Equitable Life Assurance Society

Transcription

1 Equitable Life Assurance Society Annual PRA Insurance Returns for the year ended 31 December 2015 IPRU(INS) Appendices 9.1, 9.3, 9.4, 9.4A, 9.6

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3 Balance Sheet and Profit and Loss Account Contents Form 2 Statement of solvency - long-term insurance business 1 Form 3 Components of capital resources 2 Form 11 Calculation of general insurance capital requirement - premiums 5 amount and brought forward amount Form 12 Calculation of general insurance capital requirement - claims 6 amount and result Form 13 Analysis of admissible assets 7 Form 14 Long term insurance business liabilities and margins 10 Form 17 Analysis of derivative contracts 11 Form 18 With-profits insurance capital component for the fund 12 Form 19 Realistic balance sheet 13 Long Term Insurance Business: Revenue Account and Additional Information Form 40 Revenue account 15 Form 41 Analysis of premiums 16 Form 42 Analysis of claims 17 Form 43 Analysis of expenses 18 Form 44 Linked funds balance sheet 19 Form 45 Revenue account for internal linked funds 20 Form 46 Summary of new business 21 Form 47 Analysis of new business 22 Form 48 Assets not held to match linked liabilities 25 Form 49 Fixed and variable interest assets 26 Form 50 Summary of mathematical reserves 27 Form 51 Valuation summary of non-linked contracts (other than 28 accumulating with-profits contracts) Form 52 Valuation summary of accumulating with-profits contracts 34 Form 53 Valuation summary of property linked contracts 40 Form 54 Valuation summary of index linked contracts 45 Form 55 Unit prices for internal linked funds 49 Form 57 Analysis of valuation interest rate 50 Form 58 Distribution of surplus 52 Form 59A/B With-profits payouts on maturity / surrender 53 Form 60 Long-term insurance capital requirement 55 Supplementary notes to the return 56 Abstract of the Valuation Report 63 Abstract of the Realistic Report 83 Additional information on derivative contracts 103 Additional information on controllers 104 Directors' Certificate 105 Auditor's Report 107 Statement of information on the with-profits actuary 109

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5 :16:29:30 Form 2 Statement of solvency - long-term insurance business Name of insurer Equitable Life Assurance Society Global business Financial year ended 31 December 2015 Adjusted solo solvency calculation Company GL/ registration UK/ day month year Units number CM R GL As at end of this financial year As at end of the previous year 1 2 Capital resources Capital resources arising within the long-term insurance fund Capital resources allocated towards long-term insurance business arising outside the long-term insurance fund Capital resources available to cover long-term insurance business capital resources requirement (11+12) Guarantee fund Guarantee fund requirement Excess (deficiency) of available capital resources to cover guarantee fund requirement Minimum capital requirement (MCR) Long-term insurance capital requirement Resilience capital requirement 32 Base capital resources requirement Individual minimum capital requirement Capital requirements of regulated related undertakings 35 Minimum capital requirement (34+35) Excess (deficiency) of available capital resources to cover 50% of MCR Excess (deficiency) of available capital resources to cover 75% of MCR Enhanced capital requirement With-profits insurance capital component Enhanced capital requirement Capital resources requirement (CRR) Capital resources requirement (greater of 36 and 40) Excess (deficiency) of available capital resources to cover long-term insurance business CRR (13-41) 42 Contingent liabilities Quantifiable contingent liabilities in respect of long-term insurance business as shown in a supplementary note to Form

6 :16:29:30 Components of capital resources Form 3 (Sheet 1) Name of insurer Equitable Life Assurance Society Global business Financial year ended 31 December 2015 Company GL/ registration UK/ day month year Units number CM R GL Core tier one capital General Long-term Total as at Total as at insurance insurance the end of the end of business business this financial the previous year year Permanent share capital 11 Profit and loss account and other reserves 12 Share premium account 13 Positive valuation differences Fund for future appropriations Core tier one capital in related undertakings Core tier one capital (sum of 11 to 16) Tier one waivers Unpaid share capital / unpaid initial funds and calls for supplementary contributions Implicit Items 22 Tier one waivers in related undertakings Total tier one waivers as restricted ( ) 24 Other tier one capital Perpetual non-cumulative preference shares as restricted Perpetual non-cumulative preference shares in related undertakings Innovative tier one capital as restricted Innovative tier one capital in related undertakings Total tier one capital before deductions ( ) Investments in own shares Intangible assets Amounts deducted from technical provisions for discounting Other negative valuation differences Deductions in related undertakings Deductions from tier one (32 to 36) Total tier one capital after deductions (31-37)

7 :16:29:30 Components of capital resources Form 3 (Sheet 2) Name of insurer Equitable Life Assurance Society Global business Financial year ended 31 December 2015 Tier two capital Company GL/ registration UK/ day month year Units number CM R GL General Long-term Total as at Total as at insurance insurance the end of the end of business business this financial the previous year year Implicit items, (tier two waivers and amounts excluded from line 22) Perpetual non-cumulative preference shares excluded from line 25 Innovative tier one capital excluded from line 27 Tier two waivers, innovative tier one capital and perpetual noncumulative preference shares treated as tier two capital (41 to 43) Perpetual cumulative preference shares Perpetual subordinated debt and securities Upper tier two capital in related undertakings 47 Upper tier two capital (44 to 47) 49 Fixed term preference shares 51 Other tier two instruments 52 Lower tier two capital in related undertakings 53 Lower tier two capital ( ) 59 Total tier two capital before restrictions (49+59) 61 Excess tier two capital 62 Further excess lower tier two capital Total tier two capital after restrictions, before deductions ( )

8 :16:29:30 Components of capital resources Form 3 (Sheet 3) Name of insurer Equitable Life Assurance Society Global business Financial year ended 31 December 2015 Total capital resources Company GL/ registration UK/ day month year Units number CM R GL General Long-term Total as at Total as at insurance insurance the end of the end of business business this financial the previous year year Positive adjustments for regulated non-insurance related undertakings Total capital resources before deductions ( ) Inadmissible assets other than intangibles and own shares Assets in excess of market risk and counterparty limits Deductions for related ancillary services undertakings Deductions for regulated non-insurance related undertakings Deductions of ineligible surplus capital Total capital resources after deductions ( ) Available capital resources for GENPRU/INSPRU tests Available capital resources for guarantee fund requirement Available capital resources for 50% MCR requirement Available capital resources for 75% MCR requirement Financial engineering adjustments Implicit items Financial reinsurance - ceded Financial reinsurance - accepted Outstanding contingent loans Any other charges on future profits Sum of financial engineering adjustments ( )

9 :16:29:30 Form 11 Calculation of general insurance capital requirement - premiums amount and brought forward amount Name of insurer Equitable Life Assurance Society Global business Financial year ended 31 December 2015 Long term insurance business Company GL/ registration UK/ day month year Units number CM R GL Gross premiums written Premiums taxes and levies (included in line 11) Premiums written net of taxes and levies (11-12) Premiums for classes 11, 12 or 13 (included in line 13) Premiums for "actuarial health insurance" (included in line 13) Sub-total A (13 + 1/2 14-2/3 15) Gross premiums earned Premium taxes and levies (included in line 21) Premiums earned net of taxes and levies (21-22) Premiums for classes 11, 12 or 13 (included in line 23) Premiums for "actuarial health insurance" (included in line 23) Sub-total H (23 + 1/2 24-2/3 25) Sub-total I (higher of sub-total A and sub-total H) Adjusted sub-total I if financial year is not a 12 month period to produce an annual figure Division of gross adjusted premiums amount sub-total I (or adjusted sub-total I if appropriate) Sub-total J (32-33) Claims paid in period of 3 financial years Claims outstanding carried forward at the end of the 3 year period Claims outstanding brought forward at the beginning of the 3 year period Sub-total C ( ) Amounts recoverable from reinsurers in respect of claims included in Sub-total C Sub-total D (46-47) Reinsurance Ratio (Sub-total D /sub-total C or, if more, 0.50 or, if less, 1.00) Premiums amount (Sub-total J x reinsurance ratio) Provision for claims outstanding (before discounting and net of reinsurance Provision for claims outstanding (before discounting and gross of reinsurance) if both 51.1 and 51.2 are zero, otherwise zero Brought forward amount (See instruction 4) Greater of lines 50 and 53 x 0.18 Excess (if any) over 61.3M EURO x 0.02 For insurance business accounted for on an underwriting year basis For insurance business accounted for on an accident year basis For insurance business accounted for on an underwriting year basis For insurance business accounted for on an accident year basis This financial year Previous year

10 :16:29:30 Form 12 Calculation of general insurance capital requirement - claims amount and result Name of insurer Equitable Life Assurance Society Global business Financial year ended 31 December 2015 Long term insurance business Company GL/ registration UK/ day month year Units number CM R GL Reference period (No. of months) See INSPRU R Claims paid in reference period This financial year Previous year Claims outstanding carried forward at the end of the reference period Claims outstanding brought forward at the beginning of the reference period For insurance business accounted for on an underwriting year basis For insurance business accounted for on an accident year basis For insurance business accounted for on an underwriting year basis For insurance business accounted for on an accident year basis Claims incurred in reference period ( ) Claims incurred for classes 11, 12 or 13 (included in 26) Claims incurred for "actuarial health insurance" (included in 26) Sub-total E (26 +1/2 27-2/3 28) Sub-total F - Conversion of sub-total E to annual figure (multiply by 12 and divide by number of months in the reference period) Division of sub-total F (gross adjusted claims amount) Sub-total G (32-33) x 0.26 Excess (if any) over 42.9M EURO x Claims amount Sub-total G x reinsurance ratio (11.49) Higher of premiums amount and brought forward amount (11.54) General insurance capital requirement (higher of lines 41 and 42)

11 :16:29:30 Analysis of admissible assets Form 13 (Sheet 1) Name of insurer Equitable Life Assurance Society Global business Financial year ended 31 December 2015 Category of assets Total long term insurance business assets Company GL/ Category registration UK/ day month year Units of number CM assets R GL As at end of this financial year As at end of the previous year 1 2 Land and buildings Investments in group undertakings and participating interests UK insurance dependants Other insurance dependants Non-insurance dependants Other group undertakings Participating interests Shares Shares Shares Shares Shares Debts and loans Debts and loans Debts and loans Debts and loans Debts and loans Other financial investments Equity shares Other shares and other variable yield participations 42 Holdings in collective investment schemes Rights under derivative contracts 44 Fixed interest securities Variable interest securities Approved Approved Other Other Participation in investment pools 49 Loans secured by mortgages Loans to public or local authorities and nationalised industries or undertakings 51 Loans secured by policies of insurance issued by the company Other loans 53 Bank and approved credit & financial institution deposits Other financial investments 56 Deposits with ceding undertakings 57 Assets held to match linked liabilities One month or less withdrawal More than one month withdrawal Index linked Property linked

12 :16:29:30 Analysis of admissible assets Form 13 (Sheet 2) Name of insurer Equitable Life Assurance Society Global business Financial year ended 31 December 2015 Category of assets Total long term insurance business assets Company GL/ Category registration UK/ day month year Units of number CM assets R GL As at end of this financial year As at end of the previous year Reinsurers' share of technical provisions 1 2 Provision for unearned premiums Claims outstanding Provision for unexpired risks Other Debtors and salvage Direct insurance business Salvage and subrogation recoveries Reinsurance Dependants Other Other assets Policyholders Intermediaries Accepted Ceded due in 12 months or less due in more than 12 months due in 12 months or less due in more than 12 months Tangible assets Deposits not subject to time restriction on withdrawal with approved institutions Cash in hand Other assets (particulars to be specified by way of supplementary note) Accrued interest and rent Deferred acquisition costs (general business only) Other prepayments and accrued income Deductions from the aggregate value of assets Grand total of admissible assets after deduction of admissible assets in excess of market risk and counterparty limits (11 to 86 less 87)

13 :16:29:30 Analysis of admissible assets Form 13 (Sheet 3) Name of insurer Equitable Life Assurance Society Global business Financial year ended 31 December 2015 Category of assets Total long term insurance business assets Company GL/ Category registration UK/ day month year Units of number CM assets R GL As at end of this financial year As at end of the previous year 1 2 Reconciliation to asset values determined in accordance with the insurance accounts rules or international accounting standards as applicable to the firm for the purpose of its external financial reporting Total admissible assets after deduction of admissible assets in excess of market risk and counterparty limits (as per line 89 above) Admissible assets in excess of market and counterparty limits Inadmissible assets directly held Capital resources requirement deduction of regulated related undertakings Ineligible surplus capital and restricted assets in regulated related insurance undertakings Inadmissible assets of regulated related undertakings Book value of related ancillary services undertakings Other differences in the valuation of assets (other than for assets not valued above) Deferred acquisition costs excluded from line 89 Reinsurers' share of technical provisions excluded from line 89 Other asset adjustments (may be negative) Total assets determined in accordance with the insurance accounts rules or international accounting standards as applicable to the firm for the purpose of its external financial reporting (91 to 101) Amounts included in line 89 attributable to debts due from related insurers, other than those under contracts of insurance or reinsurance 103 9

14 :16:29:30 Long term insurance business liabilities and margins Form 14 Name of insurer Equitable Life Assurance Society Global business Financial year ended 31 December 2015 Total business/sub fund ORDINARY LONG TERM Units 000 As at end of As at end of this financial the previous year year 1 2 Mathematical reserves, after distribution of surplus Cash bonuses which had not been paid to policyholders prior to end of the financial year Balance of surplus/(valuation deficit) 13 Long term insurance business fund carried forward (11 to 13) Claims outstanding Provisions 12 Gross Reinsurers' share 16 Net (15-16) Taxation Other risks and charges Deposits received from reinsurers Creditors Debenture loans Direct insurance business Reinsurance accepted 32 Reinsurance ceded 33 0 Secured 34 Unsecured 35 Amounts owed to credit institutions Creditors Taxation Other Accruals and deferred income Provision for "reasonably foreseeable adverse variations" Total other insurance and non-insurance liabilities (17 to 41) Excess of the value of net admissible assets Total liabilities and margins Amounts included in line 59 attributable to liabilities to related companies, other than those under contracts of insurance or reinsurance Amounts included in line 59 attributable to liabilities in respect of property linked benefits Total liabilities ( ) Increase to liabilities - DAC related Reinsurers' share of technical provisions Other adjustments to liabilities (may be negative) Capital and reserves and fund for future appropriations 75 Total liabilities under insurance accounts rules or international accounting standards as applicable to the firm for the purpose of its external financial reporting (71 to 75)

15 :16:29:30 Form 17 Analysis of derivative contracts Name of insurer Equitable Life Assurance Society Global business Financial year ended 31 December 2015 Category of assets Total long term insurance business assets Company GL/ Category registration UK/ day month year Units of number CM assets R GL Derivative contracts Value as at the end of this financial year Notional amount as at the end of this financial year Futures and contracts for differences In the money options Out of the money options 11 Interest rates 12 Inflation 13 Credit index / basket 14 Credit single name Equity stock 17 Land 18 Assets Liabilities Bought / Long Sold / Short Currencies Mortality 20 Other 21 Equity index calls 32 Equity stock calls 33 Equity index puts 34 Equity stock puts 35 Other 36 Swaptions 41 Equity index calls 42 Equity stock calls 43 Equity index puts 44 Equity stock puts 45 Other Total (11 to 46) Adjustment for variation margin Total ( ) Fixed-interest securities Equity index Swaptions 52 (88703) 53 (9085) 381 THE NOTIONAL AMOUNTS IN COLUMNS 3 AND 4 ARE NOT A MEASURE OF EXPOSURE. Please see instructions 11 and 12 to this Form for the meaning of these figures. 11

16 :16:29:30 Form 18 With-profits insurance capital component for the fund Name of insurer With-profits fund Equitable Life Assurance Society ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 As at end of As at end of this financial year the previous year 1 2 Regulatory excess capital Regulatory value of assets Regulatory value of liabilities Long-term admissible assets of the fund Implicit items allocated to the fund Mathematical reserves in respect of the fund's non-profit insurance contracts Long-term admissible assets of the fund covering the LTICR of the fund's non-profit insurance contracts Long-term admissible assets of the fund covering the RCR of the fund's non-profit insurance contracts Total (11+12-( )) Mathematical reserves (after distribution of surplus) in respect of the fund's with-profits insurance contracts Regulatory current liabilities of the fund Total (21+22) Long-term insurance capital requirement in respect of the fund's with-profits insurance contracts Resilience capital requirement in respect of the fund's with-profits insurance contracts Sum of regulatory value of liabilities, LTICR and RCR ( ) Regulatory excess capital (19-39) Realistic excess capital Realistic excess capital 51 Excess assets allocated to with-profits insurance business Excess (deficiency) of assets allocated to with-profits insurance business in fund (49-51) Face amount of capital instruments attributed to the fund and included in capital resources (unstressed) Realistic amount of capital instruments attributed to the fund and included in capital resources (stressed) Present value of future shareholder transfers arising from distribution of surplus Present value of other future internal transfers not already taken into account With-profits insurance capital component for fund (if 62 exceeds 63, greater of and zero, else greater of and zero)

17 :16:29:30 Form 19 Realistic balance sheet (Sheet 1) Name of insurer With-profits fund Equitable Life Assurance Society ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 Realistic value of assets available to the fund Regulatory value of assets Implicit items allocated to the fund Value of shares in subsidiaries held in fund (regulatory) Excess admissible assets Present value of future profits (or losses) on non-profit insurance contracts written in the fund Value of derivatives and quasi-derivatives not already reflected in lines 11 to 22 Value of shares in subsidiaries held in fund (realistic) Prepayments made from the fund Realistic value of assets of fund ( (12+13)) Support arrangement assets Assets available to the fund (26+27) As at end of As at end of this financial year the previous year Realistic value of liabilities of fund With-profits benefit reserve Future policy related liabilities Past miscellaneous surplus attributed to with-profits benefits reserve Past miscellaneous deficit attributed to with-profits benefits reserve Planned enhancements to with-profits benefits reserve Planned deductions for the costs of guarantees, options and smoothing from with-profits benefits reserve Planned deductions for other costs deemed chargeable to with-profits benefits reserve Future costs of contractual guarantees (other than financial options) Future costs of non-contractual commitments Future costs of financial options Future costs of smoothing (possibly negative) Financing costs Any other liabilities related to regulatory duty to treat customers fairly Other long-term insurance liabilities Total ( ( )) Realistic current liabilities of the fund Realistic value of liabilities of fund ( )

18 :16:29:30 Realistic balance sheet Name of insurer Equitable Life Assurance Society With-profits fund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 Form 19 (Sheet 2) As at end of As at end of this financial year the previous year 1 2 Realistic excess capital and additional capital available Value of relevant assets before applying the most adverse scenario other than the present value of future profits arising from business outside with-profits funds present value of future profits (or losses) on long-term insurance contracts written outside the fund included in the value of relevant assets before applying most adverse scenario Value of relevant assets before applying the most adverse scenario (62+63) Risk capital margin for fund (62-59) 65 Realistic excess capital for fund (26-(59+65)) 66 Realistic excess available capital for fund (29-(59+65)) 67 Working capital for fund (29-59) 68 Working capital ratio for fund (68/29) 69 Other assets potentially available if required to cover the fund's risk capital margin Additional amount potentially available for inclusion in line Additional amount potentially available for inclusion in line

19 :16:29:30 Long-term insurance business : Revenue account Form 40 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 Financial year Previous year 1 2 Income Earned premiums Investment income receivable before deduction of tax Increase (decrease) in the value of non-linked assets brought into account Increase (decrease) in the value of linked assets (234926) (78921) Other income Total income Expenditure Claims incurred Expenses payable Interest payable before the deduction of tax Taxation (189) 5872 Other expenditure Transfer to (from) non technical account 26 Total expenditure Business transfers - in 31 Business transfers - out 32 Increase (decrease) in fund in financial year ( ) Fund brought forward Fund carried forward (39+49)

20 :16:29:30 Long-term insurance business : Analysis of premiums Form 41 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 UK Life UK Pension Overseas Total Financial year Total Previous year Gross Regular premiums Single premiums Reinsurance - external Regular premiums Single premiums 14 (120392) ( ) ( ) 3105 Reinsurance - intra-group Regular premiums 15 Single premiums 16 Net of reinsurance Regular premiums Single premiums (50090) Total Gross Reinsurance 20 (115423) ( ) ( ) Net (49239)

21 :16:29:30 Long-term insurance business : Analysis of claims Form 42 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 UK Life UK Pension Overseas Total Financial year Total Previous year Gross Death or disability lump sums Disability periodic payments 12 Surrender or partial surrender Annuity payments Lump sums on maturity Total Reinsurance - external Death or disability lump sums Disability periodic payments 22 Surrender or partial surrender Annuity payments Lump sums on maturity Total Reinsurance - intra-group Death or disability lump sums 31 Disability periodic payments 32 Surrender or partial surrender 33 Annuity payments 34 Lump sums on maturity 35 Total 36 Net of reinsurance Death or disability lump sums Disability periodic payments 42 Surrender or partial surrender Annuity payments Lump sums on maturity Total

22 :16:29:30 Long-term insurance business : Analysis of expenses Form 43 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 UK Life UK Pension Overseas Total Financial year Total Previous year Gross Commission - acquisition 11 Commission - other 12 Management - acquisition Management - maintenance Management - other Total Reinsurance - external Commission - acquisition 21 Commission - other 22 Management - acquisition 23 Management - maintenance 24 Management - other 25 Total 26 Reinsurance - intra-group Commission - acquisition 31 Commission - other 32 Management - acquisition 33 Management - maintenance 34 Management - other 35 Total 36 Net of reinsurance Commission - acquisition 41 Commission - other 42 Management - acquisition Management - maintenance Management - other Total

23 :16:29:30 Long-term insurance business : Linked funds balance sheet Form 44 Name of insurer Equitable Life Assurance Society Total business Financial year ended 31 December 2015 Units 000 Financial year Previous year 1 2 Internal linked funds (excluding cross investment) Directly held assets (excluding collective investment schemes) Directly held assets in collective investment schemes of connected companies Directly held assets in other collective investment schemes Total assets (excluding cross investment) ( ) Provision for tax on unrealised capital gains Secured and unsecured loans 16 Other liabilities Total net assets ( ) Directly held linked assets Value of directly held linked assets 21 Total Value of directly held linked assets and units held (18+21) Surplus units Deficit units 33 Net unit liability ( )

24 :16:29:30 Long-term insurance business : Revenue account for internal linked funds Form 45 Name of insurer Equitable Life Assurance Society Total business Financial year ended 31 December 2015 Units 000 Financial year Previous year 1 2 Income Value of total creation of units Investment income attributable to the funds before deduction of tax Increase (decrease) in the value of investments in the financial year Other income (78858) Total income Expenditure Value of total cancellation of units Charges for management Charges in respect of tax on investment income Taxation on realised capital gains Increase (decrease) in amount set aside for tax on capital gains not yet realised Other expenditure Total expenditure Increase (decrease) in funds in financial year (19-29) Internal linked fund brought forward Internal linked funds carried forward (39+49)

25 :16:29:30 Long-term insurance business : Summary of new business Form 46 Name of insurer Equitable Life Assurance Society Total business Financial year ended 31 December 2015 Units 000 UK Life UK Pension Overseas Total Financial year Total Previous year Number of new policyholders/ scheme members for direct insurance business Regular premium business Single premium business Total new regular premiums Direct insurance business External reinsurance 22 Intra-group reinsurance 23 Total new single premiums Direct insurance business External reinsurance 26 Intra-group reinsurance 27 Total

26 :16:29:30 Form 47 Long-term insurance business : Analysis of new business Name of insurer Equitable Life Assurance Society Total business Financial year ended 31 December 2015 Units 000 UK Life / Direct Insurance Business Product code number Product description Regular premium business Number of policyholders / scheme members premiums Number of policyholders / scheme members premiums Level term assurance 2 1 Single premium business 715 Life property linked endowment regular premium - savings 1 56

27 :16:29:30 Form 47 Long-term insurance business : Analysis of new business Name of insurer Equitable Life Assurance Society Total business Financial year ended 31 December 2015 Units 000 UK Pension / Direct Insurance Business Product code number Product description Regular premium business Number of policyholders / scheme members premiums Number of policyholders / scheme members premiums Miscellaneous protection rider 3 Single premium business 400 Annuity non-profit (CPA) Individual deposit administration with-profits Group deposit administration with-profits DWP National Insurance rebates UWP Individual pensions property linked Group money purchase pensions property linked DWP National Insurance rebates property linked Income drawdown property linked 1 55

28 :16:29:30 Form 47 Long-term insurance business : Analysis of new business Name of insurer Equitable Life Assurance Society Total business Financial year ended 31 December 2015 Units 000 Overseas / Direct Insurance Business Product code number Product description Regular premium business Number of policyholders / scheme members premiums Single premium business Number of policyholders / scheme members premiums Annuity non-profit (CPA) Life UWP single premium Individual deposit administration with-profits Group deposit administration with-profits Life property linked endowment regular premium - savings Individual pensions property linked Group money purchase pensions property linked 0

29 :16:29:30 Long-term insurance business : Assets not held to match linked liabilities Form 48 Name of insurer Equitable Life Assurance Society Category of assets 10 Total long term insurance business assets Financial year ended 31 December 2015 Units 000 Unadjusted assets Economic exposure Expected income from assets in column 2 Yield before adjustment Return on assets in financial year Assets backing non-profit liabilities and non-profit capital requirements Land and buildings 11 Approved fixed interest securities Other fixed interest securities Variable interest securities 14 UK listed equity shares 15 Non-UK listed equity shares 16 Unlisted equity shares 17 Other assets Total Assets backing with-profits liabilities and with-profits capital requirements Land and buildings (11.44) Approved fixed interest securities Other fixed interest securities Variable interest securities (0.60) (2.23) UK listed equity shares Non-UK listed equity shares Unlisted equity shares Other assets (1.39) Total Overall return on with-profits assets Post investment costs but pre-tax Return allocated to non taxable 'asset shares' Return allocated to taxable 'asset shares'

30 :16:29:30 Long-term insurance business : Fixed and variable interest assets Form 49 Name of insurer Equitable Life Assurance Society Category of assets 10 Total long term insurance business assets Financial year ended 31 December 2015 Units 000 Value of assets Mean term Yield before adjustment Yield after adjustment UK Government approved fixed interest securities Other approved fixed interest securities Other fixed interest securities AAA/Aaa AA/Aa A/A BBB/Baa BB/Ba 35 B/B 36 CCC/Caa (14.10) Other (including unrated) (17.21) Total other fixed interest securities Approved variable interest securities (0.62) (0.62) Other variable interest securities Total ( )

31 :16:29:30 Long-term insurance business : Summary of mathematical reserves Form 50 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 UK Life UK Pension Overseas Total Financial year Total Previous year Gross Form 51 - with-profits Form 51 - non-profit Form Form 53 - linked Form 53 - non-linked 15 (876) (18749) (226) (19851) Form 54 - linked Form 54 - non-linked Total Reinsurance - external Form 51 - with-profits Form 51 - non-profit Form Form 53 - linked Form 53 - non-linked (347) (337) Form 54 - linked Form 54 - non-linked Total Reinsurance - intra-group Form 51 - with-profits 31 Form 51 - non-profit 32 Form Form 53 - linked 34 Form 53 - non-linked 35 Form 54 - linked 36 Form 54 - non-linked 37 Total 38 Net of reinsurance Form 51 - with-profits Form 51 - non-profit Form Form 53 - linked Form 53 - non-linked 45 (886) (18401) (226) (19513) Form 54 - linked Form 54 - non-linked Total

32 :16:29:30 Long-term insurance business : Valuation summary of non-linked contracts (other than accumulating with-profits contracts) Form 51 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 UK Life / Gross Product code number Product description Number of policyholders / scheme members benefit annual office premiums Nominal value of units Discounted value of units Other liabilities mathematical reserves 100 Conventional whole life with-profits OB Conventional endowment with-profits OB savings Conventional endowment with-profits OB target cash Conventional deferred annuity with-profits Additional reserves with-profits OB Regular premium non-profit WL/EA OB Individual deposit administration non-profit Level term assurance Decreasing term assurance Deferred annuity non-profit Annuity non-profit (PLA) Miscellaneous non-profit

33 :16:29:30 Long-term insurance business : Valuation summary of non-linked contracts (other than accumulating with-profits contracts) Form 51 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 UK Life / Reinsurance ceded external Product code number Product description Number of policyholders / scheme members benefit annual office premiums Nominal value of units Discounted value of units Other liabilities mathematical reserves 120 Conventional endowment with-profits OB savings Regular premium non-profit WL/EA OB Individual deposit administration non-profit Level term assurance Decreasing term assurance Deferred annuity non-profit Annuity non-profit (PLA) Miscellaneous non-profit

34 :16:29:30 Long-term insurance business : Valuation summary of non-linked contracts (other than accumulating with-profits contracts) Form 51 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 UK Pension / Gross Product code number Product description Number of policyholders / scheme members benefit annual office premiums Nominal value of units Discounted value of units Other liabilities mathematical reserves 155 Conventional pensions endowment with-profits Conventional deferred annuity with-profits Additional reserves with-profits OB Individual deposit administration non-profit Level term assurance Decreasing term assurance Miscellaneous protection rider Deferred annuity non-profit Annuity non-profit (CPA) Group death in service dependant's annuities Miscellaneous non-profit

35 :16:29:30 Long-term insurance business : Valuation summary of non-linked contracts (other than accumulating with-profits contracts) Form 51 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 UK Pension / Reinsurance ceded external Product code number Product description Number of policyholders / scheme members benefit annual office premiums Nominal value of units Discounted value of units Other liabilities mathematical reserves 315 Individual deposit administration non-profit Level term assurance Decreasing term assurance Miscellaneous protection rider Deferred annuity non-profit Annuity non-profit (CPA) Miscellaneous non-profit

36 :16:29:30 Long-term insurance business : Valuation summary of non-linked contracts (other than accumulating with-profits contracts) Form 51 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 Overseas / Gross Product code number Product description Number of policyholders / scheme members benefit annual office premiums Nominal value of units Discounted value of units Other liabilities mathematical reserves 195 Annuity with-profits (PLA) Miscellaneous conventional with-profits Additional reserves with-profits OB Level term assurance Decreasing term assurance Miscellaneous protection rider Deferred annuity non-profit Annuity non-profit (PLA) Annuity non-profit (CPA)

37 :16:29:30 Long-term insurance business : Valuation summary of non-linked contracts (other than accumulating with-profits contracts) Form 51 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 Overseas / Reinsurance ceded external Product code number Product description Number of policyholders / scheme members benefit annual office premiums Nominal value of units Discounted value of units Other liabilities mathematical reserves 205 Miscellaneous conventional with-profits Level term assurance Decreasing term assurance Miscellaneous protection rider Deferred annuity non-profit Annuity non-profit (PLA) Annuity non-profit (CPA)

38 :16:29:30 Long-term insurance business : Valuation summary of accumulating with-profits contracts Form 52 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 UK Life / Gross Product code number Product description Number of policyholders / scheme members benefit annual office premiums Nominal value of units Discounted value of units Other liabilities mathematical reserves 500 Life UWP single premium Life UWP endowment regular premium - savings Group deposit administration with-profits Miscellaneous UWP Additional reserves UWP

39 :16:29:30 Long-term insurance business : Valuation summary of accumulating with-profits contracts Form 52 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 UK Life / Reinsurance ceded external Product code number Product description Number of policyholders / scheme members benefit annual office premiums Nominal value of units Discounted value of units Other liabilities mathematical reserves 510 Life UWP endowment regular premium - savings Miscellaneous UWP

40 :16:29:30 Long-term insurance business : Valuation summary of accumulating with-profits contracts Form 52 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 UK Pension / Gross Product code number Product description Number of policyholders / scheme members benefit annual office premiums Nominal value of units Discounted value of units Other liabilities mathematical reserves 535 Group money purchase pensions UWP (159) Individual deposit administration with-profits Group deposit administration with-profits DWP National Insurance rebates UWP Income drawdown UWP Additional reserves UWP

41 :16:29:30 Long-term insurance business : Valuation summary of accumulating with-profits contracts Form 52 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 UK Pension / Reinsurance ceded external Product code number Product description Number of policyholders / scheme members benefit annual office premiums Nominal value of units Discounted value of units Other liabilities mathematical reserves 535 Group money purchase pensions UWP (159) 14116

42 :16:29:30 Long-term insurance business : Valuation summary of accumulating with-profits contracts Form 52 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 Overseas / Gross Product code number Product description Number of policyholders / scheme members benefit annual office premiums Nominal value of units Discounted value of units Other liabilities mathematical reserves 500 Life UWP single premium Life UWP endowment regular premium - savings Individual deposit administration with-profits Deferred annuity Individual deposit administration with-profits Group deposit administration with-profits Income drawdown UWP Miscellaneous UWP Additional reserves UWP

43 :16:29:30 Long-term insurance business : Valuation summary of accumulating with-profits contracts Form 52 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 Overseas / Reinsurance ceded external Product code number Product description Number of policyholders / scheme members benefit annual office premiums Nominal value of units Discounted value of units Other liabilities mathematical reserves 510 Life UWP endowment regular premium - savings Miscellaneous UWP

44 :16:29:30 Long-term insurance business : Valuation summary of property linked contracts Form 53 Name of insurer Equitable Life Assurance Society Total business / subfund ORDINARY LONG TERM Financial year ended 31 December 2015 Units 000 UK Life / Gross Product code number Product description Number of policyholders / scheme members benefit annual office premiums Nominal value of units Discounted value of units Other liabilities mathematical reserves 700 Life property linked single premium (1074) Life property linked whole life regular premium (130) Life property linked endowment regular premium - savings (755) Group money purchase pensions property linked (0) Miscellaneous property linked Additional reserves property linked