},{"id":"6b5b7816-9b48-4263-86aa-67fe2ffb2ad3","block_type":"box","text":"The risk identification process has been embedded across the business through manager involvement in the","page_number":15,"box":{"x":103,"y":413,"width":840,"height":11}},{"id":"7bf269f5-af89-436b-b598-4ed392f58cf0","block_type":"box","text":"process throug","page_number":15,"box":{"x":103,"y":428,"width":110,"height":11}},{"id":"b9a668f8-71c0-4d44-b28a-6568d43fd33d","block_type":"box","text":"h meetings and workshops","page_number":15,"box":{"x":215,"y":428,"width":198,"height":11}},{"id":"16da4b1c-a080-40f9-84f0-0c79344a0c51","block_type":"box","text":";","page_number":15,"box":{"x":415,"y":430,"width":2,"height":8}},{"id":"353c4478-e432-4c78-90a3-57e4b46d183c","block_type":"box","text":"•","page_number":15,"box":{"x":74,"y":451,"width":4,"height":4}},{"id":"d9ec70b6-6aa8-47b1-8ad4-f75662002132","block_type":"box","text":"The ORSA is used as a core input to the strategic decision making in the Company, in particular in the acquisition","page_number":15,"box":{"x":103,"y":449,"width":840,"height":11}},{"id":"3877b0ca-6f92-4fa2-82c5-e2342933f75d","block_type":"box","text":"of new business;","page_number":15,"box":{"x":103,"y":463,"width":123,"height":11}},{"id":"f205bf19-f3a7-4c60-9fdb-81aa0bfe22a6","block_type":"box","text":"•","page_number":15,"box":{"x":74,"y":487,"width":4,"height":3}},{"id":"bea5aabb-1cf1-4596-bdc2-0bd05b689321","block_type":"box","text":"The existing risk identification methodology associated with NBPRA","page_number":15,"box":{"x":103,"y":485,"width":539,"height":11}},{"id":"e000a2c4-ebd3-48ac-901d-49c129578548","block_type":"box","text":"process","page_number":15,"box":{"x":654,"y":487,"width":57,"height":9}},{"id":"9cbe9824-953f-4965-9966-9415745bfd43","block_type":"box","text":", as well as other corpo","page_number":15,"box":{"x":713,"y":485,"width":197,"height":11}},{"id":"c1284b4f-db8f-4a16-9657-58fc4234f34c","block_type":"box","text":"rate","page_number":15,"box":{"x":912,"y":485,"width":32,"height":8}},{"id":"24758bb2-82ed-42cf-91cc-2be7fe439636","block_type":"box","text":"procedures, considers the ORSA implication of any new initiative impacting the Company as a core input to the","page_number":15,"box":{"x":103,"y":499,"width":840,"height":11}},{"id":"d4d0c341-6dbc-402b-a743-d92ce48b6b68","block_type":"box","text":"decision","page_number":15,"box":{"x":103,"y":513,"width":60,"height":9}},{"id":"513ad76b-7d6e-4a62-962c-5f086e4a2a7d","block_type":"box","text":"-","page_number":15,"box":{"x":165,"y":518,"width":5,"height":1}},{"id":"314b6d53-d238-4d50-831c-2343f1494f16","block_type":"box","text":"making","page_number":15,"box":{"x":171,"y":513,"width":52,"height":12}},{"id":"e1d548dd-afde-4e37-8e7d-1a2b5a23c335","block_type":"box","text":"process;","page_number":15,"box":{"x":230,"y":516,"width":61,"height":8}},{"id":"506e2f92-ec49-48cf-95d8-d13b969d6902","block_type":"box","text":"and","page_number":15,"box":{"x":298,"y":513,"width":26,"height":9}},{"id":"b1e88b97-e31b-4123-80ec-8c0ad31f5271","block_type":"box","text":"•","page_number":15,"box":{"x":74,"y":537,"width":4,"height":3}},{"id":"40ed3924-00f2-4b5a-bef7-1a27a2484b4d","block_type":"box","text":"Regular","page_number":15,"box":{"x":104,"y":535,"width":58,"height":11}},{"id":"f05cb07c-4ceb-4a4c-9e50-c4bbbd8ec3e6","block_type":"box","text":"updates of the quantification of","page_number":15,"box":{"x":167,"y":535,"width":232,"height":11}},{"id":"58b38837-282f-493a-be40-297d33cdba25","block_type":"box","text":"mat","page_number":15,"box":{"x":400,"y":535,"width":27,"height":9}},{"id":"32c3d157-64be-4143-b67f-630304226935","block_type":"box","text":"e","page_number":15,"box":{"x":428,"y":537,"width":9,"height":7}},{"id":"1bd0b7ea-3838-47e4-bef6-d942c4a421b6","block_type":"box","text":"rial","page_number":15,"box":{"x":439,"y":535,"width":25,"height":9}},{"id":"3d11d8bf-5c2a-4f95-8df7-fd7ea3a200d8","block_type":"box","text":"risks in the ORSA are presented to the Board","page_number":15,"box":{"x":465,"y":535,"width":335,"height":11}},{"id":"75a06680-15ad-4ce4-963c-f0e29c65e070","block_type":"box","text":".","page_number":15,"box":{"x":803,"y":542,"width":1,"height":1}},{"id":"e2926b81-4df0-4aa8-99e6-19a5638cb728","block_type":"box","text":"•","page_number":15,"box":{"x":74,"y":558,"width":4,"height":4}},{"id":"e490a994-3e32-42e9-837d-f80990dbb7b0","block_type":"box","text":"All policy","page_number":15,"box":{"x":103,"y":556,"width":71,"height":11}},{"id":"427ecf85-9cb9-40cd-a5c6-5eeb0d58875e","block_type":"box","text":"documentation associated with this ORSA is reviewed at least annually.","page_number":15,"box":{"x":174,"y":556,"width":530,"height":11}},{"id":"86749cbf-7068-4daa-b5d7-afc3ea6f14c4","block_type":"box","text":"ORSA review and approval","page_number":15,"box":{"x":61,"y":584,"width":213,"height":11}},{"id":"6e105d85-7284-465f-a1a5-49bf9660084b","block_type":"box","text":"As noted earlier in this section, the draft","page_number":15,"box":{"x":60,"y":605,"width":320,"height":11}},{"id":"ba3c3ef5-7085-43dc-baa5-12b2c99442f7","block_type":"box","text":"20","page_number":15,"box":{"x":384,"y":606,"width":17,"height":8}},{"id":"2404f702-fd8c-4646-a6a0-85ae77b28569","block_type":"box","text":"2","page_number":15,"box":{"x":403,"y":606,"width":8,"height":8}},{"id":"de5b06aa-3998-4c1c-8259-aef288b02e97","block_type":"box","text":"3","page_number":15,"box":{"x":412,"y":606,"width":8,"height":8}},{"id":"79f6c379-c459-4188-bd37-e5cb7ff5c9b0","block_type":"box","text":"ORSA Report","page_number":15,"box":{"x":429,"y":605,"width":105,"height":11}},{"id":"3b046b01-ee6a-4e10-a96d-74c8ea9d8083","block_type":"box","text":", based on Statement of Financial Position as at 31","page_number":15,"box":{"x":536,"y":605,"width":408,"height":11}},{"id":"6d9284ef-d3fa-462f-80c8-bc3515f00145","block_type":"box","text":"December 20","page_number":15,"box":{"x":61,"y":621,"width":100,"height":9}},{"id":"549aada2-f089-4933-9e5c-69297089ba45","block_type":"box","text":"2","page_number":15,"box":{"x":161,"y":621,"width":9,"height":9}},{"id":"352b3a8f-67c6-41ad-9370-39df2f0af499","block_type":"box","text":"2","page_number":15,"box":{"x":171,"y":621,"width":8,"height":9}},{"id":"a605c40e-6641-437e-919a-19904a7b5d53","block_type":"box","text":"wa","page_number":15,"box":{"x":185,"y":623,"width":21,"height":7}},{"id":"4e89f55e-3f58-4374-9f4b-da5cbc261d69","block_type":"box","text":"s reviewed and challenged by the","page_number":15,"box":{"x":207,"y":621,"width":247,"height":11}},{"id":"bfb1c127-45d3-47d1-828a-5d1e13286544","block_type":"box","text":"Working Group","page_number":15,"box":{"x":460,"y":621,"width":112,"height":11}},{"id":"b4384e25-75d3-41a9-8d98-1298adaba92e","block_type":"box","text":"as an integral part of the ORSA process, and the","page_number":15,"box":{"x":578,"y":621,"width":366,"height":11}},{"id":"974a6f49-1127-490b-b85a-78ff699c47e2","block_type":"box","text":"final ORSA Report","page_number":15,"box":{"x":60,"y":637,"width":143,"height":11}},{"id":"1a188d9c-b4c3-4c70-b35b-0a3dbf778303","block_type":"box","text":"was","page_number":15,"box":{"x":204,"y":639,"width":34,"height":7}},{"id":"5ac9920b-aad6-44ed-a238-b40feed55f3c","block_type":"box","text":"reviewed and approved by the Board","page_number":15,"box":{"x":239,"y":637,"width":272,"height":11}},{"id":"422b86bf-b2fd-41a0-a269-3cc35a79495d","block_type":"box","text":"on","page_number":15,"box":{"x":517,"y":639,"width":24,"height":7}},{"id":"dcd84bdc-0e39-430d-b998-c72787d2cfba","block_type":"box","text":"30","page_number":15,"box":{"x":541,"y":637,"width":17,"height":9}},{"id":"adc38891-1ed1-408c-abaf-fd20153a4b72","block_type":"box","text":"Nov","page_number":15,"box":{"x":565,"y":637,"width":29,"height":9}},{"id":"dc39c887-416d-4981-869a-93f1e22cd8b3","block_type":"box","text":"ember","page_number":15,"box":{"x":594,"y":637,"width":47,"height":9}},{"id":"7939989c-8401-451f-9dfa-4f4961fec069","block_type":"box","text":"20","page_number":15,"box":{"x":646,"y":637,"width":18,"height":9}},{"id":"9ad184ce-7f31-4bbc-88e0-c48c60413f7c","block_type":"box","text":"2","page_number":15,"box":{"x":665,"y":637,"width":8,"height":9}},{"id":"eb9d90b1-d8c7-4bea-b6d6-85c238a1ff4d","block_type":"box","text":"3","page_number":15,"box":{"x":674,"y":637,"width":8,"height":9}},{"id":"ba4b829e-366a-4593-bffd-407098bc307c","block_type":"box","text":".","page_number":15,"box":{"x":685,"y":644,"width":1,"height":2}},{"id":"0750585d-29fe-4b66-a339-8bfca3ae70e9","block_type":"box","text":"Determination of own solvency needs","page_number":15,"box":{"x":61,"y":666,"width":299,"height":12}},{"id":"115a559b-254c-4091-adcd-296f57d69415","block_type":"box","text":"MPFL determines its own solvency needs using the Standard Formula.","page_number":15,"box":{"x":61,"y":688,"width":530,"height":12}},{"id":"92407b49-56ed-423d-8bfa-8d2a523060b9","block_type":"box","text":"Interaction between capital management activities and risk management system","page_number":15,"box":{"x":61,"y":718,"width":644,"height":11}},{"id":"de248b38-4bf6-401f-a3c7-f7443cae53ba","block_type":"box","text":"The ORSA forms an integral part of the risk and capital management processes of MPFL. The Board use","page_number":15,"box":{"x":60,"y":739,"width":788,"height":12}},{"id":"5d782c1b-e12f-447e-bc3a-06d62a936cb2","block_type":"box","text":"s","page_number":15,"box":{"x":851,"y":742,"width":7,"height":6}},{"id":"478061be-844e-47e5-921d-2dd015256a34","block_type":"box","text":"the ORSA","page_number":15,"box":{"x":864,"y":739,"width":80,"height":10}},{"id":"4bb0ac0f-352f-4faf-a79a-98bb14a45f56","block_type":"box","text":"to maintain an effective link between the Company’s risk profile and its capital, thus ensuring that MPFL has adequate","page_number":15,"box":{"x":60,"y":755,"width":883,"height":12}},{"id":"11a8facf-0064-4ef1-891a-4d2e392e4e27","block_type":"box","text":"capital to cover its risks and operate effectively within its capital framework. In particular, the Board reviews MPFL’s","page_number":15,"box":{"x":61,"y":771,"width":881,"height":12}},{"id":"ef66df34-07f1-4752-a384-611334a5ff92","block_type":"box","text":"capital adequacy","page_number":15,"box":{"x":61,"y":787,"width":128,"height":11}},{"id":"1f5147d1-91d6-404f-9c17-f1b7aacf4e12","block_type":"box","text":"as outlined in the ORSA at each Board meeting or more frequently as necessary, following any","page_number":15,"box":{"x":197,"y":787,"width":746,"height":11}},{"id":"2d30b855-29b2-483e-865d-806841d2ce32","block_type":"box","text":"significant changes to the busine","page_number":15,"box":{"x":61,"y":803,"width":242,"height":11}},{"id":"3d878682-0a81-4f10-ad0f-def14186d104","block_type":"box","text":"ss profile and strategy of the C","page_number":15,"box":{"x":305,"y":802,"width":226,"height":12}},{"id":"80757717-d3da-4c30-980f-8afc54084114","block_type":"box","text":"ompany.","page_number":15,"box":{"x":532,"y":805,"width":69,"height":9}},{"id":"355478c2-aaa3-4611-a430-89616e5bfdc8","block_type":"box","text":"B.4","page_number":15,"box":{"x":61,"y":837,"width":26,"height":9}},{"id":"9c014194-59dc-4cf3-a933-98dcb3ca0ab0","block_type":"box","text":"Internal control system","page_number":15,"box":{"x":122,"y":837,"width":191,"height":12}},{"id":"e63947d6-4b4d-49a0-a682-22e0d4cd76db","block_type":"box","text":"Internal Control System","page_number":15,"box":{"x":61,"y":868,"width":188,"height":11}},{"id":"929648c5-13af-41d0-8848-1a6c24b06cf3","block_type":"box","text":"MPFL has","page_number":15,"box":{"x":61,"y":890,"width":80,"height":8}},{"id":"4f0fba51-0a54-48c1-a69b-643f21a422fd","block_type":"box","text":"internal control","page_number":15,"box":{"x":143,"y":890,"width":113,"height":8}},{"id":"17fbb3c3-4c0e-4d91-b4a7-d123656e2808","block_type":"box","text":"procedures","page_number":15,"box":{"x":256,"y":890,"width":83,"height":11}},{"id":"ed7cf694-1008-4ea0-aab6-9fed2558b7d2","block_type":"box","text":"and processes in place with clear designated lines of responsibility and reporting","page_number":15,"box":{"x":345,"y":889,"width":598,"height":12}},{"id":"cb2e4e04-e192-4f36-bb18-62d1afc422b1","block_type":"box","text":"arrangements. The Company’s internal control system ensures compliance with applicable laws and","page_number":15,"box":{"x":61,"y":905,"width":760,"height":11}},{"id":"7039b0c6-46ba-4d30-8d80-2b239c7ac2df","block_type":"box","text":"regulations","page_number":15,"box":{"x":825,"y":905,"width":81,"height":12}},{"id":"5392f72d-8627-4581-b762-a2560a58dda1","block_type":"box","text":"and","page_number":15,"box":{"x":912,"y":905,"width":32,"height":9}},{"id":"dc23cfd3-d913-4198-8d4a-afbc495a71f1","block_type":"box","text":"Solvency and Financial Condition Report","page_number":16,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"df43f964-bb08-474b-b5ba-3a686f0fe610","block_type":"box","text":"M","page_number":16,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"dbd95c48-3776-4d07-9c62-e07c298b6a38","block_type":"box","text":"anaged Pension Funds Limited","page_number":16,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"66f6f711-cd26-4b69-88d6-9ce62cfb9031","block_type":"box","text":"16","page_number":16,"box":{"x":496,"y":962,"width":15,"height":7}},{"id":"ae4d9bce-92d7-4d90-a617-053c952a0b45","block_type":"box","text":"/","page_number":16,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"9e8cc407-5a2a-4ea3-90b7-043b851f62cd","block_type":"box","text":"38","page_number":16,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"5474f1cb-f6ab-4461-b7cb-56e6b64d90f4","block_type":"box","text":"facilitates the identification of","page_number":16,"box":{"x":60,"y":76,"width":222,"height":9}},{"id":"717a81e7-1dc7-44e9-a832-fffc49ff744f","block_type":"box","text":"non","page_number":16,"box":{"x":284,"y":79,"width":26,"height":6}},{"id":"c0cbdb3e-bbc6-4f95-9464-d0786cad8240","block_type":"box","text":"-","page_number":16,"box":{"x":312,"y":81,"width":5,"height":1}},{"id":"2c60db96-fb2d-49a2-9b83-1ff57a145f60","block_type":"box","text":"compliance risk and the assessment of the impact on MPFL of any changes to the","page_number":16,"box":{"x":318,"y":76,"width":625,"height":12}},{"id":"31dee71e-72e9-46d9-80d6-d3ffe11c524a","block_type":"box","text":"legal and regulatory environment.","page_number":16,"box":{"x":61,"y":92,"width":247,"height":11}},{"id":"400858a2-10b6-4723-b919-151b7fc4202f","block_type":"box","text":"Compliance function","page_number":16,"box":{"x":61,"y":122,"width":165,"height":11}},{"id":"7fa51c8b-7684-4cda-af3b-0764070f78b9","block_type":"box","text":"T","page_number":16,"box":{"x":60,"y":144,"width":10,"height":8}},{"id":"10c45975-2a41-4b53-96c8-48f8a4852a99","block_type":"box","text":"he Company has an independent Compliance Function that reports to both the Board and the Working Group on","page_number":16,"box":{"x":71,"y":143,"width":872,"height":12}},{"id":"4c5993b5-adac-461a-a5b3-4732e85c611c","block_type":"box","text":"regulatory m","page_number":16,"box":{"x":61,"y":159,"width":91,"height":11}},{"id":"42279359-54d9-4727-ad48-19296c9ae21a","block_type":"box","text":"atters and findings from the execution of the Company’s","page_number":16,"box":{"x":154,"y":159,"width":419,"height":11}},{"id":"828f2fda-f24b-48a3-b1f7-82ea2ac3d567","block_type":"box","text":"Compliance Oversight Programme","page_number":16,"box":{"x":575,"y":159,"width":256,"height":11}},{"id":"99b48222-bedd-4f92-bc26-91843210655a","block_type":"box","text":".","page_number":16,"box":{"x":833,"y":166,"width":8,"height":2}},{"id":"10f73651-2e2d-48cb-9f2a-dc182925014c","block_type":"box","text":"B.5","page_number":16,"box":{"x":61,"y":194,"width":26,"height":9}},{"id":"a9d8446a-7b66-4363-aa75-95ca620380c1","block_type":"box","text":"Internal audit function","page_number":16,"box":{"x":122,"y":194,"width":182,"height":9}},{"id":"a4fa5060-b6a4-405e-84f0-14cee2ea5bbb","block_type":"box","text":"As noted earlier, MPFL has an independent Internal Audit Function","page_number":16,"box":{"x":60,"y":218,"width":485,"height":11}},{"id":"21a3f00a-fad7-429a-a24a-b7edf9bdb238","block_type":"box","text":"provided by State Street Corporation f","page_number":16,"box":{"x":552,"y":217,"width":271,"height":12}},{"id":"af4eff7e-e581-4742-8f1a-06012f4cf61e","block_type":"box","text":"for the provision","page_number":16,"box":{"x":823,"y":218,"width":121,"height":11}},{"id":"2e0b0401-39fc-4f5b-a7dd-d004566e545f","block_type":"box","text":"of internal audit services. Their","page_number":16,"box":{"x":61,"y":233,"width":226,"height":9}},{"id":"10838e7c-3537-45f0-a7ac-0ea4583bf690","block_type":"box","text":"remit enables them to assess the adequacy and effectiveness of MPFL’s internal control","page_number":16,"box":{"x":292,"y":233,"width":651,"height":12}},{"id":"c8623298-487e-40a8-971a-fa84a7d8c629","block_type":"box","text":"system","page_number":16,"box":{"x":61,"y":250,"width":51,"height":10}},{"id":"5ebec9f6-7a1b-40b5-b83a-d6f0f6b1ab1c","block_type":"box","text":",","page_number":16,"box":{"x":115,"y":256,"width":8,"height":3}},{"id":"e7315234-6bca-4ecb-8d49-193c18fc8eb3","block_type":"box","text":"Information Technology (“IT”) including cyber security","page_number":16,"box":{"x":124,"y":249,"width":395,"height":11}},{"id":"fe560e3a-8e29-4ff0-a70b-ea08ffeea1f7","block_type":"box","text":"robustness a","page_number":16,"box":{"x":520,"y":249,"width":85,"height":9}},{"id":"9efdc89b-ee67-4585-ba46-72b361a81d97","block_type":"box","text":"and","page_number":16,"box":{"x":605,"y":249,"width":27,"height":9}},{"id":"2ac40b41-7de5-43ed-b099-889462a673e3","block_type":"box","text":"th","page_number":16,"box":{"x":637,"y":249,"width":13,"height":9}},{"id":"67ac8879-0f68-483c-9f68-433ba667c81c","block_type":"box","text":"e system of governance that is in place.","page_number":16,"box":{"x":651,"y":249,"width":293,"height":11}},{"id":"eb5be0fc-f78d-453d-ba78-f3735e4f124c","block_type":"box","text":"Internal Audit attends a","page_number":16,"box":{"x":62,"y":272,"width":160,"height":9}},{"id":"9f52394e-bfbe-4596-a4e6-6166cabbf2d2","block_type":"box","text":"all","page_number":16,"box":{"x":222,"y":272,"width":21,"height":9}},{"id":"b8285c21-6e09-4f86-a4fc-ac7d57f1b91c","block_type":"box","text":"MPFL’s","page_number":16,"box":{"x":243,"y":272,"width":55,"height":9}},{"id":"9d752c93-d164-4961-b14b-2e31633294c8","block_type":"box","text":"Audit Committee meetings and also its","page_number":16,"box":{"x":303,"y":272,"width":281,"height":11}},{"id":"ec4821f0-1774-41fd-9154-5b1b41dfd641","block_type":"box","text":"Board","page_number":16,"box":{"x":589,"y":272,"width":49,"height":9}},{"id":"232a1d84-efd2-490d-b6af-44087cfa3853","block_type":"box","text":"meetings a","page_number":16,"box":{"x":638,"y":272,"width":71,"height":11}},{"id":"e9e7df92-f392-4612-8216-62b9e81fadbd","block_type":"box","text":"at","page_number":16,"box":{"x":709,"y":273,"width":14,"height":8}},{"id":"20f49371-057a-4465-8763-faba6e3b6553","block_type":"box","text":"such other times as required.","page_number":16,"box":{"x":727,"y":272,"width":217,"height":11}},{"id":"1729c03c-c874-4c84-9355-a2979ceae081","block_type":"box","text":"The Board and","page_number":16,"box":{"x":60,"y":288,"width":118,"height":9}},{"id":"296d30b1-d9a3-43cb-be6b-b0324ce5a1de","block_type":"box","text":"the","page_number":16,"box":{"x":179,"y":288,"width":28,"height":9}},{"id":"a3fe4b82-184d-4468-a666-f38c4b8fc8c2","block_type":"box","text":"Working Group","page_number":16,"box":{"x":208,"y":288,"width":113,"height":11}},{"id":"6a4bef41-5990-46e5-834d-bcf620bc152b","block_type":"box","text":"determine what actions","page_number":16,"box":{"x":329,"y":288,"width":173,"height":9}},{"id":"8c30f92b-a3e2-497f-8aef-9df75496b2f7","block_type":"box","text":"are","page_number":16,"box":{"x":509,"y":290,"width":23,"height":7}},{"id":"70a7c44e-dbe5-4570-b7f0-0e7367afa610","block_type":"box","text":"to be taken with respect to each internal audit finding","page_number":16,"box":{"x":539,"y":288,"width":404,"height":11}},{"id":"95124121-e74a-40e2-abc7-c63ce95e4c00","block_type":"box","text":"and recommendation, and ensure those actions are carried out. This function is independent and no","page_number":16,"box":{"x":61,"y":303,"width":747,"height":11}},{"id":"6ff2be4c-dccf-43e5-876b-62111b19ce1f","block_type":"box","text":"conflict","page_number":16,"box":{"x":810,"y":303,"width":51,"height":9}},{"id":"55f16615-ff86-40a8-9db9-930f58216959","block_type":"box","text":"of interest","page_number":16,"box":{"x":866,"y":303,"width":78,"height":9}},{"id":"79a7740f-2950-440e-89d7-572ccd189dac","block_type":"box","text":"arises for the persons carrying out the role.","page_number":16,"box":{"x":61,"y":319,"width":323,"height":11}},{"id":"a7a52cc1-5c65-4537-a7ed-543d0010478f","block_type":"box","text":"B.6","page_number":16,"box":{"x":61,"y":353,"width":26,"height":10}},{"id":"58a01a82-ae8f-4b91-a7ae-a0649fffcfc3","block_type":"box","text":"Actuarial function","page_number":16,"box":{"x":121,"y":353,"width":148,"height":10}},{"id":"68074197-f23a-4658-8684-fba2e989d6d5","block_type":"box","text":"The","page_number":16,"box":{"x":60,"y":378,"width":34,"height":8}},{"id":"48623acb-59bb-4c84-9b01-169b038da6c0","block_type":"box","text":"servic","page_number":16,"box":{"x":96,"y":378,"width":44,"height":8}},{"id":"c6ee93f5-0c4e-4d03-871d-c2b10256ec5c","block_type":"box","text":"es pertaining to","page_number":16,"box":{"x":140,"y":378,"width":122,"height":11}},{"id":"4243f351-feb3-48a0-a1dc-5133ecfc16af","block_type":"box","text":"Actuarial Function","page_number":16,"box":{"x":265,"y":378,"width":140,"height":8}},{"id":"4fd131e6-d27e-4feb-8405-8d096dd5bff7","block_type":"box","text":"are rendered by","page_number":16,"box":{"x":408,"y":378,"width":126,"height":11}},{"id":"a66ff5ac-2b8b-42d0-af36-564662d98cf0","block_type":"box","text":"WTW under a formal Statement","page_number":16,"box":{"x":536,"y":377,"width":248,"height":10}},{"id":"77d9ecd3-cd5a-438c-9cb8-8acd193e7a38","block_type":"box","text":"of Work agreed with","page_number":16,"box":{"x":786,"y":378,"width":158,"height":11}},{"id":"209c5beb-7882-46c0-8324-63e9641a76ab","block_type":"box","text":"MPFL. The SSGA EMEA","page_number":16,"box":{"x":61,"y":393,"width":193,"height":9}},{"id":"9c45ca69-5934-4ce1-ba19-658ea9d59fcf","block_type":"box","text":"Chief Finance Officer is the","page_number":16,"box":{"x":262,"y":393,"width":215,"height":9}},{"id":"60ae4c62-bc19-4ce4-964d-ea711c0fe678","block_type":"box","text":"S","page_number":16,"box":{"x":480,"y":393,"width":10,"height":9}},{"id":"ba5f8848-7ac8-4508-a194-6a4056868ffc","block_type":"box","text":"MF","page_number":16,"box":{"x":492,"y":394,"width":22,"height":8}},{"id":"34f38f03-e472-47f4-97b7-953457ba7763","block_type":"box","text":"2","page_number":16,"box":{"x":515,"y":394,"width":9,"height":8}},{"id":"f8b6070a-8bc7-4034-91ca-847683e08891","block_type":"box","text":"role holder who provides the internal oversight of the","page_number":16,"box":{"x":533,"y":393,"width":411,"height":12}},{"id":"06dd162a-a450-4bd2-a464-5937ed70f688","block_type":"box","text":"Actuarial Function.","page_number":16,"box":{"x":60,"y":409,"width":138,"height":9}},{"id":"2b933fdb-810e-4a08-8c64-f8a370de84c4","block_type":"box","text":"The responsibilities of th","page_number":16,"box":{"x":60,"y":432,"width":180,"height":11}},{"id":"43e2b90c-fe3d-4c2f-9a6a-e5f459bb697d","block_type":"box","text":"e Actuarial Function in MPFL cover:","page_number":16,"box":{"x":242,"y":432,"width":270,"height":9}},{"id":"7143a58f-22e0-4959-bc0a-e6eb781c2aef","block_type":"box","text":"•","page_number":16,"box":{"x":74,"y":457,"width":4,"height":4}},{"id":"eb6c3d29-9abf-4ea0-a910-7e184ba50425","block_type":"box","text":"Coordination of the technical provisions;","page_number":16,"box":{"x":103,"y":455,"width":295,"height":11}},{"id":"af61f9b9-a679-4663-90cd-01ddf8d9f826","block_type":"box","text":"•","page_number":16,"box":{"x":74,"y":479,"width":4,"height":3}},{"id":"ef4b28ea-3a5e-4dcc-878c-dcb8460f98b0","block_type":"box","text":"Data quality;","page_number":16,"box":{"x":104,"y":477,"width":97,"height":11}},{"id":"9169ed30-76de-480d-a5ae-513e71dd2af9","block_type":"box","text":"•","page_number":16,"box":{"x":74,"y":500,"width":4,"height":4}},{"id":"77da732e-69fc-4d61-b6d8-641f7dc1307e","block_type":"box","text":"Monitoring experience;","page_number":16,"box":{"x":104,"y":498,"width":167,"height":11}},{"id":"76170229-238e-4a0e-8d85-203e7e327c8c","block_type":"box","text":"•","page_number":16,"box":{"x":74,"y":522,"width":4,"height":3}},{"id":"841e624c-e3e2-4099-bb45-839c71175a88","block_type":"box","text":"Underwriting policy and reinsurance arrangements;","page_number":16,"box":{"x":104,"y":519,"width":377,"height":12}},{"id":"48fa39d1-20a1-4012-b124-c1dd7548cb93","block_type":"box","text":"•","page_number":16,"box":{"x":74,"y":543,"width":4,"height":3}},{"id":"c9a4101c-4d32-4c3e-a640-f938063f6d57","block_type":"box","text":"Internal and external actuarial reporting","page_number":16,"box":{"x":104,"y":541,"width":289,"height":11}},{"id":"b54e0e9b-1304-48fe-9bf8-26adb812b898","block_type":"box","text":"; and","page_number":16,"box":{"x":397,"y":541,"width":34,"height":10}},{"id":"a7017220-e81f-4aef-84f0-503b388e1260","block_type":"box","text":"•","page_number":16,"box":{"x":74,"y":564,"width":4,"height":4}},{"id":"80e5367d-2ed9-40ca-8bb3-272ed4819971","block_type":"box","text":"Contributing to the risk management system","page_number":16,"box":{"x":103,"y":562,"width":326,"height":11}},{"id":"dc70b57d-a609-445e-ab3e-57108e651f57","block_type":"box","text":".","page_number":16,"box":{"x":433,"y":569,"width":8,"height":2}},{"id":"557fdcf6-9095-41fe-a6d6-b65903874fac","block_type":"box","text":"Additionally, the Actuarial Function provides advice and an actuarial op","page_number":16,"box":{"x":60,"y":583,"width":532,"height":11}},{"id":"74858761-523e-4b0b-b942-97b8b2b9f678","block_type":"box","text":"inion on asset","page_number":16,"box":{"x":595,"y":583,"width":104,"height":9}},{"id":"d3fd67d2-416b-4ac9-a5c7-5ea5fbfe8cc5","block_type":"box","text":"-","page_number":16,"box":{"x":700,"y":588,"width":4,"height":1}},{"id":"8608d59e-9302-47c1-85f7-02a44b17c3c4","block_type":"box","text":"liability valuation and matching","page_number":16,"box":{"x":706,"y":583,"width":228,"height":11}},{"id":"345638e6-2955-4e99-8e0d-9fdbf2ba8e67","block_type":"box","text":",","page_number":16,"box":{"x":937,"y":590,"width":7,"height":3}},{"id":"5589a1e1-b8ef-42e7-8e29-6fd76a93c0d4","block_type":"box","text":"the current and prospective solvency position, stress and scenario tests for technical provisions and asset","page_number":16,"box":{"x":60,"y":599,"width":822,"height":11}},{"id":"8d3926e7-c472-4205-b1c9-f7758aba8490","block_type":"box","text":"-","page_number":16,"box":{"x":885,"y":604,"width":4,"height":1}},{"id":"e61f117a-2118-4031-ada4-bc41e0aa7db4","block_type":"box","text":"liability","page_number":16,"box":{"x":891,"y":599,"width":53,"height":11}},{"id":"b0775f87-b3bd-4d90-832b-42564bae9253","block_type":"box","text":"management, an","page_number":16,"box":{"x":61,"y":615,"width":124,"height":11}},{"id":"21d613d6-dd51-421d-b51b-7230b8ec55a3","block_type":"box","text":"d other forms of risk transfer or risk mitigation techniques for insurance risks.","page_number":16,"box":{"x":187,"y":615,"width":566,"height":11}},{"id":"4a340811-e6e1-45aa-a967-4143f813b163","block_type":"box","text":"The requirement to coordinate the calculation of the technical provisions can be summarised as the requirement for the","page_number":16,"box":{"x":60,"y":637,"width":883,"height":12}},{"id":"bcce6507-5924-4572-9657-52e4856a0aed","block_type":"box","text":"Actuarial Function to provide an opinion on whether the","page_number":16,"box":{"x":60,"y":653,"width":415,"height":11}},{"id":"589b4fce-93f9-4d9d-b2c2-7b978be98ca0","block_type":"box","text":"technical provisions have been calculated in accordance with","page_number":16,"box":{"x":482,"y":653,"width":461,"height":11}},{"id":"10faa1a2-b298-441f-9324-c65faaadb293","block_type":"box","text":"the","page_number":16,"box":{"x":60,"y":669,"width":28,"height":8}},{"id":"882270e6-6a2a-4fd6-b856-4df0b27d6066","block_type":"box","text":"Consolidated","page_number":16,"box":{"x":89,"y":668,"width":103,"height":10}},{"id":"c271e174-c955-4544-a011-181fc87fca5e","block_type":"box","text":"Solvency","page_number":16,"box":{"x":192,"y":668,"width":72,"height":12}},{"id":"69395de2-e56e-4c2b-bb48-0e5d5f461e15","block_type":"box","text":"II Directive and Regulation","page_number":16,"box":{"x":266,"y":669,"width":194,"height":11}},{"id":"034336ed-0248-4220-aa86-e46481315f35","block_type":"box","text":", and to ensure any approximations and/or limitations have been","page_number":16,"box":{"x":463,"y":668,"width":480,"height":12}},{"id":"dcc9ffee-82e6-4d9f-acda-8752194b3e72","block_type":"box","text":"addressed appropriately. The Actuarial Function is directly responsible for e","page_number":16,"box":{"x":61,"y":684,"width":608,"height":12}},{"id":"a7fe8358-17b8-4d58-89ef-c8d5ac7bf097","block_type":"box","text":"nsuring that the assumptions and","page_number":16,"box":{"x":671,"y":685,"width":273,"height":11}},{"id":"b0f1e656-c807-4224-9c2a-bda8432a59f5","block_type":"box","text":"methodologies used to value the unit","page_number":16,"box":{"x":61,"y":700,"width":280,"height":12}},{"id":"f3dd3014-d306-4d01-87c4-333979135374","block_type":"box","text":"-","page_number":16,"box":{"x":343,"y":705,"width":4,"height":1}},{"id":"5db9e5a6-4bdd-4448-9b87-dd6a52b7813c","block_type":"box","text":"linked business are appropriate. The Actuarial Function","page_number":16,"box":{"x":348,"y":700,"width":422,"height":11}},{"id":"712de671-87a5-4e0f-af36-16c8078bc149","block_type":"box","text":"is also","page_number":16,"box":{"x":774,"y":700,"width":47,"height":9}},{"id":"d5288fa5-6815-4b73-9815-0fecba941e76","block_type":"box","text":"responsible for","page_number":16,"box":{"x":830,"y":700,"width":114,"height":11}},{"id":"401e7ed5-85ab-4708-ae4a-fa0e4de79958","block_type":"box","text":"reviewing the SCR","page_number":16,"box":{"x":61,"y":716,"width":138,"height":11}},{"id":"c31dd159-f878-4167-8571-a88482f1408f","block_type":"box","text":".","page_number":16,"box":{"x":201,"y":724,"width":8,"height":1}},{"id":"62baa885-3e39-4de9-9958-795959844f40","block_type":"box","text":"The Actuarial Function assesses the consistency of the data used in the calculation of","page_number":16,"box":{"x":60,"y":739,"width":640,"height":11}},{"id":"93352a37-2530-4c84-9984-a8d8efe084ce","block_type":"box","text":"the technical provisions against","page_number":16,"box":{"x":706,"y":739,"width":238,"height":11}},{"id":"0f05b747-b540-4802-83c7-043f2e5ad9bf","block_type":"box","text":"the data quality standards as set out in the","page_number":16,"box":{"x":60,"y":755,"width":351,"height":11}},{"id":"4844800b-4995-4965-9412-819526c53c9e","block_type":"box","text":"Solvency","page_number":16,"box":{"x":417,"y":754,"width":72,"height":12}},{"id":"0db77639-c2f0-431f-8f64-4e88525580b8","block_type":"box","text":"II","page_number":16,"box":{"x":495,"y":755,"width":6,"height":8}},{"id":"a21fc96f-fe27-41f7-a647-5020da4fbe05","block_type":"box","text":"Regulation","page_number":16,"box":{"x":513,"y":755,"width":77,"height":11}},{"id":"86406e21-dea8-487d-bc14-03e779c8b410","block_type":"box","text":"and Implementing Technical Standards and","page_number":16,"box":{"x":600,"y":754,"width":344,"height":12}},{"id":"cd0f7b7f-2879-4bd2-a868-00756b40cfc2","block_type":"box","text":"Guidelines, in particular by assessing the adequacy of the","page_number":16,"box":{"x":61,"y":770,"width":443,"height":11}},{"id":"79eecebb-7002-4d5b-b104-4e1741b56925","block_type":"box","text":"data checks carried out by MPFL. The Actuarial Functio","page_number":16,"box":{"x":507,"y":770,"width":422,"height":11}},{"id":"16b24006-5a85-4045-ad46-abdf447d5388","block_type":"box","text":"n","page_number":16,"box":{"x":932,"y":772,"width":12,"height":7}},{"id":"29db74e2-0b09-4138-bccf-bfeee5592518","block_type":"box","text":"carries","page_number":16,"box":{"x":61,"y":786,"width":49,"height":9}},{"id":"7e8bdcc7-159a-49d8-a979-cf3ec32de5d5","block_type":"box","text":"out independent high","page_number":16,"box":{"x":117,"y":786,"width":159,"height":11}},{"id":"90cc1bdc-6dfb-4cff-8599-d84268e67940","block_type":"box","text":"-","page_number":16,"box":{"x":279,"y":791,"width":4,"height":1}},{"id":"bc6450a5-4171-4fe6-9637-596e8d5899cc","block_type":"box","text":"level checks on the information supplied to the Actuarial Function for consistency with","page_number":16,"box":{"x":284,"y":786,"width":659,"height":11}},{"id":"2aa4bcfe-87e2-4752-b25e-2b878ce2a638","block_type":"box","text":"MPFL’s report and f","page_number":16,"box":{"x":61,"y":802,"width":141,"height":11}},{"id":"28f93cd6-51ad-4af0-8789-34aff58c81b4","block_type":"box","text":"financial statements","page_number":16,"box":{"x":202,"y":802,"width":147,"height":9}},{"id":"4aac2e48-93e3-42b7-b828-8c7823244216","block_type":"box","text":", including checks that the individual asset data supplied reconcile","page_number":16,"box":{"x":351,"y":802,"width":482,"height":11}},{"id":"76985095-7b9a-464b-abde-34cca25072f4","block_type":"box","text":"s","page_number":16,"box":{"x":835,"y":804,"width":7,"height":7}},{"id":"ef86961c-05bc-4b57-852e-98713eb16e1c","block_type":"box","text":"with the total","page_number":16,"box":{"x":847,"y":802,"width":97,"height":9}},{"id":"d173e9ac-5c99-4f43-b1d7-52f6e2704fef","block_type":"box","text":"non","page_number":16,"box":{"x":61,"y":820,"width":26,"height":6}},{"id":"cb6bf82b-ca70-4500-8143-be83356840af","block_type":"box","text":"-","page_number":16,"box":{"x":89,"y":822,"width":4,"height":1}},{"id":"6d901082-4a99-4297-ae2a-f097dba80081","block_type":"box","text":"unit and u","page_number":16,"box":{"x":95,"y":818,"width":72,"height":8}},{"id":"74d5d2ab-df19-4640-a070-ecc271359b54","block_type":"box","text":"nit","page_number":16,"box":{"x":169,"y":818,"width":16,"height":8}},{"id":"252ce715-691d-4801-be14-8bb7de621cde","block_type":"box","text":"-","page_number":16,"box":{"x":187,"y":822,"width":4,"height":1}},{"id":"d19c20c5-9ef9-4cab-90e2-96989332f740","block_type":"box","text":"linked funds and that any movements can be explained.","page_number":16,"box":{"x":192,"y":817,"width":412,"height":12}},{"id":"b19a006b-d418-4905-9d1a-7ba7812f7bf6","block_type":"box","text":"The Actuarial Function verifies the best estimate assumptions used in the calculation on the basis of an annual","page_number":16,"box":{"x":60,"y":840,"width":883,"height":11}},{"id":"40be89c1-a0fd-46d6-92e5-09891e2adc10","block_type":"box","text":"assessment of the expenses and charges on policies, based on actual experience and the","page_number":16,"box":{"x":61,"y":856,"width":670,"height":11}},{"id":"40330c63-78bc-4506-be36-bc1633d0f80c","block_type":"box","text":"information supplied by","page_number":16,"box":{"x":739,"y":856,"width":177,"height":11}},{"id":"c07b8e69-3368-46f0-a8eb-05cc091aa2e8","block_type":"box","text":"the","page_number":16,"box":{"x":917,"y":856,"width":27,"height":9}},{"id":"158aec87-6f0d-4dc8-956a-5c6243645fc8","block_type":"box","text":"Finance","page_number":16,"box":{"x":61,"y":872,"width":64,"height":9}},{"id":"04784011-e935-4682-a007-8a75e13402b4","block_type":"box","text":"Function","page_number":16,"box":{"x":126,"y":872,"width":62,"height":9}},{"id":"06a3e225-f345-45bd-9895-6edbf8d98e1c","block_type":"box","text":". External information on risk","page_number":16,"box":{"x":191,"y":872,"width":216,"height":9}},{"id":"e129b3ad-96a0-4fcd-a4f7-9a190a9e8fb9","block_type":"box","text":"-","page_number":16,"box":{"x":408,"y":877,"width":4,"height":1}},{"id":"1f18505d-9774-4e5b-ab2a-1e773dd2f083","block_type":"box","text":"free yields and inflation is expected to be updated on a quarterly basis.","page_number":16,"box":{"x":413,"y":872,"width":522,"height":11}},{"id":"7f271f71-3f22-4d74-ad39-dd58ec333a92","block_type":"box","text":"Underwriting policy includes the terms on w","page_number":16,"box":{"x":61,"y":895,"width":318,"height":11}},{"id":"1d9bf4ce-6192-4330-9187-fc3c49d105c1","block_type":"box","text":"hich new business is written; t","page_number":16,"box":{"x":381,"y":895,"width":218,"height":10}},{"id":"5ceef1bd-7f67-4348-8e73-0b86de7b4dcb","block_type":"box","text":"he Actuarial Function will advise on the impact","page_number":16,"box":{"x":600,"y":895,"width":344,"height":11}},{"id":"195bcf2b-185e-4216-93dc-6c6a4010c2ad","block_type":"box","text":"on the technical provisions and the SCR of any material changes in the terms on which MPFL writes new business,","page_number":16,"box":{"x":61,"y":910,"width":881,"height":12}},{"id":"5d99997b-3136-43a1-9a74-f0e33c4113f8","block_type":"box","text":"including the introduction of any new products.","page_number":16,"box":{"x":61,"y":926,"width":349,"height":11}},{"id":"ca76fb46-c140-4d74-b364-c97d1e4fba74","block_type":"box","text":"Solvency and Financial Condition Report","page_number":17,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"44af9f32-7d90-4023-b670-9c6a6fc8b8b2","block_type":"box","text":"M","page_number":17,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"d3925df9-c858-4e75-be15-367caab2fc11","block_type":"box","text":"anaged Pension Funds Limited","page_number":17,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"3e85aedd-d743-4e1f-9c06-590b7b710e5a","block_type":"box","text":"17","page_number":17,"box":{"x":496,"y":962,"width":15,"height":7}},{"id":"72ebaf2e-a203-49bb-91b2-106aecb2c249","block_type":"box","text":"/","page_number":17,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"fb046652-abbf-4e07-81b7-c900c8c9b1da","block_type":"box","text":"38","page_number":17,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"f281e9ec-98bf-4c39-beba-2212de99f250","block_type":"box","text":"The Actuarial Function reports to the Board qu","page_number":17,"box":{"x":60,"y":76,"width":352,"height":12}},{"id":"f0fcc2e5-e0ec-4431-b1f5-1a1b3f0c2ded","block_type":"box","text":"arterly and promptly report","page_number":17,"box":{"x":414,"y":76,"width":200,"height":12}},{"id":"03f9ef8c-fd6e-4a3c-a1be-4a70d4a08a9d","block_type":"box","text":"s","page_number":17,"box":{"x":616,"y":79,"width":7,"height":6}},{"id":"f9787f61-c7c7-4402-8c9c-a9dff16c48f0","block_type":"box","text":"to","page_number":17,"box":{"x":629,"y":77,"width":19,"height":8}},{"id":"8328a8d4-d371-4555-a0d3-f9ef7a77ea73","block_type":"box","text":"the Working Group","page_number":17,"box":{"x":649,"y":76,"width":149,"height":12}},{"id":"2af50ed8-93d7-4a0f-bc48-958cde530f50","block_type":"box","text":"any issues arising,","page_number":17,"box":{"x":799,"y":76,"width":145,"height":12}},{"id":"63ae0cbd-e2f4-4810-ba06-16c43507d88d","block_type":"box","text":"either from the information provided or through the work undertaken, that may have a material impact on the financial","page_number":17,"box":{"x":61,"y":92,"width":881,"height":11}},{"id":"104a7e22-46c2-4e0a-895c-589dc6133248","block_type":"box","text":"position of MPFL. The Actuarial Function also provide","page_number":17,"box":{"x":61,"y":108,"width":396,"height":11}},{"id":"649159b8-59ce-4b96-9ae5-a5ee74688a4b","block_type":"box","text":"s","page_number":17,"box":{"x":459,"y":110,"width":8,"height":6}},{"id":"bd1c12e7-c752-45c8-a55c-39a46719adaa","block_type":"box","text":"input to the","page_number":17,"box":{"x":473,"y":108,"width":86,"height":11}},{"id":"a965ec9e-da96-4e08-a218-0a0209aaebff","block_type":"box","text":"Risk Management Function on the risks MPFL runs","page_number":17,"box":{"x":561,"y":108,"width":383,"height":11}},{"id":"d241cd1a-b7f5-4dfc-8fff-c223a691691b","block_type":"box","text":"in so far as they may have a material impact on MPFL’s ability to meet its liabilities to policyholders and on the capital","page_number":17,"box":{"x":61,"y":123,"width":881,"height":12}},{"id":"e0209b01-b943-46af-92b3-6018447254f8","block_type":"box","text":"needed to support the business, including regulatory capital requirements.","page_number":17,"box":{"x":61,"y":139,"width":547,"height":12}},{"id":"b992c8f1-ef73-46d3-80d4-bd6c995cf7cf","block_type":"box","text":"B.7","page_number":17,"box":{"x":61,"y":165,"width":25,"height":9}},{"id":"8626ff39-2740-4239-8021-a3a55a25536e","block_type":"box","text":"Outsou","page_number":17,"box":{"x":121,"y":164,"width":61,"height":10}},{"id":"62b2d8b2-b4cb-4b9d-976e-e1911b56a7d9","block_type":"box","text":"rcing","page_number":17,"box":{"x":183,"y":164,"width":42,"height":13}},{"id":"d7b906f2-97d3-4bf8-b837-b9765b2732fc","block_type":"box","text":"An","page_number":17,"box":{"x":60,"y":187,"width":20,"height":8}},{"id":"4bcd24a1-cae8-436d-ae1f-e611db564160","block_type":"box","text":"EMEA Outsourcing Policy","page_number":17,"box":{"x":87,"y":187,"width":190,"height":11}},{"id":"c15725e5-8b70-465d-8327-b518a195b0a2","block_type":"box","text":"exists, that is","page_number":17,"box":{"x":283,"y":187,"width":95,"height":10}},{"id":"d7d6bdb0-edd6-4f55-85b1-50d9a9692f1b","block_type":"box","text":"applicable to all UK businesses, legal entities and UK","page_number":17,"box":{"x":384,"y":187,"width":393,"height":11}},{"id":"9fe8a313-4f8f-4928-9c3d-af700e8554ab","block_type":"box","text":"-","page_number":17,"box":{"x":778,"y":192,"width":4,"height":1}},{"id":"b58781d4-c821-4031-bec7-9e4057fd747d","block_type":"box","text":"based branches","page_number":17,"box":{"x":784,"y":187,"width":118,"height":9}},{"id":"705719f1-d568-4132-abeb-0e0d9df02805","block_type":"box","text":",","page_number":17,"box":{"x":904,"y":194,"width":8,"height":3}},{"id":"114e89af-2bc3-4854-81d1-1aeceb2f8d2d","block_type":"box","text":"and","page_number":17,"box":{"x":912,"y":187,"width":32,"height":9}},{"id":"dbddd0d9-ec80-48b2-9120-2b4c98187e41","block_type":"box","text":"as such is inclusive of MPFL","page_number":17,"box":{"x":61,"y":203,"width":210,"height":8}},{"id":"87e13071-3533-4659-ab3b-6e7ab23b45d3","block_type":"box","text":".","page_number":17,"box":{"x":274,"y":210,"width":8,"height":1}},{"id":"c5d7df9f-612b-4ef6-8b17-e721d956f538","block_type":"box","text":"MPFL","page_number":17,"box":{"x":61,"y":226,"width":44,"height":8}},{"id":"f4a70eb6-53bc-4dd1-b866-340956f244eb","block_type":"box","text":"has appointed a UK senior manager who is responsible for oversight of the business line","page_number":17,"box":{"x":114,"y":226,"width":697,"height":11}},{"id":"0359dedb-60f5-425f-a03b-c9e74728744c","block_type":"box","text":"s","page_number":17,"box":{"x":814,"y":228,"width":8,"height":7}},{"id":"22dd7b47-dd03-4676-a7e7-2859769d62fe","block_type":"box","text":"’ and co","page_number":17,"box":{"x":823,"y":226,"width":63,"height":9}},{"id":"1de2a0ba-eaf9-4434-9d46-4bc5aef6e24a","block_type":"box","text":"rporate","page_number":17,"box":{"x":888,"y":226,"width":56,"height":11}},{"id":"a8d85fca-b0bb-476a-9a82-b274a4d9923a","block_type":"box","text":"function","page_number":17,"box":{"x":60,"y":241,"width":58,"height":9}},{"id":"3b55cf78-b0d8-45af-91b1-1acd60a946a5","block_type":"box","text":"s","page_number":17,"box":{"x":120,"y":243,"width":7,"height":7}},{"id":"7c75db26-60ff-4895-9636-23f50655ff13","block_type":"box","text":"’ portfolio of outsourced arrangements (the Outsourcing Oversight Manager); and","page_number":17,"box":{"x":129,"y":241,"width":637,"height":11}},{"id":"b839dbe6-57a1-47a4-ad2d-9a065d5e5764","block_type":"box","text":"in relation to services","page_number":17,"box":{"x":773,"y":241,"width":171,"height":9}},{"id":"88f410d9-b80f-4140-b11f-eff7ffb1ad97","block_type":"box","text":"covered under an outsourcing arrangement,","page_number":17,"box":{"x":61,"y":257,"width":342,"height":11}},{"id":"42e6aa82-1723-4c2b-8309-85e44b02d43d","block_type":"box","text":"a UK Outsourcing Arrangement Owner for each arrangement who is","page_number":17,"box":{"x":407,"y":257,"width":536,"height":11}},{"id":"e595ebb0-3b34-4959-98e9-1ab10fd49584","block_type":"box","text":"responsible for ensuring corre","page_number":17,"box":{"x":61,"y":273,"width":220,"height":11}},{"id":"8fff2e61-70ce-4698-9e33-2ef76c3c441b","block_type":"box","text":"ct documentation for each arrangement and ongoing oversight of each arrangement.","page_number":17,"box":{"x":283,"y":273,"width":625,"height":11}},{"id":"d808ef48-1502-4cdd-8e43-4f824c97f8b0","block_type":"box","text":"It has developed and implemented a programme to:","page_number":17,"box":{"x":62,"y":296,"width":381,"height":11}},{"id":"695b0438-e9a1-448c-a9bf-0437fe828d1c","block_type":"box","text":"•","page_number":17,"box":{"x":74,"y":321,"width":4,"height":4}},{"id":"2cbf5522-5e06-4bde-9ce5-4fcf7f69791b","block_type":"box","text":"Identify all internal and external arrangements that are categorised as material by the FCA;","page_number":17,"box":{"x":104,"y":319,"width":670,"height":11}},{"id":"3af99642-8a31-4472-a865-89650b27c72a","block_type":"box","text":"•","page_number":17,"box":{"x":74,"y":343,"width":4,"height":3}},{"id":"4ab7bcc3-6946-4aa7-b38d-62676fac639d","block_type":"box","text":"Ensure appropriate contractual ag","page_number":17,"box":{"x":104,"y":340,"width":250,"height":12}},{"id":"e3b4b15f-504c-4fb8-b7b3-53a7596a9c6c","block_type":"box","text":"reements are in place;","page_number":17,"box":{"x":357,"y":340,"width":163,"height":12}},{"id":"db772a2d-b11b-4364-9be2-753e7580573c","block_type":"box","text":"•","page_number":17,"box":{"x":74,"y":364,"width":4,"height":4}},{"id":"ea5374e5-c101-490f-930a-2d3c4dc4f4b7","block_type":"box","text":"Ensure efficient oversight of outsourcing arrangements, including KRI metrics and reporting to the Working Group","page_number":17,"box":{"x":104,"y":362,"width":839,"height":11}},{"id":"f03b6605-8e56-45ff-84d7-42f35665540d","block_type":"box","text":"and the Board;","page_number":17,"box":{"x":103,"y":376,"width":108,"height":10}},{"id":"1861a1b6-25f5-4b96-80cb-a47017693c87","block_type":"box","text":"•","page_number":17,"box":{"x":74,"y":400,"width":4,"height":3}},{"id":"617b5ba9-0de1-4cb6-a5f3-fd7706533b5d","block_type":"box","text":"Undertake annual outsourcing assessments of in","page_number":17,"box":{"x":104,"y":397,"width":361,"height":12}},{"id":"89ae3009-6b22-47bc-a62a-dbb0cbc9fe78","block_type":"box","text":"-","page_number":17,"box":{"x":467,"y":402,"width":4,"height":1}},{"id":"b0f3a260-1a15-4f70-9cdb-e3d679248339","block_type":"box","text":"scope arrangements;","page_number":17,"box":{"x":473,"y":398,"width":161,"height":11}},{"id":"078de107-caa4-4c32-8d44-b043d92b5a0a","block_type":"box","text":"•","page_number":17,"box":{"x":74,"y":421,"width":4,"height":3}},{"id":"1c1fa937-f5d8-42c3-925d-a58864a6a770","block_type":"box","text":"Provide oversight of IT resilience initiatives underway in group entities","page_number":17,"box":{"x":104,"y":419,"width":516,"height":11}},{"id":"bfdadb52-203c-4577-8180-21e175baab0c","block_type":"box","text":".","page_number":17,"box":{"x":622,"y":426,"width":2,"height":1}},{"id":"0820e8ac-4c59-44a1-aa76-84e8dae6482a","block_type":"box","text":"The oversight of the outsourced operating model is the responsibility of the Board","page_number":17,"box":{"x":60,"y":440,"width":610,"height":11}},{"id":"5a24089f-0a18-4ad4-b5c8-a6615056f679","block_type":"box","text":". The Board delegates","page_number":17,"box":{"x":674,"y":440,"width":171,"height":11}},{"id":"0bd69091-02a5-4346-9caa-9d96506581b4","block_type":"box","text":"to","page_number":17,"box":{"x":845,"y":440,"width":19,"height":9}},{"id":"e4e3a1e1-aa38-4bbc-a38f-9cde0865b2b6","block_type":"box","text":"the SS","page_number":17,"box":{"x":865,"y":440,"width":50,"height":9}},{"id":"fc31a2d8-2a4b-4942-8e3e-d4ff90cb26ba","block_type":"box","text":"GA","page_number":17,"box":{"x":917,"y":440,"width":27,"height":9}},{"id":"24498c9e-c33a-489d-8286-3977cc67edb9","block_type":"box","text":"UK SMC oversight","page_number":17,"box":{"x":61,"y":455,"width":150,"height":12}},{"id":"f358ae17-f5da-46bd-9a80-f73fbb0688de","block_type":"box","text":"of the Company’s corporate and fund governance, including those matters delegated by the","page_number":17,"box":{"x":215,"y":455,"width":728,"height":12}},{"id":"693a2be4-cef9-4cc8-893d-e717c889c4c0","block_type":"box","text":"Company to State Street Global Advisors Limited","page_number":17,"box":{"x":61,"y":471,"width":374,"height":11}},{"id":"23f76311-90a1-49d9-9faa-2abd5670cbae","block_type":"box","text":". The Working Group and the SSGA UK SMC escalate significant","page_number":17,"box":{"x":438,"y":471,"width":505,"height":11}},{"id":"bf7f1f64-46bf-4651-8c59-48f99c0c04e3","block_type":"box","text":"matters to the Board as necessary, and","page_number":17,"box":{"x":61,"y":487,"width":297,"height":11}},{"id":"dcc9834f-b8ac-4013-a61a-6cf468e240b9","block_type":"box","text":"report to the Board on their actions under this delegation on a regular basis","page_number":17,"box":{"x":360,"y":487,"width":554,"height":11}},{"id":"6471bb9d-7744-40f1-a448-c2a73e64b69a","block_type":"box","text":".","page_number":17,"box":{"x":918,"y":494,"width":1,"height":1}},{"id":"859dff87-27f6-4caa-8dd3-073b88adb1ae","block_type":"box","text":"B.8","page_number":17,"box":{"x":61,"y":521,"width":26,"height":10}},{"id":"ec21bcf1-2516-4543-981f-ddd0ec551ab8","block_type":"box","text":"Any other information","page_number":17,"box":{"x":121,"y":521,"width":183,"height":12}},{"id":"e5305848-a57e-4d63-ab85-1b392dde9aa7","block_type":"box","text":"There is no other material information regarding MPFL’s system of governance to add.","page_number":17,"box":{"x":60,"y":545,"width":640,"height":12}},{"id":"9fd5bca8-1d36-4fd2-ab34-cf4251dcd77c","block_type":"box","text":"Solvency and Financial Condition Report","page_number":18,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"42b013c1-edee-4a03-a0b8-26694471d7a2","block_type":"box","text":"M","page_number":18,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"3647339e-d4c2-46dd-833f-3d14e21298cd","block_type":"box","text":"anaged Pension Funds Limited","page_number":18,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"42bfb568-b53b-4b92-a708-bfccf8201735","block_type":"box","text":"18","page_number":18,"box":{"x":496,"y":962,"width":15,"height":7}},{"id":"357fbfd2-443d-43b7-a301-5d6e94d3ba7d","block_type":"box","text":"/","page_number":18,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"09ec9d1e-3747-4d58-9bba-6515204a821b","block_type":"box","text":"38","page_number":18,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"5a3f95ab-9381-4e03-9161-428990a1e74a","block_type":"box","text":"Section C: Risk Profile","page_number":18,"box":{"x":61,"y":92,"width":205,"height":10}},{"id":"a30849db-1863-490b-aec7-8dc5839159d2","block_type":"box","text":"C.","page_number":18,"box":{"x":61,"y":131,"width":16,"height":10}},{"id":"ae9a8543-5ab6-4e98-b268-3b11ebcb5aac","block_type":"box","text":"1","page_number":18,"box":{"x":79,"y":131,"width":6,"height":9}},{"id":"42f2ccfe-542c-4f79-96aa-9f1583554d91","block_type":"box","text":"Operational risk","page_number":18,"box":{"x":121,"y":131,"width":133,"height":12}},{"id":"747d0c6b-5475-4faa-8bdb-2819123e4a6e","block_type":"box","text":"This risk is defined as the risk of errors or omissions arising from inadequate or failed internal processes with the","page_number":18,"box":{"x":60,"y":155,"width":883,"height":11}},{"id":"1306e1fd-4ba5-477c-9974-26ec29ab3c3e","block_type":"box","text":"potential for financial, reputational or franchise harm.","page_number":18,"box":{"x":61,"y":171,"width":400,"height":11}},{"id":"58537118-ced3-4dd8-b6b6-bc8436cc9d3b","block_type":"box","text":"MPFL recognises that","page_number":18,"box":{"x":464,"y":171,"width":168,"height":11}},{"id":"c10e6721-f630-43e9-b30a-80033031be25","block_type":"box","text":"performance of investment servicing and","page_number":18,"box":{"x":634,"y":171,"width":310,"height":11}},{"id":"096700e8-6935-4a65-8966-5ae3cc7ce4e1","block_type":"box","text":"investment managemen","page_number":18,"box":{"x":61,"y":186,"width":177,"height":12}},{"id":"ddf825b2-e07d-4b19-926b-00c47356ead2","block_type":"box","text":"t activities","page_number":18,"box":{"x":240,"y":186,"width":78,"height":9}},{"id":"c8f4c607-7f73-4214-872f-2950857d0740","block_type":"box","text":"have","page_number":18,"box":{"x":319,"y":186,"width":40,"height":9}},{"id":"2d739a58-dcb9-414f-bb30-5ab4ff2accd5","block_type":"box","text":"intrinsic","page_number":18,"box":{"x":361,"y":186,"width":60,"height":9}},{"id":"f5f9dfb6-ba20-4306-83e1-9f4fe4804642","block_type":"box","text":"operational execution risk","page_number":18,"box":{"x":421,"y":186,"width":195,"height":12}},{"id":"ff61a91a-4192-43ce-8c36-7b6d05128668","block_type":"box","text":"that","page_number":18,"box":{"x":616,"y":186,"width":33,"height":9}},{"id":"05541718-cac3-4288-8a0f-60f20d281286","block_type":"box","text":"cannot be managed to zero.","page_number":18,"box":{"x":649,"y":186,"width":207,"height":12}},{"id":"dc029ff9-7207-498c-89f1-7dbac22f49fe","block_type":"box","text":"Operational execution risk is addressed by identifying, collecting and analysing operational risk data; utilising the data","page_number":18,"box":{"x":61,"y":209,"width":882,"height":11}},{"id":"db33b00a-1512-4027-92d5-4cb5f08828ab","block_type":"box","text":"to quantify its operational risk exposure and","page_number":18,"box":{"x":60,"y":225,"width":346,"height":11}},{"id":"39b7e2e5-1e10-425d-bbed-ee984c92298d","block_type":"box","text":"by implementing a comprehensive operational risk management and","page_number":18,"box":{"x":411,"y":225,"width":532,"height":11}},{"id":"a9b1b96f-6ff4-4d8a-8f43-dc26d94bce39","block_type":"box","text":"governance structure.","page_number":18,"box":{"x":61,"y":241,"width":163,"height":11}},{"id":"e972c519-5caa-4444-a377-b87928732b30","block_type":"box","text":"The Company seeks to ensure this risk is managed to a level consistent with achieving its","page_number":18,"box":{"x":233,"y":240,"width":710,"height":12}},{"id":"c3dc5207-a32c-4d99-b25f-265ef3ad8e40","block_type":"box","text":"strategic, financial and operational objectives with the goal of having an effec","page_number":18,"box":{"x":61,"y":256,"width":610,"height":11}},{"id":"b6df32dc-87f9-4f82-b9f7-c388ba173f72","block_type":"box","text":"tively designed and well","page_number":18,"box":{"x":673,"y":256,"width":187,"height":11}},{"id":"a2e62aa8-13eb-469a-a6b4-5472fb7dc52d","block_type":"box","text":"-","page_number":18,"box":{"x":862,"y":261,"width":4,"height":1}},{"id":"584d7697-acf2-404f-acfe-e85cfec234f3","block_type":"box","text":"controlled","page_number":18,"box":{"x":868,"y":256,"width":76,"height":9}},{"id":"757ee81c-bbb5-4b47-baa0-20d7a3e79168","block_type":"box","text":"operating environment within its established appetite.","page_number":18,"box":{"x":61,"y":272,"width":392,"height":11}},{"id":"d7f891b6-f7ae-48c5-b6d4-b25eb97b6399","block_type":"box","text":"Further, t","page_number":18,"box":{"x":61,"y":295,"width":69,"height":10}},{"id":"d5094065-4927-42e6-850b-8617e9cf2194","block_type":"box","text":"he","page_number":18,"box":{"x":131,"y":295,"width":23,"height":8}},{"id":"ad5f7f27-b55f-45f3-b917-70b827c4e1f3","block_type":"box","text":"Group companies provide operational services to MPFL. These services are governed by arm’s length","page_number":18,"box":{"x":156,"y":294,"width":787,"height":12}},{"id":"0854a695-35f4-443a-80cc-110120c56403","block_type":"box","text":"agr","page_number":18,"box":{"x":61,"y":313,"width":24,"height":9}},{"id":"9a3c1e8b-e093-4f5f-b8c6-58fa143723b3","block_type":"box","text":"eements which require the service provider to make","page_number":18,"box":{"x":85,"y":311,"width":384,"height":11}},{"id":"2ea14694-70d9-49ca-9e7f-8951a82eee03","block_type":"box","text":"good any operational losses on behalf of an MPFL policyholders","page_number":18,"box":{"x":469,"y":310,"width":475,"height":12}},{"id":"ffb99a99-4492-4497-af80-8635718a912e","block_type":"box","text":"or an MPFL fund, arising from its negligence","page_number":18,"box":{"x":61,"y":326,"width":343,"height":12}},{"id":"cf2b9bdd-bbd3-4094-8c1d-f2a1a8865712","block_type":"box","text":"of the service provider","page_number":18,"box":{"x":413,"y":326,"width":171,"height":11}},{"id":"5dbcb62b-4b1d-4ff7-a79b-db7d12fc3690","block_type":"box","text":",","page_number":18,"box":{"x":585,"y":334,"width":8,"height":3}},{"id":"67fa242e-05ff-4d09-aa92-0fd59c18b689","block_type":"box","text":"willful","page_number":18,"box":{"x":596,"y":326,"width":39,"height":9}},{"id":"2b6b7c43-9cc8-4ba2-9ed3-a2eb57ae7552","block_type":"box","text":"default, fraud, or in respect of SSGAL,","page_number":18,"box":{"x":644,"y":326,"width":300,"height":11}},{"id":"5ae5ea7e-0537-4994-ae83-af7e712402f3","block_type":"box","text":"consequential losses.","page_number":18,"box":{"x":61,"y":342,"width":160,"height":11}},{"id":"befee529-1754-4928-b5f8-809a6e856770","block_type":"box","text":"These services include an IT component which address","page_number":18,"box":{"x":230,"y":342,"width":429,"height":11}},{"id":"0e7f80e6-ccbd-4414-bd45-8642ecc7e8fc","block_type":"box","text":"IT resilience and cyber security.","page_number":18,"box":{"x":663,"y":342,"width":240,"height":11}},{"id":"760434cb-df42-4c6c-b537-c70c24b77618","block_type":"box","text":"The","page_number":18,"box":{"x":911,"y":342,"width":33,"height":9}},{"id":"37b57a7a-4d41-449f-8a6f-0f35a6a0d601","block_type":"box","text":"oversight of all","page_number":18,"box":{"x":61,"y":358,"width":107,"height":11}},{"id":"3b14651f-1486-4699-a138-2ad812135b0a","block_type":"box","text":"outsourced functions is the responsibility of the Board.","page_number":18,"box":{"x":174,"y":358,"width":400,"height":11}},{"id":"86ad47f9-222f-4538-8a33-708a2f3de16c","block_type":"box","text":"The operational risk","page_number":18,"box":{"x":60,"y":381,"width":147,"height":11}},{"id":"d22ce448-e6f9-4b38-a19b-00e638353be3","block_type":"box","text":"capital requirement","page_number":18,"box":{"x":213,"y":381,"width":141,"height":11}},{"id":"35b2e8b3-033a-4597-89bc-9a046ccaf024","block_type":"box","text":"is determined as 25% of expenses incurred during the year. Fluctuations in the","page_number":18,"box":{"x":360,"y":381,"width":583,"height":11}},{"id":"d7480aae-68af-4ccc-b888-c973e041825f","block_type":"box","text":"MPFL AUM impact the SCR calculation in two ways by increases/decreases in:","page_number":18,"box":{"x":61,"y":396,"width":585,"height":11}},{"id":"197dddde-c40d-4943-9929-80973524609f","block_type":"box","text":"•","page_number":18,"box":{"x":74,"y":422,"width":4,"height":3}},{"id":"0d517444-11da-4c03-b710-3ba07ba929ab","block_type":"box","text":"Management fees remitted to SSGAL (fees remitted to SSGAL are considered as “expenses” for MPFL); and","page_number":18,"box":{"x":83,"y":419,"width":805,"height":12}},{"id":"d731e1af-7c87-4ff5-a9a5-20361f78988b","block_type":"box","text":"•","page_number":18,"box":{"x":74,"y":443,"width":4,"height":4}},{"id":"909c239f-fdf5-4881-bf1e-2c1b77f066e6","block_type":"box","text":"Fund Investment expenses.","page_number":18,"box":{"x":83,"y":441,"width":204,"height":11}},{"id":"46e04ec6-3437-4f78-9aea-88207d264279","block_type":"box","text":"The","page_number":18,"box":{"x":60,"y":462,"width":34,"height":9}},{"id":"0d939810-c8e2-41f4-9055-0ed4859a8c58","block_type":"box","text":"Pillar 1","page_number":18,"box":{"x":97,"y":462,"width":57,"height":9}},{"id":"bedc12fb-f2d7-4006-99da-4b97e4eaec84","block_type":"box","text":"capital requirement for this","page_number":18,"box":{"x":157,"y":462,"width":207,"height":11}},{"id":"cc6d2a22-5e9f-4ed6-bcd6-7b4bfec7ecbc","block_type":"box","text":"r","page_number":18,"box":{"x":368,"y":464,"width":4,"height":7}},{"id":"df8c5ae7-84b8-4f55-bd5c-964feb3e92b3","block_type":"box","text":"isk","page_number":18,"box":{"x":373,"y":462,"width":20,"height":9}},{"id":"e33f0b68-bf2d-4379-9f74-45c3303ecd5e","block_type":"box","text":",","page_number":18,"box":{"x":394,"y":469,"width":2,"height":3}},{"id":"a977b2f1-07be-4f1f-881f-f6aa66859a80","block_type":"box","text":"calculated using the Standard Formula,","page_number":18,"box":{"x":405,"y":462,"width":298,"height":11}},{"id":"6ebff404-a877-4f33-8e39-5df091393d56","block_type":"box","text":"as at 31 December","page_number":18,"box":{"x":712,"y":462,"width":152,"height":9}},{"id":"839f1704-a85c-43e5-a4b5-4e67728bc010","block_type":"box","text":"20","page_number":18,"box":{"x":866,"y":462,"width":18,"height":9}},{"id":"60a89898-c89c-4fe3-a19a-d485fd974540","block_type":"box","text":"2","page_number":18,"box":{"x":885,"y":462,"width":8,"height":9}},{"id":"623108cd-e594-4c71-a85e-8793c12c7823","block_type":"box","text":"3","page_number":18,"box":{"x":894,"y":462,"width":8,"height":9}},{"id":"73928f4c-c7b2-4f95-89d8-3cab251b0d18","block_type":"box","text":"was","page_number":18,"box":{"x":910,"y":464,"width":34,"height":7}},{"id":"b37b0fdc-6bd3-4df2-9309-79f9a2b429b4","block_type":"box","text":"£","page_number":18,"box":{"x":61,"y":477,"width":8,"height":9}},{"id":"1745a7c6-5a49-487d-bd53-bd29e12c3492","block_type":"box","text":"3","page_number":18,"box":{"x":70,"y":478,"width":9,"height":8}},{"id":"55af6b1e-4276-454e-936f-05fcf0249dba","block_type":"box","text":".","page_number":18,"box":{"x":81,"y":485,"width":2,"height":1}},{"id":"222ceec8-ccb4-46ca-b6e7-ee623693c7ba","block_type":"box","text":"9","page_number":18,"box":{"x":84,"y":478,"width":8,"height":8}},{"id":"617d1ca2-3052-4536-92c8-09d3060d1216","block_type":"box","text":"1","page_number":18,"box":{"x":95,"y":478,"width":4,"height":8}},{"id":"daf3ea93-adae-4439-907f-cac32a52b1aa","block_type":"box","text":"m","page_number":18,"box":{"x":103,"y":480,"width":18,"height":6}},{"id":"7b1caea1-23ec-4bf2-abea-e62c94b36023","block_type":"box","text":"(20","page_number":18,"box":{"x":122,"y":477,"width":22,"height":11}},{"id":"ca1012ce-e8aa-4542-bc35-81ca1e7d230b","block_type":"box","text":"2","page_number":18,"box":{"x":146,"y":478,"width":8,"height":8}},{"id":"c967f5b1-ae04-4e9f-a266-5e0db7a70634","block_type":"box","text":"2","page_number":18,"box":{"x":155,"y":478,"width":8,"height":8}},{"id":"8f7989f1-41b6-48b8-a9d9-b2557d91e533","block_type":"box","text":": £","page_number":18,"box":{"x":166,"y":477,"width":16,"height":9}},{"id":"2bf4a449-df9f-4f58-9ee0-85a88c877b43","block_type":"box","text":"4.25","page_number":18,"box":{"x":183,"y":478,"width":37,"height":8}},{"id":"e22212d7-929e-458f-9ef3-b29af0428438","block_type":"box","text":"m","page_number":18,"box":{"x":221,"y":480,"width":12,"height":6}},{"id":"cba55d61-1509-459f-bd51-0a7de67645e5","block_type":"box","text":").","page_number":18,"box":{"x":235,"y":477,"width":8,"height":11}},{"id":"35a4a890-46da-4c30-8965-c0a202f3fd00","block_type":"box","text":"There were no material changes over the reporting period.","page_number":18,"box":{"x":250,"y":477,"width":429,"height":12}},{"id":"837117ec-3b4d-4d88-b2c3-6abe6b51faf9","block_type":"box","text":"C","page_number":18,"box":{"x":61,"y":512,"width":12,"height":10}},{"id":"97b0501f-b920-4c24-8094-2d02f7a9309e","block_type":"box","text":".","page_number":18,"box":{"x":74,"y":520,"width":3,"height":2}},{"id":"cb1dcf9d-8dc2-4fe0-bc44-68083933a638","block_type":"box","text":"2","page_number":18,"box":{"x":78,"y":512,"width":9,"height":10}},{"id":"10c3a7f3-88ed-4084-a6dc-24347f4d382e","block_type":"box","text":"Market risk","page_number":18,"box":{"x":122,"y":512,"width":92,"height":10}},{"id":"fe5c4b62-09fd-4e66-baea-79305b745658","block_type":"box","text":"Market risk arisi","page_number":18,"box":{"x":61,"y":536,"width":116,"height":9}},{"id":"92d2aa71-ed51-4a7f-8cf2-501bb1526857","block_type":"box","text":"ng on the unit","page_number":18,"box":{"x":178,"y":536,"width":101,"height":11}},{"id":"6c0d3a5f-f4a4-4cc7-a7d1-0d24975cc5b9","block_type":"box","text":"-","page_number":18,"box":{"x":280,"y":541,"width":4,"height":1}},{"id":"357c83b4-12d1-4460-b64b-b0205a59c454","block_type":"box","text":"linked funds is borne by policyholders, as explained in","page_number":18,"box":{"x":286,"y":536,"width":402,"height":11}},{"id":"ff983d46-0fcd-484f-ab5a-22d2acb633d9","block_type":"box","text":"policyholders’","page_number":18,"box":{"x":690,"y":536,"width":100,"height":11}},{"id":"812ee5e7-b2b6-49ca-8846-1a3c6915f664","block_type":"box","text":"disclosures. Market","page_number":18,"box":{"x":796,"y":536,"width":148,"height":9}},{"id":"65782875-9737-47c2-8632-c2c2b5e2d7b3","block_type":"box","text":"risk for MPFL relates primarily to price fluctuations in the funds where its shareholder assets are placed","page_number":18,"box":{"x":61,"y":552,"width":799,"height":11}},{"id":"503dc9aa-e4ed-483a-b087-3296954f84e9","block_type":"box","text":".","page_number":18,"box":{"x":864,"y":559,"width":1,"height":1}},{"id":"11a6b142-a1a9-4e84-b81c-0d053d0efb8c","block_type":"box","text":"As at 31","page_number":18,"box":{"x":874,"y":552,"width":70,"height":9}},{"id":"1cb96828-9055-439c-a1fb-ecc07df730f2","block_type":"box","text":"December 20","page_number":18,"box":{"x":61,"y":568,"width":100,"height":9}},{"id":"1dda2c65-be0a-4929-bfd6-29fc644acdbf","block_type":"box","text":"2","page_number":18,"box":{"x":162,"y":568,"width":8,"height":8}},{"id":"ec895b2f-9c8a-4270-a808-aac162ea65df","block_type":"box","text":"3","page_number":18,"box":{"x":171,"y":568,"width":9,"height":9}},{"id":"f1a40b22-6974-43a3-a547-98d98a7b065f","block_type":"box","text":", MPFL","page_number":18,"box":{"x":182,"y":568,"width":57,"height":10}},{"id":"e1843c07-7633-49b5-81a0-f04ac4af972d","block_type":"box","text":"has","page_number":18,"box":{"x":241,"y":568,"width":31,"height":8}},{"id":"bd68266b-b0cb-48b0-8f48-15f7a30bb389","block_type":"box","text":"£0.","page_number":18,"box":{"x":272,"y":568,"width":22,"height":9}},{"id":"a5026923-6513-475e-abd8-afd7b270ee81","block_type":"box","text":"8","page_number":18,"box":{"x":296,"y":568,"width":8,"height":9}},{"id":"93b90f31-4c1a-4a0c-a99f-6b01836b7f74","block_type":"box","text":"3","page_number":18,"box":{"x":305,"y":568,"width":8,"height":9}},{"id":"af8a1f9c-fce4-4d2e-9312-51cb569e190e","block_type":"box","text":"m","page_number":18,"box":{"x":315,"y":570,"width":12,"height":6}},{"id":"098a2d7e-e7ce-415c-8903-6c905baad883","block_type":"box","text":"(20","page_number":18,"box":{"x":335,"y":568,"width":22,"height":11}},{"id":"8ce7c83d-4f72-498c-ba48-c27ecf040670","block_type":"box","text":"2","page_number":18,"box":{"x":357,"y":568,"width":9,"height":8}},{"id":"c4093ceb-49c3-4c4d-a351-513957970192","block_type":"box","text":"2","page_number":18,"box":{"x":367,"y":568,"width":8,"height":8}},{"id":"14abea01-305f-4ac0-abe8-54bbbd0fcdf8","block_type":"box","text":": £0.","page_number":18,"box":{"x":378,"y":568,"width":30,"height":9}},{"id":"9887dbc6-9ca8-4e8a-866e-a3f3c953c37f","block_type":"box","text":"7","page_number":18,"box":{"x":410,"y":568,"width":8,"height":8}},{"id":"dff47a48-8dc4-44c8-b5a5-e3803a04dc44","block_type":"box","text":"7","page_number":18,"box":{"x":419,"y":568,"width":9,"height":8}},{"id":"d7e7cf5f-ac33-404b-8431-e00f26e7d6a7","block_type":"box","text":"m) of seed money invested in various unit","page_number":18,"box":{"x":429,"y":568,"width":310,"height":11}},{"id":"2a13f9df-7d45-4ab6-9cd8-2f4f5a085f8c","block_type":"box","text":"-","page_number":18,"box":{"x":741,"y":572,"width":4,"height":2}},{"id":"36780ece-a490-4bea-bb23-71b11c89fce5","block_type":"box","text":"linked funds and","page_number":18,"box":{"x":747,"y":568,"width":126,"height":8}},{"id":"40fc6d64-d7eb-4c9c-bd9a-3e0f267b4173","block_type":"box","text":"£","page_number":18,"box":{"x":875,"y":568,"width":8,"height":9}},{"id":"128b64b3-8132-4714-8fe3-ea49f0aed65b","block_type":"box","text":"1","page_number":18,"box":{"x":885,"y":568,"width":4,"height":8}},{"id":"f67e739c-6aac-4938-8d00-6247e1b8ea72","block_type":"box","text":"1","page_number":18,"box":{"x":895,"y":568,"width":4,"height":8}},{"id":"9599d2ac-18b3-4ba7-8a11-c6d5a5b62f19","block_type":"box","text":".","page_number":18,"box":{"x":904,"y":575,"width":1,"height":1}},{"id":"21e8848f-43a0-4461-a25d-e8fb937c1bf4","block_type":"box","text":"40","page_number":18,"box":{"x":907,"y":568,"width":18,"height":9}},{"id":"40d1f123-e068-4e0a-a179-af83b3bd689c","block_type":"box","text":"m","page_number":18,"box":{"x":926,"y":570,"width":12,"height":6}},{"id":"c5a83062-8fb4-44d2-9eb0-4423096c4e3a","block_type":"box","text":"(20","page_number":18,"box":{"x":61,"y":583,"width":23,"height":11}},{"id":"c29065c6-399c-4d75-b059-b4975ce5b921","block_type":"box","text":"2","page_number":18,"box":{"x":85,"y":583,"width":8,"height":9}},{"id":"f9f51a49-e77d-46fd-ade3-0701105be3af","block_type":"box","text":"2","page_number":18,"box":{"x":94,"y":583,"width":8,"height":9}},{"id":"b17e8a6a-b481-4cfd-9d19-4cc62224e9ef","block_type":"box","text":": £","page_number":18,"box":{"x":105,"y":586,"width":8,"height":6}},{"id":"b489c62f-b681-4f41-8d47-851ca1d378ab","block_type":"box","text":"£","page_number":18,"box":{"x":113,"y":583,"width":8,"height":9}},{"id":"d0cb0c00-cd6c-4437-8137-f65ae583b804","block_type":"box","text":"10.88","page_number":18,"box":{"x":123,"y":583,"width":40,"height":9}},{"id":"dbde5684-eb77-459b-a68b-6b3b924e96ef","block_type":"box","text":"m","page_number":18,"box":{"x":169,"y":585,"width":12,"height":7}},{"id":"4d6677ae-e510-4ca4-ab89-82479c724ded","block_type":"box","text":") invested in SSGA Liquidity Fund. The seed money is placed in a range of sub","page_number":18,"box":{"x":183,"y":583,"width":578,"height":11}},{"id":"bb74d338-5009-4298-a684-519a1eeecb94","block_type":"box","text":"-","page_number":18,"box":{"x":764,"y":588,"width":4,"height":1}},{"id":"7d9e72df-67cc-4a02-b4f3-9ab519aff92c","block_type":"box","text":"funds with exposure to,","page_number":18,"box":{"x":769,"y":583,"width":175,"height":11}},{"id":"fa279fa8-121e-4840-80c5-69d419fab24b","block_type":"box","text":"for example, equities and liquidity funds.","page_number":18,"box":{"x":60,"y":599,"width":306,"height":11}},{"id":"faf3514e-b808-45f2-afff-de8a4b81c4a1","block_type":"box","text":"Therefore, MPFL","page_number":18,"box":{"x":375,"y":599,"width":133,"height":10}},{"id":"ef86f14e-7503-42a2-b409-868aa4a5d922","block_type":"box","text":"seed capital is exposed to the impact of changes in unit","page_number":18,"box":{"x":511,"y":599,"width":433,"height":11}},{"id":"fc2ccc6c-eb8c-4fb0-88c2-d3cac533cfe6","block_type":"box","text":"values of linked assets invested in equity funds.","page_number":18,"box":{"x":60,"y":615,"width":359,"height":11}},{"id":"eda5e8a2-1e8e-4920-aa6f-4b318c6c3e23","block_type":"box","text":"Seed money is removed from the funds if not required.","page_number":18,"box":{"x":420,"y":615,"width":408,"height":11}},{"id":"2a08ca2e-ea7b-447e-8bd1-f2fcfaca41fb","block_type":"box","text":"The","page_number":18,"box":{"x":60,"y":637,"width":34,"height":9}},{"id":"39001473-324f-4c02-bb95-264af21d07e6","block_type":"box","text":"holding","page_number":18,"box":{"x":95,"y":637,"width":52,"height":12}},{"id":"fa89be30-ccb0-467d-9fcb-b190cf3a2dac","block_type":"box","text":"s in","page_number":18,"box":{"x":149,"y":637,"width":30,"height":9}},{"id":"4e57c916-2ec2-47be-b368-73dd07cfa314","block_type":"box","text":"funds i","page_number":18,"box":{"x":179,"y":637,"width":49,"height":9}},{"id":"85d767c2-07c7-4d99-be0d-83ec589359a9","block_type":"box","text":"n currencies other than GBP amounted to","page_number":18,"box":{"x":229,"y":637,"width":314,"height":9}},{"id":"778fc917-4d81-439e-b48c-5efbb467840d","block_type":"box","text":"£0.","page_number":18,"box":{"x":544,"y":637,"width":21,"height":9}},{"id":"c25f6cd7-5207-43a2-a7a7-5777a626773e","block_type":"box","text":"52","page_number":18,"box":{"x":567,"y":638,"width":18,"height":8}},{"id":"4b1d71c8-2794-4b12-98a6-7cf7bacd8a9a","block_type":"box","text":"m","page_number":18,"box":{"x":586,"y":640,"width":12,"height":6}},{"id":"c05d582d-5c7c-49d0-b69e-06f5197ddb39","block_type":"box","text":"triggering","page_number":18,"box":{"x":604,"y":637,"width":69,"height":12}},{"id":"e36a54ac-be38-4851-a99f-34d8a5497606","block_type":"box","text":"an exposure t","page_number":18,"box":{"x":679,"y":638,"width":101,"height":11}},{"id":"e56595f5-7af9-4f46-ad02-b27622d88df6","block_type":"box","text":"o currency risk.","page_number":18,"box":{"x":781,"y":637,"width":112,"height":12}},{"id":"838d215a-e52f-4ffa-b9c8-998f56b48084","block_type":"box","text":"The","page_number":18,"box":{"x":60,"y":661,"width":34,"height":8}},{"id":"6f9cfb06-8297-4745-ade2-82578e142bda","block_type":"box","text":"Spread and","page_number":18,"box":{"x":95,"y":660,"width":91,"height":12}},{"id":"26630b08-9bef-4feb-916c-005a19d33609","block_type":"box","text":"C","page_number":18,"box":{"x":188,"y":660,"width":11,"height":9}},{"id":"42bf2059-9c8c-4327-923b-84772c25356c","block_type":"box","text":"oncentration risk on shareholder assets is driven by","page_number":18,"box":{"x":200,"y":661,"width":389,"height":11}},{"id":"6dfdf6d9-6d85-448a-b4fb-c85b8a9c70bf","block_type":"box","text":"£","page_number":18,"box":{"x":591,"y":661,"width":9,"height":8}},{"id":"50312b71-ecfe-4b07-8eb4-675fbeb250ac","block_type":"box","text":"11","page_number":18,"box":{"x":601,"y":661,"width":14,"height":8}},{"id":"af4fe9d6-aede-45f5-b60e-eda168bb3887","block_type":"box","text":".","page_number":18,"box":{"x":620,"y":668,"width":2,"height":1}},{"id":"bb947d9a-2c59-499b-8d15-6c4ad420ee55","block_type":"box","text":"40","page_number":18,"box":{"x":624,"y":661,"width":17,"height":8}},{"id":"7f5b5cf8-bef8-489d-80b5-fd5865e0d441","block_type":"box","text":"m","page_number":18,"box":{"x":642,"y":663,"width":12,"height":6}},{"id":"02b97c48-234f-4ad6-9212-37c52bbede91","block_type":"box","text":"investment in","page_number":18,"box":{"x":662,"y":661,"width":103,"height":8}},{"id":"6b8f65b3-0eb0-4853-9ea8-3e0bd490cf92","block_type":"box","text":"the SSGA liquidity fund","page_number":18,"box":{"x":766,"y":660,"width":178,"height":12}},{"id":"8c1acc9e-55b7-4d39-9c9a-687c454498f1","block_type":"box","text":"and","page_number":18,"box":{"x":61,"y":676,"width":32,"height":9}},{"id":"697f24ee-d74c-4f90-9ab0-2a7230c44dcf","block_type":"box","text":"£0.","page_number":18,"box":{"x":94,"y":676,"width":21,"height":9}},{"id":"b4ddfe14-a2d1-4fb0-b4f8-fdbdb68fd558","block_type":"box","text":"30","page_number":18,"box":{"x":117,"y":676,"width":18,"height":9}},{"id":"aab313f9-32cd-493e-84bb-e5b3f50efcb8","block_type":"box","text":"m","page_number":18,"box":{"x":136,"y":678,"width":12,"height":7}},{"id":"46bbccf0-0a01-41bd-8272-01d8dc52c326","block_type":"box","text":"seed money","page_number":18,"box":{"x":154,"y":676,"width":96,"height":11}},{"id":"c2ed0e79-d207-4fd5-a2ec-05547e6a6b5e","block_type":"box","text":"invested in","page_number":18,"box":{"x":251,"y":676,"width":84,"height":9}},{"id":"17187e19-2b66-4ff8-ba23-fdae09fedd89","block_type":"box","text":"the SSGA liquidity fund","page_number":18,"box":{"x":335,"y":676,"width":172,"height":11}},{"id":"66276fe4-c5b1-4aab-b309-989a92904792","block_type":"box","text":".","page_number":18,"box":{"x":509,"y":683,"width":2,"height":2}},{"id":"885d6f61-1127-4307-926e-17110e181600","block_type":"box","text":"Interest rate risk is the possibility that changes in interest rates will result in higher or reduced income from MPFL’s","page_number":18,"box":{"x":62,"y":699,"width":881,"height":11}},{"id":"a2b64be4-c355-4650-aedb-b96eaa421f83","block_type":"box","text":"interest bearing financial assets. MPFL does not hold interest bearing liabilities. MPFL’s shareholder assets exposed to","page_number":18,"box":{"x":61,"y":715,"width":882,"height":11}},{"id":"1f351832-1226-4501-8adc-3e1e6b59a891","block_type":"box","text":"interest rate","page_number":18,"box":{"x":61,"y":730,"width":93,"height":9}},{"id":"953dd96b-d065-4c2b-ba95-9b1e80037052","block_type":"box","text":"risk are part of the","page_number":18,"box":{"x":156,"y":730,"width":139,"height":11}},{"id":"18aeb276-bee1-4d92-9c98-7cf9038cf747","block_type":"box","text":"SSGA Liquidity Fund","page_number":18,"box":{"x":297,"y":730,"width":155,"height":11}},{"id":"94d07fcb-41d9-4ee0-9ecd-35eaf68127df","block_type":"box","text":". Interest earned or the unrealised gains or losses on valuation of","page_number":18,"box":{"x":455,"y":730,"width":488,"height":12}},{"id":"6399dc7b-d763-483f-bfa9-ac48122bf5c2","block_type":"box","text":"this exposure are reported as part of the Investment Income.","page_number":18,"box":{"x":60,"y":746,"width":448,"height":11}},{"id":"3ddd9de3-68f1-4022-8b54-8dd2c6998c90","block_type":"box","text":"The total capital requirement in respect of Market Risk calculated","page_number":18,"box":{"x":60,"y":769,"width":483,"height":11}},{"id":"3cc820f0-b1a8-4f86-b53e-9c6c255e5793","block_type":"box","text":"using the Standard Formula, as at 31 December 2","page_number":18,"box":{"x":544,"y":769,"width":359,"height":11}},{"id":"2309ddf5-26b6-40d4-8345-717126734d98","block_type":"box","text":"20","page_number":18,"box":{"x":903,"y":769,"width":18,"height":9}},{"id":"638a9e87-b963-4b45-9e13-d12ed804f036","block_type":"box","text":"2","page_number":18,"box":{"x":921,"y":769,"width":8,"height":8}},{"id":"0035f464-9ce2-42e8-a8d3-ef2a1fbf150f","block_type":"box","text":"3","page_number":18,"box":{"x":931,"y":769,"width":8,"height":9}},{"id":"e5647d27-d43c-4497-8f7a-c6df13a8f3ea","block_type":"box","text":"was £","page_number":18,"box":{"x":60,"y":785,"width":44,"height":8}},{"id":"65abc4b3-3970-4cf6-be00-9b0208cae717","block_type":"box","text":"0.","page_number":18,"box":{"x":105,"y":785,"width":12,"height":8}},{"id":"3a1e279e-0760-4d2a-a91a-e7e239a3b9f7","block_type":"box","text":"4","page_number":18,"box":{"x":119,"y":785,"width":8,"height":8}},{"id":"52455db2-d957-43eb-a897-29162189a4fc","block_type":"box","text":"7","page_number":18,"box":{"x":128,"y":785,"width":9,"height":8}},{"id":"3ec784b7-a1f7-436d-ad2c-54cd41675dba","block_type":"box","text":"m","page_number":18,"box":{"x":138,"y":787,"width":17,"height":6}},{"id":"10637f43-45d0-4ac5-9864-10d260c483ce","block_type":"box","text":"(20","page_number":18,"box":{"x":157,"y":784,"width":22,"height":12}},{"id":"918487df-9d67-41a1-80de-9b3a617de64c","block_type":"box","text":"2","page_number":18,"box":{"x":180,"y":785,"width":8,"height":8}},{"id":"30a42912-bc9e-47ec-aefc-dd8ff79c3a56","block_type":"box","text":"2","page_number":18,"box":{"x":189,"y":785,"width":8,"height":8}},{"id":"80462376-90b9-4833-8ea5-094188f1e8ed","block_type":"box","text":": £","page_number":18,"box":{"x":200,"y":785,"width":17,"height":8}},{"id":"8d2a6154-5085-49e3-9c03-e8d23d3632a5","block_type":"box","text":"0.27","page_number":18,"box":{"x":218,"y":785,"width":37,"height":8}},{"id":"dfcca793-c009-47ac-9521-c2e68daa7f54","block_type":"box","text":"m). There were no material changes over the reporting period.","page_number":18,"box":{"x":255,"y":784,"width":460,"height":12}},{"id":"236bb570-4319-4fbd-b855-0097354ba045","block_type":"box","text":"C.3","page_number":18,"box":{"x":61,"y":819,"width":26,"height":10}},{"id":"fbe624ec-89e2-4c4d-b93d-ce62eab82e4e","block_type":"box","text":"Credit risk","page_number":18,"box":{"x":121,"y":819,"width":86,"height":10}},{"id":"10f5419d-a1b7-4c41-be9a-c3100e2cebb4","block_type":"box","text":"Credit risk is defined as the risk o","page_number":18,"box":{"x":61,"y":843,"width":266,"height":9}},{"id":"fb8a6bb2-96a0-439b-8a02-49f4d5a1d9d2","block_type":"box","text":"f financial loss if a counterparty, borrower or obligor, collectively referred to as","page_number":18,"box":{"x":329,"y":843,"width":614,"height":12}},{"id":"97d1586a-4738-4333-a46e-fa88dfffe888","block_type":"box","text":"counterparty, is either unable or unwilling to repay borrowings or settle a transaction in accordance with underlying","page_number":18,"box":{"x":61,"y":859,"width":881,"height":11}},{"id":"e70687e0-e35b-4b9e-945f-4f590c515318","block_type":"box","text":"contractual terms.","page_number":18,"box":{"x":61,"y":875,"width":131,"height":8}},{"id":"8402ed3a-13a7-4741-a9ea-af058d4cb539","block_type":"box","text":"Credit risk for MPFL stems from it","page_number":18,"box":{"x":61,"y":897,"width":255,"height":9}},{"id":"3849a56c-a358-4b76-92ab-7787c2b06a8d","block_type":"box","text":"s assets held in the form of cash deposits with a credit institution and other assets","page_number":18,"box":{"x":318,"y":898,"width":625,"height":11}},{"id":"4282897a-0fd8-4a08-bd30-84b2ecbeee37","block_type":"box","text":"held within the SSGA Liquidity Fund and policyholder debtors.","page_number":18,"box":{"x":61,"y":913,"width":457,"height":11}},{"id":"64009fdc-d132-4a6e-b46d-8745b8ec0344","block_type":"box","text":"Solvency and Financial Condition Report","page_number":19,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"40b95fdc-7b4c-4dd6-9a01-0805725a2fca","block_type":"box","text":"M","page_number":19,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"d9a3dfcf-1d10-4831-be47-ebd737115432","block_type":"box","text":"anaged Pension Funds Limited","page_number":19,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"f4a20cfe-5a46-44ca-856c-23a6a06b5009","block_type":"box","text":"19","page_number":19,"box":{"x":496,"y":962,"width":15,"height":7}},{"id":"07057066-dcdb-4e71-8a2f-6eed2b3e9749","block_type":"box","text":"/","page_number":19,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"a0436153-01a9-4d13-aaa7-b98d58b33812","block_type":"box","text":"38","page_number":19,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"57493128-6be7-4c80-832c-a40a034ad6e1","block_type":"box","text":"MPFL’s cash at bank counterparties are limited in number and have acceptable credit ratings, and the risk p","page_number":19,"box":{"x":61,"y":76,"width":820,"height":12}},{"id":"2a43b0a2-83cb-4dce-a42c-0c810df949f2","block_type":"box","text":"rofile of","page_number":19,"box":{"x":885,"y":76,"width":59,"height":9}},{"id":"fb63b5f6-4827-4116-8532-a5b965f734f0","block_type":"box","text":"these counterparties is aligned with the assumptions underlying the Standard Formula for Type 1 exposures","page_number":19,"box":{"x":60,"y":92,"width":800,"height":11}},{"id":"29878527-e044-467a-bf89-1eedf9f20c76","block_type":"box","text":".","page_number":19,"box":{"x":863,"y":99,"width":2,"height":2}},{"id":"a0a3281b-1348-4170-9507-1aebc4a2a04b","block_type":"box","text":"With regards to a","page_number":19,"box":{"x":60,"y":115,"width":127,"height":11}},{"id":"e687c5e1-ac52-4ff5-829c-bfef0fdfeb18","block_type":"box","text":"mounts owed by policyholders","page_number":19,"box":{"x":189,"y":115,"width":223,"height":11}},{"id":"f5328068-6b09-492c-bd5b-6fde8a9113d8","block_type":"box","text":",","page_number":19,"box":{"x":414,"y":122,"width":8,"height":3}},{"id":"ef56f785-1ba4-426e-a845-7f91d6e9afa0","block_type":"box","text":"MPFL has the contractual ability to recover any unpaid fees from units","page_number":19,"box":{"x":423,"y":115,"width":520,"height":11}},{"id":"1127b58b-dc89-4273-be87-454a4f97b62c","block_type":"box","text":"allocated to the relevant policy and hence the risk is only on any exposure in excess of the policyholder’s surrender","page_number":19,"box":{"x":61,"y":131,"width":881,"height":11}},{"id":"5cef0f8d-d5c0-4379-bbbf-add78eff1337","block_type":"box","text":"value. Given the controls in place, any such situations would be ex","page_number":19,"box":{"x":60,"y":146,"width":515,"height":11}},{"id":"a4486f95-4f15-4c54-b15c-3793473f2568","block_type":"box","text":"tremely rare and if they were to occur, the fees","page_number":19,"box":{"x":576,"y":146,"width":368,"height":11}},{"id":"1261adf4-ac9d-4f8d-a563-997f8bab8208","block_type":"box","text":"payable to SSGAL would be reduced rather than MPFL suffer detriment.","page_number":19,"box":{"x":61,"y":162,"width":540,"height":11}},{"id":"759bd862-71f2-4f34-8306-818e828d45e9","block_type":"box","text":"The capital requirement for","page_number":19,"box":{"x":60,"y":185,"width":207,"height":11}},{"id":"925321e9-f14a-4a5e-8281-29680d5a3dfd","block_type":"box","text":"counterparty default","page_number":19,"box":{"x":269,"y":185,"width":152,"height":11}},{"id":"48b183fd-6be6-4a29-89ce-2b0f8f822f45","block_type":"box","text":"risk calculated using the Standard Formula, as at 31 December","page_number":19,"box":{"x":424,"y":185,"width":477,"height":11}},{"id":"d2b6ad2e-eefa-4b1a-aab0-7b15f1482997","block_type":"box","text":"20","page_number":19,"box":{"x":903,"y":185,"width":18,"height":9}},{"id":"435a3ef0-2007-4092-affa-05dca1f375eb","block_type":"box","text":"2","page_number":19,"box":{"x":921,"y":185,"width":8,"height":8}},{"id":"6a5b3486-b8ab-4e92-bde7-6f12a3a7c54b","block_type":"box","text":"3","page_number":19,"box":{"x":931,"y":185,"width":8,"height":9}},{"id":"a0944832-a18c-412e-a54b-0361f5af4f18","block_type":"box","text":"was","page_number":19,"box":{"x":60,"y":203,"width":35,"height":6}},{"id":"69e76b28-b780-43e0-937b-83c02964c854","block_type":"box","text":"£0.","page_number":19,"box":{"x":96,"y":201,"width":21,"height":8}},{"id":"f348b7cd-d86b-4c55-bfe1-434bcb7d94ff","block_type":"box","text":"16","page_number":19,"box":{"x":120,"y":201,"width":17,"height":8}},{"id":"90f84e0c-2ece-4336-a491-81ce6e011775","block_type":"box","text":"m","page_number":19,"box":{"x":138,"y":203,"width":12,"height":6}},{"id":"3822afb0-0acc-4faa-be95-219f34b5b3c6","block_type":"box","text":"(20","page_number":19,"box":{"x":157,"y":200,"width":22,"height":12}},{"id":"a0e2a803-fd85-4407-9c18-3ab0a7e3ed31","block_type":"box","text":"2","page_number":19,"box":{"x":180,"y":201,"width":8,"height":8}},{"id":"f77a01d9-5c48-41ec-9153-e1e44b29fbcb","block_type":"box","text":"2","page_number":19,"box":{"x":189,"y":201,"width":8,"height":8}},{"id":"582563cd-b80b-4f5b-937f-ff113e3d74b8","block_type":"box","text":": £","page_number":19,"box":{"x":200,"y":201,"width":17,"height":8}},{"id":"69d36407-af46-4020-a29d-30cbb459db80","block_type":"box","text":"0.","page_number":19,"box":{"x":218,"y":201,"width":12,"height":8}},{"id":"861078b3-bf6a-41e6-a225-ba1f18786a9b","block_type":"box","text":"09","page_number":19,"box":{"x":232,"y":201,"width":23,"height":8}},{"id":"31aa8a2f-8327-4bb4-b0ae-c403154326a6","block_type":"box","text":"m","page_number":19,"box":{"x":255,"y":203,"width":12,"height":6}},{"id":"ffb3ba4e-a6df-40c1-b8bc-cd11a4f39b8f","block_type":"box","text":").","page_number":19,"box":{"x":269,"y":200,"width":8,"height":12}},{"id":"766caef3-a3ed-4ff7-9716-48dd6b976f73","block_type":"box","text":"There were no material changes over the reporting period.","page_number":19,"box":{"x":284,"y":201,"width":431,"height":11}},{"id":"1548bf68-bc9b-45be-b3e1-c7d5fc2f7b7d","block_type":"box","text":"C.","page_number":19,"box":{"x":61,"y":235,"width":16,"height":10}},{"id":"6d316cf5-5e0a-42af-a715-5821f8bdc8ef","block_type":"box","text":"4","page_number":19,"box":{"x":78,"y":235,"width":9,"height":10}},{"id":"ce3468b9-1c4b-4cad-8661-83becdea1bc9","block_type":"box","text":"Underwriting risk","page_number":19,"box":{"x":122,"y":235,"width":144,"height":13}},{"id":"e7209030-0001-4437-bb24-90c8c5280bb5","block_type":"box","text":"MPFL writes only unit","page_number":19,"box":{"x":61,"y":259,"width":160,"height":11}},{"id":"850f917e-e209-421f-aa11-e1f6310c4aaa","block_type":"box","text":"-","page_number":19,"box":{"x":223,"y":264,"width":4,"height":1}},{"id":"520e15ec-1f04-4cbf-8d39-3f9db40e04c1","block_type":"box","text":"linked pension business that offers no guarantees or otherwise provide any benefits beyond the","page_number":19,"box":{"x":229,"y":259,"width":714,"height":11}},{"id":"7287d03c-561d-4b8c-8631-a2f0a4a8a097","block_type":"box","text":"return of","page_number":19,"box":{"x":61,"y":275,"width":66,"height":9}},{"id":"b005eca9-57fc-44e6-80d1-14714639032e","block_type":"box","text":"assets","page_number":19,"box":{"x":128,"y":276,"width":52,"height":8}},{"id":"b6f2d098-817c-45ee-b855-947644d67576","block_type":"box","text":"under management. The Company is t","page_number":19,"box":{"x":181,"y":275,"width":284,"height":11}},{"id":"089f033f-8526-4d33-9881-d7ff56cc9ee1","block_type":"box","text":"herefore not exposed to traditional underwriting risk; only the life","page_number":19,"box":{"x":466,"y":275,"width":477,"height":11}},{"id":"0bd9e385-b2d3-4b6e-91c4-834103818598","block_type":"box","text":"expense risk is applicable","page_number":19,"box":{"x":61,"y":290,"width":189,"height":12}},{"id":"a58c4981-e279-43a9-b9cb-f69e80a1db91","block_type":"box","text":"that stem from administrative expenses incurred by MPFL","page_number":19,"box":{"x":257,"y":290,"width":428,"height":12}},{"id":"b17a390c-5d40-4318-953a-fb8851b1edaf","block_type":"box","text":".","page_number":19,"box":{"x":688,"y":298,"width":1,"height":1}},{"id":"3524e7fb-d28a-4dfd-b88b-88663a2fa6fa","block_type":"box","text":"The Life Expense Risk for MPFL as at 31 December 202","page_number":19,"box":{"x":60,"y":313,"width":420,"height":12}},{"id":"a305ea20-d5e0-404b-a20a-54e8dcbeba74","block_type":"box","text":"3","page_number":19,"box":{"x":482,"y":314,"width":8,"height":8}},{"id":"88c22354-0b0a-4816-91e8-370bcc313b6e","block_type":"box","text":"was","page_number":19,"box":{"x":496,"y":316,"width":34,"height":6}},{"id":"4f1e1f50-41e2-4e67-8bae-64a7e24cbe72","block_type":"box","text":"£0.01m","page_number":19,"box":{"x":531,"y":314,"width":54,"height":8}},{"id":"d293014b-1682-43fb-8308-a1f8aa79ce0d","block_type":"box","text":"(202","page_number":19,"box":{"x":592,"y":313,"width":31,"height":12}},{"id":"933e0b2d-ab60-4de7-8757-0d4e61ddc45b","block_type":"box","text":"2","page_number":19,"box":{"x":625,"y":314,"width":8,"height":8}},{"id":"842d4e54-c740-4fe0-8328-d2a63f17b7e6","block_type":"box","text":": £0.01m).","page_number":19,"box":{"x":636,"y":313,"width":72,"height":12}},{"id":"8eaf5eb6-1556-48f6-bef7-b7c468c240f7","block_type":"box","text":"C.","page_number":19,"box":{"x":61,"y":347,"width":16,"height":10}},{"id":"3c5a5a06-dde8-40fe-8a11-3cb84ae23381","block_type":"box","text":"5","page_number":19,"box":{"x":78,"y":348,"width":9,"height":9}},{"id":"c9ba661e-ea84-4ffa-a405-113df19db17c","block_type":"box","text":"Risks Not","page_number":19,"box":{"x":122,"y":348,"width":85,"height":9}},{"id":"7846c82f-dcfa-4d0c-abf0-f3d2f5352fcf","block_type":"box","text":"Captured by the Standard Formula","page_number":19,"box":{"x":207,"y":347,"width":290,"height":13}},{"id":"03340413-28af-4d51-b7c6-090cd952a3f4","block_type":"box","text":"Liquidity risk","page_number":19,"box":{"x":61,"y":379,"width":104,"height":11}},{"id":"043cb557-9919-4e38-9bf7-d3f0fb6d5d5f","block_type":"box","text":"Any liquidity risk arising on the unit","page_number":19,"box":{"x":60,"y":400,"width":256,"height":12}},{"id":"16cb7eae-d7f4-4c4f-a0ce-b709d631ad16","block_type":"box","text":"-","page_number":19,"box":{"x":317,"y":405,"width":4,"height":1}},{"id":"7d382bef-c127-45d1-a2a2-b8519c41d6d8","block_type":"box","text":"linked funds is borne by policyholders, as explained in policyholder disclosures. The","page_number":19,"box":{"x":323,"y":400,"width":620,"height":12}},{"id":"184b0b33-82b7-467a-93c1-83411adf195e","block_type":"box","text":"Board and the Working Group monitor the liquidity of all unit","page_number":19,"box":{"x":61,"y":416,"width":443,"height":11}},{"id":"fbd11b70-3f51-473e-b714-9466e13fe976","block_type":"box","text":"-","page_number":19,"box":{"x":506,"y":421,"width":4,"height":1}},{"id":"a0121117-c813-41c4-b337-3d2cae31529c","block_type":"box","text":"linked funds.","page_number":19,"box":{"x":512,"y":416,"width":98,"height":9}},{"id":"3ce374dc-e540-4eca-b140-ccb614d3c168","block_type":"box","text":"MPFL h","page_number":19,"box":{"x":61,"y":439,"width":56,"height":9}},{"id":"90d041b1-74f1-443a-a4d7-0f7433a58158","block_type":"box","text":"as a liquidity requirement, relating to its ongoing operational expenses and tax liabilities. Cashflows are managed","page_number":19,"box":{"x":119,"y":439,"width":818,"height":11}},{"id":"3019761c-d28f-42b5-a0b0-665a49d3e7c7","block_type":"box","text":"to ensure MPFL’s liabilities can be settled as they fall due.","page_number":19,"box":{"x":60,"y":454,"width":429,"height":12}},{"id":"fc7ecc84-358d-4ad2-8351-7be6b7291d66","block_type":"box","text":"There were no material changes over the reporting period.","page_number":19,"box":{"x":497,"y":455,"width":430,"height":11}},{"id":"c203b478-9783-4591-aaf3-c45e002961f9","block_type":"box","text":"Group Risk","page_number":19,"box":{"x":61,"y":484,"width":90,"height":11}},{"id":"95e69ac3-fb16-4d9e-a52e-768198168f98","block_type":"box","text":"Group ris","page_number":19,"box":{"x":61,"y":506,"width":68,"height":11}},{"id":"46d501cf-2dff-4076-9a8e-052cc1d51602","block_type":"box","text":"k is defined as the risk that the financial position of a Company may be adversely affected by its relationships","page_number":19,"box":{"x":131,"y":506,"width":812,"height":11}},{"id":"d396b80a-84ec-45f5-9a4b-2c4aeb1a06d7","block_type":"box","text":"(financial or non","page_number":19,"box":{"x":61,"y":522,"width":117,"height":11}},{"id":"f5dc5cfa-6543-41b8-b978-a68d2bb7f6e1","block_type":"box","text":"-","page_number":19,"box":{"x":181,"y":527,"width":4,"height":1}},{"id":"f4ae2deb-e71c-4d0e-9be7-0fcd515063a2","block_type":"box","text":"financial) with other entities in the same group or by risks which may affect the financial position of the","page_number":19,"box":{"x":185,"y":522,"width":758,"height":11}},{"id":"f223b93b-fb5c-45f9-b65c-6b123fac7407","block_type":"box","text":"whole group, for","page_number":19,"box":{"x":60,"y":538,"width":125,"height":11}},{"id":"7927241c-e947-4595-b1af-629af50ec302","block_type":"box","text":"example reputational contagion.","page_number":19,"box":{"x":186,"y":538,"width":236,"height":11}},{"id":"5042df55-d1f0-42ee-b953-7d7c6ffd86a0","block_type":"box","text":"MPFL is a subsidiary of SSGA Inc. which sets the global SSGA strategy. As a member of a larger group, MPFL is","page_number":19,"box":{"x":61,"y":560,"width":882,"height":12}},{"id":"5ccd0e2e-6ee3-4488-b0d9-52e62144b785","block_type":"box","text":"exposed to Group risk through the following areas:","page_number":19,"box":{"x":61,"y":576,"width":373,"height":11}},{"id":"913a0d8a-038b-4037-8f5c-6e7ed000df5d","block_type":"box","text":"•","page_number":19,"box":{"x":74,"y":602,"width":4,"height":3}},{"id":"3ca21f4e-b717-49ae-931e-d5d7b7119699","block_type":"box","text":"Contagion risk as a result of reputational damage or group fina","page_number":19,"box":{"x":103,"y":599,"width":464,"height":12}},{"id":"335a7ba9-81e7-4253-918c-f014d8e66858","block_type":"box","text":"ncial pressures; and","page_number":19,"box":{"x":569,"y":599,"width":148,"height":11}},{"id":"d29b9cf4-8a4c-43a5-9a21-71c77f3339fb","block_type":"box","text":"•","page_number":19,"box":{"x":74,"y":623,"width":4,"height":3}},{"id":"d683176d-fcdd-4011-bf07-0c4f413a1fa4","block_type":"box","text":"Intra","page_number":19,"box":{"x":104,"y":621,"width":32,"height":9}},{"id":"0539875c-3f3c-4970-a2e8-3c3132f51d7d","block_type":"box","text":"-","page_number":19,"box":{"x":138,"y":626,"width":4,"height":1}},{"id":"84857602-2ac2-4682-a492-1180a31b8350","block_type":"box","text":"group exposures with operational dependencies between entities.","page_number":19,"box":{"x":142,"y":621,"width":485,"height":11}},{"id":"f9c73ea7-fbee-41c9-b1ef-5cfc601b92c4","block_type":"box","text":"While it is unlikely that the Parent will fail, if it were to, MPFL would need to evaluate the viability of its business mode","page_number":19,"box":{"x":60,"y":642,"width":867,"height":11}},{"id":"c1586887-bdf5-449d-9b2b-9f9a7db8c27e","block_type":"box","text":"l.","page_number":19,"box":{"x":931,"y":642,"width":6,"height":9}},{"id":"871b389e-52cf-4fd5-8086-3c426a0197fa","block_type":"box","text":"ESG and Sustainability","page_number":19,"box":{"x":61,"y":670,"width":187,"height":11}},{"id":"ba727c52-b5ce-43ee-a372-c8889282e5fd","block_type":"box","text":"risk","page_number":19,"box":{"x":250,"y":670,"width":29,"height":9}},{"id":"6813260b-ff71-4478-ae4c-42c0121bedb4","block_type":"box","text":"Sustainability Risk is defined as an environmental, social, or governance (ESG) event or conditions that could result in","page_number":19,"box":{"x":61,"y":692,"width":882,"height":11}},{"id":"04dd999b-7de6-415f-8c62-1aab9f235076","block_type":"box","text":"an actual or a potential material negative impact on the Company. Sustainability risk is inclusive of Clima","page_number":19,"box":{"x":61,"y":707,"width":779,"height":12}},{"id":"38e56c05-0773-4180-99d0-27e999286b8f","block_type":"box","text":"te Risks, and","page_number":19,"box":{"x":842,"y":708,"width":102,"height":10}},{"id":"49dc0a33-7b5e-4439-ac4f-d0752fda6261","block_type":"box","text":"hereinafter referred to in aggregate as “ESG”.","page_number":19,"box":{"x":61,"y":723,"width":342,"height":11}},{"id":"817726b2-6206-405d-9589-bf7b566e9a53","block_type":"box","text":"MPFL recogni","page_number":19,"box":{"x":61,"y":755,"width":104,"height":11}},{"id":"93ec6079-4f92-4795-8fe9-466c45f4fc09","block_type":"box","text":"s","page_number":19,"box":{"x":166,"y":757,"width":8,"height":6}},{"id":"cca0d06a-4674-4ef3-89c8-cba3ecf53970","block_type":"box","text":"es that environmental, social, and governance factors can impact a financial institution’s risk profile in","page_number":19,"box":{"x":175,"y":754,"width":768,"height":12}},{"id":"7e6d18cd-4fb1-4786-972b-8786622c8a7f","block_type":"box","text":"multiple ways, including, but not limited to, the following:","page_number":19,"box":{"x":61,"y":770,"width":420,"height":11}},{"id":"2a468601-5fe1-4204-89d1-437875a42f86","block_type":"box","text":"•","page_number":19,"box":{"x":73,"y":805,"width":10,"height":5}},{"id":"542c14fa-2823-4cc2-ac71-9769e08972f7","block_type":"box","text":"Environmental risks, such as climate change, pollution, or natural disasters, can affect the value of assets,","page_number":19,"box":{"x":109,"y":802,"width":834,"height":11}},{"id":"02b0b657-4b53-4e4d-af76-2ab2d5dfba15","block_type":"box","text":"increase insurance costs, and create legal liabilities for a firm. Physical and transition climate related financial","page_number":19,"box":{"x":109,"y":817,"width":834,"height":12}},{"id":"df65099b-48ba-4912-a5df-fd5254580a86","block_type":"box","text":"risks may have an impact on o","page_number":19,"box":{"x":109,"y":833,"width":242,"height":11}},{"id":"0e65b236-3b1a-4e9f-adda-e1b8b11a434d","block_type":"box","text":"perations, however, risk identification programs indicate that this is primarily","page_number":19,"box":{"x":353,"y":833,"width":590,"height":11}},{"id":"6ad4c48f-3ef6-484e-b4d4-18e824be0e04","block_type":"box","text":"expected to be a driver of strategic risk, due to possible changes in client demand for products.","page_number":19,"box":{"x":108,"y":849,"width":707,"height":11}},{"id":"0bdb56fb-ff1f-4746-8efa-ee28e0137ad7","block_type":"box","text":"•","page_number":19,"box":{"x":73,"y":875,"width":10,"height":6}},{"id":"1a1c46a9-eb45-49c9-bbcc-2d2b0c327b1c","block_type":"box","text":"Social risks such as labour practices, human rights violations, or commun","page_number":19,"box":{"x":109,"y":872,"width":536,"height":11}},{"id":"d0eb7b2d-b5e3-4e3d-b457-9bdfc03f77f2","block_type":"box","text":"ity impacts can harm a firm’s reputation,","page_number":19,"box":{"x":649,"y":872,"width":295,"height":11}},{"id":"1c7ef63c-eea4-4a7a-8574-9797fede1a9f","block_type":"box","text":"lead to regulatory fines, or trigger legal action.","page_number":19,"box":{"x":109,"y":888,"width":344,"height":11}},{"id":"cfe1b5f4-1369-4cf0-88cf-d065bdf5dd6f","block_type":"box","text":"•","page_number":19,"box":{"x":73,"y":914,"width":10,"height":5}},{"id":"07e300c2-219f-4854-8e97-6bec903c3855","block_type":"box","text":"Governance risks such as broad diversity, executive pay, or bribery and corruption, can affect a firm’s decision","page_number":19,"box":{"x":109,"y":911,"width":822,"height":11}},{"id":"bef07de4-71c2-4fbe-9bb6-969a5f82eed3","block_type":"box","text":"making processes, increase the likelihood of u","page_number":19,"box":{"x":109,"y":927,"width":341,"height":11}},{"id":"d7f22f0a-f308-4c1f-bbc3-a499d452e8ea","block_type":"box","text":"nethical behaviour, and damage stakeholder trust.","page_number":19,"box":{"x":453,"y":927,"width":376,"height":11}},{"id":"ede0c8f2-d987-4a46-9579-2732e53dabac","block_type":"box","text":"Solvency and Financial Condition Report","page_number":20,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"965da540-c7b5-4f4f-b7d5-6feaa7711e00","block_type":"box","text":"M","page_number":20,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"e2105e06-ca50-4dee-a698-ff29ff39862c","block_type":"box","text":"anaged Pension Funds Limited","page_number":20,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"1bc6e7d7-94d7-4b1b-b3a6-5a55f6136749","block_type":"box","text":"20","page_number":20,"box":{"x":495,"y":962,"width":16,"height":7}},{"id":"16ff83ff-a22f-4fcb-9d7e-8d2924ffd212","block_type":"box","text":"/","page_number":20,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"bb26f37f-96ed-4fff-92d1-248d88a81e09","block_type":"box","text":"38","page_number":20,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"8cea3563-8dba-4648-9c58-7638563d2cc1","block_type":"box","text":"MPFL aims to integrate ESG factors as transversal risks into the overall risk management framework in alignment with","page_number":20,"box":{"x":61,"y":92,"width":882,"height":11}},{"id":"e0031dc2-dab4-49b8-9c8a-bf9e7f70d8df","block_type":"box","text":"guidance from regulators and ESG bodies in its jurisdiction. In doing so, MPFL seeks to","page_number":20,"box":{"x":61,"y":107,"width":641,"height":12}},{"id":"eadf3ab4-1c2a-482b-9ba2-0fb8a01918be","block_type":"box","text":"ensure ESG considerations are","page_number":20,"box":{"x":709,"y":107,"width":235,"height":10}},{"id":"6f8be526-e7ae-404c-96ee-ce99e9ab24dd","block_type":"box","text":"taken into account when assessing and managing risks across different areas of","page_number":20,"box":{"x":60,"y":123,"width":613,"height":12}},{"id":"49b667fb-c011-4a1b-bb5f-0a3d65c1f76c","block_type":"box","text":"firm’s operations, including, but not","page_number":20,"box":{"x":675,"y":123,"width":269,"height":12}},{"id":"98a86d7d-af17-4a2c-bf95-0e7eadba5ebd","block_type":"box","text":"limited to investment decision making, corporate governance, and compliance.","page_number":20,"box":{"x":61,"y":139,"width":580,"height":12}},{"id":"67f21411-01ba-45ae-8200-422c0d4bfce0","block_type":"box","text":"Risk mitigation techniques","page_number":20,"box":{"x":61,"y":168,"width":212,"height":12}},{"id":"2172d824-0d52-45b9-b43c-b2449606ab77","block_type":"box","text":"MPFL","page_number":20,"box":{"x":61,"y":191,"width":44,"height":8}},{"id":"ae6cd275-538e-4e1f-8069-6e7e4aa76876","block_type":"box","text":"is run on a risk","page_number":20,"box":{"x":116,"y":191,"width":125,"height":8}},{"id":"db1403ee-9e13-4eff-a01c-a58854dabaca","block_type":"box","text":"-","page_number":20,"box":{"x":242,"y":195,"width":4,"height":2}},{"id":"d2090599-4182-46bb-a7e7-612746b830c3","block_type":"box","text":"averse basis and writes only unit","page_number":20,"box":{"x":247,"y":191,"width":263,"height":11}},{"id":"d3ac9729-db17-4815-bd2b-9c849143f5b4","block_type":"box","text":"-","page_number":20,"box":{"x":511,"y":195,"width":5,"height":2}},{"id":"4f1e81f9-4dec-4013-8e52-4916d3fbd7ac","block_type":"box","text":"linked pension business that offers no guarantees","page_number":20,"box":{"x":517,"y":191,"width":394,"height":11}},{"id":"dfe1e025-dfd8-424f-907a-0518b83ed038","block_type":"box","text":"on","page_number":20,"box":{"x":922,"y":193,"width":22,"height":6}},{"id":"6b75b9a5-868e-4925-938f-a2c58107673c","block_type":"box","text":"performance to policyholders","page_number":20,"box":{"x":61,"y":206,"width":214,"height":11}},{"id":"f2ece0a9-8b84-4e62-9442-42340aae76ec","block_type":"box","text":".","page_number":20,"box":{"x":277,"y":213,"width":2,"height":2}},{"id":"6f3bd645-63f6-4f3e-bd76-549a3ca65b3f","block_type":"box","text":"A","page_number":20,"box":{"x":286,"y":206,"width":11,"height":9}},{"id":"0a562d2f-4d8d-435a-9b49-f4718e896aee","block_type":"box","text":"s a result, t","page_number":20,"box":{"x":297,"y":206,"width":77,"height":10}},{"id":"65bbfd82-79a4-415b-a31a-872bf46ddabc","block_type":"box","text":"the risks that remain with MPFL are limited.","page_number":20,"box":{"x":374,"y":206,"width":321,"height":9}},{"id":"49978f78-c85f-43fb-99dd-cdaeaa1ed8af","block_type":"box","text":"Reinsurance is not currently used as a risk","page_number":20,"box":{"x":61,"y":229,"width":315,"height":11}},{"id":"5f102a95-2fdb-41a3-a58e-923244072e87","block_type":"box","text":"mitigation techniqu","page_number":20,"box":{"x":382,"y":229,"width":138,"height":11}},{"id":"6c18bdaf-c002-48a9-9d06-a3f58d1b457e","block_type":"box","text":"e for MPFL","page_number":20,"box":{"x":522,"y":229,"width":82,"height":9}},{"id":"12f80d6a-0634-4c36-894e-4ea1493d18a4","block_type":"box","text":".","page_number":20,"box":{"x":607,"y":237,"width":1,"height":1}},{"id":"b612dcc6-7231-483c-8c23-64135e4a0765","block_type":"box","text":"C.7","page_number":20,"box":{"x":61,"y":263,"width":26,"height":10}},{"id":"3cf157f0-3254-4c68-834c-924e20243bc2","block_type":"box","text":"Any other information","page_number":20,"box":{"x":121,"y":263,"width":183,"height":13}},{"id":"e2306832-cae3-4f9d-a579-66ebf0cfb26f","block_type":"box","text":"There is no other material information regarding MPFL’s risk profile to add.","page_number":20,"box":{"x":60,"y":288,"width":551,"height":11}},{"id":"49cf4aae-7d9f-4bbe-a530-92af4206a1de","block_type":"box","text":"Solvency and Financial Condition Report","page_number":21,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"c15d35d6-4e63-4d71-ae36-49150893aa47","block_type":"box","text":"M","page_number":21,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"69f8d2e9-573a-4a2c-b2fe-5e4b7c6d26b9","block_type":"box","text":"anaged Pension Funds Limited","page_number":21,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"4b37761d-c9bd-48e6-bc68-d9a65f1723c9","block_type":"box","text":"21","page_number":21,"box":{"x":495,"y":962,"width":14,"height":7}},{"id":"a47f273b-a9c9-4eaf-8413-47c4e097f196","block_type":"box","text":"/","page_number":21,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"96c8b6d2-a367-4a70-8a37-a5f845616368","block_type":"box","text":"38","page_number":21,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"d7658b27-2630-4480-9fae-1279510c0e7f","block_type":"box","text":"Section D: Valuation for Solvency Purposes","page_number":21,"box":{"x":61,"y":92,"width":400,"height":14}},{"id":"132a30ca-aaa5-4d67-ba6d-5203fd362cf3","block_type":"box","text":"For the p","page_number":21,"box":{"x":61,"y":119,"width":69,"height":11}},{"id":"36db62b4-ab69-46a1-9dbb-5c72634db60a","block_type":"box","text":"urpose of regulatory reporting,","page_number":21,"box":{"x":132,"y":119,"width":232,"height":11}},{"id":"2b6cc633-f1ef-47da-8690-f0385821bab2","block_type":"box","text":"a comparison of","page_number":21,"box":{"x":367,"y":119,"width":126,"height":11}},{"id":"d2a770f4-55eb-4b53-9c6e-a290fcc747de","block_type":"box","text":"MPFL","page_number":21,"box":{"x":497,"y":119,"width":43,"height":9}},{"id":"e30a5f68-9d95-42f4-9bec-e03fe1081fd5","block_type":"box","text":"’s total assets","page_number":21,"box":{"x":541,"y":119,"width":108,"height":9}},{"id":"df3dac49-814f-40d5-89a3-4bbfeccfae46","block_type":"box","text":"and liabilities","page_number":21,"box":{"x":652,"y":119,"width":101,"height":9}},{"id":"a163e8cf-ba98-436a-83bb-35d49b30047b","block_type":"box","text":"reported in the","page_number":21,"box":{"x":756,"y":119,"width":115,"height":11}},{"id":"25d5c882-c711-4d06-ba7b-217fa4afbd96","block_type":"box","text":"S","page_number":21,"box":{"x":873,"y":119,"width":10,"height":9}},{"id":"477481f3-4283-49b3-9d3a-28930f8f173b","block_type":"box","text":"tatutory","page_number":21,"box":{"x":884,"y":120,"width":60,"height":10}},{"id":"f333ac32-ca23-4186-8bb6-b3b6a0539836","block_type":"box","text":"Financial Sta","page_number":21,"box":{"x":61,"y":134,"width":96,"height":9}},{"id":"8389e37e-e050-45cd-bda2-d60282aceaf2","block_type":"box","text":"tement","page_number":21,"box":{"x":158,"y":135,"width":50,"height":8}},{"id":"f29d0174-ff57-4380-82cd-4a6bf32bd69a","block_type":"box","text":"s","page_number":21,"box":{"x":209,"y":137,"width":8,"height":6}},{"id":"46e285e6-06f7-4887-bb0b-5a7f3ae07ca0","block_type":"box","text":"for","page_number":21,"box":{"x":222,"y":135,"width":20,"height":8}},{"id":"9539dcab-9c8d-44be-87ac-088c1483ee57","block_type":"box","text":"the year","page_number":21,"box":{"x":247,"y":135,"width":64,"height":11}},{"id":"672e5986-a881-4ce7-b979-ba7368068f40","block_type":"box","text":"ended","page_number":21,"box":{"x":312,"y":135,"width":51,"height":8}},{"id":"acf61658-3987-4ced-bd7a-c235d88ea78e","block_type":"box","text":"31 December","page_number":21,"box":{"x":364,"y":135,"width":100,"height":8}},{"id":"359a8072-031f-4cc4-877f-c8721bd42ce4","block_type":"box","text":"20","page_number":21,"box":{"x":469,"y":135,"width":18,"height":8}},{"id":"7575dd52-5ba0-4c03-ac2f-d84200bb4383","block_type":"box","text":"2","page_number":21,"box":{"x":488,"y":135,"width":8,"height":8}},{"id":"8dcc9055-fcd7-40b2-9bf4-2587e1a4a4ed","block_type":"box","text":"3","page_number":21,"box":{"x":497,"y":135,"width":8,"height":8}},{"id":"6c8907c4-a9ff-49b7-ba5c-e6d87acffa00","block_type":"box","text":"with","page_number":21,"box":{"x":511,"y":135,"width":34,"height":8}},{"id":"39c319f8-fe3c-4ccc-9a5b-6812fe4bd58c","block_type":"box","text":"the Solvency","page_number":21,"box":{"x":545,"y":134,"width":101,"height":12}},{"id":"20f89e71-1d6e-41dd-b974-f131d624ef26","block_type":"box","text":"II","page_number":21,"box":{"x":648,"y":135,"width":6,"height":8}},{"id":"9c2c969e-3cd6-4cf1-9e7c-0fa315f567c3","block_type":"box","text":"values","page_number":21,"box":{"x":660,"y":135,"width":48,"height":8}},{"id":"c3266ded-5894-458b-b2d9-7bcf2d86686e","block_type":"box","text":"is summarized below","page_number":21,"box":{"x":714,"y":135,"width":156,"height":8}},{"id":"fa2cf72c-ebce-482e-981a-181da8da3ac1","block_type":"box","text":".","page_number":21,"box":{"x":872,"y":142,"width":1,"height":1}},{"id":"bc0e0299-26a9-4f24-ac80-d20fbed71fd3","block_type":"box","text":"202","page_number":21,"box":{"x":506,"y":158,"width":24,"height":8}},{"id":"86ce6bc0-b733-4926-a237-0d616bd6ddb8","block_type":"box","text":"3","page_number":21,"box":{"x":531,"y":158,"width":7,"height":8}},{"id":"f1b3ac6a-c3d7-497a-8a90-c4d6319dc345","block_type":"box","text":"Statutory","page_number":21,"box":{"x":544,"y":158,"width":65,"height":10}},{"id":"3efb97e0-fd82-4f07-bf74-d6ce36e245bd","block_type":"box","text":"Accounts","page_number":21,"box":{"x":613,"y":158,"width":68,"height":8}},{"id":"1922f638-dbbd-4561-90df-c4164296076d","block_type":"box","text":"202","page_number":21,"box":{"x":768,"y":158,"width":24,"height":8}},{"id":"cef3a89c-238c-4811-9ea6-455889aba5fd","block_type":"box","text":"3","page_number":21,"box":{"x":794,"y":158,"width":7,"height":8}},{"id":"a860123a-490b-43de-9f3d-dd165fecbd94","block_type":"box","text":"Solvency","page_number":21,"box":{"x":807,"y":158,"width":65,"height":10}},{"id":"e123b5a3-b1e0-4ee7-9f40-70abf35a386a","block_type":"box","text":"II","page_number":21,"box":{"x":877,"y":158,"width":7,"height":8}},{"id":"4f2413c4-c4f5-48e8-8ed0-3bf95334bd0a","block_type":"box","text":"£'000","page_number":21,"box":{"x":645,"y":172,"width":37,"height":7}},{"id":"3601151c-186f-47f7-a065-e7326b0b0e64","block_type":"box","text":"£'000","page_number":21,"box":{"x":847,"y":172,"width":37,"height":7}},{"id":"c5eb18ef-eea1-4f6e-a2ff-c3db7afc5b15","block_type":"box","text":"Collective Investments Undertakings","page_number":21,"box":{"x":79,"y":195,"width":243,"height":10}},{"id":"1cceec8d-d2f9-42f8-b038-7ce0581a9cc6","block_type":"box","text":"12","page_number":21,"box":{"x":638,"y":195,"width":15,"height":8}},{"id":"37e04ec3-20a8-4404-bad9-bac8405456f6","block_type":"box","text":",","page_number":21,"box":{"x":655,"y":202,"width":1,"height":2}},{"id":"eff5b77f-8cdb-4136-9c4f-9d0bbb954c4c","block_type":"box","text":"227","page_number":21,"box":{"x":658,"y":195,"width":25,"height":8}},{"id":"a9d70106-2869-4a09-a60f-c2c294e2d43c","block_type":"box","text":"12","page_number":21,"box":{"x":840,"y":195,"width":15,"height":8}},{"id":"cfe09294-fa33-4688-8b16-184469774783","block_type":"box","text":",","page_number":21,"box":{"x":857,"y":202,"width":1,"height":2}},{"id":"b44b3e4f-6851-4cd4-a88a-3e640fc90206","block_type":"box","text":"227","page_number":21,"box":{"x":860,"y":195,"width":25,"height":8}},{"id":"3f73e683-3c0a-4020-9139-b74a0bdd3d51","block_type":"box","text":"Assets held for index","page_number":21,"box":{"x":78,"y":215,"width":140,"height":8}},{"id":"874027ad-002b-4438-bc99-02c34db84a79","block_type":"box","text":"-","page_number":21,"box":{"x":220,"y":219,"width":3,"height":1}},{"id":"b0030de0-5dbb-4568-ba67-cb91de3eb0c0","block_type":"box","text":"linked and unit","page_number":21,"box":{"x":225,"y":215,"width":96,"height":8}},{"id":"10ee61f4-8a1c-4324-a13f-8b9d3e2d9c77","block_type":"box","text":"-","page_number":21,"box":{"x":323,"y":219,"width":3,"height":1}},{"id":"604b01bd-c3c1-43dc-990f-383921b63311","block_type":"box","text":"linked contracts","page_number":21,"box":{"x":327,"y":215,"width":104,"height":8}},{"id":"badad526-1b69-436c-b738-64dec7d77d4a","block_type":"box","text":"3","page_number":21,"box":{"x":607,"y":215,"width":8,"height":8}},{"id":"a506201c-e7c7-4fb8-b61e-3fa71d97d9df","block_type":"box","text":"7","page_number":21,"box":{"x":616,"y":215,"width":7,"height":8}},{"id":"2e84571a-ad03-42cd-9d10-17586ba41a88","block_type":"box","text":",","page_number":21,"box":{"x":625,"y":222,"width":2,"height":2}},{"id":"26dec817-64a1-491a-8191-30d5342f69e1","block_type":"box","text":"244","page_number":21,"box":{"x":628,"y":215,"width":25,"height":8}},{"id":"69c5fea9-e5b6-4655-bf53-242d01e440b5","block_type":"box","text":",","page_number":21,"box":{"x":655,"y":222,"width":1,"height":2}},{"id":"e5bf41d7-e3d7-4a54-86dc-38e374977f9c","block_type":"box","text":"842","page_number":21,"box":{"x":658,"y":215,"width":24,"height":8}},{"id":"05e166cc-9eab-4028-8ac3-3e74a8fd6462","block_type":"box","text":"3","page_number":21,"box":{"x":809,"y":215,"width":8,"height":8}},{"id":"c4a760a0-0f8c-4128-9a05-15bd6f768541","block_type":"box","text":"7","page_number":21,"box":{"x":818,"y":215,"width":7,"height":8}},{"id":"ae3a914c-b20e-4006-8921-42caed418d2f","block_type":"box","text":",","page_number":21,"box":{"x":827,"y":222,"width":2,"height":2}},{"id":"d8bc31a0-d753-404b-92d3-60b1b01580d7","block_type":"box","text":"244","page_number":21,"box":{"x":830,"y":215,"width":25,"height":8}},{"id":"382582fc-a7d9-400b-bfdb-80b261c11975","block_type":"box","text":",","page_number":21,"box":{"x":857,"y":222,"width":1,"height":2}},{"id":"edc90ae1-9d02-46e7-bf18-82db00053df6","block_type":"box","text":"842","page_number":21,"box":{"x":860,"y":215,"width":24,"height":8}},{"id":"ae18b782-d760-45eb-835a-2db515b28d2a","block_type":"box","text":"Insurance and intermediaries receivables","page_number":21,"box":{"x":80,"y":235,"width":273,"height":8}},{"id":"81587e83-20c6-450c-aa16-6ca8e68f0aad","block_type":"box","text":"3,","page_number":21,"box":{"x":645,"y":235,"width":11,"height":10}},{"id":"c19c08d9-2b76-4af6-bc53-1848b0d22942","block_type":"box","text":"5","page_number":21,"box":{"x":658,"y":236,"width":7,"height":7}},{"id":"935976be-f6ce-43ac-bbab-41d4b1a26a43","block_type":"box","text":"70","page_number":21,"box":{"x":666,"y":235,"width":16,"height":8}},{"id":"c89d3d37-0c6d-44bc-8a43-0509a2c710cc","block_type":"box","text":"3,","page_number":21,"box":{"x":847,"y":235,"width":11,"height":10}},{"id":"b7cace60-056a-4176-a1c5-590575a7ca39","block_type":"box","text":"5","page_number":21,"box":{"x":860,"y":236,"width":7,"height":7}},{"id":"f08afc83-a8ce-4484-ba6a-b4e348cd3a9e","block_type":"box","text":"70","page_number":21,"box":{"x":868,"y":235,"width":16,"height":8}},{"id":"f44ee75e-ca77-4b28-85b0-9711c0202151","block_type":"box","text":"Receivables (trade, not insurance)","page_number":21,"box":{"x":79,"y":256,"width":228,"height":10}},{"id":"75c21f90-826c-4804-9321-7fbe22596818","block_type":"box","text":"2","page_number":21,"box":{"x":666,"y":256,"width":7,"height":8}},{"id":"6089c91b-23e1-4697-b6cf-a53094261b2f","block_type":"box","text":"5","page_number":21,"box":{"x":675,"y":256,"width":7,"height":8}},{"id":"e7bba7eb-fba7-4457-9f62-84220b24a234","block_type":"box","text":"2","page_number":21,"box":{"x":868,"y":256,"width":7,"height":8}},{"id":"8545b2d9-e8c6-4a26-bad1-9b41b605cca5","block_type":"box","text":"5","page_number":21,"box":{"x":877,"y":256,"width":7,"height":8}},{"id":"8db5576a-87ff-48f2-b414-8fcfd3134c90","block_type":"box","text":"Cash and cash equivalents","page_number":21,"box":{"x":79,"y":276,"width":180,"height":10}},{"id":"543af32c-fb16-47f5-a692-543a1bf4612f","block_type":"box","text":"6,683","page_number":21,"box":{"x":645,"y":276,"width":37,"height":9}},{"id":"7cd38d71-2e4c-4579-a4fc-f0aae5846937","block_type":"box","text":"6,683","page_number":21,"box":{"x":847,"y":276,"width":37,"height":9}},{"id":"6a344bc6-06a4-4482-8c0f-9ab97ad51787","block_type":"box","text":"Total assets","page_number":21,"box":{"x":78,"y":296,"width":87,"height":8}},{"id":"0b0e2e49-a4b4-46e6-b3ca-be49838357aa","block_type":"box","text":"3","page_number":21,"box":{"x":607,"y":296,"width":8,"height":8}},{"id":"c5667f46-4163-4daa-88de-24354be434dd","block_type":"box","text":"7,267,3","page_number":21,"box":{"x":616,"y":296,"width":49,"height":10}},{"id":"f37fafd4-b16d-4456-9562-c42e75df913b","block_type":"box","text":"47","page_number":21,"box":{"x":667,"y":296,"width":16,"height":8}},{"id":"db4c1a1a-05ab-4b63-98f4-5de23ff29d8e","block_type":"box","text":"3","page_number":21,"box":{"x":809,"y":296,"width":8,"height":8}},{"id":"631e850c-2a8c-496c-b224-3a2afdacfcab","block_type":"box","text":"7,267,3","page_number":21,"box":{"x":818,"y":296,"width":49,"height":10}},{"id":"9f4819c4-4b3b-402b-a0d5-55cbdcac3684","block_type":"box","text":"47","page_number":21,"box":{"x":869,"y":296,"width":16,"height":8}},{"id":"b658e1aa-33a8-4920-b5fd-714df816708f","block_type":"box","text":"Technical provisions","page_number":21,"box":{"x":78,"y":316,"width":136,"height":10}},{"id":"b88e96d6-92fa-41b4-9642-328a9001df4e","block_type":"box","text":"-","page_number":21,"box":{"x":220,"y":320,"width":4,"height":1}},{"id":"99bd05f7-8283-43a5-bfe1-64382d334d76","block_type":"box","text":"index","page_number":21,"box":{"x":230,"y":316,"width":35,"height":8}},{"id":"669dc635-6425-4f49-b48b-71b5c0b05691","block_type":"box","text":"-","page_number":21,"box":{"x":266,"y":320,"width":3,"height":1}},{"id":"7ab5309b-75f3-4601-92de-783fadf7aafb","block_type":"box","text":"linked and unit","page_number":21,"box":{"x":271,"y":316,"width":96,"height":8}},{"id":"61ca501f-e930-4502-833c-8d7f80fbca67","block_type":"box","text":"-","page_number":21,"box":{"x":369,"y":320,"width":3,"height":1}},{"id":"dca15813-179e-4822-973e-1bc160038161","block_type":"box","text":"linked","page_number":21,"box":{"x":374,"y":316,"width":38,"height":8}},{"id":"96f60ea1-b45b-4448-bec9-1ee143cff014","block_type":"box","text":"3","page_number":21,"box":{"x":607,"y":316,"width":8,"height":8}},{"id":"865124be-90a0-4c15-bc92-adb41a2f657c","block_type":"box","text":"7","page_number":21,"box":{"x":616,"y":316,"width":7,"height":8}},{"id":"e7fc00e7-bfbe-4cf0-8572-5087fa5c8a3c","block_type":"box","text":",","page_number":21,"box":{"x":625,"y":323,"width":2,"height":2}},{"id":"4629a397-05fb-41cb-a6de-f9c9ddc2f6c6","block_type":"box","text":"244","page_number":21,"box":{"x":628,"y":316,"width":25,"height":8}},{"id":"d603778c-5dd4-4799-967e-7f92f623f9ed","block_type":"box","text":",","page_number":21,"box":{"x":655,"y":323,"width":1,"height":2}},{"id":"959768d4-bf76-45ef-930b-d9437c7fbc89","block_type":"box","text":"84","page_number":21,"box":{"x":658,"y":316,"width":16,"height":8}},{"id":"c13e716b-c895-4b31-b067-99c1f54973df","block_type":"box","text":"2","page_number":21,"box":{"x":675,"y":316,"width":7,"height":8}},{"id":"45bb7a7a-d201-49f1-a94f-8a95f5e076cc","block_type":"box","text":"37,244,880","page_number":21,"box":{"x":809,"y":316,"width":75,"height":9}},{"id":"001e028e-5e11-4e2c-a3e9-576e6bbacd45","block_type":"box","text":"Insurance & intermediaries payables","page_number":21,"box":{"x":80,"y":336,"width":242,"height":10}},{"id":"791a13d3-68ee-4872-99f0-a84b9612067c","block_type":"box","text":"7,8","page_number":21,"box":{"x":645,"y":336,"width":20,"height":10}},{"id":"e0fb0eed-af5d-4bb2-92c1-8dcfcb583a40","block_type":"box","text":"04","page_number":21,"box":{"x":666,"y":336,"width":16,"height":8}},{"id":"9c04fc57-9f17-49be-a9c6-fa175321b5c1","block_type":"box","text":"7,8","page_number":21,"box":{"x":847,"y":336,"width":20,"height":10}},{"id":"7a9499f8-fc58-459a-a043-dd2f120b13fa","block_type":"box","text":"04","page_number":21,"box":{"x":868,"y":336,"width":16,"height":8}},{"id":"66461a33-47fa-4ede-afd3-83710acf85bc","block_type":"box","text":"Payables (trade, not insurance)","page_number":21,"box":{"x":79,"y":357,"width":208,"height":10}},{"id":"7b01e688-fbcb-42c2-a3fe-e22ead032edb","block_type":"box","text":"4","page_number":21,"box":{"x":657,"y":357,"width":8,"height":8}},{"id":"5ee07a88-d2d2-4426-856d-fdbafe57c93b","block_type":"box","text":"3","page_number":21,"box":{"x":666,"y":357,"width":7,"height":8}},{"id":"647f9623-7d13-47ea-af3b-a82224e2a69e","block_type":"box","text":"2","page_number":21,"box":{"x":674,"y":357,"width":8,"height":8}},{"id":"bb76903c-8e1b-417a-8566-657651366825","block_type":"box","text":"4","page_number":21,"box":{"x":860,"y":357,"width":7,"height":8}},{"id":"69235cde-f988-4504-94a6-82d28e07c28f","block_type":"box","text":"3","page_number":21,"box":{"x":868,"y":357,"width":8,"height":8}},{"id":"a1cb3b72-4d73-4f3d-97c8-4799cd80e16f","block_type":"box","text":"2","page_number":21,"box":{"x":876,"y":357,"width":8,"height":8}},{"id":"d6e87ccc-0811-46ef-84bd-104ce9efb1db","block_type":"box","text":"Total liabilities","page_number":21,"box":{"x":78,"y":377,"width":105,"height":8}},{"id":"33910d91-b3fc-4fea-87e5-94c76c59a1c1","block_type":"box","text":"37,253,","page_number":21,"box":{"x":607,"y":377,"width":50,"height":9}},{"id":"dd473687-37fd-4fd5-b8ec-456fe840ccbf","block_type":"box","text":"0","page_number":21,"box":{"x":658,"y":377,"width":8,"height":8}},{"id":"e7478ab3-b51a-4a47-818c-ab6800da862e","block_type":"box","text":"78","page_number":21,"box":{"x":667,"y":377,"width":16,"height":8}},{"id":"70344872-2c74-49e0-b43d-662bdbb977b9","block_type":"box","text":"37,253,1","page_number":21,"box":{"x":809,"y":377,"width":56,"height":9}},{"id":"8e491380-fc3d-40f4-9167-4557decf0169","block_type":"box","text":"16","page_number":21,"box":{"x":869,"y":377,"width":16,"height":8}},{"id":"fcddcbf1-8b39-40e5-815c-b4969058fc36","block_type":"box","text":"D.1","page_number":21,"box":{"x":61,"y":412,"width":24,"height":9}},{"id":"b59ed2f0-211f-400f-bede-1c2809fd6a81","block_type":"box","text":"Assets","page_number":21,"box":{"x":121,"y":412,"width":57,"height":10}},{"id":"d363e2b5-261e-415e-a6c3-207741fc8bb2","block_type":"box","text":"Value of","page_number":21,"box":{"x":60,"y":443,"width":71,"height":9}},{"id":"26415b4c-9c66-42af-84fa-93b2eb37f79f","block_type":"box","text":"assets","page_number":21,"box":{"x":131,"y":443,"width":51,"height":9}},{"id":"160aa1dc-fa7b-43d3-966f-20739bbca3ac","block_type":"box","text":"The valuation methodology used for each type of asset reported in the Solvency","page_number":21,"box":{"x":60,"y":464,"width":608,"height":12}},{"id":"19842043-0c4d-4055-8e4b-e85f39b307a8","block_type":"box","text":"II","page_number":21,"box":{"x":671,"y":465,"width":6,"height":8}},{"id":"398cc6de-1de3-4dfd-b0a9-85f13a44ebd2","block_type":"box","text":"Balance Sheet has been provided","page_number":21,"box":{"x":685,"y":464,"width":259,"height":12}},{"id":"7b5bf7ec-40aa-4ccb-bb10-a8da2f4613fd","block_type":"box","text":"as follows:","page_number":21,"box":{"x":61,"y":480,"width":76,"height":9}},{"id":"810433c1-ec9e-4bba-b73b-4e91d0407eee","block_type":"box","text":"Collective Investments Undertakings","page_number":21,"box":{"x":61,"y":503,"width":298,"height":11}},{"id":"eb336503-cad5-4b07-af5c-3f66ae690bc7","block_type":"box","text":"Collective Investments Undertakings are investments that are held in the SSGA","page_number":21,"box":{"x":61,"y":526,"width":594,"height":11}},{"id":"a5c9b2fb-5dd3-4cf5-ad85-c56c429451c5","block_type":"box","text":"Liquidity Fund","page_number":21,"box":{"x":658,"y":526,"width":102,"height":11}},{"id":"d94e3409-4fcc-4747-bf02-23310ff98d7f","block_type":"box","text":"£1","page_number":21,"box":{"x":766,"y":526,"width":15,"height":9}},{"id":"76b0521c-6990-413d-ba62-51507cc175eb","block_type":"box","text":"1","page_number":21,"box":{"x":786,"y":526,"width":4,"height":8}},{"id":"f94da118-01b1-4595-8c88-44d3f5e2f72a","block_type":"box","text":".","page_number":21,"box":{"x":795,"y":533,"width":2,"height":1}},{"id":"c4e13b72-ccd7-4ebb-a85b-d00e1fb7ec5b","block_type":"box","text":"40","page_number":21,"box":{"x":798,"y":526,"width":18,"height":9}},{"id":"ea967ed6-4c46-4c75-894c-620307c96cc4","block_type":"box","text":"m","page_number":21,"box":{"x":818,"y":528,"width":12,"height":6}},{"id":"e58fe94d-e9f1-43f0-894f-7ad7990886cd","block_type":"box","text":"(202","page_number":21,"box":{"x":837,"y":526,"width":31,"height":11}},{"id":"1dd17a2a-af56-47a7-bce6-6222267b19f4","block_type":"box","text":"2","page_number":21,"box":{"x":870,"y":526,"width":8,"height":8}},{"id":"d7dcb64b-8e12-4f28-9b1e-d9cf1b8cc673","block_type":"box","text":": £","page_number":21,"box":{"x":881,"y":526,"width":16,"height":9}},{"id":"8005c217-dc7c-44e3-b1b3-cbf9fc3a9ec0","block_type":"box","text":"10.88","page_number":21,"box":{"x":899,"y":526,"width":45,"height":9}},{"id":"e40e363a-85a8-49b6-b6a4-bed2069169b9","block_type":"box","text":"m)","page_number":21,"box":{"x":61,"y":541,"width":18,"height":12}},{"id":"f82b5fd5-8020-4554-b039-5c5ffd54aa2e","block_type":"box","text":", with an additional","page_number":21,"box":{"x":81,"y":542,"width":143,"height":10}},{"id":"58cb8820-aef8-4ed5-8d07-a3618e1d1fc4","block_type":"box","text":"£0.","page_number":21,"box":{"x":225,"y":542,"width":21,"height":8}},{"id":"c01a527d-be84-461a-a06b-2b9a000ba16e","block_type":"box","text":"8","page_number":21,"box":{"x":248,"y":542,"width":8,"height":8}},{"id":"a3344809-023c-4fec-b310-217f3f40897c","block_type":"box","text":"3","page_number":21,"box":{"x":258,"y":542,"width":8,"height":8}},{"id":"473e3c59-6149-4b71-8c35-4103b4cf5cca","block_type":"box","text":"m","page_number":21,"box":{"x":267,"y":544,"width":12,"height":6}},{"id":"c22b6fcf-b726-47ea-9419-1da3ed5e700f","block_type":"box","text":"(20","page_number":21,"box":{"x":287,"y":541,"width":22,"height":12}},{"id":"c33c8538-c073-40fa-bd7e-978d548ddede","block_type":"box","text":"2","page_number":21,"box":{"x":310,"y":542,"width":8,"height":8}},{"id":"df5fb7d3-579d-4c35-b064-e975f899a137","block_type":"box","text":"2","page_number":21,"box":{"x":319,"y":542,"width":9,"height":8}},{"id":"f7856498-4010-45bd-a938-7c4ca93430df","block_type":"box","text":": £0.","page_number":21,"box":{"x":329,"y":542,"width":31,"height":8}},{"id":"107057a6-901f-4e84-85c2-3b61bcfb9726","block_type":"box","text":"7","page_number":21,"box":{"x":361,"y":542,"width":8,"height":8}},{"id":"e9904f1d-6fc5-429e-9e97-12612e66b55f","block_type":"box","text":"7","page_number":21,"box":{"x":371,"y":542,"width":8,"height":8}},{"id":"58ea5a78-bc26-4480-ac1b-e9d78d2526fb","block_type":"box","text":"m) held in unit","page_number":21,"box":{"x":381,"y":541,"width":104,"height":12}},{"id":"d3ccd51a-3ff4-4eb2-be98-db4987eada71","block_type":"box","text":"-","page_number":21,"box":{"x":487,"y":546,"width":4,"height":1}},{"id":"6eae852c-f6d1-4f9f-89b9-b86fae96beb8","block_type":"box","text":"linked funds as seed capital.","page_number":21,"box":{"x":492,"y":541,"width":215,"height":12}},{"id":"f86e1bab-0980-492d-a8cb-804f236b2985","block_type":"box","text":"The holdings in SSGA Liquidity","page_number":21,"box":{"x":708,"y":541,"width":236,"height":12}},{"id":"fee73997-dac8-4122-a073-5880ba86a639","block_type":"box","text":"Fund are classified as Level 1 and the holdings in seed investment are classified as Level 2 under t","page_number":21,"box":{"x":61,"y":557,"width":773,"height":12}},{"id":"05e81bdd-aa49-44b2-a2dd-b1d8c085f4bc","block_type":"box","text":"he Fair Value","page_number":21,"box":{"x":836,"y":557,"width":108,"height":9}},{"id":"ba59cb77-0bc1-4f4b-85de-fc0153c6005d","block_type":"box","text":"Hierarchy.","page_number":21,"box":{"x":61,"y":573,"width":80,"height":11}},{"id":"cf6944d7-494b-46ac-88c4-35fd2ae41ea3","block_type":"box","text":"These assets are recognised at either fair market value or nominal value (in the case of cash deposits).","page_number":21,"box":{"x":142,"y":573,"width":762,"height":12}},{"id":"25c1f090-35c0-418c-9e37-4bae5a1970d4","block_type":"box","text":"The fair value of Level 1 investments is determined using observable, unadjusted quoted prices in active markets for","page_number":21,"box":{"x":60,"y":596,"width":883,"height":11}},{"id":"769d6c96-736a-486f-9fe3-53b78ed9a28e","block_type":"box","text":"identica","page_number":21,"box":{"x":61,"y":612,"width":57,"height":9}},{"id":"f34c75f6-af69-452a-949f-27ffd1965da7","block_type":"box","text":"l assets. Active markets are markets in which transactions occur for the item to be fair valued with sufficient","page_number":21,"box":{"x":120,"y":612,"width":823,"height":9}},{"id":"91ce6848-8a68-444d-80a4-48c90b38a6c5","block_type":"box","text":"frequency and volume to provide pricing information on an ongoing basis.","page_number":21,"box":{"x":60,"y":627,"width":544,"height":11}},{"id":"af0f8c71-4d7a-4b9a-8b1c-b676ff1cedc0","block_type":"box","text":"The fair value of Level 2 investments is determined using inputs other","page_number":21,"box":{"x":60,"y":650,"width":522,"height":12}},{"id":"03749ad9-b3d3-4c5f-a884-a84ae0a1c4ce","block_type":"box","text":"than quoted prices included within level 1 inputs","page_number":21,"box":{"x":584,"y":650,"width":360,"height":11}},{"id":"3c41207c-a8cb-4d52-9bf4-5fa9f3bbbd36","block_type":"box","text":"that are observable, either directly or indirectly through corroboration with market data.","page_number":21,"box":{"x":60,"y":666,"width":639,"height":11}},{"id":"676cd563-533f-4107-a7ff-cf024f154e20","block_type":"box","text":"Assets held for index","page_number":21,"box":{"x":60,"y":689,"width":170,"height":9}},{"id":"3b25ab70-1d6e-4a2a-ae8c-d0657e0d9383","block_type":"box","text":"-","page_number":21,"box":{"x":231,"y":693,"width":5,"height":2}},{"id":"953c8512-c7f9-4800-9530-84f18779b27a","block_type":"box","text":"linked and unit","page_number":21,"box":{"x":237,"y":689,"width":117,"height":9}},{"id":"985f97a9-f33d-4212-b235-6160cd067e0a","block_type":"box","text":"-","page_number":21,"box":{"x":355,"y":693,"width":5,"height":2}},{"id":"c3f15ee6-2c7b-4daf-b406-da9221700884","block_type":"box","text":"linked contracts","page_number":21,"box":{"x":361,"y":689,"width":127,"height":9}},{"id":"45a4e4e4-2099-40fd-b2a6-78bf4e7ae82a","block_type":"box","text":"Unit","page_number":21,"box":{"x":61,"y":711,"width":29,"height":9}},{"id":"d48ab74b-dc1a-4f08-a8e3-d48c3177e80b","block_type":"box","text":"-","page_number":21,"box":{"x":91,"y":716,"width":4,"height":1}},{"id":"19dc962b-ef5d-439a-9785-d46d74358e83","block_type":"box","text":"linked inve","page_number":21,"box":{"x":97,"y":711,"width":77,"height":9}},{"id":"b2f853b7-bbde-476f-8c2f-1dead15521f6","block_type":"box","text":"stment contracts written by MPFL","page_number":21,"box":{"x":175,"y":711,"width":246,"height":12}},{"id":"71fca438-af55-4cb4-86c0-5f683b41f132","block_type":"box","text":"are without","page_number":21,"box":{"x":427,"y":711,"width":80,"height":9}},{"id":"2f3d593d-e85e-440c-8bad-546758c5dc86","block_type":"box","text":"fixed terms and their value is dependent on the fair market","page_number":21,"box":{"x":512,"y":711,"width":431,"height":12}},{"id":"b1298cc1-35dd-47af-bf0b-0a5db00fd0bf","block_type":"box","text":"value of the underlying financial assets and derivatives.","page_number":21,"box":{"x":60,"y":727,"width":415,"height":12}},{"id":"8224c26d-1963-4a27-9149-2464626fca46","block_type":"box","text":"The fair values of the underlying financial assets and derivatives are derived In accordance with the valuation hierarchy","page_number":21,"box":{"x":60,"y":750,"width":883,"height":11}},{"id":"aefeaea7-70f4-43e9-abfc-57d5cba42e86","block_type":"box","text":"set out in","page_number":21,"box":{"x":61,"y":766,"width":73,"height":9}},{"id":"36dbf802-1337-4d7a-8aac-98ae85e497bd","block_type":"box","text":"the","page_number":21,"box":{"x":135,"y":766,"width":22,"height":9}},{"id":"7841922f-973a-4594-bd07-cfd0f4f1e8c6","block_type":"box","text":"Solvency","page_number":21,"box":{"x":163,"y":766,"width":72,"height":11}},{"id":"e5bc9eaa-e91d-47b1-9eb1-bc0b554e7cb1","block_type":"box","text":"II","page_number":21,"box":{"x":237,"y":766,"width":6,"height":8}},{"id":"b3d5909d-a1a3-401a-aa33-a4490c80ba7c","block_type":"box","text":"Regulation","page_number":21,"box":{"x":251,"y":766,"width":78,"height":11}},{"id":"6c14ed86-bcd3-4d41-9176-4ebaff5b505e","block_type":"box","text":"Article 10(2)","page_number":21,"box":{"x":335,"y":766,"width":90,"height":11}},{"id":"155cef66-3b9d-4dac-a0f2-599577e9ab8b","block_type":"box","text":"-","page_number":21,"box":{"x":427,"y":771,"width":4,"height":1}},{"id":"1ea799f8-222b-4da4-ae86-fe26853101f0","block_type":"box","text":"10(5).","page_number":21,"box":{"x":433,"y":766,"width":41,"height":11}},{"id":"374670dd-3485-4c2f-b26f-214a0cf10389","block_type":"box","text":"Methods used maximise the use of observable market inputs","page_number":21,"box":{"x":487,"y":766,"width":456,"height":11}},{"id":"83d24da6-d37d-487b-bca2-58e5fa8b91c6","block_type":"box","text":"for the same or similar instruments and may be grouped as follows:","page_number":21,"box":{"x":60,"y":782,"width":504,"height":11}},{"id":"44ae3be3-3c00-4aef-a33b-9ed5c9a60f60","block_type":"box","text":"•","page_number":21,"box":{"x":74,"y":807,"width":4,"height":3}},{"id":"b5c932ff-f4e9-4d7a-8173-17d7890e10fd","block_type":"box","text":"F","page_number":21,"box":{"x":104,"y":805,"width":8,"height":8}},{"id":"441249e2-1b75-441e-b339-2af5c9e17024","block_type":"box","text":"air","page_number":21,"box":{"x":113,"y":805,"width":19,"height":9}},{"id":"c8d6d71f-e49d-46c5-bcb4-1df5fa51980c","block_type":"box","text":"value is determined using observable, unadjusted quoted prices in active market","page_number":21,"box":{"x":136,"y":805,"width":595,"height":11}},{"id":"7e27e33d-658a-4128-bedb-85d544661cb2","block_type":"box","text":"s for identical assets","page_number":21,"box":{"x":733,"y":805,"width":150,"height":9}},{"id":"f63586d9-d6ad-4b8f-bbab-95773e33f078","block_type":"box","text":"(“Level","page_number":21,"box":{"x":890,"y":805,"width":54,"height":11}},{"id":"a43943f1-feee-46e5-8349-1f10ff642d21","block_type":"box","text":"1”)","page_number":21,"box":{"x":104,"y":819,"width":18,"height":11}},{"id":"8952c8a7-f29b-4a16-aac8-cf09965e2701","block_type":"box","text":".","page_number":21,"box":{"x":124,"y":827,"width":2,"height":1}},{"id":"8a0174bf-8055-4252-ab3d-2a9324443856","block_type":"box","text":"•","page_number":21,"box":{"x":74,"y":843,"width":4,"height":3}},{"id":"93e30e1f-ca0d-4e5f-8f15-aaa4bb0dea7e","block_type":"box","text":"Fair value is determined using inputs other than quoted prices included within level 1 inputs that are observable,","page_number":21,"box":{"x":104,"y":841,"width":839,"height":11}},{"id":"118459e4-911f-46b8-bfe2-3b1ad43d67e2","block_type":"box","text":"either directly or indirectly through corroboration with market data (“Level 2”).","page_number":21,"box":{"x":103,"y":855,"width":566,"height":11}},{"id":"b4fa7e25-09ac-489f-aa04-650ee9f0c438","block_type":"box","text":"•","page_number":21,"box":{"x":74,"y":878,"width":4,"height":4}},{"id":"763e7e50-49b1-4189-859b-ddc4d0b923e0","block_type":"box","text":"Fair value is","page_number":21,"box":{"x":104,"y":876,"width":94,"height":9}},{"id":"25c215a9-b909-4bb1-bc7c-46d50d77e9b5","block_type":"box","text":"determined using inputs that are not observable, reflecting assumptions that the market participants","page_number":21,"box":{"x":199,"y":876,"width":744,"height":11}},{"id":"e261644b-7127-4e16-8ce9-be5d9dd16d59","block_type":"box","text":"may use in pricing an investment (“Level 3”).","page_number":21,"box":{"x":103,"y":890,"width":328,"height":11}},{"id":"5970c427-962c-4148-b9ac-02ce142f726e","block_type":"box","text":"The £","page_number":21,"box":{"x":60,"y":911,"width":34,"height":9}},{"id":"c837fd61-eb62-43ab-af81-286ca5279dbb","block_type":"box","text":"£3","page_number":21,"box":{"x":94,"y":911,"width":18,"height":9}},{"id":"59f90fee-9ead-4b1d-b0cc-793233433f7d","block_type":"box","text":"7","page_number":21,"box":{"x":113,"y":912,"width":8,"height":8}},{"id":"2b45c425-3c00-4980-9be2-68750ddbd1ea","block_type":"box","text":".","page_number":21,"box":{"x":123,"y":919,"width":2,"height":1}},{"id":"8a968449-08cf-48da-b585-b023e84fefc7","block_type":"box","text":"24","page_number":21,"box":{"x":126,"y":911,"width":18,"height":9}},{"id":"99a60814-5d91-4160-aa25-0632426aa35f","block_type":"box","text":"bn","page_number":21,"box":{"x":146,"y":911,"width":17,"height":9}},{"id":"2028f889-4db4-4cd7-9c73-84e836953439","block_type":"box","text":"(20","page_number":21,"box":{"x":169,"y":911,"width":23,"height":11}},{"id":"6d04e066-076e-49bb-9fd1-293869ee1770","block_type":"box","text":"2","page_number":21,"box":{"x":192,"y":911,"width":8,"height":9}},{"id":"e3410725-0cd1-42e4-8014-9e21c4082549","block_type":"box","text":"2","page_number":21,"box":{"x":202,"y":911,"width":8,"height":9}},{"id":"5425f2ba-178f-4b95-b242-f6f1c6460443","block_type":"box","text":": £","page_number":21,"box":{"x":212,"y":911,"width":17,"height":9}},{"id":"274711d6-02b5-42dd-bff4-90d57b7dc783","block_type":"box","text":"31.71","page_number":21,"box":{"x":229,"y":911,"width":47,"height":9}},{"id":"57b5aa11-6a72-444b-8cac-1445e2b81d96","block_type":"box","text":"bn)","page_number":21,"box":{"x":276,"y":911,"width":28,"height":11}},{"id":"c5f06164-41cf-422b-b66b-b95acbd25f76","block_type":"box","text":"unit","page_number":21,"box":{"x":305,"y":911,"width":25,"height":9}},{"id":"cecbe36c-2a26-4f52-9271-670c3e28a634","block_type":"box","text":"-","page_number":21,"box":{"x":332,"y":916,"width":4,"height":1}},{"id":"b22e257f-a01e-4588-852f-c5900008b383","block_type":"box","text":"linked a","page_number":21,"box":{"x":338,"y":911,"width":47,"height":9}},{"id":"b96300ad-bb65-47a1-aa27-ec184ee6a52a","block_type":"box","text":"assets held to cover unit","page_number":21,"box":{"x":385,"y":911,"width":178,"height":9}},{"id":"e609dc3b-1f6e-4230-909f-f9dde820eef0","block_type":"box","text":"-","page_number":21,"box":{"x":565,"y":916,"width":4,"height":1}},{"id":"89373a08-3c51-44e6-ad95-ec3f6629bf80","block_type":"box","text":"linked liabilities","page_number":21,"box":{"x":570,"y":911,"width":115,"height":9}},{"id":"58d5924a-2744-4b23-8872-e4ceffe072ca","block_type":"box","text":"at 3","page_number":21,"box":{"x":686,"y":912,"width":18,"height":8}},{"id":"2ac12e4c-cd98-47e7-861d-47a622610b05","block_type":"box","text":"31 December 20","page_number":21,"box":{"x":704,"y":911,"width":122,"height":9}},{"id":"8098be08-24bb-43ad-ab4f-60beb406b445","block_type":"box","text":"2","page_number":21,"box":{"x":827,"y":911,"width":8,"height":9}},{"id":"41396e2e-a44e-4fd5-a707-b7763a503ae0","block_type":"box","text":"3","page_number":21,"box":{"x":837,"y":911,"width":8,"height":9}},{"id":"7ef46f54-dcda-482d-8964-e8413baf2629","block_type":"box","text":"w","page_number":21,"box":{"x":850,"y":914,"width":12,"height":6}},{"id":"22aaf9ee-f38a-453a-bb4d-7bf5c5e9d0b2","block_type":"box","text":"ere valued","page_number":21,"box":{"x":862,"y":911,"width":82,"height":9}},{"id":"2eb5519d-e62f-4918-a6ac-f48d95a96690","block_type":"box","text":"as follows:","page_number":21,"box":{"x":61,"y":927,"width":76,"height":9}},{"id":"51c77f46-d5aa-484e-b1d0-9f5846222fc8","block_type":"box","text":"Solvency and Financial Condition Report","page_number":22,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"40f66c1e-2cbc-4dae-942f-3510de82f971","block_type":"box","text":"M","page_number":22,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"6c645349-b133-4235-b81f-1452f1243a17","block_type":"box","text":"anaged Pension Funds Limited","page_number":22,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"d703276b-a0c6-4b62-aa3d-8e6b02ba6319","block_type":"box","text":"22","page_number":22,"box":{"x":495,"y":962,"width":16,"height":7}},{"id":"9f96ad79-4f8d-4971-a7f0-7353b263d087","block_type":"box","text":"/","page_number":22,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"812b23f8-1528-46a1-a59f-a977a7dcf1ea","block_type":"box","text":"38","page_number":22,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"9c1aa778-7bb0-48a4-a94f-8a33f2a5791c","block_type":"box","text":"20","page_number":22,"box":{"x":570,"y":82,"width":16,"height":8}},{"id":"fb2d24ec-b461-4f49-aa4b-9dd83e044ddf","block_type":"box","text":"2","page_number":22,"box":{"x":587,"y":82,"width":8,"height":7}},{"id":"774bedf4-e075-4e2a-b19d-74c59e129861","block_type":"box","text":"3","page_number":22,"box":{"x":596,"y":82,"width":7,"height":8}},{"id":"8b43936b-9efe-41bc-8d83-acb1f6b77cab","block_type":"box","text":"£’000","page_number":22,"box":{"x":566,"y":93,"width":37,"height":8}},{"id":"3b355c7c-82c7-4549-93f6-c78dc4e18516","block_type":"box","text":"20","page_number":22,"box":{"x":709,"y":82,"width":16,"height":8}},{"id":"50d99393-a663-4d1b-b3ca-fe32351667c8","block_type":"box","text":"2","page_number":22,"box":{"x":726,"y":82,"width":7,"height":7}},{"id":"07e04007-d1d0-43a4-af01-f1841334deaa","block_type":"box","text":"2","page_number":22,"box":{"x":734,"y":82,"width":8,"height":7}},{"id":"d6f58948-1ad0-48d6-b832-8d9e63432da7","block_type":"box","text":"restated","page_number":22,"box":{"x":685,"y":94,"width":57,"height":7}},{"id":"1a25800e-cbd2-493d-ad7f-af99821c4663","block_type":"box","text":"£’000","page_number":22,"box":{"x":704,"y":106,"width":37,"height":8}},{"id":"0750afcd-b7e9-4870-a7d3-2c02a7d9dbcd","block_type":"box","text":"Level 1","page_number":22,"box":{"x":66,"y":145,"width":45,"height":8}},{"id":"09b422fd-3cd3-4787-b88b-0d493a8d57af","block_type":"box","text":"25,715,82","page_number":22,"box":{"x":529,"y":146,"width":66,"height":9}},{"id":"c2ae5a24-f14f-40ad-875a-a2acc774e1fb","block_type":"box","text":"3","page_number":22,"box":{"x":597,"y":146,"width":7,"height":7}},{"id":"343d85fa-e1be-4dbe-8b7c-f3ae5b729046","block_type":"box","text":"2","page_number":22,"box":{"x":667,"y":146,"width":7,"height":7}},{"id":"edc47008-9824-48e4-8106-42c84c985266","block_type":"box","text":"2,509,894","page_number":22,"box":{"x":676,"y":146,"width":66,"height":9}},{"id":"6d9559a2-83f8-4ebf-ac9d-4d7609121ede","block_type":"box","text":"Level 2","page_number":22,"box":{"x":66,"y":177,"width":48,"height":8}},{"id":"0f3d35e8-c7a0-4076-81a1-5c5d8b4bdcad","block_type":"box","text":"1","page_number":22,"box":{"x":530,"y":177,"width":4,"height":8}},{"id":"3d3f77fa-5464-47e7-9ee7-00d2c5cb0f53","block_type":"box","text":"1,357,869","page_number":22,"box":{"x":538,"y":177,"width":66,"height":9}},{"id":"e1ff391d-d85b-44fc-b87b-534d992133cf","block_type":"box","text":"9,386,404","page_number":22,"box":{"x":676,"y":177,"width":66,"height":9}},{"id":"7c7c1e42-02cf-4d36-afc8-367102ff5066","block_type":"box","text":"Level 3","page_number":22,"box":{"x":66,"y":208,"width":48,"height":8}},{"id":"939f2cd6-29b2-4ada-98b1-55961e3601f3","block_type":"box","text":"754","page_number":22,"box":{"x":579,"y":208,"width":24,"height":8}},{"id":"b335f19a-3665-4b10-9634-db6a52ba014a","block_type":"box","text":"2,221","page_number":22,"box":{"x":705,"y":208,"width":34,"height":10}},{"id":"186ce291-27c0-4b9c-8cdf-2e3c13a97c29","block_type":"box","text":"Net receivables on unit","page_number":22,"box":{"x":66,"y":240,"width":152,"height":7}},{"id":"353cbb9d-8a51-45b8-95e3-b4e249f3122c","block_type":"box","text":"-","page_number":22,"box":{"x":220,"y":244,"width":3,"height":1}},{"id":"90ac6f01-44f9-47b2-b174-c2b0aa72d6ca","block_type":"box","text":"linked funds","page_number":22,"box":{"x":225,"y":239,"width":79,"height":8}},{"id":"e914c33e-b353-41df-88e2-7986436d8590","block_type":"box","text":"170,396","page_number":22,"box":{"x":551,"y":240,"width":53,"height":9}},{"id":"886baa28-f1e1-4449-87b6-72236c3cd9ef","block_type":"box","text":"(184,542)","page_number":22,"box":{"x":684,"y":239,"width":62,"height":10}},{"id":"5e8209b7-ece1-47fa-a915-ef2c46ad6160","block_type":"box","text":"3","page_number":22,"box":{"x":529,"y":271,"width":7,"height":8}},{"id":"1f0b8cd4-180e-45ab-ba28-bd36d1b805e3","block_type":"box","text":"7,244,842","page_number":22,"box":{"x":537,"y":271,"width":67,"height":10}},{"id":"a9a1c2d2-aa8d-4070-a698-84635cd82fad","block_type":"box","text":"31,713,977","page_number":22,"box":{"x":667,"y":271,"width":75,"height":10}},{"id":"c893c3d1-5fae-44e6-8e59-ae5ca0202f0b","block_type":"box","text":"For both 31 December 20","page_number":22,"box":{"x":61,"y":324,"width":190,"height":9}},{"id":"7c49d0b3-f71e-41a2-94d5-56e09a07afbd","block_type":"box","text":"2","page_number":22,"box":{"x":252,"y":324,"width":8,"height":8}},{"id":"adb00ba2-b92f-40fb-ac0b-67739a0d6b7b","block_type":"box","text":"3","page_number":22,"box":{"x":262,"y":324,"width":8,"height":9}},{"id":"c2f71c2f-4f7e-46c1-afac-e43130ee2c98","block_type":"box","text":"and 20","page_number":22,"box":{"x":276,"y":324,"width":50,"height":9}},{"id":"a1d1edbb-d2d5-459b-aa8b-ee030d7fb00b","block_type":"box","text":"2","page_number":22,"box":{"x":327,"y":324,"width":8,"height":8}},{"id":"9aa54d77-f313-4633-9472-5a8462d46461","block_type":"box","text":"2","page_number":22,"box":{"x":336,"y":324,"width":8,"height":8}},{"id":"aac1b180-c745-4500-aedc-43f91347bc84","block_type":"box","text":", Level 1 valuation applied to listed equi","page_number":22,"box":{"x":347,"y":324,"width":290,"height":11}},{"id":"3fb8d7bd-aef6-4110-8029-e60ce3223e7b","block_type":"box","text":"ties and liquidity funds.","page_number":22,"box":{"x":639,"y":324,"width":169,"height":11}},{"id":"c9481c37-4aa7-411b-ac85-b546af615f60","block_type":"box","text":"Level 2","page_number":22,"box":{"x":815,"y":324,"width":58,"height":9}},{"id":"3c4d5bc1-e496-44b6-8b1b-e9c39c8b26f7","block_type":"box","text":"valuation","page_number":22,"box":{"x":873,"y":324,"width":71,"height":9}},{"id":"79a0c96c-e875-4f25-bbe7-105cda75e66f","block_type":"box","text":"applie","page_number":22,"box":{"x":61,"y":340,"width":43,"height":11}},{"id":"10b215f1-c984-42c6-83ad-772219f375b2","block_type":"box","text":"d to bonds","page_number":22,"box":{"x":106,"y":340,"width":75,"height":8}},{"id":"563a0d9e-42b2-4643-a835-d8e8926d6b33","block_type":"box","text":",","page_number":22,"box":{"x":183,"y":347,"width":2,"height":3}},{"id":"9fd413a3-ec44-4168-90a1-f2b50111c60f","block_type":"box","text":"mutual funds and d","page_number":22,"box":{"x":191,"y":340,"width":131,"height":8}},{"id":"27f45dbf-2621-4059-b011-05b13d62c60a","block_type":"box","text":"derivatives, and Level 3","page_number":22,"box":{"x":321,"y":340,"width":172,"height":10}},{"id":"fdbb0f28-8d79-47d4-a577-7e5130e1daf2","block_type":"box","text":"valuation","page_number":22,"box":{"x":498,"y":340,"width":66,"height":8}},{"id":"35c977f4-c505-42d4-ac5b-53ceb767dccb","block_type":"box","text":"applied to equity investments t","page_number":22,"box":{"x":569,"y":340,"width":218,"height":11}},{"id":"684a65d4-2fa6-4df4-a9b9-b4b53ee3b7db","block_type":"box","text":"that w","page_number":22,"box":{"x":786,"y":340,"width":32,"height":8}},{"id":"0cc07a5f-dea1-462c-b1c8-9c7a60fb327f","block_type":"box","text":"were suspended","page_number":22,"box":{"x":818,"y":340,"width":126,"height":11}},{"id":"7062c9ac-d169-41ef-a291-910e2f3150fc","block_type":"box","text":"or","page_number":22,"box":{"x":61,"y":357,"width":14,"height":7}},{"id":"d827fe63-cabd-4c33-be48-fb1ec3c7db2a","block_type":"box","text":"unquoted.","page_number":22,"box":{"x":80,"y":355,"width":73,"height":11}},{"id":"7ccc6a9c-50ef-4052-b5e8-67af01ef1348","block_type":"box","text":"The 2022 restatement relates","page_number":22,"box":{"x":159,"y":355,"width":216,"height":9}},{"id":"1ec0883e-6925-4048-a2ff-69dfa5d2dff8","block_type":"box","text":"to a movement of £3.8bn due to a reclassification of G7 Government Bonds","page_number":22,"box":{"x":381,"y":355,"width":562,"height":9}},{"id":"7c0d0347-99c9-4889-9009-cde98a99c20a","block_type":"box","text":"from Level 1 to Level 2","page_number":22,"box":{"x":60,"y":371,"width":169,"height":9}},{"id":"afa790db-5bd8-477f-8919-c8d9705d1b20","block_type":"box","text":".","page_number":22,"box":{"x":232,"y":378,"width":2,"height":1}},{"id":"7c7cf9a8-a05d-4dba-9b77-8ec5c5cdb2fa","block_type":"box","text":"Net","page_number":22,"box":{"x":61,"y":394,"width":25,"height":8}},{"id":"22234f44-4ae1-43e6-bd7c-dd6a8c8879fc","block_type":"box","text":"receivables","page_number":22,"box":{"x":95,"y":394,"width":87,"height":8}},{"id":"c5df0f64-27c3-40e9-909a-de19e8987bed","block_type":"box","text":"amounts","page_number":22,"box":{"x":185,"y":394,"width":68,"height":8}},{"id":"9b6b5a67-bd88-4525-8ba5-4efe28eb3a2a","block_type":"box","text":"are non","page_number":22,"box":{"x":255,"y":396,"width":57,"height":6}},{"id":"471761a9-4809-489a-b810-4afbf49a765e","block_type":"box","text":"-","page_number":22,"box":{"x":314,"y":398,"width":4,"height":1}},{"id":"515efa2b-cbaa-4954-8363-93a69e1f0dbc","block_type":"box","text":"derivative financial assets with fixed or determinable payments","page_number":22,"box":{"x":320,"y":393,"width":479,"height":12}},{"id":"832abb59-f8c5-4246-bafb-f23153f74a13","block_type":"box","text":"that","page_number":22,"box":{"x":802,"y":394,"width":27,"height":8}},{"id":"72b4494a-ef41-4a02-8be6-4a71f341d23f","block_type":"box","text":"originate from","page_number":22,"box":{"x":836,"y":393,"width":108,"height":12}},{"id":"f619b8f3-dd4b-45d8-b6a6-3296bb7a05e9","block_type":"box","text":"contracts and are not quoted in an active market.","page_number":22,"box":{"x":61,"y":409,"width":372,"height":11}},{"id":"1870ac31-04d9-414b-99cf-f629e1be0e62","block_type":"box","text":"The value per the financial statements is assessed to be equivalent","page_number":22,"box":{"x":435,"y":409,"width":508,"height":11}},{"id":"c5a4cc7c-e365-4fc1-b5ab-c4ada35e20b6","block_type":"box","text":"to the value required under Solvency","page_number":22,"box":{"x":60,"y":425,"width":278,"height":11}},{"id":"820d92ab-04f1-4df6-91dd-f9813b6b38bf","block_type":"box","text":"II","page_number":22,"box":{"x":340,"y":425,"width":7,"height":9}},{"id":"e35497f5-0a25-4af9-ac94-ca76a27afaf2","block_type":"box","text":".","page_number":22,"box":{"x":349,"y":433,"width":2,"height":1}},{"id":"f67392ca-e25d-439c-b99e-61605b055298","block_type":"box","text":"Insurance and intermediaries receivables","page_number":22,"box":{"x":61,"y":455,"width":328,"height":9}},{"id":"76949aec-1ad5-4241-b023-ff6eb3995b19","block_type":"box","text":"Insurance and intermediaries receivables","page_number":22,"box":{"x":62,"y":477,"width":302,"height":8}},{"id":"02195fb4-a7d0-4e8b-9363-50df0bb68d82","block_type":"box","text":"are non","page_number":22,"box":{"x":370,"y":479,"width":55,"height":6}},{"id":"5c0e73b6-9f24-4cd2-980a-8bb466c9450a","block_type":"box","text":"-","page_number":22,"box":{"x":427,"y":481,"width":4,"height":1}},{"id":"6351b193-406e-4ab5-b39e-ee0349c36661","block_type":"box","text":"derivative financial assets","page_number":22,"box":{"x":433,"y":476,"width":194,"height":9}},{"id":"7ca377d1-37fd-41d3-ab03-6909e74f598f","block_type":"box","text":"that","page_number":22,"box":{"x":627,"y":477,"width":28,"height":8}},{"id":"a6480d40-ef69-4e71-a991-3114c5b3c677","block_type":"box","text":"are initially measured at fair value and","page_number":22,"box":{"x":660,"y":476,"width":284,"height":12}},{"id":"91f1a944-24b3-475a-b57e-b31624dad706","block_type":"box","text":"subsequently measured at amortised cost using the effective interest rate method where applicable and less any","page_number":22,"box":{"x":61,"y":492,"width":882,"height":12}},{"id":"300a127f-fc4c-43e1-8fcc-7e3170117ea0","block_type":"box","text":"impairment.","page_number":22,"box":{"x":61,"y":508,"width":86,"height":11}},{"id":"b8020301-b719-4ac2-bddc-38132b9ae2a8","block_type":"box","text":"This","page_number":22,"box":{"x":155,"y":508,"width":35,"height":9}},{"id":"b72de68b-7d97-41a7-be88-7e62ec473cfe","block_type":"box","text":"is the","page_number":22,"box":{"x":193,"y":508,"width":44,"height":9}},{"id":"ba559876-cbef-49f7-bc15-1b3a8dba5fa3","block_type":"box","text":"valuation method used for the financia","page_number":22,"box":{"x":239,"y":508,"width":287,"height":9}},{"id":"538fc0f0-1e82-4834-ade6-95ab3c544770","block_type":"box","text":"l statements reporting","page_number":22,"box":{"x":529,"y":508,"width":166,"height":11}},{"id":"42fe0c2d-da7f-4079-bed5-d6c02d994b2d","block_type":"box","text":"a","page_number":22,"box":{"x":698,"y":510,"width":8,"height":7}},{"id":"2477f566-1a54-4adf-b9d0-a4b3d53a5cdb","block_type":"box","text":"nd the result","page_number":22,"box":{"x":707,"y":508,"width":93,"height":9}},{"id":"1c53347a-12be-48e8-99a5-c54da0e710ab","block_type":"box","text":"is assessed to be","page_number":22,"box":{"x":808,"y":508,"width":136,"height":9}},{"id":"771a0508-8cbf-4a95-ae1d-6364b324de8b","block_type":"box","text":"materially equivalent to the value required under Solvency","page_number":22,"box":{"x":61,"y":523,"width":435,"height":12}},{"id":"d796bda5-c2ae-4c22-8ccb-29c9595c10bd","block_type":"box","text":"II","page_number":22,"box":{"x":498,"y":524,"width":6,"height":8}},{"id":"c26dc48a-033b-4fa3-9dd9-b80ed3547c07","block_type":"box","text":".","page_number":22,"box":{"x":507,"y":531,"width":2,"height":1}},{"id":"18f9d40f-cd31-48ad-9378-acf12db545d8","block_type":"box","text":"Cash and cash equivalent","page_number":22,"box":{"x":61,"y":553,"width":205,"height":12}},{"id":"25a951ef-e14e-4d00-8bcb-4eaf7f6ebe78","block_type":"box","text":"This comprises","page_number":22,"box":{"x":60,"y":575,"width":118,"height":11}},{"id":"6d6c03d5-99bf-4584-8a53-4f04fae30ff5","block_type":"box","text":"bank","page_number":22,"box":{"x":179,"y":575,"width":36,"height":9}},{"id":"a488bfc2-b788-463e-93f2-2898133d0615","block_type":"box","text":"depo","page_number":22,"box":{"x":220,"y":575,"width":36,"height":11}},{"id":"1d33a061-c8ee-43b2-9dc4-78aef6969a4a","block_type":"box","text":"sits.","page_number":22,"box":{"x":257,"y":575,"width":28,"height":9}},{"id":"2b96b1e9-9a7d-4e50-8464-c2b411b65744","block_type":"box","text":"Other disclosures","page_number":22,"box":{"x":61,"y":605,"width":141,"height":9}},{"id":"16201901-675d-40f2-b955-5432bf7acb40","block_type":"box","text":"MPFL","page_number":22,"box":{"x":61,"y":626,"width":44,"height":9}},{"id":"975a7825-2126-4cc7-95d2-6af0da93ab25","block_type":"box","text":"’s Solvency","page_number":22,"box":{"x":106,"y":626,"width":89,"height":11}},{"id":"40b381b0-90bc-407a-acd2-7434b18e5819","block_type":"box","text":"II","page_number":22,"box":{"x":196,"y":626,"width":7,"height":9}},{"id":"87104b53-8b02-4c65-88c6-f8c9ff5b8cf5","block_type":"box","text":"Balance","page_number":22,"box":{"x":210,"y":626,"width":64,"height":9}},{"id":"20267680-c184-4d04-96a1-6810f5efa04d","block_type":"box","text":"Sheet does not include these","page_number":22,"box":{"x":275,"y":626,"width":215,"height":9}},{"id":"71878906-5c29-4b7b-874c-ad0942ce1515","block_type":"box","text":"classes","page_number":22,"box":{"x":496,"y":626,"width":60,"height":9}},{"id":"3b009773-8001-4728-9a4d-24e10362abe7","block_type":"box","text":"of assets:","page_number":22,"box":{"x":557,"y":626,"width":70,"height":9}},{"id":"456373d7-061d-4165-adbd-dd3c98dc99b3","block_type":"box","text":"•","page_number":22,"box":{"x":74,"y":652,"width":4,"height":3}},{"id":"2009836e-e1aa-4f1d-9396-7bc3ffde2b46","block_type":"box","text":"Intangible assets","page_number":22,"box":{"x":104,"y":650,"width":129,"height":11}},{"id":"5b3cc7e1-5358-4f46-8db0-432f5f36cd4d","block_type":"box","text":"•","page_number":22,"box":{"x":74,"y":673,"width":4,"height":4}},{"id":"a90a7f67-ff47-40fb-801e-1e770d21ec9b","block_type":"box","text":"Net","page_number":22,"box":{"x":104,"y":671,"width":30,"height":9}},{"id":"54d27884-88a3-4e4c-a307-ca35e667ad85","block_type":"box","text":"Deferred tax assets","page_number":22,"box":{"x":135,"y":671,"width":144,"height":9}},{"id":"6ed8e942-bc96-4e1e-bfc0-95169fcdaabe","block_type":"box","text":"•","page_number":22,"box":{"x":74,"y":695,"width":4,"height":3}},{"id":"f7284632-3cb4-4b69-b1bc-b78a8b72c027","block_type":"box","text":"Financial or operating lease assets","page_number":22,"box":{"x":104,"y":693,"width":257,"height":11}},{"id":"7275f0c4-3a4d-4582-9a43-f180c221e465","block_type":"box","text":"Explanation of any material differences in valuation bases","page_number":22,"box":{"x":61,"y":720,"width":461,"height":12}},{"id":"85fa9c8c-9f5f-4d45-a074-84736c1a2d9b","block_type":"box","text":"There are no material differences between the bases, methods and assumptions used for valuation of these assets for","page_number":22,"box":{"x":60,"y":742,"width":883,"height":11}},{"id":"25a3edf9-9296-4a6e-af95-eb581313857e","block_type":"box","text":"solvency purposes compared to those used in the valuation for the","page_number":22,"box":{"x":61,"y":758,"width":497,"height":11}},{"id":"4289447c-4379-4440-af02-9655a87f03d5","block_type":"box","text":"year","page_number":22,"box":{"x":559,"y":760,"width":33,"height":9}},{"id":"a9556db2-44c4-46e8-9b9f-c271979b8faf","block_type":"box","text":"-","page_number":22,"box":{"x":593,"y":762,"width":4,"height":2}},{"id":"63f1363b-161c-49d3-b7f0-e0d96964d368","block_type":"box","text":"end","page_number":22,"box":{"x":598,"y":758,"width":26,"height":8}},{"id":"c338e7ac-8f0b-49ab-8c3a-76675473402c","block_type":"box","text":"Financial Statement","page_number":22,"box":{"x":632,"y":757,"width":146,"height":10}},{"id":"fbe2942e-4bec-4081-97ea-3dbedd087905","block_type":"box","text":"s","page_number":22,"box":{"x":779,"y":760,"width":8,"height":6}},{"id":"c8319296-92d1-4cff-a7b5-daf9b79f1e1a","block_type":"box","text":".","page_number":22,"box":{"x":789,"y":765,"width":1,"height":1}},{"id":"4603860a-3223-453d-b5a1-2eda33a5aa9c","block_type":"box","text":"Solvency and Financial Condition Report","page_number":23,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"0bca47e2-ff6e-4c49-add4-bf78a8a1e103","block_type":"box","text":"M","page_number":23,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"7ad1ff50-4c3a-43e3-a84e-0517922db6dd","block_type":"box","text":"anaged Pension Funds Limited","page_number":23,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"ca69d850-5238-452b-8033-f1aea7d0959c","block_type":"box","text":"23","page_number":23,"box":{"x":495,"y":962,"width":16,"height":7}},{"id":"bf6559cc-e9ab-412c-b088-ffe2fe9d9c36","block_type":"box","text":"/","page_number":23,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"07e444b8-4a89-40b6-b7da-981e32dba956","block_type":"box","text":"38","page_number":23,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"b6ef902a-f017-46c9-9fb9-9697a94bfba2","block_type":"box","text":"D.2","page_number":23,"box":{"x":61,"y":85,"width":26,"height":9}},{"id":"3eda242a-0561-4569-9d6e-a514968ed7b9","block_type":"box","text":"Technical provisions","page_number":23,"box":{"x":121,"y":84,"width":175,"height":13}},{"id":"3e306965-63f5-4d4d-ab67-c303234edd52","block_type":"box","text":"Value of","page_number":23,"box":{"x":60,"y":115,"width":71,"height":9}},{"id":"cc0726d7-cb19-4cb3-88a0-ebca2c1772ef","block_type":"box","text":"technical provisions","page_number":23,"box":{"x":131,"y":115,"width":161,"height":11}},{"id":"5f181fb1-c10f-459d-9561-7750c7fe26fd","block_type":"box","text":"The technical provisions in respect of this business are summarised in the table below","page_number":23,"box":{"x":60,"y":137,"width":638,"height":11}},{"id":"7c442214-a3a4-4b5c-b8e0-650d40f788de","block_type":"box","text":":","page_number":23,"box":{"x":700,"y":139,"width":2,"height":6}},{"id":"7c95ac2b-7406-49a6-8294-09c2dd4b381f","block_type":"box","text":"20","page_number":23,"box":{"x":537,"y":165,"width":16,"height":8}},{"id":"d6100fd2-1887-4953-a9a0-1311918fb717","block_type":"box","text":"2","page_number":23,"box":{"x":554,"y":165,"width":7,"height":8}},{"id":"f9863767-0f83-4e54-a972-6b329a26e925","block_type":"box","text":"3","page_number":23,"box":{"x":563,"y":165,"width":7,"height":8}},{"id":"3bed35ff-04d6-4914-af1d-7fa62cf5c0d7","block_type":"box","text":"£’000","page_number":23,"box":{"x":533,"y":177,"width":37,"height":8}},{"id":"d88b5316-058c-409d-8f4f-5b8f3441316b","block_type":"box","text":"20","page_number":23,"box":{"x":689,"y":165,"width":16,"height":8}},{"id":"d71e6553-4872-43ba-8b0b-540997ecf920","block_type":"box","text":"2","page_number":23,"box":{"x":706,"y":165,"width":7,"height":8}},{"id":"cb4550b8-3315-40ee-9bc4-09131d36e86a","block_type":"box","text":"2","page_number":23,"box":{"x":714,"y":165,"width":8,"height":8}},{"id":"f8c00b1e-23b0-4a8d-9685-588b679aa048","block_type":"box","text":"£’000","page_number":23,"box":{"x":684,"y":177,"width":38,"height":8}},{"id":"98e85050-1d7a-467a-a1ac-55d8c1c832d4","block_type":"box","text":"Direct Business","page_number":23,"box":{"x":66,"y":197,"width":104,"height":8}},{"id":"066e3ec0-0f5b-45c5-8ee0-dc4896e1b71c","block_type":"box","text":"30,583,880","page_number":23,"box":{"x":495,"y":197,"width":75,"height":9}},{"id":"8af3c8d2-3fd1-43d0-8212-51019e59739c","block_type":"box","text":"25,506,628","page_number":23,"box":{"x":647,"y":197,"width":75,"height":9}},{"id":"0829ac44-7577-4992-b472-89da60609a3d","block_type":"box","text":"Reinsurance Accepted","page_number":23,"box":{"x":66,"y":217,"width":150,"height":10}},{"id":"7a9d3ea1-b191-4ced-999a-f4f9cb4faa9d","block_type":"box","text":"6,","page_number":23,"box":{"x":504,"y":217,"width":11,"height":10}},{"id":"120322d6-7d47-4818-9683-55288d189125","block_type":"box","text":"660,96","page_number":23,"box":{"x":517,"y":217,"width":45,"height":10}},{"id":"50a9bcc2-0afd-4232-af3a-da79fdbe32d4","block_type":"box","text":"2","page_number":23,"box":{"x":563,"y":217,"width":7,"height":8}},{"id":"d6cfcac8-e748-445b-8f1d-5d9e08812086","block_type":"box","text":"6,207,349","page_number":23,"box":{"x":656,"y":217,"width":66,"height":10}},{"id":"841143b3-a602-4b31-9f28-c9ef6ecb3d93","block_type":"box","text":"VIF","page_number":23,"box":{"x":65,"y":237,"width":23,"height":8}},{"id":"c6c96cc2-9333-4904-b0c4-b623d3a9bade","block_type":"box","text":"(11","page_number":23,"box":{"x":541,"y":237,"width":18,"height":10}},{"id":"dae2806e-41ff-454e-a5f5-266be97bb0ea","block_type":"box","text":"8","page_number":23,"box":{"x":563,"y":238,"width":7,"height":7}},{"id":"3b8370ba-3556-47be-8710-b450383d51ef","block_type":"box","text":")","page_number":23,"box":{"x":571,"y":237,"width":4,"height":10}},{"id":"252f997f-f312-4173-b3e0-02a0086fba7e","block_type":"box","text":"(113)","page_number":23,"box":{"x":693,"y":237,"width":33,"height":10}},{"id":"06b95285-34a6-4376-958b-792828a2a2ce","block_type":"box","text":"Best Estimate","page_number":23,"box":{"x":66,"y":258,"width":92,"height":7}},{"id":"7dfe11da-da9a-4b59-88d8-7b72b167a451","block_type":"box","text":"Liabilities","page_number":23,"box":{"x":164,"y":258,"width":60,"height":7}},{"id":"d4debb45-0365-4915-8a50-568bf022c8bb","block_type":"box","text":"3","page_number":23,"box":{"x":495,"y":258,"width":8,"height":7}},{"id":"7ede15cd-6d32-43a9-9275-dc9dd0a10ebb","block_type":"box","text":"7,244,","page_number":23,"box":{"x":504,"y":258,"width":40,"height":9}},{"id":"5ecd8f28-30bf-46db-95b2-b83403ff8164","block_type":"box","text":"72","page_number":23,"box":{"x":546,"y":258,"width":16,"height":7}},{"id":"7309972d-05cb-4498-98c0-3d3b80dc9111","block_type":"box","text":"4","page_number":23,"box":{"x":563,"y":258,"width":8,"height":7}},{"id":"5456223d-91b0-4ef8-b70b-21f887424412","block_type":"box","text":"31,713,864","page_number":23,"box":{"x":647,"y":258,"width":75,"height":9}},{"id":"2b24d1ed-82fb-4032-a811-8cfd46f5ef54","block_type":"box","text":"Risk Margin","page_number":23,"box":{"x":66,"y":278,"width":78,"height":10}},{"id":"b3fa3be9-9374-4235-b0e3-bd90ee563ff1","block_type":"box","text":"156","page_number":23,"box":{"x":547,"y":278,"width":23,"height":8}},{"id":"637aedfe-4430-49e7-b17e-cce1b5b47003","block_type":"box","text":"249","page_number":23,"box":{"x":697,"y":278,"width":25,"height":8}},{"id":"ecea92e4-eb15-42f8-b426-19cb374362ce","block_type":"box","text":"Technical Provisions","page_number":23,"box":{"x":65,"y":298,"width":138,"height":8}},{"id":"f5cbb2e9-62f7-4872-a906-5e4d97bff6c5","block_type":"box","text":"3","page_number":23,"box":{"x":495,"y":298,"width":8,"height":8}},{"id":"60d89ee9-a546-4e06-9e1f-405e604eb17b","block_type":"box","text":"7,244,88","page_number":23,"box":{"x":504,"y":298,"width":58,"height":9}},{"id":"0eedbc4e-67f9-4e23-b477-3d53c83d9fda","block_type":"box","text":"0","page_number":23,"box":{"x":563,"y":298,"width":8,"height":8}},{"id":"e6235e2b-2465-4f33-9ecd-442da106e0e6","block_type":"box","text":"31,714,113","page_number":23,"box":{"x":647,"y":298,"width":75,"height":9}},{"id":"7b5e6b44-3d11-407f-a2e1-7420f5704316","block_type":"box","text":"For the type of unit","page_number":23,"box":{"x":61,"y":339,"width":139,"height":11}},{"id":"c7937911-c8ae-4a72-b9df-d984a0c4e7e0","block_type":"box","text":"-","page_number":23,"box":{"x":202,"y":344,"width":4,"height":1}},{"id":"41b34cae-b769-4ba4-b709-d44a498eab83","block_type":"box","text":"linked contracts written by MPFL","page_number":23,"box":{"x":208,"y":339,"width":240,"height":11}},{"id":"7bb00aa1-d1ac-4450-82af-019d250f4e24","block_type":"box","text":",","page_number":23,"box":{"x":450,"y":347,"width":2,"height":3}},{"id":"ab1f634b-895d-4537-b548-2961576870a5","block_type":"box","text":"the best estimate liabilities are calculated as:","page_number":23,"box":{"x":458,"y":339,"width":331,"height":9}},{"id":"a6725f8e-50b7-42ff-b178-eeea037cc959","block_type":"box","text":"•","page_number":23,"box":{"x":74,"y":365,"width":4,"height":3}},{"id":"433d9a64-d7c9-448f-9d0c-b31c4f415cdc","block_type":"box","text":"The value of the units allocated to the","page_number":23,"box":{"x":103,"y":362,"width":283,"height":9}},{"id":"4a72d55a-2da6-4e5f-ab3a-59fc65e62555","block_type":"box","text":"policies; less","page_number":23,"box":{"x":388,"y":362,"width":93,"height":11}},{"id":"dce33ef5-dbaa-4081-82aa-ec4db898d396","block_type":"box","text":"•","page_number":23,"box":{"x":74,"y":386,"width":4,"height":3}},{"id":"3765b021-dd2a-4edd-938b-8a9ef4e99e50","block_type":"box","text":"On a best","page_number":23,"box":{"x":103,"y":383,"width":74,"height":10}},{"id":"6cc35a2b-dd54-4683-ab26-eeb19328a39b","block_type":"box","text":"-","page_number":23,"box":{"x":178,"y":388,"width":4,"height":2}},{"id":"0b886fa5-e028-4491-b833-b933f4cd1e52","block_type":"box","text":"estimate basis, the present value of","page_number":23,"box":{"x":183,"y":384,"width":272,"height":11}},{"id":"bd9ab9b2-a014-4342-8f6b-2ff58d1507a2","block_type":"box","text":"retained fee","page_number":23,"box":{"x":458,"y":384,"width":93,"height":8}},{"id":"f30ffee7-8c1f-428b-85f5-b4a711f69c8e","block_type":"box","text":"less administrative expenses","page_number":23,"box":{"x":554,"y":384,"width":214,"height":11}},{"id":"4ad46496-1e86-40a9-b0c4-4cce50a16bd9","block_type":"box","text":"projected in the","page_number":23,"box":{"x":775,"y":384,"width":120,"height":11}},{"id":"7c50fe60-d19e-4aef-b9fe-1b897e6f6c0d","block_type":"box","text":"three","page_number":23,"box":{"x":896,"y":384,"width":38,"height":8}},{"id":"4cbd7414-6f59-497b-8107-951d24d5a5fb","block_type":"box","text":"year","page_number":23,"box":{"x":103,"y":400,"width":33,"height":9}},{"id":"f965d1b8-68f4-4291-922c-271f5bcf2124","block_type":"box","text":"Business Plan","page_number":23,"box":{"x":142,"y":398,"width":105,"height":9}},{"id":"d9a925da-71cf-4204-b5c7-5f94bec6f661","block_type":"box","text":"(the “Value of In","page_number":23,"box":{"x":255,"y":398,"width":119,"height":11}},{"id":"e631e521-858a-4b84-a61f-88f50af67ccf","block_type":"box","text":"-","page_number":23,"box":{"x":377,"y":403,"width":4,"height":1}},{"id":"ec789275-c6ae-44eb-9580-27bf55d3038f","block_type":"box","text":"Force”).","page_number":23,"box":{"x":383,"y":398,"width":55,"height":11}},{"id":"9033dfbf-c26a-410a-9688-705ed1fe76fe","block_type":"box","text":"The","page_number":23,"box":{"x":446,"y":398,"width":33,"height":9}},{"id":"09781892-6c60-4417-8888-06be730cbf25","block_type":"box","text":"in","page_number":23,"box":{"x":481,"y":398,"width":11,"height":9}},{"id":"c043ea9a-61c0-4e22-840f-0ca60503b51d","block_type":"box","text":"crease","page_number":23,"box":{"x":493,"y":400,"width":55,"height":7}},{"id":"7b2b7401-d96b-4aaf-a1f8-cbd1a8f53fd3","block_type":"box","text":"in the","page_number":23,"box":{"x":550,"y":398,"width":40,"height":9}},{"id":"0510903c-5ffa-48d1-99c5-f7da6d35a2be","block_type":"box","text":"Value In Force","page_number":23,"box":{"x":596,"y":398,"width":110,"height":9}},{"id":"ff31e796-720c-4b4a-bed0-80e3476b11e8","block_type":"box","text":"(“","page_number":23,"box":{"x":713,"y":398,"width":10,"height":11}},{"id":"13d4320f-b511-4d9e-badc-427b408d00e5","block_type":"box","text":"VIF","page_number":23,"box":{"x":723,"y":398,"width":26,"height":9}},{"id":"34c0f050-9e36-4032-a237-429a9228997c","block_type":"box","text":"”)","page_number":23,"box":{"x":750,"y":398,"width":10,"height":11}},{"id":"a0a79a16-aa04-413f-9654-b04945f9d65c","block_type":"box","text":"amount year on year is","page_number":23,"box":{"x":767,"y":398,"width":177,"height":11}},{"id":"4b9845fa-3368-4bc4-a0fc-5354d3bfb758","block_type":"box","text":"due to a small","page_number":23,"box":{"x":103,"y":412,"width":109,"height":9}},{"id":"cd0ed079-cfe3-48c6-9481-1a514b7f0f58","block_type":"box","text":"de","page_number":23,"box":{"x":212,"y":412,"width":18,"height":9}},{"id":"70d02683-da50-405e-8373-b393a126e7f4","block_type":"box","text":"crease","page_number":23,"box":{"x":231,"y":415,"width":55,"height":6}},{"id":"dd841606-48df-446d-ba1d-91a3af6cf4c4","block_type":"box","text":"in budgeted","page_number":23,"box":{"x":287,"y":412,"width":91,"height":12}},{"id":"1bc16e35-adbf-41a6-b9a9-9f954609a4f0","block_type":"box","text":"management","page_number":23,"box":{"x":379,"y":413,"width":102,"height":11}},{"id":"7e687e34-b6d4-4d53-9274-c2ef02830c1e","block_type":"box","text":"expenses for 202","page_number":23,"box":{"x":482,"y":412,"width":127,"height":11}},{"id":"2a8553c8-fe38-4fe4-837e-aa12ce204a14","block_type":"box","text":"4","page_number":23,"box":{"x":610,"y":413,"width":9,"height":8}},{"id":"c7fdda98-7376-4ad3-8a19-1e9f4207123e","block_type":"box","text":"compared to 202","page_number":23,"box":{"x":624,"y":412,"width":125,"height":11}},{"id":"06a0b731-dc2c-4b10-a0b9-9f52840f54ca","block_type":"box","text":"3","page_number":23,"box":{"x":751,"y":413,"width":8,"height":8}},{"id":"1514f9ef-7afa-42ac-ab5d-adb28c2075a9","block_type":"box","text":".","page_number":23,"box":{"x":761,"y":420,"width":2,"height":1}},{"id":"8c4b4376-19cb-473f-802c-3459751290ac","block_type":"box","text":"Contract boundary","page_number":23,"box":{"x":61,"y":440,"width":149,"height":11}},{"id":"9e772c4e-7385-4b4a-a527-283bfadafdce","block_type":"box","text":"As policyholders cannot be compelled to pay future premiums, the contract boundary is assumed to be immediate and,","page_number":23,"box":{"x":60,"y":462,"width":883,"height":11}},{"id":"32979dd7-8363-4403-988f-6a6f641b0151","block_type":"box","text":"as a consequence,","page_number":23,"box":{"x":61,"y":480,"width":139,"height":9}},{"id":"6873d17c-39e9-4b54-a75d-df7c47bd3582","block_type":"box","text":"no account is taken of any future premiums that may be paid after the valuation date in determining","page_number":23,"box":{"x":207,"y":478,"width":736,"height":11}},{"id":"ecb505af-1395-46eb-ac4e-73918cad65ae","block_type":"box","text":"the","page_number":23,"box":{"x":60,"y":493,"width":28,"height":9}},{"id":"7190bec0-d1e8-4cdb-88e1-f15f3e2b53d0","block_type":"box","text":"VIF","page_number":23,"box":{"x":89,"y":493,"width":26,"height":9}},{"id":"fe9ad5f7-4899-47d9-add6-e0222007e69c","block_type":"box","text":".","page_number":23,"box":{"x":116,"y":501,"width":2,"height":1}},{"id":"d6e8e7f7-f255-4d2c-b3c7-1f2ceb8196ab","block_type":"box","text":"Projection period","page_number":23,"box":{"x":61,"y":523,"width":136,"height":11}},{"id":"802bb4eb-1028-4149-80bf-51a41392d01b","block_type":"box","text":"In accordance with Article 56 of the","page_number":23,"box":{"x":62,"y":544,"width":262,"height":9}},{"id":"b6f0a6bd-b318-4dc4-acfb-6b67c1e5346a","block_type":"box","text":"Solvency","page_number":23,"box":{"x":326,"y":544,"width":71,"height":12}},{"id":"b422f820-a65c-4da4-8752-251e77dcf1ed","block_type":"box","text":"II","page_number":23,"box":{"x":399,"y":545,"width":7,"height":8}},{"id":"5d34d123-7832-4695-80a2-8004140f9ca0","block_type":"box","text":"Regulation","page_number":23,"box":{"x":413,"y":545,"width":77,"height":11}},{"id":"d445b942-b289-4413-a4c4-09d84ce785e3","block_type":"box","text":",","page_number":23,"box":{"x":493,"y":552,"width":2,"height":3}},{"id":"aa88634e-91b6-4fd5-ba44-cb83b3a0a3a2","block_type":"box","text":"MPFL uses a simplified approach with a","page_number":23,"box":{"x":502,"y":544,"width":298,"height":12}},{"id":"631c6ff9-f468-47be-ae98-25ca8b11884a","block_type":"box","text":"4","page_number":23,"box":{"x":801,"y":545,"width":8,"height":8}},{"id":"ae17dd0c-be42-4588-bf5b-0d9fd17a4f6a","block_type":"box","text":"-","page_number":23,"box":{"x":811,"y":549,"width":4,"height":1}},{"id":"2965318a-c2bc-4dc6-97ed-da41491628bd","block_type":"box","text":"month","page_number":23,"box":{"x":817,"y":545,"width":44,"height":8}},{"id":"d8bec2e6-968e-41cf-985c-39fdd953040a","block_type":"box","text":"projection","page_number":23,"box":{"x":867,"y":545,"width":77,"height":11}},{"id":"9f2f6bc4-7350-4852-a8dd-804aac90669f","block_type":"box","text":"period to","page_number":23,"box":{"x":61,"y":560,"width":63,"height":12}},{"id":"a09b2dfa-78c5-45a0-ad24-8f6d28130efd","block_type":"box","text":"calculate its technical provisions that is proportionate to the nature, scale and complexity of the risk underlying","page_number":23,"box":{"x":130,"y":560,"width":813,"height":12}},{"id":"278d709e-9c1b-4330-bcc0-2818835cc5a1","block_type":"box","text":"its obligations. This reflects the nature of its expense agreements, which mean that changes in the length of the","page_number":23,"box":{"x":61,"y":576,"width":882,"height":11}},{"id":"920a677b-33a8-41ea-bce6-5ef9611d1fa8","block_type":"box","text":"projection term have equa","page_number":23,"box":{"x":61,"y":592,"width":191,"height":11}},{"id":"49ac8ebd-a255-4861-8292-0770132ace5d","block_type":"box","text":"l and offsetting effects on the VIF and risk margin such that technical provisions don’t change.","page_number":23,"box":{"x":254,"y":592,"width":683,"height":11}},{"id":"afe2cee0-db26-4074-a24b-26d22e1a7836","block_type":"box","text":"Risk Margin","page_number":23,"box":{"x":61,"y":622,"width":93,"height":11}},{"id":"e9d88120-3101-4ce5-8e8e-6844f8e1cbec","block_type":"box","text":"The risk margin is calculated as a 4% cost of capital charge on the non","page_number":23,"box":{"x":60,"y":643,"width":531,"height":12}},{"id":"51e46bb7-fc32-4a3b-8ca8-74345a79fbe4","block_type":"box","text":"-","page_number":23,"box":{"x":594,"y":648,"width":4,"height":1}},{"id":"a133e9d3-437e-4bc3-9c0f-cbb8bc01352c","block_type":"box","text":"market risk components of the SCR, adjusted","page_number":23,"box":{"x":600,"y":643,"width":344,"height":12}},{"id":"2b611ae3-e813-4d24-8584-1fb32ac163ed","block_type":"box","text":"by a risk","page_number":23,"box":{"x":61,"y":659,"width":62,"height":11}},{"id":"9d545ab9-0de9-4d07-b1a9-02b1261e8bf5","block_type":"box","text":"-","page_number":23,"box":{"x":124,"y":664,"width":4,"height":1}},{"id":"1ed41b11-9054-4af5-8ae9-05a9932e7642","block_type":"box","text":"tapering factor which","page_number":23,"box":{"x":129,"y":659,"width":153,"height":11}},{"id":"aee5a9e9-7c52-4a74-be59-034a515cc35a","block_type":"box","text":"reduces over time. The 4% cost of capital assumption and risk tapering factor of 0.9 are","page_number":23,"box":{"x":290,"y":659,"width":653,"height":11}},{"id":"d54a3484-dfce-4bf0-82d7-6536dd3ad5c5","block_type":"box","text":"prescribed by the regulations. The non","page_number":23,"box":{"x":61,"y":675,"width":292,"height":11}},{"id":"0ed4c3ac-147e-4964-8bfa-753b5f935793","block_type":"box","text":"-","page_number":23,"box":{"x":355,"y":679,"width":4,"height":1}},{"id":"10fd55e2-1856-4ca8-aae5-0b0d8234e8d1","block_type":"box","text":"market risk components are, for MPFL, the life underwriting, counterparty and","page_number":23,"box":{"x":361,"y":675,"width":582,"height":11}},{"id":"55f2be53-f496-4782-9746-fbefc93b8413","block_type":"box","text":"operational risk components of the SCR.","page_number":23,"box":{"x":61,"y":690,"width":315,"height":12}},{"id":"e509d879-32b0-419a-8013-d518fbebe4a1","block_type":"box","text":"Consiste","page_number":23,"box":{"x":387,"y":690,"width":63,"height":9}},{"id":"bbe18ad9-2cfc-4ebf-9ddb-6e70f913a984","block_type":"box","text":"nt with the proportionality assessment applied to the Technical","page_number":23,"box":{"x":452,"y":691,"width":491,"height":11}},{"id":"e2150876-275b-483c-b459-cdb8b9429357","block_type":"box","text":"Provisions, a short projection period is used for the calculation of the risk margin and so the risk tapering factor does","page_number":23,"box":{"x":61,"y":706,"width":881,"height":12}},{"id":"069752c3-ceb8-4cb2-a0bc-eaceb8aab032","block_type":"box","text":"not impact the calculation of the risk margin for MPFL.","page_number":23,"box":{"x":61,"y":722,"width":428,"height":11}},{"id":"5d7f9d07-9ae0-4244-870e-ab8e1ed1518e","block_type":"box","text":"It is assumed","page_number":23,"box":{"x":501,"y":722,"width":109,"height":9}},{"id":"6b426576-fa1d-4161-a235-f31d72238c5b","block_type":"box","text":"there is no change in the non","page_number":23,"box":{"x":613,"y":722,"width":234,"height":11}},{"id":"7e3908ac-985f-4bc1-98f5-78e88c830c71","block_type":"box","text":"-","page_number":23,"box":{"x":850,"y":726,"width":4,"height":2}},{"id":"24a4e9d2-745d-4ec1-a0b7-77629133a665","block_type":"box","text":"market risk","page_number":23,"box":{"x":855,"y":722,"width":89,"height":9}},{"id":"e832987c-8f86-4294-960c-435d5317610e","block_type":"box","text":"components over this period.","page_number":23,"box":{"x":61,"y":738,"width":214,"height":11}},{"id":"6fe11f94-1359-4cb6-a266-62864d60d518","block_type":"box","text":"VIF","page_number":23,"box":{"x":60,"y":767,"width":26,"height":9}},{"id":"ffcad053-5bda-40b8-8714-a6bd22e14d7d","block_type":"box","text":"The assumptions used in determining the cash","page_number":23,"box":{"x":60,"y":789,"width":346,"height":11}},{"id":"151aa100-d16e-408b-ae65-908700618352","block_type":"box","text":"-","page_number":23,"box":{"x":409,"y":794,"width":4,"height":1}},{"id":"1f6c7dfc-e300-40af-b910-ec9cb329a547","block_type":"box","text":"flows in the calculation of","page_number":23,"box":{"x":414,"y":789,"width":191,"height":9}},{"id":"3b1a2ec9-223b-481b-888e-788879106a17","block_type":"box","text":"VIF","page_number":23,"box":{"x":605,"y":789,"width":26,"height":9}},{"id":"bc324ffe-cf8b-4157-b0f2-889eb37ab039","block_type":"box","text":"are:","page_number":23,"box":{"x":636,"y":791,"width":27,"height":7}},{"id":"1a9cd140-c02f-4ca5-b4d4-64631d5e397b","block_type":"box","text":"•","page_number":23,"box":{"x":74,"y":814,"width":4,"height":4}},{"id":"45b00654-d65d-4fce-ba4e-62ee62100fd2","block_type":"box","text":"Retained fee income;","page_number":23,"box":{"x":104,"y":812,"width":156,"height":10}},{"id":"50deb8bc-a83a-4006-9603-585718ea100e","block_type":"box","text":"•","page_number":23,"box":{"x":74,"y":836,"width":4,"height":3}},{"id":"388bff15-b01f-4719-bdad-13c6db0c669f","block_type":"box","text":"Expense assumptions; and","page_number":23,"box":{"x":104,"y":833,"width":199,"height":12}},{"id":"8383d1c3-e8e1-4b57-8b5f-0b2a7c576cfb","block_type":"box","text":"•","page_number":23,"box":{"x":74,"y":857,"width":4,"height":3}},{"id":"44f11b82-c6b5-4a6f-b909-eac18daae908","block_type":"box","text":"Expense inflation assumption.","page_number":23,"box":{"x":104,"y":855,"width":226,"height":11}},{"id":"03daf457-5c19-45f3-bd45-9246b77d5320","block_type":"box","text":"The terms of the investment mandate agreements (and short","page_number":23,"box":{"x":60,"y":876,"width":455,"height":11}},{"id":"9c526526-1753-4a81-ace4-216515edbef0","block_type":"box","text":"four","page_number":23,"box":{"x":516,"y":876,"width":29,"height":9}},{"id":"5c7d5604-7291-424d-a43d-51dd31ac2f1a","block_type":"box","text":"-","page_number":23,"box":{"x":545,"y":881,"width":4,"height":1}},{"id":"4b01bacf-46c5-469a-9606-9f1d8746dee5","block_type":"box","text":"month projection) mean that a surrender assumption","page_number":23,"box":{"x":551,"y":876,"width":393,"height":11}},{"id":"cb6e2f75-2af3-42bf-b52f-82f189c30034","block_type":"box","text":"is not required when calculating the best estimate liabilities as it would not affect the level of the Technical Provisions.","page_number":23,"box":{"x":61,"y":892,"width":874,"height":11}},{"id":"407af1b3-5a17-4c62-bd2c-7f37ea909720","block_type":"box","text":"The fixed expenses are determined using 20","page_number":23,"box":{"x":60,"y":915,"width":335,"height":11}},{"id":"fa2fbdc9-c70a-4795-8087-5a26e45d901e","block_type":"box","text":"2","page_number":23,"box":{"x":396,"y":915,"width":8,"height":8}},{"id":"9dac056e-45af-4c21-bbff-eb4c760e73cc","block_type":"box","text":"4","page_number":23,"box":{"x":406,"y":915,"width":8,"height":8}},{"id":"46efd864-a2ac-467a-be42-3a018837f2f7","block_type":"box","text":"budget amounts. The budgeted costs","page_number":23,"box":{"x":421,"y":915,"width":278,"height":11}},{"id":"5a98b673-07da-4e88-9de9-65599f6d1db5","block_type":"box","text":"allow for exp","page_number":23,"box":{"x":706,"y":915,"width":95,"height":11}},{"id":"917ca038-3e62-4ca9-b109-476dd9d8c86f","block_type":"box","text":"ected inflation at a","page_number":23,"box":{"x":802,"y":915,"width":142,"height":9}},{"id":"b8177c28-4fc0-450a-ae28-148410c0b5c3","block_type":"box","text":"rate of","page_number":23,"box":{"x":61,"y":930,"width":51,"height":9}},{"id":"01980122-96d9-46cd-8e19-23e241fa5ede","block_type":"box","text":"5","page_number":23,"box":{"x":113,"y":930,"width":8,"height":9}},{"id":"79c8e9b5-cca9-4956-8ac7-fe3987cdc256","block_type":"box","text":".","page_number":23,"box":{"x":124,"y":937,"width":2,"height":2}},{"id":"a7e6630b-d9c8-4316-943b-0523b929273f","block_type":"box","text":"0","page_number":23,"box":{"x":127,"y":930,"width":8,"height":9}},{"id":"597d4a4f-4114-4153-9f62-6f178ca26fa2","block_type":"box","text":"% during 20","page_number":23,"box":{"x":137,"y":930,"width":88,"height":11}},{"id":"e0589660-02e6-4711-9bdd-1b7eee9d37a4","block_type":"box","text":"2","page_number":23,"box":{"x":226,"y":930,"width":8,"height":9}},{"id":"1e1b1636-21b2-48b5-a720-3dce12eee109","block_type":"box","text":"4","page_number":23,"box":{"x":235,"y":930,"width":9,"height":9}},{"id":"d1727640-a706-4924-a095-287428d747c5","block_type":"box","text":".","page_number":23,"box":{"x":246,"y":937,"width":8,"height":2}},{"id":"80416f73-b5b3-442b-aa6d-b684f0a10351","block_type":"box","text":"Solvency and Financial Condition Report","page_number":24,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"5c66cadf-62b0-40dd-b641-917a3720d2cd","block_type":"box","text":"M","page_number":24,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"27aaf030-4ad7-4778-8d37-3c8bbb7d99e7","block_type":"box","text":"anaged Pension Funds Limited","page_number":24,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"7ff6c130-2364-4add-a686-be98782dea1f","block_type":"box","text":"24","page_number":24,"box":{"x":495,"y":962,"width":16,"height":7}},{"id":"0e611d14-99b6-447d-95ed-7e23a2f35000","block_type":"box","text":"/","page_number":24,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"0424db67-2f05-4e64-8998-3382061956cf","block_type":"box","text":"38","page_number":24,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"d3381ee1-ce66-4920-8947-26bf15a317af","block_type":"box","text":"As required by the regulations, the risk","page_number":24,"box":{"x":60,"y":76,"width":294,"height":12}},{"id":"fac1f625-b687-45ed-a46b-949c7b5b70da","block_type":"box","text":"-","page_number":24,"box":{"x":355,"y":81,"width":4,"height":1}},{"id":"8bb51675-7245-442e-9cc1-6d3f623d42f6","block_type":"box","text":"free curves used to discount the cash","page_number":24,"box":{"x":360,"y":76,"width":284,"height":9}},{"id":"74d3b1a7-aee6-4ea6-af46-4e9cc941157f","block_type":"box","text":"-","page_number":24,"box":{"x":647,"y":81,"width":4,"height":1}},{"id":"9f8469df-a81f-44f9-a676-8d753f2cb4c7","block_type":"box","text":"flows are the risk","page_number":24,"box":{"x":652,"y":76,"width":129,"height":9}},{"id":"c3b6facd-11e9-4a8c-af7f-af054bdaf97a","block_type":"box","text":"-","page_number":24,"box":{"x":782,"y":81,"width":5,"height":1}},{"id":"fffe39e3-51ec-4eff-bcd0-c2b66a0c9b93","block_type":"box","text":"free curves as at 31","page_number":24,"box":{"x":787,"y":76,"width":157,"height":9}},{"id":"b6b4e133-367b-4e6e-9e18-f2d5d81e5d5c","block_type":"box","text":"December 20","page_number":24,"box":{"x":61,"y":92,"width":100,"height":9}},{"id":"74164eb8-582c-4257-900d-f6c37136714b","block_type":"box","text":"2","page_number":24,"box":{"x":161,"y":92,"width":9,"height":9}},{"id":"56116572-6a60-439c-9332-b2e28c99a7e4","block_type":"box","text":"3","page_number":24,"box":{"x":171,"y":92,"width":9,"height":9}},{"id":"b0bd2ae2-bdc5-4d30-847e-881dc6bd90c8","block_type":"box","text":"published by","page_number":24,"box":{"x":186,"y":92,"width":98,"height":11}},{"id":"0866a253-d259-4f62-835f-50a0420bf0d9","block_type":"box","text":"the PRA","page_number":24,"box":{"x":284,"y":92,"width":62,"height":9}},{"id":"14606abe-6ec1-4a8b-8dcb-332cf00e7d40","block_type":"box","text":", without the volatility adjustment.","page_number":24,"box":{"x":348,"y":92,"width":243,"height":11}},{"id":"9f33f82c-0e10-4e6f-ac6c-55d749fb10f9","block_type":"box","text":"Leve","page_number":24,"box":{"x":61,"y":122,"width":37,"height":9}},{"id":"dbe0058e-0ab2-4f51-856f-6fcfe54285cb","block_type":"box","text":"l of uncertainty associated with the value of technical provisions","page_number":24,"box":{"x":100,"y":122,"width":512,"height":11}},{"id":"0df4252f-f150-41e9-8b99-831795747d66","block_type":"box","text":"For the reasons described above, the simplified approach used does not introduce any uncertainty and therefore no","page_number":24,"box":{"x":61,"y":144,"width":881,"height":11}},{"id":"21eb8d18-47c1-4309-ab24-6bc11485ffde","block_type":"box","text":"material approxima","page_number":24,"box":{"x":61,"y":159,"width":141,"height":11}},{"id":"c3ea704e-4351-4372-85d5-847a12b30966","block_type":"box","text":"tions","page_number":24,"box":{"x":204,"y":159,"width":40,"height":9}},{"id":"e56095e6-2dc4-45a0-9b26-7062a891b718","block_type":"box","text":"are","page_number":24,"box":{"x":244,"y":161,"width":28,"height":7}},{"id":"8bc5b97b-5692-42b0-9670-6d9554930ad1","block_type":"box","text":"used in the calculations.","page_number":24,"box":{"x":273,"y":159,"width":177,"height":9}},{"id":"a2e7e2ef-b8f2-41fb-affd-3d2279278ddd","block_type":"box","text":"Explanation of any ma","page_number":24,"box":{"x":61,"y":189,"width":177,"height":11}},{"id":"a0c72549-e9ae-4f98-bf27-46f7917bd1ca","block_type":"box","text":"terial differences between valuation bases","page_number":24,"box":{"x":239,"y":189,"width":336,"height":9}},{"id":"7655d120-c238-4cfe-ba12-2cc0396f62dd","block_type":"box","text":"The technical provisions are calculated for solvency purposes as:","page_number":24,"box":{"x":60,"y":210,"width":483,"height":12}},{"id":"12326ad4-9666-4c78-a6cd-0574cd361c52","block_type":"box","text":"•","page_number":24,"box":{"x":74,"y":236,"width":4,"height":4}},{"id":"679beb4b-6e9d-437d-8745-6c70d9f278ac","block_type":"box","text":"The value of the units allocated to the policies; less","page_number":24,"box":{"x":103,"y":234,"width":378,"height":11}},{"id":"f550f40b-2993-46c3-a225-c9e8501d1d80","block_type":"box","text":"•","page_number":24,"box":{"x":74,"y":258,"width":4,"height":3}},{"id":"9e8e0c77-f2c6-4a18-b1b5-f972a38b3bd3","block_type":"box","text":"On a best","page_number":24,"box":{"x":103,"y":255,"width":72,"height":9}},{"id":"e47dc273-d0ca-4d4d-9848-744dfba782f4","block_type":"box","text":"-","page_number":24,"box":{"x":176,"y":260,"width":4,"height":1}},{"id":"ca28f815-85f7-4954-a4fe-497f9abb0904","block_type":"box","text":"estimate basis, present value of projected","page_number":24,"box":{"x":182,"y":255,"width":313,"height":11}},{"id":"cbcbd5b8-1cf2-492e-b07d-38a3b8da4320","block_type":"box","text":"retained fee and","page_number":24,"box":{"x":497,"y":255,"width":125,"height":9}},{"id":"2634d10b-f180-4c36-8627-68320101840a","block_type":"box","text":"administrative expense","page_number":24,"box":{"x":623,"y":255,"width":170,"height":11}},{"id":"9cdc302a-580f-4427-873b-7590b39dcdf9","block_type":"box","text":"s; plus","page_number":24,"box":{"x":794,"y":255,"width":48,"height":11}},{"id":"7f37d550-f7e6-4d72-be96-810dd00fb7e5","block_type":"box","text":"•","page_number":24,"box":{"x":74,"y":279,"width":4,"height":3}},{"id":"c82ab45f-8739-428c-b80a-17c45d4d96fe","block_type":"box","text":"The risk","page_number":24,"box":{"x":103,"y":277,"width":64,"height":9}},{"id":"7f1f6405-e326-4f86-8d03-2111cfd714fd","block_type":"box","text":"margin, calculated as a","page_number":24,"box":{"x":169,"y":277,"width":178,"height":11}},{"id":"468d4d04-a2fd-4898-946a-d761d2073e61","block_type":"box","text":"4","page_number":24,"box":{"x":348,"y":277,"width":8,"height":8}},{"id":"a4621042-5967-482e-8840-4ede864ba7df","block_type":"box","text":"%","page_number":24,"box":{"x":358,"y":277,"width":13,"height":9}},{"id":"77504da0-f283-488c-83f8-fa519b31d812","block_type":"box","text":"cost of","page_number":24,"box":{"x":378,"y":277,"width":54,"height":9}},{"id":"d779e020-fde0-4c51-a202-f4da1527d98b","block_type":"box","text":"capital charge on the non","page_number":24,"box":{"x":433,"y":277,"width":188,"height":11}},{"id":"eddaa849-7726-44ab-895e-20241edf8b21","block_type":"box","text":"-","page_number":24,"box":{"x":624,"y":281,"width":4,"height":2}},{"id":"6ea1c720-5c6c-4d08-8bcb-f70683deb040","block_type":"box","text":"market risk components of the SCR. The","page_number":24,"box":{"x":629,"y":277,"width":315,"height":11}},{"id":"16d299ba-b1dd-43e8-a14a-debb6c6fa44c","block_type":"box","text":"non","page_number":24,"box":{"x":103,"y":293,"width":26,"height":7}},{"id":"69494564-29e5-4ff8-b1b1-d300ac99fbda","block_type":"box","text":"-","page_number":24,"box":{"x":132,"y":296,"width":4,"height":1}},{"id":"cf89f208-905c-4b57-be89-8ad0234358b1","block_type":"box","text":"market risk components are the insurance, counterparty and operational risk components of the SCR.","page_number":24,"box":{"x":137,"y":291,"width":751,"height":11}},{"id":"92a5914c-6a4c-4e26-ada2-84588987493d","block_type":"box","text":"The latter two elements are exclude","page_number":24,"box":{"x":60,"y":312,"width":264,"height":9}},{"id":"2325a980-eb85-4199-a5b8-257630239df4","block_type":"box","text":"d from the value of the technical provisions used in the financial statements. Assets","page_number":24,"box":{"x":326,"y":312,"width":617,"height":11}},{"id":"6e76d16a-4966-498a-8247-8c4cdace5284","block_type":"box","text":"values are the same in both. A reconciliation of the","page_number":24,"box":{"x":60,"y":328,"width":380,"height":8}},{"id":"71716644-2348-4c68-a847-0f185d80ab50","block_type":"box","text":"Statutory F","page_number":24,"box":{"x":441,"y":327,"width":81,"height":12}},{"id":"80fc2d8b-1e13-4b16-9083-590b353650d1","block_type":"box","text":"inancial","page_number":24,"box":{"x":524,"y":328,"width":60,"height":8}},{"id":"a8881cc1-5c54-4c0b-85b0-41eeddb8b645","block_type":"box","text":"S","page_number":24,"box":{"x":585,"y":327,"width":10,"height":9}},{"id":"5cd93aca-71dc-4533-9f66-b9bc53e2add8","block_type":"box","text":"tatements and Solvency","page_number":24,"box":{"x":596,"y":327,"width":183,"height":12}},{"id":"e66e22ff-5b4c-47c6-b871-da23a72f3442","block_type":"box","text":"II","page_number":24,"box":{"x":781,"y":328,"width":6,"height":8}},{"id":"206a0c04-2226-4ef2-b71c-242ee64ebca9","block_type":"box","text":"technical provisions","page_number":24,"box":{"x":793,"y":328,"width":151,"height":11}},{"id":"9125a462-7764-458e-916a-92d6f3651fac","block_type":"box","text":"is shown in the table below","page_number":24,"box":{"x":61,"y":343,"width":200,"height":9}},{"id":"c55c2fe5-2d27-403b-a961-936e071fb046","block_type":"box","text":":","page_number":24,"box":{"x":263,"y":346,"width":2,"height":6}},{"id":"9c42be90-3d8b-41c0-825c-3b3be4179db6","block_type":"box","text":"20","page_number":24,"box":{"x":653,"y":371,"width":16,"height":8}},{"id":"45695383-6450-4345-b6c7-661aa257fad0","block_type":"box","text":"2","page_number":24,"box":{"x":670,"y":371,"width":7,"height":8}},{"id":"58d92867-6d3f-4e7e-b7de-a99acc9406b9","block_type":"box","text":"3","page_number":24,"box":{"x":678,"y":371,"width":7,"height":8}},{"id":"9f0fb2c0-d147-4965-9dac-2ca5622fecb5","block_type":"box","text":"£’000","page_number":24,"box":{"x":648,"y":384,"width":37,"height":8}},{"id":"6cb73f36-08fe-41f9-9cc0-fdad5b5cd1bd","block_type":"box","text":"20","page_number":24,"box":{"x":826,"y":371,"width":16,"height":8}},{"id":"2ecbe252-51b7-42d9-a20f-4ec214f66c7d","block_type":"box","text":"2","page_number":24,"box":{"x":843,"y":371,"width":7,"height":8}},{"id":"a3c4370d-8408-4e05-b7e1-eb8ea6f73b3b","block_type":"box","text":"2","page_number":24,"box":{"x":851,"y":371,"width":7,"height":8}},{"id":"a1661047-f881-4337-a074-be0546a637f2","block_type":"box","text":"£’000","page_number":24,"box":{"x":821,"y":384,"width":37,"height":8}},{"id":"740342b8-d9f3-47cf-a02d-70ce8b4224b0","block_type":"box","text":"Financial Statements’ technical provisions","page_number":24,"box":{"x":66,"y":405,"width":279,"height":10}},{"id":"5fcca264-f07c-479f-b836-e930eb6f95a6","block_type":"box","text":"3","page_number":24,"box":{"x":611,"y":405,"width":7,"height":8}},{"id":"076e860d-5800-4da5-9287-4ba93218c747","block_type":"box","text":"7,244,842","page_number":24,"box":{"x":620,"y":405,"width":66,"height":9}},{"id":"96450f87-37e8-438c-9464-8cacd232a9b6","block_type":"box","text":"31,713,977","page_number":24,"box":{"x":784,"y":405,"width":75,"height":9}},{"id":"d485dbee-b3ea-4b3b-8181-6d4c17428efe","block_type":"box","text":"VIF","page_number":24,"box":{"x":65,"y":428,"width":23,"height":8}},{"id":"9b194e73-2df0-40b8-a86a-744e8c3c7a3b","block_type":"box","text":"(11","page_number":24,"box":{"x":657,"y":428,"width":18,"height":10}},{"id":"1bb8a0e3-86d3-4286-bea6-4d591b482920","block_type":"box","text":"8","page_number":24,"box":{"x":678,"y":428,"width":7,"height":8}},{"id":"430feeda-7c26-4f28-ae64-4315b178791c","block_type":"box","text":")","page_number":24,"box":{"x":687,"y":428,"width":3,"height":10}},{"id":"51b1ceb3-ee15-4e84-92ff-981cf69ddd0f","block_type":"box","text":"(113)","page_number":24,"box":{"x":830,"y":428,"width":33,"height":10}},{"id":"c264105f-04ee-40ec-b3f5-9ef45443091c","block_type":"box","text":"Risk Margin","page_number":24,"box":{"x":66,"y":451,"width":78,"height":10}},{"id":"be3ca426-84d5-4de3-b3f5-2fdf4816826b","block_type":"box","text":"156","page_number":24,"box":{"x":662,"y":451,"width":23,"height":8}},{"id":"89511532-dc8b-402d-9e66-04eadb34c6d5","block_type":"box","text":"249","page_number":24,"box":{"x":834,"y":451,"width":24,"height":8}},{"id":"c686e436-2c8a-41b6-bc72-f726bf41799b","block_type":"box","text":"Solvency","page_number":24,"box":{"x":66,"y":473,"width":60,"height":10}},{"id":"844110cf-4c64-4677-b9bf-7ca625b9f201","block_type":"box","text":"II","page_number":24,"box":{"x":132,"y":473,"width":6,"height":8}},{"id":"f56de6a9-6ac7-4038-a5f4-75f29916ff00","block_type":"box","text":"technical provisions","page_number":24,"box":{"x":144,"y":473,"width":130,"height":10}},{"id":"047afceb-7551-42d7-917e-703400ea3d32","block_type":"box","text":"3","page_number":24,"box":{"x":611,"y":473,"width":7,"height":8}},{"id":"5fdcb60a-85f7-4fcc-b347-c63e62df46dc","block_type":"box","text":"7,244,880","page_number":24,"box":{"x":620,"y":473,"width":66,"height":9}},{"id":"ec05dc48-275f-4223-a8b6-f6e6dd5dad87","block_type":"box","text":"31,714,113","page_number":24,"box":{"x":784,"y":473,"width":75,"height":9}},{"id":"e0ae06df-3a37-4eac-8b60-be060ff338cb","block_type":"box","text":"Use of matching adjustment","page_number":24,"box":{"x":61,"y":503,"width":229,"height":12}},{"id":"f5fd3b89-246b-4d77-89d4-3280231affbf","block_type":"box","text":"No matching adjustment has been applied.","page_number":24,"box":{"x":61,"y":525,"width":322,"height":12}},{"id":"19cd8a8d-c171-48f3-b34e-087b96c3d91b","block_type":"box","text":"Use of volatility adjustment","page_number":24,"box":{"x":61,"y":555,"width":222,"height":11}},{"id":"5615ca50-e46e-4645-888b-d566df83d893","block_type":"box","text":"The volatility adjustment is not used by MPF","page_number":24,"box":{"x":60,"y":577,"width":328,"height":11}},{"id":"a964bc38-25a5-4352-bac5-b8feb005e460","block_type":"box","text":"L","page_number":24,"box":{"x":390,"y":577,"width":8,"height":8}},{"id":"03b6cf62-ddc2-4b89-844e-91bd259e4a6d","block_type":"box","text":".","page_number":24,"box":{"x":400,"y":584,"width":8,"height":1}},{"id":"21a10dba-6833-4310-b112-844f1fb281ea","block_type":"box","text":"Application of the transitional risk","page_number":24,"box":{"x":60,"y":607,"width":272,"height":11}},{"id":"33fe61b4-9fe2-4e58-a66c-23f4f72716e0","block_type":"box","text":"-","page_number":24,"box":{"x":333,"y":611,"width":4,"height":2}},{"id":"7e47f2bd-98db-4c0c-9822-79ee5a875e66","block_type":"box","text":"free interest rate","page_number":24,"box":{"x":338,"y":607,"width":131,"height":8}},{"id":"0db801da-3621-4e62-89c0-f34eab3f360d","block_type":"box","text":"-","page_number":24,"box":{"x":470,"y":611,"width":5,"height":2}},{"id":"6126d3a9-bb9b-47a3-a2ed-7eeff9686d56","block_type":"box","text":"term structure","page_number":24,"box":{"x":475,"y":607,"width":118,"height":8}},{"id":"42e14b2c-3b33-4ef9-af81-44bd70f6ba4c","block_type":"box","text":"The transitional risk","page_number":24,"box":{"x":60,"y":628,"width":146,"height":9}},{"id":"2623c015-8640-4093-812c-ab4b79c88a47","block_type":"box","text":"-","page_number":24,"box":{"x":207,"y":633,"width":4,"height":1}},{"id":"1e5c4827-2f8c-4120-a3ca-d786060bfd8f","block_type":"box","text":"free interest rate","page_number":24,"box":{"x":212,"y":628,"width":121,"height":9}},{"id":"6e7ac0da-93be-4b67-8e37-ce4e96940838","block_type":"box","text":"-","page_number":24,"box":{"x":335,"y":633,"width":4,"height":1}},{"id":"03de7948-1bec-47e7-a69c-1beb3d393b09","block_type":"box","text":"term structure has not","page_number":24,"box":{"x":340,"y":628,"width":167,"height":9}},{"id":"1477e4c5-f74c-4466-90c4-be9d33124acc","block_type":"box","text":"been applied.","page_number":24,"box":{"x":509,"y":628,"width":104,"height":11}},{"id":"5e9de943-6acf-41a8-9ce6-bca2888906e3","block_type":"box","text":"Application of transitional deduction","page_number":24,"box":{"x":60,"y":658,"width":297,"height":11}},{"id":"ccedd402-b2d5-46cc-8ab5-c7a6e3edaa2f","block_type":"box","text":"The transitional deduction has not been applied.","page_number":24,"box":{"x":60,"y":679,"width":362,"height":11}},{"id":"ee462e7b-377e-477d-8482-5e205423680d","block_type":"box","text":"Description of","page_number":24,"box":{"x":61,"y":706,"width":121,"height":11}},{"id":"10aa7688-eba8-4713-94f4-d024c4cf29ef","block_type":"box","text":"recoverable","page_number":24,"box":{"x":189,"y":706,"width":92,"height":9}},{"id":"3f060c7a-91ff-49ee-b918-cdc7c514faeb","block_type":"box","text":"from reinsurance contracts and special purpose vehicles; and any material","page_number":24,"box":{"x":292,"y":706,"width":644,"height":11}},{"id":"ee171156-13f8-4a2a-b83f-d134e6b363f8","block_type":"box","text":"changes in the relevant a","page_number":24,"box":{"x":61,"y":720,"width":188,"height":11}},{"id":"565d8e54-31e3-4a2c-b273-7c5ccd6f6096","block_type":"box","text":"a","page_number":24,"box":{"x":249,"y":722,"width":9,"height":6}},{"id":"fb727e83-ef9f-4aae-8cd1-2feabbbc9159","block_type":"box","text":"ssumptions made in the cal","page_number":24,"box":{"x":258,"y":720,"width":216,"height":11}},{"id":"1d7302ad-57e2-4e47-a2a8-0bf72bb96d1d","block_type":"box","text":"culation of technical provisions compared to the previous","page_number":24,"box":{"x":476,"y":720,"width":460,"height":11}},{"id":"17dd20ad-1c63-4cd4-9ebb-e7c4fc4880fd","block_type":"box","text":"reporting period","page_number":24,"box":{"x":61,"y":733,"width":128,"height":11}},{"id":"7e933e19-d2fd-468b-886c-304ccc91a613","block_type":"box","text":"MPFL has no","page_number":24,"box":{"x":61,"y":754,"width":104,"height":9}},{"id":"ad8ccf5b-9d92-4d12-b0f0-321296def1fd","block_type":"box","text":"outward","page_number":24,"box":{"x":165,"y":754,"width":64,"height":9}},{"id":"684f97e8-b7fd-4345-897e-93b3e6e8718e","block_type":"box","text":"reinsurance arrangements and no","page_number":24,"box":{"x":231,"y":754,"width":255,"height":12}},{"id":"29d8293f-d5a7-4492-a3ab-a0d3377c2600","block_type":"box","text":"recoverable","page_number":24,"box":{"x":488,"y":754,"width":85,"height":9}},{"id":"b55da7b5-abc3-491e-a1d6-7b19ed240a6f","block_type":"box","text":"from","page_number":24,"box":{"x":579,"y":754,"width":38,"height":9}},{"id":"e39b4bf4-0851-4fae-ad89-e2275220fd73","block_type":"box","text":"Special Purpose Vehicles.","page_number":24,"box":{"x":618,"y":754,"width":199,"height":11}},{"id":"f5de3b1a-a914-4c81-bb27-514720cfacf8","block_type":"box","text":"Post balance sheet events","page_number":24,"box":{"x":61,"y":777,"width":208,"height":9}},{"id":"9a5b7c50-f09c-402a-9ddf-32baa6dbb3f3","block_type":"box","text":"VIF and risk margin have not been impacted by any","page_number":24,"box":{"x":60,"y":800,"width":388,"height":11}},{"id":"74d50c9d-9a23-4cef-bd9f-d96f124cb373","block_type":"box","text":"subsequent events arising in the period to end of March 202","page_number":24,"box":{"x":450,"y":800,"width":444,"height":11}},{"id":"d0344da4-186c-46f5-adb9-9b54a77ced56","block_type":"box","text":"4","page_number":24,"box":{"x":896,"y":800,"width":8,"height":8}},{"id":"dad50a0f-9927-4449-9e3d-aad79c7f6ff8","block_type":"box","text":".","page_number":24,"box":{"x":907,"y":807,"width":1,"height":1}},{"id":"cade0d1a-9795-41c4-9fb1-efd1b7b070b5","block_type":"box","text":"D.3","page_number":24,"box":{"x":61,"y":834,"width":26,"height":10}},{"id":"80c08b04-81f1-4bf3-aec4-7e08571ddbe8","block_type":"box","text":"Other liabilities","page_number":24,"box":{"x":121,"y":834,"width":125,"height":10}},{"id":"f472503d-ffe1-47cd-a0a5-0779477435a7","block_type":"box","text":"Valuation, methodology and assumptions","page_number":24,"box":{"x":60,"y":865,"width":333,"height":11}},{"id":"6deebf3f-b7e2-4252-b900-9fdbcb6b22c1","block_type":"box","text":"In line with Article 296(3) of the","page_number":24,"box":{"x":62,"y":887,"width":233,"height":11}},{"id":"3b553519-11e0-4b49-b7f0-e46f364b13d6","block_type":"box","text":"Solvency","page_number":24,"box":{"x":296,"y":887,"width":72,"height":11}},{"id":"1a473454-d7fd-4a4b-8727-9f8767edae50","block_type":"box","text":"I","page_number":24,"box":{"x":369,"y":887,"width":2,"height":9}},{"id":"0f8866d8-a9fe-4663-b619-e7ec2b910dc8","block_type":"box","text":"I","page_number":24,"box":{"x":374,"y":887,"width":2,"height":9}},{"id":"eb9277a5-9e4c-4d3a-a7f6-3a7e5315523f","block_type":"box","text":"Regulation","page_number":24,"box":{"x":384,"y":887,"width":77,"height":11}},{"id":"37d9129d-e21f-46b9-9c73-9a9cdf4b52e9","block_type":"box","text":"and Guideline 10","page_number":24,"box":{"x":467,"y":887,"width":126,"height":9}},{"id":"15be34fa-2d9a-40ae-b798-cb97fb70715f","block_type":"box","text":"(","page_number":24,"box":{"x":600,"y":887,"width":3,"height":11}},{"id":"811d00b9-4d7a-4f0e-84dd-00096024973a","block_type":"box","text":"Content by material classes of liabilities other","page_number":24,"box":{"x":605,"y":887,"width":339,"height":11}},{"id":"08d0cb57-2ddc-40fd-a323-1db44535b3f3","block_type":"box","text":"than tec","page_number":24,"box":{"x":60,"y":903,"width":61,"height":9}},{"id":"c2a19c33-ee1b-4acb-9d41-6ca0267e1546","block_type":"box","text":"hnical provisions","page_number":24,"box":{"x":122,"y":903,"width":123,"height":11}},{"id":"46dfc472-2c15-40aa-baa2-99e85e22c0db","block_type":"box","text":")","page_number":24,"box":{"x":246,"y":903,"width":4,"height":11}},{"id":"a2410e61-e816-4edd-b134-f5e9480b5680","block_type":"box","text":", relevant disclosures in relation","page_number":24,"box":{"x":253,"y":903,"width":241,"height":10}},{"id":"8af2302c-e36e-4a97-b2c4-da87ff2d52d6","block_type":"box","text":"to other liabilities as per MPFL","page_number":24,"box":{"x":495,"y":903,"width":228,"height":11}},{"id":"78a32826-b84a-46bb-8cd1-ec6d4584b63d","block_type":"box","text":"’s Solvency","page_number":24,"box":{"x":725,"y":903,"width":90,"height":11}},{"id":"67ac227c-339a-40bc-95b2-6c2005e323d0","block_type":"box","text":"II","page_number":24,"box":{"x":817,"y":903,"width":6,"height":8}},{"id":"a7203d97-ce3e-4314-b55b-48ef656f9b84","block_type":"box","text":"Balance Sheet","page_number":24,"box":{"x":831,"y":903,"width":113,"height":9}},{"id":"5f6a027b-6773-432a-a621-e5e7fb4ae180","block_type":"box","text":"are as follows:","page_number":24,"box":{"x":61,"y":918,"width":105,"height":9}},{"id":"5c61b107-b21d-4003-bedd-2bdf6f4d9e74","block_type":"box","text":"Solvency and Financial Condition Report","page_number":25,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"924b971b-03f3-48b1-9fe7-ed66cc0547bf","block_type":"box","text":"M","page_number":25,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"f5403da2-9ecd-461e-8b89-0fb074e22d50","block_type":"box","text":"anaged Pension Funds Limited","page_number":25,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"a65576a1-5f26-40e3-b86c-fc96e1672583","block_type":"box","text":"25","page_number":25,"box":{"x":495,"y":962,"width":16,"height":7}},{"id":"e64dc025-0be8-4643-bc63-7589af124b3b","block_type":"box","text":"/","page_number":25,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"9b7cb4b6-5cdc-4a00-8379-83c950b21bad","block_type":"box","text":"38","page_number":25,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"1016e8a5-41dd-4f98-b924-3f997d57197b","block_type":"box","text":"Insurance & intermediaries payables","page_number":25,"box":{"x":61,"y":79,"width":290,"height":12}},{"id":"8d69d149-5068-491b-9662-2920d461cb74","block_type":"box","text":"Liabilities falling into this class are initially measured at fair value net of transactio","page_number":25,"box":{"x":61,"y":101,"width":627,"height":12}},{"id":"0c0b2ba6-040e-42cf-ac67-1ac20b490058","block_type":"box","text":"n costs. These are subsequently","page_number":25,"box":{"x":691,"y":101,"width":253,"height":11}},{"id":"4b9921f1-e156-44c6-972b-d19ba288c709","block_type":"box","text":"measured at amortised cost using","page_number":25,"box":{"x":61,"y":117,"width":275,"height":11}},{"id":"9c602588-52b7-4d82-b2c3-8c3348bd908d","block_type":"box","text":"the","page_number":25,"box":{"x":341,"y":117,"width":22,"height":9}},{"id":"39caf342-e5f6-402a-a486-fd8adabe2512","block_type":"box","text":"effective interest rate method where applicable.","page_number":25,"box":{"x":374,"y":117,"width":379,"height":11}},{"id":"6a44363b-6deb-428e-8a92-eefb8e088f34","block_type":"box","text":"Therefore, the financial","page_number":25,"box":{"x":759,"y":117,"width":185,"height":10}},{"id":"5f92bae7-c04c-4cc7-9702-a410294ce240","block_type":"box","text":"statements are prepared as per above valuation method and,","page_number":25,"box":{"x":61,"y":133,"width":447,"height":11}},{"id":"409d9e0f-0ca7-45a1-b4dd-f288439d9e19","block_type":"box","text":"a","page_number":25,"box":{"x":514,"y":135,"width":9,"height":7}},{"id":"97665d67-b5b3-4e9d-a6f6-588e2d75852a","block_type":"box","text":"s required in Article 9 of the","page_number":25,"box":{"x":523,"y":133,"width":204,"height":11}},{"id":"275ec5cd-4885-44a3-bc22-5df98b5ef042","block_type":"box","text":"Solvency","page_number":25,"box":{"x":728,"y":133,"width":72,"height":11}},{"id":"176aa061-8ab2-4673-a4f8-06a65e2607d4","block_type":"box","text":"II","page_number":25,"box":{"x":801,"y":133,"width":6,"height":9}},{"id":"e67fbcb6-fa32-4c6b-8801-7621baecbddd","block_type":"box","text":"Regulation","page_number":25,"box":{"x":815,"y":133,"width":77,"height":11}},{"id":"0765fa2b-f165-463a-bfb8-016687ba5476","block_type":"box","text":", other","page_number":25,"box":{"x":894,"y":133,"width":50,"height":10}},{"id":"7339109f-c686-41b6-a175-bda0e1b6b9f7","block_type":"box","text":"(non","page_number":25,"box":{"x":61,"y":148,"width":32,"height":11}},{"id":"d8165b94-6793-4cfa-a179-eaededa61e77","block_type":"box","text":"-","page_number":25,"box":{"x":95,"y":153,"width":4,"height":1}},{"id":"4645e43f-c4b7-44e5-a6ab-7cf2c1932c1b","block_type":"box","text":"policyholder) liabilities are valued in accordance with international accounting standards (UK","page_number":25,"box":{"x":100,"y":148,"width":683,"height":12}},{"id":"e1fbfbb6-5a6b-42da-b390-a9d359f92500","block_type":"box","text":"GAAP in the case of","page_number":25,"box":{"x":790,"y":148,"width":154,"height":9}},{"id":"70a11508-1c1e-4108-b45d-a652ddcbd737","block_type":"box","text":"MPF","page_number":25,"box":{"x":61,"y":164,"width":34,"height":9}},{"id":"e38f1776-73a6-4255-aacd-6cf8f62d006e","block_type":"box","text":"L","page_number":25,"box":{"x":97,"y":164,"width":8,"height":9}},{"id":"f2d35fbc-b7b3-46ab-97da-c99f7cb68734","block_type":"box","text":") and the valuation method","page_number":25,"box":{"x":106,"y":164,"width":210,"height":11}},{"id":"7d0abc79-a1e6-4077-bc6f-48e51dda936d","block_type":"box","text":"adapted is consistent with the approach set out in the in","page_number":25,"box":{"x":318,"y":164,"width":437,"height":11}},{"id":"e0c59c78-4752-4796-b542-920f3fd5e68f","block_type":"box","text":"A","page_number":25,"box":{"x":757,"y":164,"width":11,"height":9}},{"id":"6eeef9a9-2639-4b3b-8acf-438e333df87b","block_type":"box","text":"rticle 75 of Solvency","page_number":25,"box":{"x":770,"y":164,"width":159,"height":11}},{"id":"529d23e3-5b4b-4706-a061-9bfbf92127f9","block_type":"box","text":"II","page_number":25,"box":{"x":932,"y":164,"width":7,"height":9}},{"id":"eb6d4b0b-b2dc-428a-8093-eb5901dad51f","block_type":"box","text":"Di","page_number":25,"box":{"x":61,"y":180,"width":14,"height":9}},{"id":"c0bad510-3924-40a5-ae08-36d727eb16f1","block_type":"box","text":"rective.","page_number":25,"box":{"x":77,"y":180,"width":52,"height":9}},{"id":"e5a66694-9ff2-436b-9516-7edb4befd232","block_type":"box","text":"Payables (trade, not insurance)","page_number":25,"box":{"x":61,"y":209,"width":248,"height":12}},{"id":"7c67e869-c220-4dc1-bd01-f809c0adc355","block_type":"box","text":"Similar to Insurance & intermediaries payables, this is initially measured at fair value net of transaction costs. These are","page_number":25,"box":{"x":61,"y":231,"width":882,"height":12}},{"id":"4ddb770f-0e22-489e-8cd5-878ca55ce95e","block_type":"box","text":"subsequently measured at amortised cost using","page_number":25,"box":{"x":61,"y":247,"width":357,"height":11}},{"id":"026f4aff-5779-40e3-abc3-2350100549f5","block_type":"box","text":"the e","page_number":25,"box":{"x":419,"y":247,"width":28,"height":9}},{"id":"1c0168fd-2785-480c-96af-ae6657c6480f","block_type":"box","text":"effective interest","page_number":25,"box":{"x":447,"y":247,"width":126,"height":9}},{"id":"3bdf2d33-e599-4ff4-81db-962fa98d7296","block_type":"box","text":"rate","page_number":25,"box":{"x":574,"y":248,"width":33,"height":8}},{"id":"7127c498-3b15-445c-b9cf-d5c76e72e582","block_type":"box","text":"method where app","page_number":25,"box":{"x":607,"y":247,"width":136,"height":11}},{"id":"06e83036-64de-4d96-9dbe-ea016140e574","block_type":"box","text":"licable.","page_number":25,"box":{"x":745,"y":247,"width":50,"height":9}},{"id":"67ee6837-c718-4015-8e7b-9f1bf7a0c53c","block_type":"box","text":"Again, t","page_number":25,"box":{"x":801,"y":247,"width":56,"height":11}},{"id":"ad2c1bc2-d10a-4483-8e27-066ab50b587e","block_type":"box","text":"he result of","page_number":25,"box":{"x":858,"y":247,"width":86,"height":9}},{"id":"afb5f57b-1d66-44f0-9900-48bf5bc29913","block_type":"box","text":"this measure is assessed to be materially equivalent to the value required under Solvency","page_number":25,"box":{"x":60,"y":262,"width":671,"height":12}},{"id":"c42eb183-b034-43ee-aa18-42c16b8706a5","block_type":"box","text":"II","page_number":25,"box":{"x":734,"y":263,"width":6,"height":8}},{"id":"e282cfb2-e7fa-48f9-890b-d73defc25be8","block_type":"box","text":".","page_number":25,"box":{"x":743,"y":270,"width":1,"height":1}},{"id":"8cf98cca-ce00-4f75-9f41-c97f5d7e42fc","block_type":"box","text":"Other disclosures","page_number":25,"box":{"x":61,"y":292,"width":141,"height":9}},{"id":"8709803b-8fd5-4cd2-8b29-ede4aa6c5d18","block_type":"box","text":"There are no additional liabilities to be disclosed on the","page_number":25,"box":{"x":60,"y":314,"width":413,"height":9}},{"id":"c4910ff6-2825-43f9-9a40-f9a0721c537d","block_type":"box","text":"MPFL","page_number":25,"box":{"x":476,"y":314,"width":43,"height":9}},{"id":"c2195897-a4e1-4b03-9a0e-a99441c5c171","block_type":"box","text":"’s Solvency","page_number":25,"box":{"x":520,"y":314,"width":88,"height":11}},{"id":"5a54b0e4-3125-458c-853e-b889d927b57b","block_type":"box","text":"II","page_number":25,"box":{"x":610,"y":314,"width":7,"height":9}},{"id":"572f8761-4835-4170-9811-d0f8666ba085","block_type":"box","text":"Balance Sheet","page_number":25,"box":{"x":624,"y":314,"width":107,"height":9}},{"id":"ff83437c-6555-481d-a033-7ff49ad6e2b9","block_type":"box","text":".","page_number":25,"box":{"x":733,"y":321,"width":2,"height":2}},{"id":"509d1579-c56d-4ae7-a3e0-eee358a70e29","block_type":"box","text":"Reconciliation to fin","page_number":25,"box":{"x":61,"y":344,"width":159,"height":9}},{"id":"ea12d775-292d-460b-9cd5-64aa441feab1","block_type":"box","text":"ancial statements","page_number":25,"box":{"x":221,"y":344,"width":140,"height":9}},{"id":"0ddb3c82-fb95-44c4-a9fb-df79d9321e9c","block_type":"box","text":"T","page_number":25,"box":{"x":60,"y":365,"width":10,"height":9}},{"id":"97c3e0d3-ba56-4ee8-830a-945d8580afa3","block_type":"box","text":"he bases, methods and assumptions used for valuation of these liabilities","page_number":25,"box":{"x":71,"y":365,"width":551,"height":11}},{"id":"78540096-4493-4395-ac42-aeaacd1678bf","block_type":"box","text":"for the","page_number":25,"box":{"x":624,"y":365,"width":52,"height":9}},{"id":"0eaa34d8-1978-4b92-99a7-da392cd89f14","block_type":"box","text":"Financial Statements are assessed","page_number":25,"box":{"x":678,"y":365,"width":266,"height":9}},{"id":"748cc60e-46d4-4fe6-bf27-c58eba496d51","block_type":"box","text":"to produce results","page_number":25,"box":{"x":60,"y":381,"width":138,"height":11}},{"id":"2c8a8fd2-ff4f-40ff-add8-8f97c051e2dd","block_type":"box","text":"that","page_number":25,"box":{"x":199,"y":381,"width":27,"height":9}},{"id":"01bad3c0-808a-42c6-bd03-d6f5bb0e07a4","block_type":"box","text":"are materially equivalent to the values required under Solvency","page_number":25,"box":{"x":232,"y":381,"width":472,"height":11}},{"id":"3be47822-a067-4b3a-ace4-7193e46fc645","block_type":"box","text":"II","page_number":25,"box":{"x":706,"y":381,"width":6,"height":9}},{"id":"afe771b3-9a0b-415e-b4e6-bb0ceff3967c","block_type":"box","text":".","page_number":25,"box":{"x":715,"y":388,"width":2,"height":2}},{"id":"b1563c2d-862c-4020-9eef-53744a6b0c89","block_type":"box","text":"D.4","page_number":25,"box":{"x":61,"y":416,"width":26,"height":9}},{"id":"758dc670-7a4a-4b92-972b-22bb05bc324f","block_type":"box","text":"Alternative methods for valuation","page_number":25,"box":{"x":121,"y":416,"width":278,"height":9}},{"id":"7e07e5f2-e972-4201-ae8d-77697b75e34f","block_type":"box","text":"Assets categorised as Level 3 in “D.1 Assets” above","page_number":25,"box":{"x":60,"y":440,"width":401,"height":11}},{"id":"54cfed96-c4d8-4972-aec3-738c262c33d2","block_type":"box","text":"were fair valued using inputs that are not observable, reflecting","page_number":25,"box":{"x":464,"y":440,"width":479,"height":11}},{"id":"d17d1fa7-3726-4c2d-8dfd-d5ea9895d561","block_type":"box","text":"assumptions that the market participants may use in pricing such assets.","page_number":25,"box":{"x":61,"y":456,"width":543,"height":11}},{"id":"16a1686c-5555-4a8d-b357-fbf8d4c2d207","block_type":"box","text":"D.5","page_number":25,"box":{"x":61,"y":490,"width":26,"height":10}},{"id":"bc4a3f7d-52ca-4808-a21c-bb83be6129b8","block_type":"box","text":"Any other information","page_number":25,"box":{"x":121,"y":490,"width":183,"height":12}},{"id":"b6183d79-a535-44e9-89df-53247435aa19","block_type":"box","text":"There is no other material information regarding the valuation of MPFL’s assets and liabil","page_number":25,"box":{"x":60,"y":514,"width":657,"height":11}},{"id":"493a1b4c-d979-4de8-93c9-fea6859b866c","block_type":"box","text":"ities to add.","page_number":25,"box":{"x":721,"y":514,"width":83,"height":9}},{"id":"cd7aedab-52e8-4ed7-b4b7-cfdfe4116cd6","block_type":"box","text":"Solvency and Financial Condition Report","page_number":26,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"2a826e08-d37f-4b5c-8930-528bd2e9a560","block_type":"box","text":"M","page_number":26,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"3ad5722d-d7b8-4a38-90a6-d103bb7c1af3","block_type":"box","text":"anaged Pension Funds Limited","page_number":26,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"d98c9522-8c6e-485d-a20f-680f911779f3","block_type":"box","text":"26","page_number":26,"box":{"x":495,"y":962,"width":16,"height":7}},{"id":"aca17691-f195-441e-a5ab-b4f6657e691a","block_type":"box","text":"/","page_number":26,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"b9ff7ec2-cb45-45e6-ae1b-49f83e6d9caa","block_type":"box","text":"38","page_number":26,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"fa1ac659-c2b6-4e65-8c70-8b244c4fabff","block_type":"box","text":"Section E: Capital Management","page_number":26,"box":{"x":61,"y":92,"width":286,"height":13}},{"id":"50cb635a-055e-4fdc-a1cb-c5eb59e2f8a9","block_type":"box","text":"E.1","page_number":26,"box":{"x":61,"y":131,"width":23,"height":9}},{"id":"f8cdd29b-af0e-476c-a650-fe90ef1b845b","block_type":"box","text":"Own funds","page_number":26,"box":{"x":121,"y":131,"width":91,"height":10}},{"id":"e21b3bdf-4812-4dee-861f-c1d77fc3978a","block_type":"box","text":"MPFL objectives with regard to managing own funds","page_number":26,"box":{"x":61,"y":162,"width":419,"height":11}},{"id":"8f2bbace-1855-4b28-9cf0-e5ed44f25a15","block_type":"box","text":"It is the policy of MPFL to maintain capital in excess of","page_number":26,"box":{"x":62,"y":183,"width":409,"height":12}},{"id":"0f7595e2-0b9e-406e-b967-561d0bde1637","block_type":"box","text":"the level r","page_number":26,"box":{"x":477,"y":183,"width":74,"height":9}},{"id":"14f9a4c0-bf56-499f-828a-5c3186efb303","block_type":"box","text":"equired by its SCR","page_number":26,"box":{"x":552,"y":183,"width":140,"height":12}},{"id":"4ad106ac-a974-4f23-8a33-86539842c0f2","block_type":"box","text":", and","page_number":26,"box":{"x":694,"y":183,"width":36,"height":11}},{"id":"d8d3e023-ba20-4430-b833-245d6b7de404","block_type":"box","text":"to","page_number":26,"box":{"x":737,"y":184,"width":13,"height":8}},{"id":"9fb5e0aa-114d-43ef-bb7c-fe88083e855e","block_type":"box","text":"ensure","page_number":26,"box":{"x":756,"y":186,"width":51,"height":6}},{"id":"b1a35928-94f5-4216-9c01-3837b04a2a19","block_type":"box","text":"capital","page_number":26,"box":{"x":814,"y":183,"width":46,"height":12}},{"id":"37e4c52c-8971-4f17-9527-2df4adef3e17","block_type":"box","text":"adequacy","page_number":26,"box":{"x":867,"y":183,"width":77,"height":12}},{"id":"eec44f5e-a3db-48e4-988d-ca505c5a1dac","block_type":"box","text":"according to its ORSA. Ade","page_number":26,"box":{"x":61,"y":199,"width":206,"height":11}},{"id":"f2432e82-d170-4631-a606-5537d9bba8b7","block_type":"box","text":"quate capital should be held against all key material risks, and should remain adequate not","page_number":26,"box":{"x":269,"y":199,"width":674,"height":11}},{"id":"552981ad-0317-48f3-92e6-bc67d06e68cc","block_type":"box","text":"just at a point in time, but over the business planning period to account for changes in MPFL’s strategic direction,","page_number":26,"box":{"x":59,"y":214,"width":884,"height":12}},{"id":"bb26d311-db14-4d86-94e2-59c96acfb88d","block_type":"box","text":"evolving economic conditions, and financial and","page_number":26,"box":{"x":61,"y":230,"width":362,"height":12}},{"id":"e2fc2dbe-9bde-44fb-a00d-607984cd69ef","block_type":"box","text":"market volatility, and their effect on the Company’s risk profile and","page_number":26,"box":{"x":432,"y":230,"width":511,"height":12}},{"id":"dcd7a89b-868f-42da-bbcb-cf7f5a67fdf9","block_type":"box","text":"capital needs.","page_number":26,"box":{"x":61,"y":246,"width":101,"height":11}},{"id":"d1e882ea-07f5-45f8-ba80-1584962706e2","block_type":"box","text":"The Company’s planning period is","page_number":26,"box":{"x":60,"y":269,"width":261,"height":11}},{"id":"904822c4-b5a8-4b40-a12d-b5ca0b7181e0","block_type":"box","text":"three","page_number":26,"box":{"x":322,"y":269,"width":37,"height":9}},{"id":"00fd170f-f448-47cf-965b-854ac156867f","block_type":"box","text":"years and based on the current Plan, there is no anticipated","page_number":26,"box":{"x":366,"y":269,"width":446,"height":11}},{"id":"15dc9260-8059-45d6-ae8c-817f15954a8a","block_type":"box","text":"material","page_number":26,"box":{"x":820,"y":269,"width":64,"height":9}},{"id":"0244c101-dc5b-440d-b2b8-61abc728bc10","block_type":"box","text":"change","page_number":26,"box":{"x":885,"y":269,"width":59,"height":11}},{"id":"430c4986-d1bb-4a08-9520-a0931b7f2795","block_type":"box","text":"to","page_number":26,"box":{"x":60,"y":285,"width":14,"height":9}},{"id":"c9be615a-c53d-4ae3-b3bb-80baf6e84747","block_type":"box","text":"the Company’s business model, its product offering","page_number":26,"box":{"x":81,"y":285,"width":399,"height":11}},{"id":"85958a12-301a-4788-a213-0025b325fb74","block_type":"box","text":"or market.","page_number":26,"box":{"x":483,"y":285,"width":82,"height":9}},{"id":"d9b3366c-86d9-48b1-b158-8b3ebb6ee952","block_type":"box","text":"Therefore,","page_number":26,"box":{"x":568,"y":285,"width":75,"height":10}},{"id":"d41ca2bb-bc09-447e-9922-1caa5bd93756","block_type":"box","text":"the","page_number":26,"box":{"x":652,"y":285,"width":27,"height":9}},{"id":"557d6bf0-d84b-41f8-a03e-958f2d48d807","block_type":"box","text":"risk profile of the Company is not","page_number":26,"box":{"x":683,"y":285,"width":261,"height":11}},{"id":"f6a30986-62b6-4ca0-a19e-9dcc6fc258b1","block_type":"box","text":"expected to change materially over the planning period.","page_number":26,"box":{"x":61,"y":301,"width":416,"height":11}},{"id":"a52c28ad-a54e-43d9-88e2-9528d7c3e9d9","block_type":"box","text":"As at 31 December 202","page_number":26,"box":{"x":60,"y":323,"width":172,"height":9}},{"id":"81f8707e-04f4-454c-81da-5bd32262ba2f","block_type":"box","text":"3","page_number":26,"box":{"x":234,"y":324,"width":8,"height":8}},{"id":"e173c249-12ed-4ba7-8c15-a97545555724","block_type":"box","text":",","page_number":26,"box":{"x":244,"y":331,"width":8,"height":3}},{"id":"5204321b-3a58-4972-99b0-0bc4f2858bf0","block_type":"box","text":"80","page_number":26,"box":{"x":252,"y":324,"width":17,"height":8}},{"id":"4bad2939-1a94-4246-a406-b1898becac42","block_type":"box","text":"% (","page_number":26,"box":{"x":271,"y":323,"width":23,"height":11}},{"id":"55228ecf-92ca-4957-8a81-dbf09cfe2039","block_type":"box","text":"202","page_number":26,"box":{"x":295,"y":324,"width":26,"height":8}},{"id":"0ea03472-0f31-44e3-b634-2e3d8aa4b35c","block_type":"box","text":"2","page_number":26,"box":{"x":322,"y":324,"width":9,"height":8}},{"id":"de578353-3dbf-464d-bf7e-1647bd451ce0","block_type":"box","text":": 9","page_number":26,"box":{"x":333,"y":326,"width":8,"height":6}},{"id":"dafc26ee-7f52-4ebe-b53f-8c4e7a0bffe9","block_type":"box","text":"92","page_number":26,"box":{"x":340,"y":324,"width":23,"height":8}},{"id":"ca59e02e-7dc7-4ed4-9e08-2c1fcc505244","block_type":"box","text":"%) of assets held to cover basic own funds were investments in SSGA Liquidity","page_number":26,"box":{"x":363,"y":323,"width":580,"height":12}},{"id":"2c05dab1-9d3e-43bb-b4be-950b74e0d1cd","block_type":"box","text":"fund. Over the","page_number":26,"box":{"x":60,"y":339,"width":114,"height":9}},{"id":"13208f08-4f66-4592-9ddb-ecea0e39184d","block_type":"box","text":"planning period of the Company, it is anticipated that a significant portion of the assets held to cover","page_number":26,"box":{"x":177,"y":339,"width":766,"height":11}},{"id":"3192f5f9-80d9-4a06-b68c-a2ccda056a86","block_type":"box","text":"basic own funds will be held in this highly rated liquidity fund.","page_number":26,"box":{"x":61,"y":355,"width":448,"height":11}},{"id":"256627d9-0274-47ae-8563-f982098c839c","block_type":"box","text":"MPFL","page_number":26,"box":{"x":61,"y":378,"width":48,"height":8}},{"id":"d3ec4bcf-5602-4ef0-934e-d762c8ca7557","block_type":"box","text":"plans","page_number":26,"box":{"x":112,"y":378,"width":39,"height":11}},{"id":"a1a44fd8-8788-41db-880f-372e22bff936","block_type":"box","text":"to","page_number":26,"box":{"x":158,"y":378,"width":19,"height":8}},{"id":"d61ec478-a4c0-4df1-8793-e996445eeb62","block_type":"box","text":"maintain a solvency ratio equal to or above","page_number":26,"box":{"x":179,"y":378,"width":334,"height":11}},{"id":"dd74c478-6969-4fff-8787-99d732352f4a","block_type":"box","text":"210","page_number":26,"box":{"x":515,"y":378,"width":27,"height":9}},{"id":"fe2a26be-77aa-4748-8174-7c92c14ae585","block_type":"box","text":"%","page_number":26,"box":{"x":544,"y":378,"width":14,"height":9}},{"id":"841b9f4a-1a4f-4178-85c1-e74cb75da480","block_type":"box","text":"and t","page_number":26,"box":{"x":565,"y":378,"width":38,"height":8}},{"id":"6c2e4863-3313-486c-9bf1-c47a30f51df2","block_type":"box","text":"he strate","page_number":26,"box":{"x":604,"y":378,"width":66,"height":8}},{"id":"40cc30c9-b5d4-4e66-94f3-596dac66636e","block_type":"box","text":"gy to ac","page_number":26,"box":{"x":671,"y":378,"width":62,"height":11}},{"id":"6b975a6f-ef04-4231-b1a7-f17b75c48aed","block_type":"box","text":"hieve this is by maintaining","page_number":26,"box":{"x":734,"y":378,"width":205,"height":11}},{"id":"4a53044e-9a6e-4e16-aa1e-81c272cec7fd","block_type":"box","text":"reserv","page_number":26,"box":{"x":61,"y":396,"width":46,"height":6}},{"id":"43f6f4e2-7954-4a78-b54f-178a91506ef4","block_type":"box","text":"es from profits.","page_number":26,"box":{"x":108,"y":393,"width":109,"height":12}},{"id":"540800b7-9a17-4078-ae4c-fdb410b24964","block_type":"box","text":"Structure, amount and quality of own funds","page_number":26,"box":{"x":61,"y":423,"width":345,"height":11}},{"id":"be1e3957-3c78-4908-a0fc-dab59224336e","block_type":"box","text":"MPFL currently holds","page_number":26,"box":{"x":61,"y":445,"width":164,"height":11}},{"id":"5f3757b9-a84d-4907-96be-a32939540a91","block_type":"box","text":"unrestricted","page_number":26,"box":{"x":227,"y":445,"width":92,"height":9}},{"id":"009e3dfd-9936-4a9f-8539-6fddc1f80306","block_type":"box","text":"Tier 1","page_number":26,"box":{"x":320,"y":445,"width":48,"height":9}},{"id":"ee133a3b-c727-4bd0-b31b-f36949bfd7fa","block_type":"box","text":"Own Funds","page_number":26,"box":{"x":370,"y":445,"width":86,"height":9}},{"id":"f83859ba-bcb9-4c5b-955a-51d1c46b0822","block_type":"box","text":"only","page_number":26,"box":{"x":463,"y":445,"width":30,"height":11}},{"id":"a8dbe584-9dc2-4e1c-abfb-01326b6c29a2","block_type":"box","text":"as per","page_number":26,"box":{"x":499,"y":447,"width":52,"height":9}},{"id":"fe1dc639-b5f6-46e9-99d2-3f41c22bc5ee","block_type":"box","text":"the","page_number":26,"box":{"x":552,"y":445,"width":27,"height":9}},{"id":"408ca31b-0cd6-43ca-851f-fe5530f6d9be","block_type":"box","text":"below table","page_number":26,"box":{"x":582,"y":445,"width":84,"height":9}},{"id":"24fc1338-08d2-49dc-99ef-b522c9f07a72","block_type":"box","text":". Any proposal to change the capital","page_number":26,"box":{"x":668,"y":445,"width":276,"height":11}},{"id":"d267bad0-0fdc-48a2-885c-f14dcb3aa656","block_type":"box","text":"management policy to permit other types of ca","page_number":26,"box":{"x":61,"y":460,"width":343,"height":12}},{"id":"5080a4eb-dffe-492e-8f63-5a24c81adfa2","block_type":"box","text":"pital instrument would be subject to approval by the Board.","page_number":26,"box":{"x":406,"y":460,"width":433,"height":11}},{"id":"d3421810-4972-4240-a14a-82071e8ca7ef","block_type":"box","text":"20","page_number":26,"box":{"x":530,"y":489,"width":16,"height":7}},{"id":"c28f33f5-df9c-468b-8051-144cf594227a","block_type":"box","text":"2","page_number":26,"box":{"x":547,"y":489,"width":8,"height":7}},{"id":"bd434d51-ef4c-4f52-b4e4-a5be229386de","block_type":"box","text":"3","page_number":26,"box":{"x":556,"y":489,"width":7,"height":7}},{"id":"eaf10a4b-1853-4673-b56f-1c20f141c817","block_type":"box","text":"£’000","page_number":26,"box":{"x":530,"y":500,"width":37,"height":8}},{"id":"7f47aa16-0a50-4dc7-88eb-b7d15371d9d6","block_type":"box","text":"20","page_number":26,"box":{"x":662,"y":489,"width":16,"height":7}},{"id":"ae1fc32c-f080-40b1-9525-3afaaeab3e73","block_type":"box","text":"2","page_number":26,"box":{"x":679,"y":489,"width":7,"height":7}},{"id":"3125ff0e-3701-469b-ac96-20b96d718645","block_type":"box","text":"2","page_number":26,"box":{"x":687,"y":489,"width":7,"height":7}},{"id":"a5c11914-d11b-4fb1-976d-3b93359b603f","block_type":"box","text":"£’000","page_number":26,"box":{"x":661,"y":500,"width":37,"height":8}},{"id":"c2eb0337-86c3-4677-937a-b8ebe5b416ec","block_type":"box","text":"Ordinary share capital (gross of own shares)","page_number":26,"box":{"x":65,"y":523,"width":296,"height":11}},{"id":"b14e0e26-5198-4dc7-95c1-11ca305b30ed","block_type":"box","text":"5,000","page_number":26,"box":{"x":530,"y":524,"width":37,"height":9}},{"id":"d9ef607b-3ac8-4244-b058-6d48ab7448b6","block_type":"box","text":"5,000","page_number":26,"box":{"x":661,"y":524,"width":37,"height":9}},{"id":"3a3ac97e-335d-4aa8-b429-896ac6fe1f34","block_type":"box","text":"Capital","page_number":26,"box":{"x":66,"y":546,"width":45,"height":10}},{"id":"f3f83a57-8235-45bd-95da-dfcf38cd5203","block_type":"box","text":"contributions","page_number":26,"box":{"x":117,"y":546,"width":84,"height":8}},{"id":"3e9a057a-d9ec-4201-aead-0d00180647ab","block_type":"box","text":"3,600","page_number":26,"box":{"x":530,"y":547,"width":37,"height":9}},{"id":"5b3a2027-65e3-49a0-80b6-60d828073fdd","block_type":"box","text":"3,600","page_number":26,"box":{"x":661,"y":547,"width":37,"height":9}},{"id":"7a62fee6-2e7e-4457-af81-f34d7bf18235","block_type":"box","text":"Reconciliation reserve","page_number":26,"box":{"x":66,"y":567,"width":147,"height":8}},{"id":"548e521a-3369-48d9-ad4a-232a096fb5ce","block_type":"box","text":"after deductions","page_number":26,"box":{"x":219,"y":567,"width":106,"height":8}},{"id":"0f0fb42a-af16-403a-acca-ac00d5f028eb","block_type":"box","text":"5,6","page_number":26,"box":{"x":530,"y":568,"width":20,"height":9}},{"id":"b06dd8e9-2b26-4578-bc95-02754622c070","block_type":"box","text":"31","page_number":26,"box":{"x":551,"y":568,"width":13,"height":7}},{"id":"08cf23bf-57f7-4eb6-b1b7-d0f041ac311f","block_type":"box","text":"3,998","page_number":26,"box":{"x":661,"y":568,"width":37,"height":9}},{"id":"958c0c2f-c695-4940-a328-a8f90d30f658","block_type":"box","text":"Total basic own","page_number":26,"box":{"x":65,"y":599,"width":105,"height":7}},{"id":"3ef39c9c-4035-4831-b677-ba38ebcc8346","block_type":"box","text":"funds after deductions","page_number":26,"box":{"x":175,"y":598,"width":148,"height":8}},{"id":"96b481b5-6db2-48af-bd33-4e634ee97d07","block_type":"box","text":"1","page_number":26,"box":{"x":523,"y":599,"width":4,"height":7}},{"id":"ba5268c0-c702-43fc-8dca-f14ad46acc1d","block_type":"box","text":"4,2","page_number":26,"box":{"x":530,"y":599,"width":20,"height":9}},{"id":"e87a0650-3915-49f9-a480-671821895f53","block_type":"box","text":"31","page_number":26,"box":{"x":552,"y":599,"width":13,"height":7}},{"id":"e9f93356-a951-46a1-8c0e-99c07b80240a","block_type":"box","text":"12,598","page_number":26,"box":{"x":654,"y":599,"width":45,"height":9}},{"id":"638573e0-9186-48d2-9745-190a18980486","block_type":"box","text":"The eligible amount of Own Funds to meet the","page_number":26,"box":{"x":60,"y":651,"width":349,"height":11}},{"id":"34c39fc5-b713-42be-ac61-5b0330aa36cf","block_type":"box","text":"SCR and","page_number":26,"box":{"x":410,"y":651,"width":73,"height":9}},{"id":"7111c51b-e8f1-4be1-aff0-e533e331c8e4","block_type":"box","text":"MCR","page_number":26,"box":{"x":484,"y":651,"width":42,"height":9}},{"id":"8d33ff7b-0378-4ab0-a97a-8e36956dfc16","block_type":"box","text":"is","page_number":26,"box":{"x":527,"y":651,"width":16,"height":9}},{"id":"1cb39886-b065-4b9d-a093-94d3c3b949f3","block_type":"box","text":"£","page_number":26,"box":{"x":543,"y":651,"width":8,"height":9}},{"id":"38ad04b0-2c7e-46b0-8e40-373cb4a65428","block_type":"box","text":"14","page_number":26,"box":{"x":553,"y":651,"width":17,"height":9}},{"id":"3e8ec978-374e-4c58-a4bf-57339f0c131a","block_type":"box","text":".","page_number":26,"box":{"x":572,"y":658,"width":2,"height":2}},{"id":"fd06129c-7cbf-4499-85c0-89ebc2531ced","block_type":"box","text":"23","page_number":26,"box":{"x":575,"y":651,"width":18,"height":9}},{"id":"c682f4db-d95c-46ad-9041-e3b4b1239b97","block_type":"box","text":"m","page_number":26,"box":{"x":595,"y":653,"width":12,"height":7}},{"id":"1b653419-9046-40d1-935d-faa9485b38be","block_type":"box","text":"(20","page_number":26,"box":{"x":613,"y":651,"width":23,"height":11}},{"id":"a230afdb-57fa-47ec-83be-b35ed8f3f76c","block_type":"box","text":"2","page_number":26,"box":{"x":637,"y":651,"width":8,"height":9}},{"id":"562cd772-4250-4213-b933-9311c02051d7","block_type":"box","text":"2","page_number":26,"box":{"x":646,"y":651,"width":8,"height":9}},{"id":"e305b3c4-50b5-43da-83c3-7f22b5d7817e","block_type":"box","text":": £","page_number":26,"box":{"x":657,"y":651,"width":16,"height":9}},{"id":"693d3e2e-4ec0-49cc-8cd3-be3dbb687dec","block_type":"box","text":"12.59","page_number":26,"box":{"x":675,"y":651,"width":45,"height":9}},{"id":"ade78b4d-d860-42aa-b2d6-bed53ae930ad","block_type":"box","text":"m","page_number":26,"box":{"x":721,"y":653,"width":12,"height":7}},{"id":"0b48aaa4-3e41-4e8f-a101-330d2c5917c2","block_type":"box","text":")","page_number":26,"box":{"x":735,"y":651,"width":4,"height":11}},{"id":"77645bca-9af2-4760-b337-6e83a7f45d5f","block_type":"box","text":".","page_number":26,"box":{"x":741,"y":658,"width":2,"height":2}},{"id":"21be0f91-8248-4f8e-9d3f-8ae2aa5dd787","block_type":"box","text":"E","page_number":26,"box":{"x":61,"y":681,"width":10,"height":9}},{"id":"e2c5d57f-52ae-4938-89ed-ff04a789a925","block_type":"box","text":"xplanation of any material differences","page_number":26,"box":{"x":72,"y":681,"width":300,"height":11}},{"id":"dcfbaf09-1612-49e1-8ccc-bf3ff63781ce","block_type":"box","text":"The table below presents a reconciliation between equity in the financial statements and basic own funds under","page_number":26,"box":{"x":60,"y":702,"width":883,"height":12}},{"id":"1333b608-9451-4369-bc81-69ec3baece4f","block_type":"box","text":"Solvency","page_number":26,"box":{"x":61,"y":718,"width":72,"height":11}},{"id":"89174b53-eeb4-42c9-a636-3f7ec21aa367","block_type":"box","text":"II","page_number":26,"box":{"x":135,"y":718,"width":6,"height":9}},{"id":"a590e4e3-7d9d-4475-a1fe-9e1a9b385ad9","block_type":"box","text":".","page_number":26,"box":{"x":144,"y":726,"width":2,"height":1}},{"id":"538911cf-e021-4053-828d-cbe9b188aa4c","block_type":"box","text":"20","page_number":26,"box":{"x":534,"y":746,"width":16,"height":8}},{"id":"c9e87f8a-369b-4d22-9cb6-9d31deb34e5d","block_type":"box","text":"2","page_number":26,"box":{"x":551,"y":746,"width":7,"height":8}},{"id":"9ddba4b8-c3e1-42d2-bdf1-4851a83736bd","block_type":"box","text":"3","page_number":26,"box":{"x":559,"y":746,"width":8,"height":8}},{"id":"44074f37-ceb0-41f0-89f7-d13d1bc8c0c6","block_type":"box","text":"£’000","page_number":26,"box":{"x":530,"y":758,"width":37,"height":8}},{"id":"e64c309b-e086-41d1-b611-d720c4523fcc","block_type":"box","text":"20","page_number":26,"box":{"x":659,"y":746,"width":16,"height":8}},{"id":"5af6f2d6-5c04-42f0-8d3c-673eb1d33971","block_type":"box","text":"2","page_number":26,"box":{"x":676,"y":746,"width":7,"height":8}},{"id":"97fb0828-90df-42cd-bad8-baae3e80fd4c","block_type":"box","text":"2","page_number":26,"box":{"x":684,"y":746,"width":7,"height":8}},{"id":"4bb50d44-2c0d-4f58-8e29-c2c3048c878b","block_type":"box","text":"£’000","page_number":26,"box":{"x":654,"y":758,"width":37,"height":8}},{"id":"7d31c8d0-8d96-4cb9-a230-49179be4e90c","block_type":"box","text":"Financial Statement Capital & Reserve","page_number":26,"box":{"x":66,"y":778,"width":258,"height":10}},{"id":"ccd51aa0-df15-42d3-957a-d96195e561a5","block_type":"box","text":"1","page_number":26,"box":{"x":535,"y":778,"width":3,"height":8}},{"id":"739e278c-b3c2-4010-ac6b-255d7060d78b","block_type":"box","text":"4,26","page_number":26,"box":{"x":542,"y":778,"width":28,"height":9}},{"id":"cdf354fe-26dd-4056-9cf2-37a1b3ea9107","block_type":"box","text":"9","page_number":26,"box":{"x":572,"y":778,"width":7,"height":8}},{"id":"a6256fb3-979b-42f1-b10c-4b9c672527a5","block_type":"box","text":"12,734","page_number":26,"box":{"x":654,"y":778,"width":44,"height":9}},{"id":"01398435-1428-4148-9b10-ceab29d4d87c","block_type":"box","text":"VIF","page_number":26,"box":{"x":65,"y":809,"width":23,"height":8}},{"id":"cb080904-c412-45ab-afb4-1b6bfe096003","block_type":"box","text":"11","page_number":26,"box":{"x":555,"y":809,"width":13,"height":8}},{"id":"84cbf346-069c-4e0f-af19-a222a77746a0","block_type":"box","text":"8","page_number":26,"box":{"x":571,"y":809,"width":7,"height":8}},{"id":"24fde963-4f36-44d4-a49a-7d45e470b3ff","block_type":"box","text":"113","page_number":26,"box":{"x":674,"y":809,"width":24,"height":8}},{"id":"4675e3b5-bd29-4880-aa3b-525523137717","block_type":"box","text":"Risk Margin","page_number":26,"box":{"x":66,"y":840,"width":78,"height":10}},{"id":"a02f1f31-ddad-41f5-8559-351c9c7172fc","block_type":"box","text":"(","page_number":26,"box":{"x":545,"y":840,"width":3,"height":10}},{"id":"24d2f20c-5879-45c6-8a33-da3faef283f5","block_type":"box","text":"156","page_number":26,"box":{"x":550,"y":841,"width":24,"height":7}},{"id":"f7ca01fe-4642-4731-a0c8-7375a9f87906","block_type":"box","text":")","page_number":26,"box":{"x":575,"y":840,"width":3,"height":10}},{"id":"5ce49385-0fc3-42e5-9e39-b93955d651a5","block_type":"box","text":"(249)","page_number":26,"box":{"x":664,"y":840,"width":33,"height":10}},{"id":"ee212ae9-a0db-4a9a-9396-65161e6ace5f","block_type":"box","text":"Valuation of other liabilities","page_number":26,"box":{"x":65,"y":872,"width":179,"height":8}},{"id":"eb8f5ecb-54d6-4833-92f7-eb298e75baab","block_type":"box","text":"-","page_number":26,"box":{"x":575,"y":876,"width":4,"height":1}},{"id":"d82186da-f732-4fcc-97f2-845e8b4f23f1","block_type":"box","text":"-","page_number":26,"box":{"x":694,"y":876,"width":4,"height":1}},{"id":"2f638862-e32d-4283-8d39-73bfa4ea0ea9","block_type":"box","text":"Solvency","page_number":26,"box":{"x":66,"y":903,"width":60,"height":10}},{"id":"5f427aea-03ab-4a91-9c67-b1efc41c6ef9","block_type":"box","text":"2","page_number":26,"box":{"x":131,"y":903,"width":7,"height":8}},{"id":"5dcf3e52-3264-4f06-8f09-6a41e1824d74","block_type":"box","text":"Excess of assets over liabilities","page_number":26,"box":{"x":145,"y":903,"width":206,"height":8}},{"id":"2635da25-f47a-40fa-bfc2-070070a76de9","block_type":"box","text":"14","page_number":26,"box":{"x":535,"y":903,"width":14,"height":8}},{"id":"e1162cce-cf15-4d22-ba4e-a5d2209d5a03","block_type":"box","text":",","page_number":26,"box":{"x":551,"y":910,"width":2,"height":2}},{"id":"0dc35166-58da-4d8f-b727-085d24b9f644","block_type":"box","text":"2","page_number":26,"box":{"x":555,"y":903,"width":7,"height":8}},{"id":"c14865c8-4104-4416-b520-6ce7ca7ec4ad","block_type":"box","text":"31","page_number":26,"box":{"x":563,"y":903,"width":14,"height":8}},{"id":"5d450bc8-41ab-4bb7-9f5d-3d9a334680ed","block_type":"box","text":"12,598","page_number":26,"box":{"x":654,"y":903,"width":44,"height":9}},{"id":"6647b853-16cb-478a-97bc-cea1dc62078c","block_type":"box","text":"Solvency and Financial Condition Report","page_number":27,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"28fa5f76-ca7f-4e6e-89a9-f096b6241943","block_type":"box","text":"M","page_number":27,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"afe947bb-7ba3-4703-b7c1-84599a4c1214","block_type":"box","text":"anaged Pension Funds Limited","page_number":27,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"3e0c9f19-953d-425f-b175-015c6ad86655","block_type":"box","text":"27","page_number":27,"box":{"x":495,"y":962,"width":16,"height":7}},{"id":"ce7c53d5-9361-46be-8902-6d584fc91c56","block_type":"box","text":"/","page_number":27,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"204eb050-f3fd-43f2-b692-a9f326f3e2a9","block_type":"box","text":"38","page_number":27,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"440b4c23-25d6-4fce-82b0-a32ca14873bd","block_type":"box","text":"Items subject to transitional arrangements","page_number":27,"box":{"x":61,"y":79,"width":337,"height":12}},{"id":"052673c4-dd41-47d4-949b-78aca0687f01","block_type":"box","text":"There are no items subject to transitional arrangements.","page_number":27,"box":{"x":60,"y":101,"width":421,"height":12}},{"id":"6040e880-4ed3-4a8e-98a2-2e9238725e78","block_type":"box","text":"Ancillary own funds items","page_number":27,"box":{"x":60,"y":131,"width":207,"height":11}},{"id":"f9031968-53e5-4962-9a05-ffea79415d9a","block_type":"box","text":"There are no ancillary own funds items.","page_number":27,"box":{"x":60,"y":153,"width":298,"height":11}},{"id":"a1a1457e-77b0-413a-b1e4-6edcb08798f4","block_type":"box","text":"Items deducted from own funds","page_number":27,"box":{"x":61,"y":182,"width":252,"height":9}},{"id":"807dabfe-a88c-4be5-a679-6c121621946f","block_type":"box","text":"The","page_number":27,"box":{"x":60,"y":204,"width":29,"height":9}},{"id":"12bae669-986d-4c13-ac5d-bf52be1d044c","block_type":"box","text":"re","page_number":27,"box":{"x":91,"y":206,"width":13,"height":7}},{"id":"3a6d4b56-5b10-4ca0-9d64-768628dc0262","block_type":"box","text":"are no items deducted from own funds.","page_number":27,"box":{"x":110,"y":204,"width":287,"height":9}},{"id":"f0469b01-ea93-4153-89eb-2a4c7c2925d6","block_type":"box","text":"Reconciliation Reserve","page_number":27,"box":{"x":61,"y":234,"width":184,"height":9}},{"id":"53b3be76-9293-47de-9725-56a015b041ea","block_type":"box","text":"Reconciliation Reserve at the end of","page_number":27,"box":{"x":61,"y":255,"width":274,"height":9}},{"id":"0b44b138-f9a0-4e38-8247-e2e17441ab09","block_type":"box","text":"the reporting period was","page_number":27,"box":{"x":335,"y":255,"width":185,"height":12}},{"id":"cb9a41b4-f41b-4bf8-af79-740d7a19b40e","block_type":"box","text":"£","page_number":27,"box":{"x":520,"y":255,"width":9,"height":9}},{"id":"66490220-7e7b-4e7e-a2ca-6bec65e5cd04","block_type":"box","text":"5.63","page_number":27,"box":{"x":529,"y":256,"width":32,"height":8}},{"id":"355b673f-1b85-452e-8245-8f91d5ad1c69","block_type":"box","text":"m","page_number":27,"box":{"x":563,"y":258,"width":12,"height":6}},{"id":"ad69a22e-c791-4e81-bf7d-9b06339912f2","block_type":"box","text":".","page_number":27,"box":{"x":578,"y":263,"width":8,"height":1}},{"id":"70a810ca-c932-4e3a-a584-9df24543eb6b","block_type":"box","text":"This is made up of the following:","page_number":27,"box":{"x":586,"y":255,"width":238,"height":12}},{"id":"36fa48b7-1b6f-4f42-951e-0f11d90a6f80","block_type":"box","text":"•","page_number":27,"box":{"x":74,"y":281,"width":4,"height":3}},{"id":"40e14954-c651-4e2b-aec5-30e0e6e28cc1","block_type":"box","text":"Profit and los","page_number":27,"box":{"x":104,"y":279,"width":96,"height":9}},{"id":"36c6e234-3c07-466f-b105-47ebb9e56f95","block_type":"box","text":"s","page_number":27,"box":{"x":201,"y":281,"width":13,"height":7}},{"id":"92b0b37f-5b81-42f8-8053-eb62a962256c","block_type":"box","text":"account per","page_number":27,"box":{"x":214,"y":279,"width":88,"height":11}},{"id":"02321bb3-abf6-4e47-8cb7-fda25cd4da22","block_type":"box","text":"statutory accounts for year","page_number":27,"box":{"x":307,"y":279,"width":197,"height":11}},{"id":"4fff28e8-0306-4627-b68f-47d207f8c62e","block_type":"box","text":"-","page_number":27,"box":{"x":505,"y":284,"width":5,"height":1}},{"id":"0f81ff17-4cd6-476f-8be7-0d30bfe88ca2","block_type":"box","text":"end 20","page_number":27,"box":{"x":511,"y":279,"width":50,"height":9}},{"id":"beb5933e-a3a1-400b-844a-6f081ba87e76","block_type":"box","text":"2","page_number":27,"box":{"x":561,"y":279,"width":8,"height":8}},{"id":"4d75eb00-3efd-4443-9716-116fd10d36d1","block_type":"box","text":"3","page_number":27,"box":{"x":571,"y":279,"width":8,"height":9}},{"id":"6f0b05f7-a3f6-47cd-a325-729ced43e7b4","block_type":"box","text":"at","page_number":27,"box":{"x":585,"y":279,"width":18,"height":9}},{"id":"9a860353-249b-4191-a263-e861d7ff119f","block_type":"box","text":"£","page_number":27,"box":{"x":604,"y":279,"width":8,"height":9}},{"id":"7f9f7c7d-b9fb-4b7f-8a3d-cd342ceba3c3","block_type":"box","text":"5","page_number":27,"box":{"x":613,"y":279,"width":8,"height":9}},{"id":"f6c04c48-4c5e-4f25-92db-21c93c34a4fa","block_type":"box","text":".","page_number":27,"box":{"x":623,"y":286,"width":2,"height":1}},{"id":"6ecee1be-745e-479d-a049-5d427db43b37","block_type":"box","text":"67","page_number":27,"box":{"x":627,"y":279,"width":18,"height":9}},{"id":"3b2d1529-607d-4d30-8d8e-bcc53410c566","block_type":"box","text":"m","page_number":27,"box":{"x":646,"y":281,"width":12,"height":6}},{"id":"0e7f0ff6-6b53-46b6-a9e1-32bd7f6693a7","block_type":"box","text":";","page_number":27,"box":{"x":661,"y":281,"width":2,"height":8}},{"id":"a94769ab-5da6-4fce-a863-52110dc0bb6f","block_type":"box","text":"•","page_number":27,"box":{"x":74,"y":303,"width":4,"height":3}},{"id":"ac819534-7a6b-4124-9b87-ba220c284bbf","block_type":"box","text":"VIF","page_number":27,"box":{"x":103,"y":300,"width":26,"height":9}},{"id":"0b351f2c-dd14-4032-9f5e-2769c9a97381","block_type":"box","text":"£","page_number":27,"box":{"x":134,"y":300,"width":8,"height":9}},{"id":"7e8f3594-258a-4ff8-b7f1-9bba1ed1b63e","block_type":"box","text":"0.1","page_number":27,"box":{"x":144,"y":300,"width":19,"height":9}},{"id":"08b314f3-0a02-4e09-9381-256d93b5c54d","block_type":"box","text":"2","page_number":27,"box":{"x":166,"y":300,"width":8,"height":9}},{"id":"9adcafa4-87ab-40a8-95bb-3f084b80ecae","block_type":"box","text":"m","page_number":27,"box":{"x":177,"y":302,"width":12,"height":7}},{"id":"1165b7b6-4caa-4ab6-909b-228c365d8315","block_type":"box","text":"; and","page_number":27,"box":{"x":191,"y":300,"width":35,"height":11}},{"id":"bc8454a6-779c-4d30-923b-8269a3f5ffef","block_type":"box","text":"•","page_number":27,"box":{"x":74,"y":324,"width":4,"height":3}},{"id":"9daabacd-9909-4ec1-b1c4-8ce6c9860372","block_type":"box","text":"Risk","page_number":27,"box":{"x":104,"y":322,"width":36,"height":8}},{"id":"20ad7030-c391-4d62-8710-46f174345066","block_type":"box","text":"M","page_number":27,"box":{"x":141,"y":322,"width":12,"height":8}},{"id":"3c8d6e86-7ac6-49c4-be18-44905ec52bdd","block_type":"box","text":"argin","page_number":27,"box":{"x":154,"y":322,"width":42,"height":11}},{"id":"be57f1d7-6171-4ab5-a92f-e47752948933","block_type":"box","text":"(","page_number":27,"box":{"x":197,"y":321,"width":4,"height":12}},{"id":"bdf45391-06c5-46bf-be61-9305b9b89a96","block_type":"box","text":"£","page_number":27,"box":{"x":202,"y":322,"width":9,"height":8}},{"id":"05e77774-4859-47d2-a2eb-7f03a501db86","block_type":"box","text":"0.","page_number":27,"box":{"x":211,"y":322,"width":13,"height":8}},{"id":"acf2ac5d-3333-4976-9e8a-7305f8811857","block_type":"box","text":"16","page_number":27,"box":{"x":227,"y":322,"width":16,"height":8}},{"id":"45804a8a-1976-4da6-aa4d-2e711c686f66","block_type":"box","text":")","page_number":27,"box":{"x":244,"y":321,"width":4,"height":12}},{"id":"1ed717f5-d6e9-436a-8dad-6a7035d9a35a","block_type":"box","text":".","page_number":27,"box":{"x":251,"y":329,"width":2,"height":1}},{"id":"664ccbbc-8b9e-48ff-addb-e70040738d6c","block_type":"box","text":"E.2","page_number":27,"box":{"x":61,"y":354,"width":26,"height":10}},{"id":"96046aaf-61c1-40dc-b5b0-f8ca2522b600","block_type":"box","text":"Solvency Capital Requirement and Minimum Capital Requirement","page_number":27,"box":{"x":121,"y":354,"width":549,"height":12}},{"id":"70fd69eb-7714-461c-b446-12be4d53d3bc","block_type":"box","text":"Amounts of SCR and MCR","page_number":27,"box":{"x":60,"y":385,"width":210,"height":9}},{"id":"8cc1b7d0-1e91-4b94-83e3-6fcff2536fe1","block_type":"box","text":"MP","page_number":27,"box":{"x":61,"y":407,"width":23,"height":8}},{"id":"7dacaa82-5d7f-41db-8214-13265841767c","block_type":"box","text":"F","page_number":27,"box":{"x":87,"y":407,"width":8,"height":8}},{"id":"9ea479b8-792d-4471-ab8c-8b1877f6bdf0","block_type":"box","text":"L’s SCR","page_number":27,"box":{"x":97,"y":407,"width":65,"height":9}},{"id":"0fa7d835-7ce4-456a-ad12-d5f3aec0cf72","block_type":"box","text":"and MCR are","page_number":27,"box":{"x":163,"y":407,"width":104,"height":9}},{"id":"b9808bee-2f47-4dcb-8a6f-fd7205fe147e","block_type":"box","text":"£","page_number":27,"box":{"x":267,"y":407,"width":9,"height":9}},{"id":"68e6471e-9db1-4157-a5b2-8024d898ab57","block_type":"box","text":"3.9","page_number":27,"box":{"x":277,"y":407,"width":22,"height":9}},{"id":"3bec2b26-4a30-42e1-9e6c-bc1664a768e6","block_type":"box","text":"8","page_number":27,"box":{"x":300,"y":407,"width":8,"height":9}},{"id":"a8b4b9e8-3aa5-4c07-ac82-60f111c800f5","block_type":"box","text":"m","page_number":27,"box":{"x":310,"y":409,"width":12,"height":6}},{"id":"500b16d7-0a4f-4ea3-aa20-2fd59a125526","block_type":"box","text":"and £3.4","page_number":27,"box":{"x":328,"y":407,"width":64,"height":9}},{"id":"ffe23645-0fcc-4a02-ae4b-ba70865126b4","block_type":"box","text":"9","page_number":27,"box":{"x":393,"y":407,"width":8,"height":9}},{"id":"c780910a-1679-4950-949e-06d63d5dc7b6","block_type":"box","text":"m","page_number":27,"box":{"x":403,"y":409,"width":12,"height":6}},{"id":"b6e37486-52f0-402a-b685-207d93c74eb7","block_type":"box","text":"respectively as at 31 December 202","page_number":27,"box":{"x":422,"y":407,"width":265,"height":11}},{"id":"7e8233f7-bede-456b-af54-546f4dce30ec","block_type":"box","text":"3","page_number":27,"box":{"x":689,"y":407,"width":8,"height":9}},{"id":"2424e926-784c-4b2f-9d0c-0002f3db04dc","block_type":"box","text":"SCR split by risk modules","page_number":27,"box":{"x":61,"y":436,"width":206,"height":12}},{"id":"1f17ffb8-e3a3-456c-96dc-48ffd07bfea8","block_type":"box","text":"The following Standard Formula risk modules apply to MPFL based on its current operations and investments:","page_number":27,"box":{"x":60,"y":458,"width":815,"height":11}},{"id":"2c61c199-a8b3-4399-9cc2-fe5d5a7f0b81","block_type":"box","text":"•","page_number":27,"box":{"x":74,"y":483,"width":4,"height":4}},{"id":"34a31c47-ce3c-4e3e-95c7-bf7173a94027","block_type":"box","text":"Operational Risk","page_number":27,"box":{"x":103,"y":481,"width":124,"height":11}},{"id":"0ed2952a-70f7-447e-a09d-df36d7eb7d3f","block_type":"box","text":";","page_number":27,"box":{"x":228,"y":484,"width":2,"height":8}},{"id":"d14fc550-a7a5-475d-84ba-762ee1f82fc0","block_type":"box","text":"•","page_number":27,"box":{"x":74,"y":505,"width":4,"height":3}},{"id":"75d5fbac-c5be-4d1f-9d2e-fba2aea82d08","block_type":"box","text":"Market Risk (including Interest Rate, Equity, Spread","page_number":27,"box":{"x":104,"y":502,"width":383,"height":12}},{"id":"e8cfaf97-b10c-461a-bd97-eb1e3c89c7ba","block_type":"box","text":",","page_number":27,"box":{"x":490,"y":510,"width":8,"height":3}},{"id":"9f1b2052-7f25-4ba2-b458-755d7d38ea2c","block_type":"box","text":"Concentration","page_number":27,"box":{"x":499,"y":502,"width":102,"height":9}},{"id":"1de39bdb-dacf-4f50-9f61-3f827cffa43d","block_type":"box","text":"risk","page_number":27,"box":{"x":609,"y":503,"width":24,"height":8}},{"id":"e4e9730d-454a-4df1-9703-9f71bee0bd3c","block_type":"box","text":"and Currency risk","page_number":27,"box":{"x":638,"y":502,"width":131,"height":12}},{"id":"71efc718-986a-4f89-b97a-c150b2e708ad","block_type":"box","text":")","page_number":27,"box":{"x":770,"y":502,"width":3,"height":12}},{"id":"061f7980-5d28-4536-8ae9-d8e465815c41","block_type":"box","text":";","page_number":27,"box":{"x":776,"y":505,"width":2,"height":8}},{"id":"aa9de7a8-baa1-4fe1-a18c-d5bd966886e7","block_type":"box","text":"•","page_number":27,"box":{"x":74,"y":526,"width":4,"height":4}},{"id":"1d279520-407a-4380-9ae5-67a20d905836","block_type":"box","text":"Counterparty default","page_number":27,"box":{"x":103,"y":524,"width":152,"height":11}},{"id":"716939b9-7604-468a-b156-e0dc48d6ecbb","block_type":"box","text":"; and","page_number":27,"box":{"x":256,"y":524,"width":35,"height":10}},{"id":"0216a846-efd5-4eb4-9c73-402005c66498","block_type":"box","text":"•","page_number":27,"box":{"x":74,"y":548,"width":4,"height":3}},{"id":"235d01a0-2b9a-457f-8f41-e4b0b178ac34","block_type":"box","text":"Life Expense risk","page_number":27,"box":{"x":104,"y":545,"width":126,"height":12}},{"id":"3777636d-93ce-4efc-b33f-d402b0649a38","block_type":"box","text":".","page_number":27,"box":{"x":232,"y":553,"width":2,"height":1}},{"id":"ecce1ff6-11d3-432b-8095-4c273cabc9bb","block_type":"box","text":"MPFL is not exposed to risks covered by other","page_number":27,"box":{"x":61,"y":566,"width":349,"height":12}},{"id":"5f36ae5f-388d-49c2-824a-d16f5b3caab0","block_type":"box","text":"risk","page_number":27,"box":{"x":412,"y":566,"width":30,"height":9}},{"id":"568cb95f-fe5a-4a95-9393-a71fecfea93e","block_type":"box","text":"modules or sub","page_number":27,"box":{"x":442,"y":566,"width":114,"height":9}},{"id":"e60122ac-4dc8-4629-90ef-14fe0fbf5f9e","block_type":"box","text":"-","page_number":27,"box":{"x":557,"y":571,"width":5,"height":1}},{"id":"e01042fd-3098-490c-a37d-30772e4dbff0","block_type":"box","text":"modules of the Standard Formula.","page_number":27,"box":{"x":563,"y":566,"width":257,"height":9}},{"id":"48e1ab53-a2a3-4e37-a173-9a252fcf9aac","block_type":"box","text":"The breakdown of the SCR is shown in the following table:","page_number":27,"box":{"x":60,"y":589,"width":439,"height":12}},{"id":"efbdc980-f9d9-425e-9c91-fc4d2c25cb18","block_type":"box","text":"20","page_number":27,"box":{"x":558,"y":617,"width":16,"height":8}},{"id":"2e0b88e7-6661-4c49-89a2-deb6a38164b2","block_type":"box","text":"2","page_number":27,"box":{"x":575,"y":617,"width":7,"height":8}},{"id":"e2dd8c74-c692-45a8-b80e-ac613750222c","block_type":"box","text":"3","page_number":27,"box":{"x":583,"y":617,"width":7,"height":8}},{"id":"3527f9aa-936d-4e6c-888a-4c6b017fd23e","block_type":"box","text":"£’","page_number":27,"box":{"x":554,"y":630,"width":11,"height":8}},{"id":"8b0ab52d-4889-40d7-85dd-a012bf5a0b46","block_type":"box","text":"000","page_number":27,"box":{"x":567,"y":630,"width":24,"height":8}},{"id":"a2179de5-f463-4f74-aeff-262935598475","block_type":"box","text":"20","page_number":27,"box":{"x":677,"y":617,"width":16,"height":8}},{"id":"5b25dfb3-dcb5-43d3-9d36-54add527ca9a","block_type":"box","text":"2","page_number":27,"box":{"x":694,"y":617,"width":7,"height":8}},{"id":"50fafe97-c54e-4444-9b7c-d977e42dd550","block_type":"box","text":"2","page_number":27,"box":{"x":702,"y":617,"width":8,"height":8}},{"id":"d028a1b9-b2db-4690-89ee-3a43494a7b3b","block_type":"box","text":"£’","page_number":27,"box":{"x":672,"y":630,"width":12,"height":8}},{"id":"c6695cbd-c099-42f4-bb98-1bbbe4c7af4b","block_type":"box","text":"000","page_number":27,"box":{"x":685,"y":630,"width":25,"height":8}},{"id":"7437c359-fef8-49f3-b90c-76393b4f53ac","block_type":"box","text":"SCR (Operational Risk)","page_number":27,"box":{"x":66,"y":648,"width":156,"height":11}},{"id":"89845396-9e55-452a-8dd3-ae7370bafb95","block_type":"box","text":"3,9","page_number":27,"box":{"x":558,"y":649,"width":20,"height":9}},{"id":"a4854b2f-304b-43a9-b614-b79caa5e6c5b","block_type":"box","text":"1","page_number":27,"box":{"x":581,"y":649,"width":3,"height":7}},{"id":"634b29ca-342a-435f-80cf-30f467806217","block_type":"box","text":"0","page_number":27,"box":{"x":588,"y":649,"width":7,"height":8}},{"id":"ac2d0f45-2393-44fc-b31f-bb0b55535618","block_type":"box","text":"4,251","page_number":27,"box":{"x":677,"y":649,"width":35,"height":9}},{"id":"0bc363b8-96a9-4da9-a496-2ded22f52398","block_type":"box","text":"SCR (Market Risk)","page_number":27,"box":{"x":66,"y":680,"width":124,"height":10}},{"id":"827d2d7a-9c4f-46f2-8726-2fbf5ccaa10e","block_type":"box","text":"472","page_number":27,"box":{"x":571,"y":680,"width":24,"height":8}},{"id":"2b8cff7f-2303-4c0f-9ba4-20ae61a4fb91","block_type":"box","text":"265","page_number":27,"box":{"x":690,"y":680,"width":24,"height":8}},{"id":"c8c729c9-60c1-493c-bc26-8a7313d149a2","block_type":"box","text":"SCR (Counterparty Default Risk)","page_number":27,"box":{"x":66,"y":711,"width":217,"height":11}},{"id":"f37dcbac-eee1-448b-a970-248ba65085c1","block_type":"box","text":"158","page_number":27,"box":{"x":572,"y":712,"width":23,"height":7}},{"id":"f3f2e1ca-c785-4ce7-a391-be623fc30aec","block_type":"box","text":"88","page_number":27,"box":{"x":699,"y":712,"width":15,"height":7}},{"id":"d360a8c8-365e-4039-8503-0afea104cfe0","block_type":"box","text":"SCR (Life Underwriting Risk)","page_number":27,"box":{"x":66,"y":743,"width":191,"height":10}},{"id":"3147821d-1d76-4f3d-9ff7-b61a33f8aff7","block_type":"box","text":"1","page_number":27,"box":{"x":581,"y":743,"width":3,"height":7}},{"id":"a66a55bd-e27e-4535-bd53-ebd898093ff4","block_type":"box","text":"3","page_number":27,"box":{"x":588,"y":743,"width":7,"height":8}},{"id":"cedfe093-d2b9-4081-9e26-7b8e24fdc58c","block_type":"box","text":"14","page_number":27,"box":{"x":700,"y":743,"width":15,"height":7}},{"id":"cfeb84e5-a58f-49fb-a80e-250cd2f90b5e","block_type":"box","text":"Undiversified SCR","page_number":27,"box":{"x":66,"y":764,"width":122,"height":8}},{"id":"c26654ec-eeb2-4d95-9cf6-7c77e256a699","block_type":"box","text":"4,5","page_number":27,"box":{"x":558,"y":765,"width":20,"height":9}},{"id":"ee666cdc-34f7-4eee-bf9f-35c74c41e1f3","block_type":"box","text":"5","page_number":27,"box":{"x":580,"y":765,"width":7,"height":7}},{"id":"7edcb839-4f48-4a2e-881d-4a2937e53729","block_type":"box","text":"3","page_number":27,"box":{"x":588,"y":765,"width":7,"height":7}},{"id":"48b99ca5-de18-4945-a4cc-116959365049","block_type":"box","text":"4,618","page_number":27,"box":{"x":677,"y":765,"width":37,"height":9}},{"id":"19daa214-8841-4d5d-ada4-26e912f0c8f2","block_type":"box","text":"Diversification Benefit","page_number":27,"box":{"x":66,"y":796,"width":144,"height":8}},{"id":"1bf688ba-0885-4062-a5dd-9dee34295446","block_type":"box","text":"(","page_number":27,"box":{"x":562,"y":796,"width":3,"height":10}},{"id":"4af32801-5ff2-4f84-8c1e-b47c06ef6857","block_type":"box","text":"105","page_number":27,"box":{"x":567,"y":796,"width":23,"height":8}},{"id":"bf62d095-a398-4522-a7a9-39c6e5055072","block_type":"box","text":")","page_number":27,"box":{"x":592,"y":796,"width":3,"height":10}},{"id":"778f52c5-4487-4e39-8477-0d70a60406ee","block_type":"box","text":"(63)","page_number":27,"box":{"x":690,"y":796,"width":24,"height":10}},{"id":"ba7df3f0-a3b7-4ed8-b6c9-90751428d819","block_type":"box","text":"Loss absorbing capacity of deferred","page_number":27,"box":{"x":66,"y":827,"width":238,"height":10}},{"id":"d478873e-9d73-4d1d-a783-feea105225f9","block_type":"box","text":"taxes","page_number":27,"box":{"x":309,"y":828,"width":36,"height":7}},{"id":"bff47ebd-dd77-425c-af9f-4ed62f2d8e9a","block_type":"box","text":"(","page_number":27,"box":{"x":562,"y":827,"width":3,"height":10}},{"id":"ea4ee897-a3fd-4b09-898b-06a15d6415c7","block_type":"box","text":"47","page_number":27,"box":{"x":566,"y":827,"width":16,"height":8}},{"id":"b335c669-ed32-4c89-9f07-f6063df4dff7","block_type":"box","text":"1","page_number":27,"box":{"x":584,"y":827,"width":4,"height":8}},{"id":"b70ce027-d3fc-45a8-a935-959a718c9bb0","block_type":"box","text":")","page_number":27,"box":{"x":592,"y":827,"width":3,"height":10}},{"id":"ec7dc7d6-36f3-4e8c-bd68-15436b5ef3b6","block_type":"box","text":"(95)","page_number":27,"box":{"x":690,"y":827,"width":24,"height":10}},{"id":"b196a925-6120-47c3-ab01-2d2bf88abbc6","block_type":"box","text":"SCR","page_number":27,"box":{"x":66,"y":859,"width":30,"height":8}},{"id":"bdf7547d-84ac-47fc-94ff-274e9059a276","block_type":"box","text":"3,9","page_number":27,"box":{"x":558,"y":859,"width":20,"height":9}},{"id":"88092295-65ba-4735-a951-fd0716a81535","block_type":"box","text":"77","page_number":27,"box":{"x":580,"y":859,"width":15,"height":8}},{"id":"7238307f-f01a-4f79-85f7-79ab9d94a0b2","block_type":"box","text":"4,460","page_number":27,"box":{"x":677,"y":859,"width":37,"height":9}},{"id":"6859a162-652d-481d-992e-81cb85565f6a","block_type":"box","text":"Solvency and Financial Condition Report","page_number":28,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"10afca6d-f1cf-41dc-9181-77f5a8e9856d","block_type":"box","text":"M","page_number":28,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"e0336467-9c3f-48c1-8c2a-c422b6e01e26","block_type":"box","text":"anaged Pension Funds Limited","page_number":28,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"cd2a2ea9-1bd5-44d0-9f1a-fa4b006341ff","block_type":"box","text":"28","page_number":28,"box":{"x":495,"y":962,"width":16,"height":7}},{"id":"b783d03e-7ece-4c43-a740-d0006bb88d97","block_type":"box","text":"/","page_number":28,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"58e2a9c3-58a0-43a6-87da-04d1c2cd9f41","block_type":"box","text":"38","page_number":28,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"7e95a012-ed1d-4245-b30a-e8d4baca5abc","block_type":"box","text":"Use of simplified calculations","page_number":28,"box":{"x":61,"y":79,"width":234,"height":12}},{"id":"39e41182-b5a8-45d0-aaf0-dcb743d998aa","block_type":"box","text":"The SCR has been calculated in accordance with the methodology specified under the Standard Formula, which","page_number":28,"box":{"x":60,"y":101,"width":837,"height":12}},{"id":"9df276e6-3bd4-4ac1-b5a4-badbae4fd5aa","block_type":"box","text":"involves applying a series of prescribed stres","page_number":28,"box":{"x":61,"y":117,"width":333,"height":11}},{"id":"63789ca3-313a-4325-9139-680173462a94","block_type":"box","text":"s tests. MPFL does not use any","page_number":28,"box":{"x":396,"y":117,"width":238,"height":11}},{"id":"2d231737-9e99-415c-a39c-d6f0db2a0331","block_type":"box","text":"material simplifications in calculating the","page_number":28,"box":{"x":636,"y":117,"width":302,"height":11}},{"id":"c21bcc5b-61c6-42ce-8588-23bc328a747d","block_type":"box","text":"SCR","page_number":28,"box":{"x":61,"y":133,"width":34,"height":9}},{"id":"02773e96-b025-40dd-9e18-486d6796a103","block_type":"box","text":".","page_number":28,"box":{"x":97,"y":140,"width":2,"height":2}},{"id":"c94b288c-714a-4bfa-94b6-d7255781175e","block_type":"box","text":"Use of undertaking","page_number":28,"box":{"x":61,"y":162,"width":151,"height":12}},{"id":"96098f6a-5512-4dd2-89b1-eb223f0b6548","block_type":"box","text":"-","page_number":28,"box":{"x":213,"y":167,"width":5,"height":2}},{"id":"e83060a3-a3b4-4242-896c-1cfc39d7b9bb","block_type":"box","text":"specific parameters","page_number":28,"box":{"x":218,"y":162,"width":157,"height":12}},{"id":"c9e6cbb5-a360-4bcf-96cd-ca98f456b8e0","block_type":"box","text":"MPFL does not use undertaking","page_number":28,"box":{"x":61,"y":184,"width":236,"height":12}},{"id":"d34c9195-9a33-49dd-8b60-9f71784e7f22","block_type":"box","text":"-","page_number":28,"box":{"x":300,"y":189,"width":4,"height":1}},{"id":"98ecb9be-53ef-4ea2-93ef-827c242290f7","block_type":"box","text":"specific parameters.","page_number":28,"box":{"x":305,"y":184,"width":148,"height":11}},{"id":"3ee96716-a2b6-43e3-8561-35ec1b4a230c","block_type":"box","text":"Inputs used to calculate MCR","page_number":28,"box":{"x":61,"y":214,"width":233,"height":11}},{"id":"b2fb69d0-c67f-4430-a5b3-48c2a2d53cd7","block_type":"box","text":"The MCR represents the ultimate point of supervisory inte","page_number":28,"box":{"x":60,"y":235,"width":430,"height":12}},{"id":"486423fb-b0b3-46f6-aa37-36bec8512e66","block_type":"box","text":"rvention below which a firm would lose its authorisation.","page_number":28,"box":{"x":493,"y":236,"width":417,"height":8}},{"id":"1a6ad63a-68f0-41e2-8dfd-04e56355ca43","block_type":"box","text":"The","page_number":28,"box":{"x":911,"y":236,"width":33,"height":8}},{"id":"eaca0909-17c2-42e5-93aa-35124e31421d","block_type":"box","text":"MCR is the greater of a minimum monetary amount and formulaic calculation. In practice, the former","page_number":28,"box":{"x":61,"y":251,"width":761,"height":11}},{"id":"4a81841f-d747-446b-921b-a2ac640d04bf","block_type":"box","text":"would apply","page_number":28,"box":{"x":825,"y":251,"width":94,"height":11}},{"id":"b25dae4e-a63d-4878-8487-687a0c0f10c1","block_type":"box","text":"for","page_number":28,"box":{"x":921,"y":251,"width":23,"height":9}},{"id":"2990fbd3-aa89-4d1d-a5e8-d2df30f7a2b0","block_type":"box","text":"MPFL and is based on the Sterling equivalent of a Euro value set out in the Reg","page_number":28,"box":{"x":61,"y":267,"width":606,"height":11}},{"id":"7274e2e1-bfcd-44d7-a5d6-09012fa945df","block_type":"box","text":"ulation.","page_number":28,"box":{"x":670,"y":267,"width":57,"height":9}},{"id":"0823c8e8-e883-4ede-ac20-f1602eb07fdc","block_type":"box","text":"In accordance with the PRA","page_number":28,"box":{"x":730,"y":267,"width":214,"height":9}},{"id":"0a6684db-f393-43a5-9e8a-69f7f47abfdc","block_type":"box","text":"Rulebook (Insurance General Application 4.2), this Euro value","page_number":28,"box":{"x":61,"y":282,"width":472,"height":12}},{"id":"9708fd88-7a26-4c6e-b16b-8f8a341ae3ca","block_type":"box","text":"remained at","page_number":28,"box":{"x":537,"y":283,"width":87,"height":8}},{"id":"161917da-8f34-41c3-b627-1c270131b564","block_type":"box","text":"€4.0m","page_number":28,"box":{"x":630,"y":282,"width":46,"height":9}},{"id":"d7fc3d0d-04fa-4a13-994d-cc4f04542896","block_type":"box","text":"in 202","page_number":28,"box":{"x":684,"y":283,"width":45,"height":9}},{"id":"c6cf5b15-c18f-43a5-bddc-de8358f298f9","block_type":"box","text":"3","page_number":28,"box":{"x":731,"y":283,"width":8,"height":9}},{"id":"75c74f12-8e54-426c-b543-18a75969da88","block_type":"box","text":"(202","page_number":28,"box":{"x":747,"y":283,"width":31,"height":11}},{"id":"e5e561fc-93fa-406f-bac3-3f0e49429e54","block_type":"box","text":"2","page_number":28,"box":{"x":779,"y":283,"width":8,"height":8}},{"id":"05dd5ed3-4e85-4f40-adc7-d647f0550d7a","block_type":"box","text":": €","page_number":28,"box":{"x":790,"y":282,"width":18,"height":9}},{"id":"ef0d257d-2478-4fa7-81ae-6618618da726","block_type":"box","text":"4.0","page_number":28,"box":{"x":809,"y":283,"width":22,"height":9}},{"id":"8ec563a9-4ea3-454b-9b1f-3c12f55c884a","block_type":"box","text":"m).","page_number":28,"box":{"x":838,"y":283,"width":28,"height":11}},{"id":"f67e01ea-3025-4f5e-90d9-a21d6dedd47e","block_type":"box","text":"Based on","page_number":28,"box":{"x":869,"y":283,"width":75,"height":8}},{"id":"c3bba35c-f684-4f94-8438-176a6930115e","block_type":"box","text":"conversion from Euro to Sterling t","page_number":28,"box":{"x":61,"y":298,"width":248,"height":12}},{"id":"52590514-086c-42ba-a79a-be7c182d78f5","block_type":"box","text":"he MCR","page_number":28,"box":{"x":311,"y":298,"width":65,"height":9}},{"id":"7db6c49f-4e4b-4fb7-9a04-5c6591937f05","block_type":"box","text":"increased to","page_number":28,"box":{"x":378,"y":299,"width":89,"height":8}},{"id":"124b6b76-99e6-4e1b-b239-73e5bfe9aaff","block_type":"box","text":"£3.","page_number":28,"box":{"x":473,"y":299,"width":21,"height":8}},{"id":"237c8b23-3ce1-4c32-a5ca-5fe6eaafd86d","block_type":"box","text":"5","page_number":28,"box":{"x":496,"y":299,"width":8,"height":8}},{"id":"edbfc45a-fb7a-4e8b-94ac-da1e46d872d7","block_type":"box","text":"m","page_number":28,"box":{"x":506,"y":301,"width":12,"height":6}},{"id":"2589e1ff-485f-44f3-9ddf-d7884f0a256e","block_type":"box","text":"as at 31 December 202","page_number":28,"box":{"x":524,"y":299,"width":173,"height":8}},{"id":"f77a2fa4-f816-46d6-af14-545b274714a1","block_type":"box","text":"3","page_number":28,"box":{"x":698,"y":299,"width":8,"height":8}},{"id":"55e1fdec-a4ad-4941-b274-9bab9b41b29d","block_type":"box","text":"(202","page_number":28,"box":{"x":713,"y":298,"width":32,"height":12}},{"id":"60fcc5a8-1495-4c07-807d-105e57cdb6ef","block_type":"box","text":"2","page_number":28,"box":{"x":746,"y":299,"width":8,"height":8}},{"id":"d8dca2db-67f0-4cbf-9bd9-7e87df4c60e0","block_type":"box","text":": £","page_number":28,"box":{"x":757,"y":299,"width":16,"height":8}},{"id":"fd2f35ba-638c-4dec-898c-9fbea610fd54","block_type":"box","text":"3.4","page_number":28,"box":{"x":774,"y":299,"width":23,"height":8}},{"id":"205e9d6d-99b8-4b4e-a528-91ae1f3426f6","block_type":"box","text":"m)","page_number":28,"box":{"x":802,"y":298,"width":18,"height":12}},{"id":"7e445ade-e5d8-4c94-8c41-27b9c26996d4","block_type":"box","text":".","page_number":28,"box":{"x":822,"y":306,"width":2,"height":1}},{"id":"b07472c6-4aea-4c89-ab26-6872155bec5c","block_type":"box","text":"For calendar year","page_number":28,"box":{"x":61,"y":321,"width":135,"height":11}},{"id":"34e9a1fc-95b3-4d57-b3f3-b21c1ff69a95","block_type":"box","text":"commencing","page_number":28,"box":{"x":197,"y":321,"width":99,"height":11}},{"id":"e9b60193-4237-4bf9-b1a8-5fa9d49aeda7","block_type":"box","text":"31 December","page_number":28,"box":{"x":296,"y":321,"width":104,"height":9}},{"id":"4396fff3-0f53-4d8b-92c2-0fa678f54479","block_type":"box","text":"20","page_number":28,"box":{"x":401,"y":321,"width":17,"height":9}},{"id":"480337ca-ce24-47da-995d-16093aab983e","block_type":"box","text":"2","page_number":28,"box":{"x":420,"y":321,"width":8,"height":9}},{"id":"783d7869-9471-40ea-9b00-b8ea121014c5","block_type":"box","text":"3","page_number":28,"box":{"x":429,"y":321,"width":8,"height":9}},{"id":"dd59988b-cad8-4eeb-bbda-e7b7f48e1ba1","block_type":"box","text":", the prescribed EUR","page_number":28,"box":{"x":440,"y":321,"width":152,"height":11}},{"id":"05b10d35-f8c8-4a6d-9e14-644a6d6d04a7","block_type":"box","text":"-","page_number":28,"box":{"x":594,"y":326,"width":4,"height":1}},{"id":"fd140982-3693-478b-97df-eccd95487b54","block_type":"box","text":"GBP exchange rate is","page_number":28,"box":{"x":599,"y":321,"width":166,"height":11}},{"id":"a04784f8-914f-49e9-a466-fc5850207ad9","block_type":"box","text":"0.","page_number":28,"box":{"x":766,"y":321,"width":12,"height":9}},{"id":"d5e50c9c-9c9d-4df3-b806-b12a8cfa0b64","block_type":"box","text":"8","page_number":28,"box":{"x":780,"y":321,"width":8,"height":9}},{"id":"9184d4bc-d292-4f6b-9384-ea3f3f631f3e","block_type":"box","text":"7366","page_number":28,"box":{"x":790,"y":321,"width":36,"height":9}},{"id":"e3b2f206-b82c-4202-9ba8-47cd0d47183f","block_type":"box","text":"£ / €.","page_number":28,"box":{"x":831,"y":321,"width":35,"height":9}},{"id":"2afa1c54-649c-4d67-8e87-6389ef65ad57","block_type":"box","text":"The PRA","page_number":28,"box":{"x":872,"y":321,"width":72,"height":9}},{"id":"7674da09-d43b-4f59-9fad-2417ca94f082","block_type":"box","text":"proposed to redenominate the amounts set out in Minimum Capital Requirement from Euro to Sterling as part of","page_number":28,"box":{"x":61,"y":337,"width":833,"height":11}},{"id":"6d825b2d-b2b6-4366-b00d-2127ea2c92f7","block_type":"box","text":"Policy","page_number":28,"box":{"x":896,"y":337,"width":48,"height":11}},{"id":"ddc0385a-49e8-4d72-84af-f5a457fb99c7","block_type":"box","text":"Statement","page_number":28,"box":{"x":61,"y":352,"width":76,"height":9}},{"id":"26fa11fd-8fc4-4f83-a3d9-6b34d9c3af2d","block_type":"box","text":"(","page_number":28,"box":{"x":143,"y":352,"width":4,"height":12}},{"id":"70385b34-9d29-4b20-8931-d51850351bfa","block_type":"box","text":"PS","page_number":28,"box":{"x":149,"y":352,"width":20,"height":9}},{"id":"0e48bd8b-77a3-4d52-8ddb-1c91b902b2d4","block_type":"box","text":") 2","page_number":28,"box":{"x":171,"y":352,"width":9,"height":12}},{"id":"dd93074f-0d26-4fb3-b004-fb927bc22dd2","block_type":"box","text":"2","page_number":28,"box":{"x":180,"y":353,"width":8,"height":8}},{"id":"73fb45eb-458c-46a6-9e20-991ffc050bc1","block_type":"box","text":"/2","page_number":28,"box":{"x":189,"y":352,"width":13,"height":9}},{"id":"f9baee33-2512-48dc-bb4d-530a67b6bfee","block_type":"box","text":"4","page_number":28,"box":{"x":204,"y":353,"width":8,"height":8}},{"id":"69368fa1-a76b-4489-b645-ad4e96efa92a","block_type":"box","text":". The PRA p","page_number":28,"box":{"x":214,"y":352,"width":89,"height":12}},{"id":"92a91405-1397-4e60-9b17-a910f886ebf2","block_type":"box","text":"roposed to implement these changes on 31 December 2024.","page_number":28,"box":{"x":306,"y":352,"width":447,"height":12}},{"id":"cec2f0bd-02f7-4455-b400-2ebeb29cdf41","block_type":"box","text":"Explanation of any material changes to the SCR and MCR","page_number":28,"box":{"x":61,"y":382,"width":457,"height":12}},{"id":"85a94363-db89-49d0-92c0-0c29adc0225a","block_type":"box","text":"There","page_number":28,"box":{"x":60,"y":404,"width":49,"height":9}},{"id":"e49cc7d4-6a22-4fce-872b-fa0271acc798","block_type":"box","text":"were","page_number":28,"box":{"x":109,"y":406,"width":35,"height":7}},{"id":"a792461c-97bb-4de8-9995-eeb8c313e50d","block_type":"box","text":"no material changes to the SCR or the MCR over the reporting period.","page_number":28,"box":{"x":151,"y":404,"width":518,"height":11}},{"id":"493afe44-3bf3-42d0-82af-3f157e0b6ccb","block_type":"box","text":"Subsequent","page_number":28,"box":{"x":61,"y":427,"width":95,"height":11}},{"id":"0ee1518e-2eca-42ae-8084-950e062f71ba","block_type":"box","text":"events","page_number":28,"box":{"x":161,"y":427,"width":53,"height":9}},{"id":"9226b9eb-9058-4274-ad1a-0aa085ec4013","block_type":"box","text":"No post balance sheet events have impacted on t","page_number":28,"box":{"x":61,"y":450,"width":366,"height":11}},{"id":"37f5b136-b525-4553-aa44-a132997c5dbe","block_type":"box","text":"he SCR or the MCR.","page_number":28,"box":{"x":429,"y":449,"width":152,"height":9}},{"id":"6a263a9c-2176-4495-a93a-350fb6f718de","block_type":"box","text":"E.3","page_number":28,"box":{"x":61,"y":484,"width":26,"height":10}},{"id":"42a00688-a60c-4ef2-b01a-668eb6d77c59","block_type":"box","text":"Use of duration","page_number":28,"box":{"x":122,"y":484,"width":127,"height":10}},{"id":"036436ad-300c-49e5-8bc6-2eb9f149cca4","block_type":"box","text":"-","page_number":28,"box":{"x":250,"y":489,"width":5,"height":1}},{"id":"1e924b00-12c6-496a-8f29-c120f7d5aa3b","block_type":"box","text":"based equity risk sub","page_number":28,"box":{"x":256,"y":484,"width":179,"height":12}},{"id":"43232314-8d61-4e7a-8f78-60cfeca126eb","block_type":"box","text":"-","page_number":28,"box":{"x":436,"y":489,"width":5,"height":1}},{"id":"ffb3f308-4327-4711-b77d-c9eb30670d6b","block_type":"box","text":"module in the calculation of the Solvency Capital","page_number":28,"box":{"x":442,"y":484,"width":414,"height":12}},{"id":"98174286-01d5-4080-ba36-eb47002a1e75","block_type":"box","text":"Requirement","page_number":28,"box":{"x":61,"y":509,"width":107,"height":12}},{"id":"df815a5a-4617-4970-a2c0-b5824b428772","block_type":"box","text":"N","page_number":28,"box":{"x":61,"y":533,"width":10,"height":9}},{"id":"514e4bf4-b3ef-4437-8fc1-7b9a97734ec3","block_type":"box","text":"ot applicable to","page_number":28,"box":{"x":73,"y":533,"width":117,"height":11}},{"id":"593e5602-c0c1-4e24-b401-f5fbf1bf0847","block_type":"box","text":"MPFL.","page_number":28,"box":{"x":192,"y":533,"width":52,"height":9}},{"id":"e3e764d7-862f-4012-acb0-7eff313d6ff0","block_type":"box","text":"E.4","page_number":28,"box":{"x":61,"y":568,"width":26,"height":9}},{"id":"b41a4e8e-9a13-41b1-9019-7e6828aec1cb","block_type":"box","text":"Differences between the standard formula and any internal model used","page_number":28,"box":{"x":122,"y":568,"width":592,"height":12}},{"id":"b7145907-9f1d-4070-a4fa-a18c7d0cf9a0","block_type":"box","text":"MPFL does not use an internal model.","page_number":28,"box":{"x":61,"y":592,"width":288,"height":8}},{"id":"9d01887e-4a71-46d6-900f-58ecefd2bbe7","block_type":"box","text":"E.5","page_number":28,"box":{"x":61,"y":626,"width":26,"height":10}},{"id":"b433ef65-3c97-4a00-9a07-5c8e52652bd5","block_type":"box","text":"Non","page_number":28,"box":{"x":122,"y":626,"width":32,"height":10}},{"id":"e5741036-f826-4da7-9f98-6453fc608423","block_type":"box","text":"-","page_number":28,"box":{"x":155,"y":631,"width":6,"height":2}},{"id":"31f2ebf0-df5f-4a94-9380-5f1f3cf107c2","block_type":"box","text":"compliance with the Minimum Capital Requirement and non","page_number":28,"box":{"x":161,"y":626,"width":500,"height":12}},{"id":"bdc9ead6-a713-4587-aa3d-dccac379161f","block_type":"box","text":"-","page_number":28,"box":{"x":662,"y":631,"width":6,"height":2}},{"id":"b95c1774-620f-4b30-897b-e3a8a822b1ff","block_type":"box","text":"compliance with the Solvency","page_number":28,"box":{"x":669,"y":626,"width":255,"height":12}},{"id":"64ea7dfd-e664-41ea-91ae-5a9a3e16a7dc","block_type":"box","text":"Capital Requirement","page_number":28,"box":{"x":61,"y":651,"width":170,"height":12}},{"id":"4455e46c-874d-409e-8c67-8ca591721524","block_type":"box","text":"MPFL has complied with the MCR and SCR throughout the period covered by this Report.","page_number":28,"box":{"x":61,"y":675,"width":665,"height":11}},{"id":"76b69ffc-456b-45aa-94e1-4c3c182b44ec","block_type":"box","text":"The","page_number":28,"box":{"x":60,"y":698,"width":34,"height":9}},{"id":"02800d09-c060-4be3-8183-f9e803031b34","block_type":"box","text":"Working Group","page_number":28,"box":{"x":95,"y":698,"width":112,"height":11}},{"id":"7ead6dea-73ea-4879-9d69-4fc5ab8007b5","block_type":"box","text":"co","page_number":28,"box":{"x":214,"y":700,"width":16,"height":7}},{"id":"dd076d08-664c-41ed-982e-3744490ea228","block_type":"box","text":"ntinues to monitor capital on a monthly basis to be able to demonstrate continuous compliance","page_number":28,"box":{"x":232,"y":698,"width":711,"height":11}},{"id":"6b18489f-37b7-4e2f-b5c6-5e5e7827113c","block_type":"box","text":"with the regulatory capital requirements and technical provisions as per Article 45(1) (b) of the","page_number":28,"box":{"x":60,"y":713,"width":700,"height":12}},{"id":"010bd930-d9c4-4b16-b83f-d9ba63833a9c","block_type":"box","text":"Solvency","page_number":28,"box":{"x":761,"y":713,"width":72,"height":12}},{"id":"caa63460-0097-4c47-9490-c8499df4a4b3","block_type":"box","text":"II","page_number":28,"box":{"x":835,"y":714,"width":7,"height":8}},{"id":"4e17709a-72c4-45dc-b39b-4c61cdf95398","block_type":"box","text":"Directive.","page_number":28,"box":{"x":849,"y":714,"width":73,"height":8}},{"id":"5b3f4851-ce1d-4f29-88f7-a520e9a4dafb","block_type":"box","text":"E.6","page_number":28,"box":{"x":61,"y":748,"width":26,"height":10}},{"id":"0bf85b0c-6390-4cd6-918e-5be4586a342c","block_type":"box","text":"Any other information","page_number":28,"box":{"x":121,"y":748,"width":183,"height":13}},{"id":"1a2d69f5-cef7-493b-b2d2-ee42fb241f77","block_type":"box","text":"There is no ot","page_number":28,"box":{"x":60,"y":772,"width":103,"height":9}},{"id":"35392908-cf98-45ce-ab95-a635c3b998e7","block_type":"box","text":"her material information regarding the capital management of MPFL.","page_number":28,"box":{"x":164,"y":772,"width":506,"height":11}},{"id":"5d5d4684-7119-43e1-afbe-8406a0f8532b","block_type":"box","text":"Solvency and Financial Condition Report","page_number":29,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"f508cde0-ac74-4481-925f-ce2764cadc51","block_type":"box","text":"M","page_number":29,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"3ec9fbad-081e-4fb6-8959-bf2ca6a798fe","block_type":"box","text":"anaged Pension Funds Limited","page_number":29,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"477b1169-ab9f-43c3-9eca-dbd439b6d05d","block_type":"box","text":"29","page_number":29,"box":{"x":495,"y":962,"width":16,"height":7}},{"id":"90a58602-2a71-4c45-90e2-431b285186f5","block_type":"box","text":"/","page_number":29,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"83df42f9-fe92-4329-99ce-7560bd4f6374","block_type":"box","text":"38","page_number":29,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"396da713-dafe-43c7-8bf9-855d78e0dac2","block_type":"box","text":"Annexure","page_number":29,"box":{"x":60,"y":84,"width":81,"height":10}},{"id":"f516d13d-9434-41bc-acca-9ff91479cfdb","block_type":"box","text":"Directors’ confirmation","page_number":29,"box":{"x":61,"y":115,"width":188,"height":9}},{"id":"cb3a85f6-5b36-4020-ba62-84bf6fb81b9e","block_type":"box","text":"The Directors are responsible for preparing the SFCR in accordance with the Prudential Regulatory Au","page_number":29,"box":{"x":60,"y":137,"width":779,"height":11}},{"id":"d122b6e2-5258-4d40-b2f3-60bc8f368031","block_type":"box","text":"thority (PRA)","page_number":29,"box":{"x":842,"y":137,"width":102,"height":11}},{"id":"11b6cd67-7f5d-4278-97a7-b28187cb01fe","block_type":"box","text":"rules and S","page_number":29,"box":{"x":61,"y":152,"width":83,"height":9}},{"id":"1d2eba0c-aa0b-4efa-839a-32f5ea695239","block_type":"box","text":"olvency","page_number":29,"box":{"x":146,"y":153,"width":61,"height":11}},{"id":"a9438f22-7d5f-4a62-92de-206439d7e7e5","block_type":"box","text":"II","page_number":29,"box":{"x":209,"y":153,"width":6,"height":8}},{"id":"bb246daa-f129-43ef-ae83-119f9a00d6fa","block_type":"box","text":"Regulations.","page_number":29,"box":{"x":223,"y":153,"width":90,"height":11}},{"id":"372afccd-0b60-40ec-ab50-4e4288c43e57","block_type":"box","text":"The PRA Rulebook for S","page_number":29,"box":{"x":60,"y":176,"width":182,"height":9}},{"id":"0d0409e3-45aa-4a01-8869-b638b78c9ab5","block_type":"box","text":"olvency","page_number":29,"box":{"x":244,"y":176,"width":61,"height":11}},{"id":"585702d0-0f20-4160-a76e-935bbf811d0b","block_type":"box","text":"II","page_number":29,"box":{"x":307,"y":176,"width":5,"height":8}},{"id":"e30e28e6-862c-4236-92d8-b8d244c4924f","block_type":"box","text":"firms in Rule 6.1(2) and Rule 6.2(1) of the Reporting Part requires that the Company","page_number":29,"box":{"x":319,"y":176,"width":624,"height":11}},{"id":"6dcdc50a-a5a8-4506-b6a7-f6660e9ff207","block_type":"box","text":"must have in place a written policy ensuring the ongoing appropriateness of any information disclosed and that the","page_number":29,"box":{"x":61,"y":191,"width":882,"height":11}},{"id":"7d6305ee-9a7a-40d9-8a5b-7640fddd2e7c","block_type":"box","text":"Company m","page_number":29,"box":{"x":61,"y":207,"width":89,"height":11}},{"id":"b591cfcf-0c36-44e6-ac72-bdac372833b9","block_type":"box","text":"ust ensure that its SFCR is subject to approval by the Directors.","page_number":29,"box":{"x":152,"y":207,"width":469,"height":11}},{"id":"ca055c87-c08a-4c2d-88a3-a4168e71d9ad","block_type":"box","text":"Each of the Directors, whose names and functions are listed in Directors’ Report of the UK GAAP financial statements,","page_number":29,"box":{"x":61,"y":229,"width":882,"height":12}},{"id":"7c29e3a4-8813-4008-90a2-1cd2ab7d7e16","block_type":"box","text":"confirms that, to the best of their knowledge:","page_number":29,"box":{"x":61,"y":245,"width":327,"height":12}},{"id":"dc433cb6-e25f-4b14-adac-ea5b3fdf632e","block_type":"box","text":"Throug","page_number":29,"box":{"x":60,"y":269,"width":53,"height":11}},{"id":"8d94357e-39a5-444b-bfc2-55082e09052c","block_type":"box","text":"hout the financial","page_number":29,"box":{"x":114,"y":268,"width":132,"height":9}},{"id":"13bef1e0-0755-424d-b14d-9e76f0671f3b","block_type":"box","text":"year in question, the Company has complied in all material respects with the requirements of","page_number":29,"box":{"x":247,"y":268,"width":696,"height":12}},{"id":"11678bc5-0945-4b92-a9ac-c0dc66796562","block_type":"box","text":"the PRA rules and S","page_number":29,"box":{"x":60,"y":284,"width":152,"height":9}},{"id":"87ae5d10-1429-40e0-810f-e06459abdc7a","block_type":"box","text":"olvency","page_number":29,"box":{"x":213,"y":284,"width":62,"height":11}},{"id":"8052eea5-1ea3-452b-922c-fd871cdeab8a","block_type":"box","text":"II","page_number":29,"box":{"x":276,"y":284,"width":6,"height":9}},{"id":"3e7cd157-0a30-4cc9-8d57-29ffb54f17e7","block_type":"box","text":"Regulations as applicable; and","page_number":29,"box":{"x":290,"y":284,"width":226,"height":11}},{"id":"2c56f37e-bcfa-490f-824c-8993f8d8379a","block_type":"box","text":"It is reasonable to believe that, at the date of the publication of the SFCR, the Company continues to","page_number":29,"box":{"x":62,"y":307,"width":751,"height":11}},{"id":"843e9a1d-545d-4234-be93-8dd1bf06625b","block_type":"box","text":"comply, and will","page_number":29,"box":{"x":821,"y":307,"width":123,"height":11}},{"id":"7f35674e-699c-4103-ab65-e4ccdcd4fb72","block_type":"box","text":"continue to comply in future.","page_number":29,"box":{"x":61,"y":322,"width":208,"height":12}},{"id":"085079a4-21c4-4c40-8e62-37edc2044c7f","block_type":"box","text":"On behalf of the Board","page_number":29,"box":{"x":61,"y":345,"width":167,"height":9}},{"id":"fb73fe8b-5b38-42d7-80e3-e7cde90c0d81","block_type":"box","text":"Director","page_number":29,"box":{"x":61,"y":437,"width":58,"height":9}},{"id":"a7a6ed44-2735-4340-a99f-00d8febe8a78","block_type":"box","text":"26","page_number":29,"box":{"x":60,"y":460,"width":18,"height":9}},{"id":"d4ddc575-3cae-4e62-98db-9894bda578ec","block_type":"box","text":"March","page_number":29,"box":{"x":85,"y":460,"width":44,"height":9}},{"id":"e2dfd9e7-8a95-46aa-8e97-51e555b93778","block_type":"box","text":"20","page_number":29,"box":{"x":135,"y":460,"width":18,"height":9}},{"id":"9945545b-ce7e-4b13-9779-6d35afa0c94f","block_type":"box","text":"2","page_number":29,"box":{"x":154,"y":460,"width":8,"height":8}},{"id":"5a57658f-e373-476c-a2e1-5b7571eee365","block_type":"box","text":"4","page_number":29,"box":{"x":163,"y":460,"width":9,"height":8}},{"id":"62742af8-ac32-4010-b0d6-052117397b1c","block_type":"box","text":"L","page_number":29,"box":{"x":68,"y":383,"width":95,"height":41}},{"id":"3299a940-e18a-4101-b81f-429b128699b2","block_type":"box","text":"Solvency and Financial Condition Report","page_number":30,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"96cb708e-66d2-4843-bc2e-d1f40901c00d","block_type":"box","text":"M","page_number":30,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"dc254f11-b4f4-4e10-95c4-786c449858c9","block_type":"box","text":"anaged Pension Funds Limited","page_number":30,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"9b9eb2d6-8a9c-44e5-b0d0-c94b7752a717","block_type":"box","text":"30","page_number":30,"box":{"x":495,"y":962,"width":16,"height":7}},{"id":"73a178ce-f32b-4d84-a8be-b05fbee0dd32","block_type":"box","text":"/","page_number":30,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"3d78ed43-603d-44a0-8461-d47f219619e4","block_type":"box","text":"38","page_number":30,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"59ddd8c4-f108-42e1-9287-37ffd87c4c3a","block_type":"box","text":"Appendix 1 –","page_number":30,"box":{"x":60,"y":109,"width":100,"height":12}},{"id":"e399b011-a1fa-497f-8a5f-320382807b66","block_type":"box","text":"–","page_number":30,"box":{"x":160,"y":114,"width":10,"height":2}},{"id":"b7103edf-7868-4d6d-ae96-d226b3e2c347","block_type":"box","text":"Reporting templates","page_number":30,"box":{"x":176,"y":109,"width":169,"height":12}},{"id":"2319dfd3-c560-48f6-84c5-150187be9186","block_type":"box","text":"Contents","page_number":30,"box":{"x":61,"y":140,"width":71,"height":9}},{"id":"50542e3c-708e-40f2-b910-89aa69e5fd3b","block_type":"box","text":"The t","page_number":30,"box":{"x":60,"y":161,"width":34,"height":9}},{"id":"624bed61-1a16-4dcb-aafe-473e854b31c4","block_type":"box","text":"table below outline","page_number":30,"box":{"x":94,"y":161,"width":138,"height":9}},{"id":"bdb41533-7530-459a-9d06-a7645d458bcc","block_type":"box","text":"s","page_number":30,"box":{"x":234,"y":163,"width":7,"height":7}},{"id":"c0183d00-98b9-4b98-97bf-ef8f0e679768","block_type":"box","text":"the","page_number":30,"box":{"x":247,"y":161,"width":22,"height":9}},{"id":"e9e3fa99-a8e3-49c7-abb6-8e84e7fd7063","block_type":"box","text":"Q","page_number":30,"box":{"x":275,"y":161,"width":12,"height":9}},{"id":"aa35cb3c-2d70-43c8-abc9-f62da5767185","block_type":"box","text":"uantitative","page_number":30,"box":{"x":289,"y":161,"width":79,"height":9}},{"id":"ec3c0d45-3f04-4ac1-8ca4-589e87b55eaf","block_type":"box","text":"R","page_number":30,"box":{"x":370,"y":161,"width":10,"height":9}},{"id":"d76ef7de-da30-4c5d-8ab4-9420a66dfb06","block_type":"box","text":"eporting","page_number":30,"box":{"x":381,"y":161,"width":65,"height":11}},{"id":"f9b3214d-2a59-429f-9f34-2062321ef172","block_type":"box","text":"T","page_number":30,"box":{"x":447,"y":161,"width":10,"height":9}},{"id":"6fa17f1f-25c1-43ba-a7ee-8418c34ae023","block_type":"box","text":"emplates","page_number":30,"box":{"x":457,"y":161,"width":67,"height":11}},{"id":"ed9fc9a2-4616-4501-b4b6-63ef6e30cac0","block_type":"box","text":"(“QRTs”","page_number":30,"box":{"x":530,"y":161,"width":59,"height":11}},{"id":"610f4d31-cbc2-4e9f-b709-e1505db7590f","block_type":"box","text":")","page_number":30,"box":{"x":591,"y":161,"width":3,"height":11}},{"id":"f851d104-0c8e-48ce-a2b1-12443cced2ac","block_type":"box","text":"that","page_number":30,"box":{"x":600,"y":161,"width":33,"height":9}},{"id":"5ed5d700-bc87-402e-aad7-fe234c1a2880","block_type":"box","text":"are","page_number":30,"box":{"x":633,"y":163,"width":29,"height":7}},{"id":"a075bb2a-f9c2-4cde-9047-983704ba39f1","block_type":"box","text":"to be reported under the","page_number":30,"box":{"x":662,"y":161,"width":179,"height":11}},{"id":"e11560e3-12a8-486c-84d9-45d9dbdfb228","block_type":"box","text":"SFCR","page_number":30,"box":{"x":847,"y":161,"width":45,"height":9}},{"id":"bffaaec1-e8f3-403b-ab96-ff968c58ab59","block_type":"box","text":"and","page_number":30,"box":{"x":897,"y":161,"width":33,"height":9}},{"id":"35c6c759-ff69-4b38-bb35-79cda65a3e35","block_type":"box","text":"those that are in scope for MPFL","page_number":30,"box":{"x":60,"y":177,"width":243,"height":11}},{"id":"d339975a-6ecb-425a-aec2-5bc6c1a68693","block_type":"box","text":":","page_number":30,"box":{"x":306,"y":179,"width":2,"height":7}},{"id":"6e012957-cb3c-4458-9b4d-119183a7e03b","block_type":"box","text":"QRT","page_number":30,"box":{"x":104,"y":223,"width":31,"height":9}},{"id":"d4f1639e-53bb-42d7-8d64-d8492042db8e","block_type":"box","text":"QRT Name","page_number":30,"box":{"x":189,"y":223,"width":75,"height":9}},{"id":"9859a178-7b55-4875-9355-102faa94c379","block_type":"box","text":"Reported / Not reported","page_number":30,"box":{"x":714,"y":223,"width":157,"height":10}},{"id":"521c3656-4ede-4981-a0ce-945cf720a2de","block_type":"box","text":"S.02.01.02","page_number":30,"box":{"x":84,"y":236,"width":72,"height":8}},{"id":"75b31339-0aec-4905-a308-25e8828cbac5","block_type":"box","text":"Balance sheet","page_number":30,"box":{"x":189,"y":236,"width":95,"height":8}},{"id":"3ded5348-a110-4146-b26e-ac7b63e226f0","block_type":"box","text":"Reported","page_number":30,"box":{"x":762,"y":236,"width":60,"height":10}},{"id":"4c16a2a0-63a0-4a26-9140-f1bde6e132e9","block_type":"box","text":"S.05.01.0","page_number":30,"box":{"x":84,"y":249,"width":64,"height":8}},{"id":"722e8514-637c-4baf-acd2-85011184aa1a","block_type":"box","text":"2","page_number":30,"box":{"x":149,"y":249,"width":7,"height":8}},{"id":"d0e433f5-28f9-4c44-931a-83fdecae89e0","block_type":"box","text":"Premiums, claims and expenses by line of business","page_number":30,"box":{"x":190,"y":249,"width":343,"height":10}},{"id":"0aef24b2-a2d0-445e-b159-08b772a1015c","block_type":"box","text":"Reported","page_number":30,"box":{"x":762,"y":249,"width":60,"height":10}},{"id":"62e679bc-e59a-437d-9221-0b9edd298cee","block_type":"box","text":"S.05.02.01","page_number":30,"box":{"x":84,"y":262,"width":70,"height":8}},{"id":"58fb8348-9a44-4958-9d32-41feab335971","block_type":"box","text":"Premiums, claims and expenses by country","page_number":30,"box":{"x":190,"y":262,"width":289,"height":10}},{"id":"c0270623-cffb-4a38-a841-24f174368721","block_type":"box","text":"Reported","page_number":30,"box":{"x":762,"y":262,"width":60,"height":10}},{"id":"e2f69c3b-f550-4d2e-8f53-7083f2273f89","block_type":"box","text":"S.12.01.02","page_number":30,"box":{"x":84,"y":275,"width":72,"height":8}},{"id":"d9b5c1bf-2cee-4af1-a670-423cc9ada14c","block_type":"box","text":"Life and Health SLT Technical Provisions","page_number":30,"box":{"x":189,"y":275,"width":275,"height":8}},{"id":"c2c61cf3-369a-405a-83cb-b5e68eba99c1","block_type":"box","text":"Reported","page_number":30,"box":{"x":762,"y":275,"width":60,"height":10}},{"id":"c826cf3d-225f-440a-8029-d86c1495bce0","block_type":"box","text":"S.17.01.02","page_number":30,"box":{"x":84,"y":288,"width":72,"height":8}},{"id":"42ab77ad-323d-43e1-b20e-75d87c39e764","block_type":"box","text":"Non","page_number":30,"box":{"x":189,"y":288,"width":26,"height":8}},{"id":"9ef86ec9-a58e-469b-b435-51998a60a173","block_type":"box","text":"-","page_number":30,"box":{"x":217,"y":292,"width":3,"height":1}},{"id":"78a89610-9e7d-487a-a619-8c1ec16ff689","block_type":"box","text":"Life Technical Provisions","page_number":30,"box":{"x":222,"y":288,"width":166,"height":8}},{"id":"b9fd9516-2c59-4080-923a-420c0f5def11","block_type":"box","text":"Not reported","page_number":30,"box":{"x":751,"y":288,"width":82,"height":10}},{"id":"0ef1fb77-2318-42fd-a4f6-ca2469fd4d22","block_type":"box","text":"S.19.01.21","page_number":30,"box":{"x":84,"y":301,"width":70,"height":8}},{"id":"fb787c14-9e95-472b-a35d-08e1d6ba5655","block_type":"box","text":"Non","page_number":30,"box":{"x":189,"y":301,"width":26,"height":8}},{"id":"c08b3147-2abf-4fd0-96a7-cb14056f5a9d","block_type":"box","text":"-","page_number":30,"box":{"x":217,"y":305,"width":3,"height":1}},{"id":"92fe404a-6858-4e52-b238-c6fc11ec19a7","block_type":"box","text":"Life insurance claims","page_number":30,"box":{"x":222,"y":301,"width":140,"height":8}},{"id":"40254b15-44e6-4bb2-a1e8-8a05dfdd4197","block_type":"box","text":"Not reported","page_number":30,"box":{"x":751,"y":301,"width":82,"height":10}},{"id":"e0a6db8a-2ae6-4ead-a895-9ceee47a8bc1","block_type":"box","text":"S.22.01.21","page_number":30,"box":{"x":84,"y":313,"width":70,"height":8}},{"id":"d4fa716f-21a9-42d2-969b-bb6cb0299e25","block_type":"box","text":"Impact of long term guarantees and transitional measures (MCR)","page_number":30,"box":{"x":190,"y":313,"width":432,"height":11}},{"id":"6b37664f-9543-443f-b284-93e06b1ec00e","block_type":"box","text":"Not reported","page_number":30,"box":{"x":751,"y":314,"width":82,"height":9}},{"id":"ad9f4b58-e542-411d-8b1d-ac7ac08a45bd","block_type":"box","text":"S.22.01.22","page_number":30,"box":{"x":84,"y":326,"width":72,"height":8}},{"id":"c1f7c495-ab5d-4a03-9285-e060de5f3ed8","block_type":"box","text":"Impact of long term guarantees and transitional measures (SCR)","page_number":30,"box":{"x":190,"y":326,"width":430,"height":10}},{"id":"250d1753-6e0e-4ecf-865b-4923cc6671de","block_type":"box","text":"Not reported","page_number":30,"box":{"x":751,"y":326,"width":82,"height":10}},{"id":"acb8fae2-0bd9-4e39-9903-298091559fd4","block_type":"box","text":"S.23.01.01","page_number":30,"box":{"x":84,"y":339,"width":70,"height":9}},{"id":"5051fb7d-f9eb-417d-9f4b-49bbc3c5f035","block_type":"box","text":"Own funds","page_number":30,"box":{"x":189,"y":339,"width":71,"height":9}},{"id":"df0f067a-103e-4884-9548-f438d6fdf83a","block_type":"box","text":"Reported","page_number":30,"box":{"x":762,"y":340,"width":60,"height":10}},{"id":"ddc6b3e9-8d01-4abe-8a05-223afb87400c","block_type":"box","text":"S.25.01.21","page_number":30,"box":{"x":84,"y":352,"width":70,"height":8}},{"id":"958fa9fa-6b13-423b-8169-a0576d174362","block_type":"box","text":"Solvency Capital Requirement","page_number":30,"box":{"x":189,"y":352,"width":202,"height":10}},{"id":"2610b24f-e624-45d1-9c46-4467000ea028","block_type":"box","text":"–","page_number":30,"box":{"x":396,"y":357,"width":9,"height":1}},{"id":"00a655d4-2edf-4ff1-bfcc-78d88b1acd5d","block_type":"box","text":"for undertaking on Standard Formula","page_number":30,"box":{"x":409,"y":352,"width":247,"height":11}},{"id":"6774d1c5-8ab5-4161-a0ff-b3f4c33efa94","block_type":"box","text":"Reported","page_number":30,"box":{"x":762,"y":353,"width":60,"height":9}},{"id":"dca17be8-e500-40bb-933d-ebeb5c89f877","block_type":"box","text":"S.25.02.21","page_number":30,"box":{"x":84,"y":365,"width":70,"height":8}},{"id":"92acedb8-be03-4827-885f-7deaec2c2532","block_type":"box","text":"Solvency Capital Requirement","page_number":30,"box":{"x":189,"y":365,"width":202,"height":10}},{"id":"33b00610-a8d1-407f-9f85-fd7c1a6c5373","block_type":"box","text":"–","page_number":30,"box":{"x":396,"y":370,"width":9,"height":1}},{"id":"98560e8b-5048-4f35-bf5d-49eea0d56017","block_type":"box","text":"for undertaking using the standard","page_number":30,"box":{"x":409,"y":365,"width":228,"height":10}},{"id":"415c7dd8-81d3-4c2e-9a07-ad0c12cf66c5","block_type":"box","text":"formula and partial internal model","page_number":30,"box":{"x":188,"y":378,"width":224,"height":10}},{"id":"8f1a0607-b84d-458a-aec2-b4ad4b5f3c48","block_type":"box","text":"Not reported","page_number":30,"box":{"x":751,"y":365,"width":82,"height":10}},{"id":"0a964411-504a-4478-bbf8-73cabcb0d7d8","block_type":"box","text":"S.25.03.21","page_number":30,"box":{"x":84,"y":390,"width":70,"height":8}},{"id":"1f005468-91f8-4f06-b74b-d5a8ec93dc44","block_type":"box","text":"Solvency Capital Requirement","page_number":30,"box":{"x":189,"y":390,"width":202,"height":11}},{"id":"fee9ac9e-8be5-4b16-bcb2-1c9cdf6522ea","block_type":"box","text":"–","page_number":30,"box":{"x":396,"y":395,"width":9,"height":1}},{"id":"c4bcb904-224d-4f83-9e09-ecf7930cbfd9","block_type":"box","text":"for undertakings on Full Internal Models","page_number":30,"box":{"x":409,"y":391,"width":264,"height":10}},{"id":"a6ef6861-717d-48c8-a04d-da4bcb5022c6","block_type":"box","text":"Not reported","page_number":30,"box":{"x":751,"y":391,"width":82,"height":10}},{"id":"f2f0dab4-02c4-4fc8-81ec-66d1d1c418ec","block_type":"box","text":"S.28.01.01","page_number":30,"box":{"x":84,"y":403,"width":70,"height":8}},{"id":"a76b7dc4-9cef-4a24-8da3-1a319e59c5d0","block_type":"box","text":"Minimum Capital Requirement","page_number":30,"box":{"x":189,"y":403,"width":202,"height":10}},{"id":"f1776780-3c7c-4cec-bb94-a82c1326a4db","block_type":"box","text":"–","page_number":30,"box":{"x":396,"y":408,"width":9,"height":1}},{"id":"5f1f78fa-d269-4275-ac7b-c67163ce32e1","block_type":"box","text":"Only life or only non","page_number":30,"box":{"x":410,"y":403,"width":131,"height":10}},{"id":"2b07a998-0a7a-4330-91b2-11289307285d","block_type":"box","text":"-","page_number":30,"box":{"x":543,"y":408,"width":4,"height":1}},{"id":"b5f78228-b335-423d-adaa-87753cfe45a2","block_type":"box","text":"life insurance or","page_number":30,"box":{"x":549,"y":403,"width":105,"height":8}},{"id":"0cc9bc24-3b8f-44b5-8881-cb23c45775b3","block_type":"box","text":"reinsurance activity","page_number":30,"box":{"x":189,"y":416,"width":129,"height":10}},{"id":"40aa257a-3957-49b1-b3cf-a1e114a5e085","block_type":"box","text":"Reported","page_number":30,"box":{"x":762,"y":403,"width":60,"height":10}},{"id":"75ddbee9-0dd2-46f7-a9e8-f871e8ff454a","block_type":"box","text":"S.28.02.01","page_number":30,"box":{"x":84,"y":429,"width":70,"height":8}},{"id":"28416f4b-369d-4d13-9966-12d046b98301","block_type":"box","text":"Minimum Capital Requirement","page_number":30,"box":{"x":189,"y":429,"width":202,"height":10}},{"id":"49b17a5c-c471-42ae-a0c9-b8bdf523831b","block_type":"box","text":"–","page_number":30,"box":{"x":396,"y":433,"width":9,"height":1}},{"id":"08a09285-4be2-4e26-8699-2c1e8f576d1b","block_type":"box","text":"Both life and non","page_number":30,"box":{"x":410,"y":429,"width":112,"height":8}},{"id":"824a59d2-8a6c-4946-8bbc-fefc6ab0fa75","block_type":"box","text":"-","page_number":30,"box":{"x":523,"y":433,"width":4,"height":1}},{"id":"3d8090dc-ee56-424a-b055-2fb34d91bf41","block_type":"box","text":"life insurance activity","page_number":30,"box":{"x":528,"y":429,"width":139,"height":10}},{"id":"ae2a47db-27f3-4ffd-8811-d8586a1c103a","block_type":"box","text":"Not reported","page_number":30,"box":{"x":751,"y":429,"width":82,"height":10}},{"id":"27c2b56c-da10-4711-bb27-3c1fb23b3dc3","block_type":"box","text":"All the templates are reported in thousands in GBP.","page_number":30,"box":{"x":60,"y":464,"width":381,"height":12}},{"id":"7c252b62-c4d9-48f8-a028-fc2dc5cad802","block_type":"box","text":"Solvency and Financial Condition Report","page_number":31,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"1a35b545-9356-4fa7-87f2-71678c1554e8","block_type":"box","text":"M","page_number":31,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"0f18fae1-90e9-405d-beed-164be5f02340","block_type":"box","text":"anaged Pension Funds Limited","page_number":31,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"985cdf93-e092-4d95-a061-bd13c730d6dc","block_type":"box","text":"31","page_number":31,"box":{"x":495,"y":962,"width":14,"height":7}},{"id":"6b502e8a-979b-41b4-bcff-483b2849632d","block_type":"box","text":"/","page_number":31,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"0afddc54-29a4-4525-a609-dbe2d350d6d3","block_type":"box","text":"38","page_number":31,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"9009bcbb-9d43-470d-bf32-780de254a51c","block_type":"box","text":"Solvency and Financial Condition Report","page_number":32,"box":{"x":543,"y":27,"width":326,"height":12}},{"id":"c30f7e36-1da0-4a35-98fe-c13096238344","block_type":"box","text":"M","page_number":32,"box":{"x":61,"y":961,"width":11,"height":8}},{"id":"14258095-4f41-4bbc-9c71-54de42e53341","block_type":"box","text":"anaged Pension Funds Limited","page_number":32,"box":{"x":73,"y":961,"width":207,"height":10}},{"id":"c6e95465-2550-49a0-9cd4-a16fee6d73ea","block_type":"box","text":"32","page_number":32,"box":{"x":495,"y":962,"width":16,"height":7}},{"id":"508a82ef-0eef-4b02-a248-f30fe0259d7c","block_type":"box","text":"/","page_number":32,"box":{"x":512,"y":961,"width":4,"height":8}},{"id":"82c904b0-6a48-4f9e-ac12-68a266673782","block_type":"box","text":"38","page_number":32,"box":{"x":517,"y":962,"width":15,"height":7}},{"id":"ec01b1a2-d27a-4ddb-b976-9417c4b45e56","block_type":"box","text":"Solvency and Financial Condition Report","page_number":33,"box":{"x":401,"y":39,"width":231,"height":16}},{"id":"d9015547-172b-4ee4-a854-5e957ea6774a","block_type":"box","text":"M","page_number":33,"box":{"x":60,"y":946,"width":8,"height":11}},{"id":"22dd91c4-4117-40ea-abdf-6e5e1c5c1e1a","block_type":"box","text":"anaged Pension Funds Limited","page_number":33,"box":{"x":69,"y":946,"width":146,"height":14}},{"id":"ce50a3ae-701d-497e-846a-d845c0284e49","block_type":"box","text":"33","page_number":33,"box":{"x":503,"y":946,"width":11,"height":11}},{"id":"45201a88-6d1a-45d4-b70c-0aaea6f218be","block_type":"box","text":"/","page_number":33,"box":{"x":515,"y":945,"width":3,"height":12}},{"id":"ae999c33-7cf9-4bed-9556-c1ef4588b8cb","block_type":"box","text":"38","page_number":33,"box":{"x":518,"y":946,"width":11,"height":11}},{"id":"2aeb7bc2-942e-43c2-b281-13ff3973331f","block_type":"box","text":"ssga.com","page_number":33,"box":{"x":656,"y":948,"width":45,"height":12}},{"id":"09055315-f893-46d1-a797-9c3b9e9f7457","block_type":"box","text":"Solvency and Financial Condition Report","page_number":34,"box":{"x":401,"y":39,"width":231,"height":16}},{"id":"0579d066-6a52-49cb-8094-7e5731a08444","block_type":"box","text":"M","page_number":34,"box":{"x":60,"y":946,"width":8,"height":11}},{"id":"acc2e624-4cd7-44b5-b9f9-c354416f047e","block_type":"box","text":"anaged Pension Funds Limited","page_number":34,"box":{"x":69,"y":946,"width":146,"height":14}},{"id":"82b6eae6-0913-43bc-b761-5cc12d6cab01","block_type":"box","text":"34","page_number":34,"box":{"x":503,"y":946,"width":11,"height":11}},{"id":"c293d350-e993-46ee-a222-39cf60d84501","block_type":"box","text":"/","page_number":34,"box":{"x":515,"y":945,"width":3,"height":12}},{"id":"5f3288f1-98b6-4651-83fe-cc2a6f3ad239","block_type":"box","text":"38","page_number":34,"box":{"x":518,"y":946,"width":11,"height":11}},{"id":"23f1cf0d-e6b6-447a-b553-8f35c7b0b35d","block_type":"box","text":"ssga.com","page_number":34,"box":{"x":656,"y":948,"width":45,"height":12}},{"id":"f57b4f71-8cc6-4a45-9b37-27d27c132e7e","block_type":"box","text":"Solvency and Financial Condition Report","page_number":35,"box":{"x":401,"y":39,"width":231,"height":16}},{"id":"46e22f56-3359-4861-891b-6dc4d7ad5ce2","block_type":"box","text":"M","page_number":35,"box":{"x":60,"y":946,"width":8,"height":11}},{"id":"647dc988-64f8-4541-bc0c-2ba762c354b7","block_type":"box","text":"anaged Pension Funds Limited","page_number":35,"box":{"x":69,"y":946,"width":146,"height":14}},{"id":"7d32afd2-9561-4a89-83b7-22ec303ec26f","block_type":"box","text":"35","page_number":35,"box":{"x":503,"y":946,"width":11,"height":11}},{"id":"dceb6c1c-fa6e-4612-b6d1-4080f96ff2f7","block_type":"box","text":"/","page_number":35,"box":{"x":515,"y":945,"width":3,"height":12}},{"id":"dfddc5e7-091a-4996-a5d7-a1c173a34bf4","block_type":"box","text":"38","page_number":35,"box":{"x":518,"y":946,"width":11,"height":11}},{"id":"823685cf-2bf0-4237-982d-7fcace9b1409","block_type":"box","text":"ssga.com","page_number":35,"box":{"x":656,"y":948,"width":45,"height":12}},{"id":"40457ed0-dfdf-4093-959c-c7d2dbf7dff3","block_type":"box","text":"Solvency and Financial Condition Report","page_number":36,"box":{"x":401,"y":39,"width":231,"height":16}},{"id":"0da64e90-faf6-483a-b4ad-cbfd22b324be","block_type":"box","text":"M","page_number":36,"box":{"x":60,"y":946,"width":8,"height":11}},{"id":"2139e9b0-f0d6-45bb-8763-ae9647644656","block_type":"box","text":"anaged Pension Funds Limited","page_number":36,"box":{"x":69,"y":946,"width":146,"height":14}},{"id":"5f57173e-4efd-45fc-9107-cc8716b39fa0","block_type":"box","text":"36","page_number":36,"box":{"x":503,"y":946,"width":11,"height":11}},{"id":"9ed94ab1-19c5-4dab-b9a3-89c4bff868db","block_type":"box","text":"/","page_number":36,"box":{"x":515,"y":945,"width":3,"height":12}},{"id":"fe2c91c1-0f81-4926-a3b6-65db5917e946","block_type":"box","text":"38","page_number":36,"box":{"x":518,"y":946,"width":11,"height":11}},{"id":"f9d48424-d58e-458d-a0aa-122b38397ff7","block_type":"box","text":"ssga.com","page_number":36,"box":{"x":656,"y":948,"width":45,"height":12}},{"id":"a762dc4e-8bec-4e81-92be-a36416fee2b9","block_type":"box","text":"Solvency and Financial Condition Report","page_number":37,"box":{"x":401,"y":39,"width":231,"height":16}},{"id":"cf0cd593-afd4-4923-bdd0-03a05ded1253","block_type":"box","text":"M","page_number":37,"box":{"x":60,"y":946,"width":8,"height":11}},{"id":"25608668-62a6-492e-a4b6-e319dfaa3863","block_type":"box","text":"anaged Pension Funds Limited","page_number":37,"box":{"x":69,"y":946,"width":146,"height":14}},{"id":"6287aaf2-6e70-4004-8711-6e76f9e900f9","block_type":"box","text":"37","page_number":37,"box":{"x":503,"y":946,"width":11,"height":11}},{"id":"d82b6476-ca5a-4165-87ff-86c73091b45f","block_type":"box","text":"/","page_number":37,"box":{"x":515,"y":945,"width":3,"height":12}},{"id":"35c73b6e-fc03-4e9d-8e0a-86504cab047a","block_type":"box","text":"38","page_number":37,"box":{"x":518,"y":946,"width":11,"height":11}},{"id":"b3988dac-68f9-4084-8f6e-5ae0e87042ee","block_type":"box","text":"ssga.com","page_number":37,"box":{"x":656,"y":948,"width":45,"height":12}},{"id":"5340718c-99ed-4068-a0db-5575cdd9d8b6","block_type":"box","text":"Solvency and Financial Condition Report","page_number":38,"box":{"x":401,"y":39,"width":231,"height":16}},{"id":"458e6f3a-c0aa-4e01-a061-803dae35e911","block_type":"box","text":"M","page_number":38,"box":{"x":60,"y":946,"width":8,"height":11}},{"id":"1792f165-e5cd-4623-9d3a-7d0aa9cb4e87","block_type":"box","text":"anaged Pension Funds Limited","page_number":38,"box":{"x":69,"y":946,"width":146,"height":14}},{"id":"0364edcc-7202-4446-ae5a-c8b83ef00bd1","block_type":"box","text":"38","page_number":38,"box":{"x":503,"y":946,"width":11,"height":11}},{"id":"5fdc468f-66e7-43fc-943f-1821d4a6a965","block_type":"box","text":"/","page_number":38,"box":{"x":515,"y":945,"width":3,"height":12}},{"id":"66ca2d22-d9d4-43ab-a52d-bb7154b62655","block_type":"box","text":"38","page_number":38,"box":{"x":518,"y":946,"width":11,"height":11}},{"id":"f82e4bce-e32f-4cca-b878-0f54d9ee60e0","block_type":"box","text":"ssga.com","page_number":38,"box":{"x":656,"y":948,"width":45,"height":12}},{"id":"245b070d-5f31-4140-b9b5-fda5908f7a5a","block_type":"box","text":"© 20","page_number":38,"box":{"x":59,"y":887,"width":25,"height":12}},{"id":"2b0a8660-906c-452e-ae46-09f6a981f6fa","block_type":"box","text":"2","page_number":38,"box":{"x":85,"y":887,"width":6,"height":12}},{"id":"54631e58-22d8-4838-9bb8-cd964f4dbb03","block_type":"box","text":"4","page_number":38,"box":{"x":92,"y":887,"width":6,"height":12}},{"id":"37e3e8d6-9fef-441c-9e0b-9bc2f685a8c6","block_type":"box","text":"State Street Corporation –","page_number":38,"box":{"x":102,"y":887,"width":131,"height":16}},{"id":"e9a8e521-99d1-4943-a168-27d0e4b125be","block_type":"box","text":"–","page_number":38,"box":{"x":233,"y":894,"width":6,"height":1}},{"id":"70e7cc54-5f3d-4f36-966c-3f7100e66326","block_type":"box","text":"All Rights Reserved","page_number":38,"box":{"x":243,"y":887,"width":103,"height":16}}],"unit":"per_mille","page_width":[{"value":595,"pages":[1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32]},{"value":841,"pages":[33,34,35,36,37,38]}],"page_height":[{"value":841,"pages":[1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32]},{"value":595,"pages":[33,34,35,36,37,38]}],"attributes":{"chunk_type":"page_range","start_page":1,"end_page":38}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"b2ab7849-0249-4241-a333-d7e1f73c7716"},"user_id":1000002,"date_created":"2026-10-05T20:46:51.722000Z","date_modified":"2026-10-05T20:46:51.722000Z","private":false}