Association of British Insurers – Represents the collective interests of the UK’s insurance industry.
Annual General Meeting.
Asset Liability Management – management of risks that arise due to mismatches between assets and liabilities.
Annual Premium Equivalent – an industry wide measure that is used for measuring the annual equivalent of regular and single premium policies.
Countrywide Assured plc.
Countrywide Assured Life Holdings Limited and its subsidiary companies.
Directors or Board
The directors of the Company details of whom can be found on our Board of Directors
Dividend paid as a percentage of the market value of a share.
Discretionary Participation Feature – A contractual right under an insurance contract to receive, as a supplement to guaranteed benefits, additional benefits whose amount or timing is contractually at the discretion of the issuer.
Waard Group, consisting of Waard Leven N.V., Hollands Welvaren Leven N.V., Waard Schade N.V. and Tadas Verzekeringen B.V.
European Embedded Value.
Financial Conduct Authority.
Finansinspektionen, being the Swedish Financial Supervisory Authority.
The Financial Services and Markets Act 2000 of England and Wales, as amended.
Group Capital Resources – in accordance with the UK’s regulatory regime for insurers it is the sum of the individual capital resources for each of the regulated related undertakings less the book-value of investments by the Group in those capital resources.
Group Capital Resource Requirement – in accordance with the UK’s regulatory regime for insurers it is the sum of individual capital resource requirements for the insurer and each of its regulated undertakings.
A measure of the cash generated from day to day operations. It represents the movement in the regulatory surplus of our three regulated divisions less any operational cash incurred by the Chesnara parent company. Gross cash arises as the combined impact of surplus emergence and/or a reduction in regulatory capital requirement.
The Company and its existing subsidiary undertakings.
Guardian Assurance plc.
HCL Insurance BPO Services Limited.
International Financial Reporting Standards.
Independent Financial Adviser.
Insurance Groups Directive – The European directive setting out the current capital adequacy regime for insurance groups.
Key performance indicator
London Stock Exchange
London Stock Exchange plc.
Long-Term Insurance Capital Requirement – Capital required to be held for regulatory purposes in respect of investment, expense and insurance risks.
Long-Term Incentive Scheme – A reward system designed to incentivise employees’ long-term performance.
Market Consistent Embedded Value.
Movestic Livförsäkring AB.
Modernac SA, an associated company which is 49% owned by Movestic.
This is made up of gross cash (operational cash) plus any additional one-off cash generated from items such as business acquisitions, fund mergers/transfers etc.
The Official List of the Financial Conduct Authority.
Ordinary shares of five pence each in the capital of the Company.
Own Risk and Solvency Assessment.
Prudential Regulation Authority.
Protection Life Company Limited.
Quantitative Reporting Template.
Risk Capital Requirement – additional amounts of capital required to be held for regulatory purposes as a result of two stress tests.
Risk Management Framework.
Holder of Ordinary Shares.
Solvency I ratio
Solvency I is the regulatory regime in existence during 2015. The regime defines the rules and basis by which capital resources and capital requirements are established. The Solvency I ratio is the ratio between capital resources and capital requirements under the Solvency I regime. Solvency I is replaced by Solvency II as from 1 Jan 2016.
A fundamental review of the capital adequacy regime for the European insurance industry. Solvency II aims to establish a set of EU-wide capital requirements and risk management standards that will replace the current Solvency I requirements.
Solvency II ratio
The ratio between capital resources (“Own funds”) and capital requirements calculated under the rules as set out under the Solvency II regime.
Short-Term Incentive Scheme – A reward system designed to incentivise employees’ short-term performance.
The absolute difference between capital resources and capital requirements.
Movestic and its subsidiaries and associated companies.
Save & Prosper Insurance Limited and Save & Prosper Pensions Limited.
Treating Customers Fairly – a central PRA principle that aims to ensure an efficient and effective market and thereby help policyholders achieve a fair deal.
Total Shareholder Return, measured with reference to both dividends and capital growth.
UK or United Kingdom
The United Kingdom of Great Britain and Northern Ireland.
CA, S&P, CALH and PL.
Value of In-force business.