{"text_format":"1","workbook":"xlsx","n_sheets":15,"sheets":["Disclaimer","0. Contents","1. General Guidance","2a.i Inputs - US Factors","2a.ii Inputs - Canada Factors","2a.iii Inputs - Europe Factors","2a.iv Inputs - Bermuda Factors","2b. Inputs - Assets","2c. Inputs - Liabilities","2d. Mortality","3a. US","3b. Canada","3c. Europe","3d. Bermuda","4. Results Summary"],"not_rendered":{"charts":6,"images":1,"macros":1,"external_links":0,"defined_names":32,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Disclaimer","index":0,"n_rows":53,"n_cols":12,"rows_kept":53,"cut":false,"hidden":false,"merged":[[46,1,46,16],[49,1,49,16],[11,1,11,16],[14,1,14,16],[42,1,42,16],[43,1,43,16],[44,1,44,16],[45,1,45,16]]}
[]
[null,null,null,null,null,null,null,null,null,null,null,"Copyright © 2022 Society of Actuaries Research Institute"]
[null,"Regulatory Capital Adequacy for Life Insurance Companies Example"]
[null,"Comparison of Jurisdictions Tool"]
[]
[null,"Disclaimer"]
[]
[null,"This software is made available free of charge with the understanding that neither the author nor the Society of Actuaries Research Institute "]
[null,"accepts any liability for its use. It may be used for any personal, research or commercial use provided that the user does not represent it as"]
[null,"their own work and does not distribute it to others for a fee."]
[null,""]
[null,"The user should be aware that a number of simplifications have been made to this software as it is intended to illustrate the differences in results among the four selected jurisdictions. These simplifications are as follows:"]
[null,"General"]
[null,"1) The Insurance Company in this example is a Life and Annuity Insurance Company. It assumes there are no non-life and health entities included."]
[null,"2) The Insurance Company only operates in the juridiction that is being analyzed and assumes it is not a multi-national company. For example, when looking at calculating required capital for the United States (US), then the company only operates in the US. For Canada, the company only operates in Canada, etc."]
[null,"3) All assets and liabilities are denominated in the jurisdiction being modeled and assume that currency risk is zero."]
[null,"4) All liabilities were issued in the jurisdiction being modeled, and cross border risk profile differences are zero. "]
[]
[]
[null,"US Risk-Based Capital (RBC)"]
[null,"1) Tax Rate is 21% "]
[null,"2) Statutory reserves are 15% greater than model reserves for life insurance, and 95% of annuity model reserves."]
[null,"3) Book value of bonds is assumed to be 7.5% lower than market value; for all other assets, Book Value equals Market Value"]
[]
[null,"Canadian Life Insurance Capital Adequacy Test (LICAT) "]
[null,"1) There are no Deferred Tax Assets and off-balance sheet activities."]
[null,"2) No preferred shares or convertible bonds"]
[null,"3) Canadian interest rate risk is the same value as the Solvency II interest rate risk."]
[null,"4) There are no Mutual Funds, Index-Linked product, unregistered reinsurance"]
[null,"5) Mortality risk has been set to $2.5M for base and riskier asset scenario and $1.0M for changed liability mix scenario"]
[null,"6) Longevity risk has been set to $25K for base and riskier asset scenario and $75K for changed liability mix scenario"]
[null,"7) Lapse and Policyholder Behaviour Risk is $10,000"]
[null,"8) Expense Risk is $10,000"]
[null,"9) Assume no guaranteed minimum death and maturity benefits offered for segregated fund guaranteed products"]
[null,"10) Assume no segregated fund guarantees and no reinsurance"]
[null,"11) The only Tier 1 capital is contributed surplus and adjusted retained earnings."]
[null,"- Adjusted Retained Earnings $120,000"]
[null,"12) No Tier 1 deductions"]
[null,"13) No Tier 2 capital"]
[null,"14) Surplus Allowance is $1,000,000 and there are no eligible deposits"]
[]
[null,"Europe Solvency II"]
[null,"1) Asset and liability market values and risk margins will be an input, rather than a calculation.  Liabilities will be input as total technical provisions, without a split between best estimate and risk margin"]
[null,"2) Calculation will show the Basic Solvency Capital Requirement using the “standard formula” only, i.e., no internal model and no Minimum Capital Requirement (MCR) calculation (if they want the MCR I don’t think it would be too hard to add it)"]
[null,"3) While available capital (“own funds”) will be shown as previously agreed, there will be no classification of own funds by tier (in other words, it will be inherently assumed that all own funds are tier 1 capital)"]
[null,"4) Expense component of the SCR will be a fixed input (i.e., it will not be calculated based on the Solvency II rules, since doing so would just require a judgement based input for expense levels anyway)"]
[null,"5) Other components of the SCR (mortality, longevity, interest, equity, property, spread) will use the SII   “simplified calculation” (more factor-based than model-based)"]
[]
[null,"Bermuda Insurance Solvency"]
[null,"1) Adjustment for the loss absorbing capacity of technical provisions and adjustment for the loss absorbing capital of deferred taxes are assumed to zero"]
[null,"2) Equity capital charge has been set to 45% of equity assets"]
[null,"3) Interest rate and liquidity risk charge has been set to 1% of total assets"]
[null,"4) Capital charge for credit risk is assumed to be $100,000"]

{"sheet":"0. Contents","index":1,"n_rows":29,"n_cols":2,"rows_kept":29,"cut":false,"hidden":false,"merged":[[16,1,16,13],[4,0,4,13],[10,1,10,13],[19,1,19,13]]}
["SOA Research Institute"]
["Regulatory Capital Adequacy for Life Insurance Companies Example"]
["Contents"]
[]
["This workbook is intended to be an example that illustrates Regulatory Capital Adequacy for Life Insurance Companies for the following jurisdictions: United States of America (US), Canada, Europe,  and Bermuda. The purpose of this workbook is to provide a simple and illustrative example that quantifies the differences between regulatory approaches, but demonstrates the value of diversification. The user is reminded that there are a number of simplifications in calculating the capital for the jurisdictions. This workbook is for EDUCATIONAL USE ONLY.\n\nThe rest of this worksheet describes the other worksheets in this workbook."]
[]
["1. General Guidance"]
[null,"This worksheet (tab) provides guidance on how to use this workbook and where to enter assumptions."]
[]
["2. Inputs - [Item]"]
[null,"These worksheets contain the inputs used to determine capital adequacy for the four jurisdictions. This includes the simplifications and solvency factors to be used to determine capital adequacy for the jurisdictions, assets, and liabilities."]
[]
["2d. Mortality"]
[null,"This worksheet contains the mortality assumption used for Solvency II."]
[]
["3a. US"]
[null,"This worksheet calculates the Minimum Required Capital, Total Adjusted Capital, Risk-Based Capital (RBC) Ratio and Statutory Balance Sheet for the United States (US) jurisdiction."]
[]
["3b. Canada"]
[null,"This worksheet calculates the Life Insurance Capital Adequacy Test (LICAT) for Canada. It includes calculations for Tier 1 and Tier 2 capital, Total Ratio and Core Ratio."]
[]
["3c. Europe"]
[null,"This worksheet calculates Solvency II for Europe."]
[]
["3d. Bermuda"]
[null,"This worksheet calculated the Insurance Solvency Framework for Bermuda."]
[]
["4. Results Summary"]
[null,"This worksheet summarizes the solvency or capital for the various jurisdictions."]

{"sheet":"1. General Guidance","index":2,"n_rows":36,"n_cols":1,"rows_kept":36,"cut":false,"hidden":false,"merged":[[10,0,10,13],[17,0,17,13],[12,0,12,13]]}
["SOA Research Institute"]
["Regulatory Capital Adequacy for Life Insurance Companies Example"]
["General Guidance"]
[]
["This worksheet provides general guidance on how to use this workbook."]
[]
["Throughout this Excel file, parameters that can be changed by the user are identified with yellow background, as follows:"]
[]
["All inputs are contained on the input worksheets. The numbers on the Inputs - Solvency Factors worksheet are prescribed and are not to be altered."]
[]
["Results will be generated on the US, Canada, Europe and Bermuda worksheets. The Results Summary worksheet shows the results for the four (4) jurisdictions as well as any potential regulatory actions to be taken."]
[]
["In addition to the Base scenario, there are two (2) alternate scenarios in this workbook that demonstrate how capital is impacted. The first is riskier assets while the other is a change liability mix. The set up for these scenarios are found on the following worksheets:"]
["Riskier Assets - changes to this scenario can be done by altering the percent mix in cells G16 to G21 of the \"2b. Inputs - Assets\" worksheet."]
["Change Liability Mix - changes to this scenario can be done by altering the Percent Mix in cells M30 and M31 of the \"2c. Inputs - Liabilities\" worksheet"]
[]
["US"]
["The solvency factors are located on the Inputs - Solvency Factors worksheet under \"US Risk-Based Capital (RBC) Factors\". These factors also include the Corporate Tax Rate and Authorized Control Level Risk-Based Capital factor. "]
["The assets used as based on Book Value and are found on the Inputs - Assets worksheet."]
["The US RBC is based on the statutory reserves, premiums and net amount at risk (NAR) values found on the Inputs - Liabilities worksheet."]
[]
["Canada"]
["The solvency factors are located on the Inputs - Solvency Factors worksheet and are not to be changed."]
["The book value of assets are on the Inputs-Assets worksheet."]
["The liabilities are found on the Inputs-Liabilities worksheet."]
[]
["Europe"]
["The asset inputs particular to Europe are located on the Inputs - Assets worksheet under \"Duration (In Years) and under \"Solvency II\". "]
["They include the duration of bonds, an assumed interest rate and an up/down shock to the interest rate."]
["The liability inputs particular to Europe are located on the Inputs - Liabilities worksheet under \"Solvency II\". They include the"]
["assumed age for both the life insurance and annuity policy holders."]
[]
["Bermuda"]
["The solvency factors are located on the Inputs - Solvency Factors worksheet and are not to be changed."]
["The market value of assets are on the Inputs-Assets worksheet."]
["The liabilities are found on the Inputs-Liabilities worksheet."]

{"sheet":"2a.i Inputs - US Factors","index":3,"n_rows":40,"n_cols":8,"rows_kept":40,"cut":false,"hidden":false,"merged":[[7,1,7,6]]}
["SOA Research Institute"]
["Regulatory Capital Adequacy for Life Insurance Companies Example"]
["Inputs - US Solvency Factors"]
[]
[]
["US Risk-Based Capital (RBC) Factors"]
[]
["Assets","RBC C-1 Factors"]
[null,"NAIC 1","NAIC 2","NAIC 3","NAIC 4","NAIC 5","NAIC 6"]
["Fixed Income",4.0000000000000001E-3,1.2999999999999999E-2,4.5999999999999999E-2,0.1,0.23,0.3,"Assume NAIC 2 bonds"]
[]
[null,"CM1","CM2","CM3","CM4","CM5"]
["Mortgages",8.9999999999999993E-3,1.7500000000000002E-2,0.03,0.05,7.4999999999999997E-2,null,"Assume CML 2 mortgages"]
[]
["Assets","RBC C-1 Factors"]
["Real Estate",0.15]
["Equities",0.35]
[]
["Liabilities"]
["Product","Product Type","RBC C-3 Factor"]
["Product 1","Life",7.6999999999999999E-2]
["Product 2","Annuity",1.54E-2]
["Total"]
[]
["C-2"]
["Net Amount at Risk Range","Factor","Max Value"]
[500000000,2.3E-3,{"$f":"A27*B27","v":1150000}]
[5000000000,1.5E-3,{"$f":"(A28-A27)*B28","v":6750000}]
[25000000000,1.1999999999999999E-3,{"$f":"(A29-A28)*B29","v":23999999.999999996}]
["Over 25,000,000,000",8.9999999999999998E-4]
[]
["C-3 Market Risk",0,"Simplified assumption used on the '3a. US' worksheet. Assumes market risk does not vary by scenario."]
["C-4"]
[null,"Factor"]
["Life & Annuity Premium",3.0800000000000001E-2]
["Health Premium",7.7000000000000002E-3]
["Separate Account Liabilities",8.0000000000000004E-4]
[]
["Corporate Income Tax",0.21,"Used to determine Corporate Income Tax on the '3a.US' worksheet"]
["Authorized Control Level Risk-Based Capital",0.5]

{"sheet":"2a.ii Inputs - Canada Factors","index":4,"n_rows":83,"n_cols":8,"rows_kept":83,"cut":false,"hidden":false,"merged":[[22,1,22,6],[69,1,70,1],[59,1,59,7]]}
["SOA Research Institute"]
["Regulatory Capital Adequacy for Life Insurance Companies Example"]
["Inputs - Canada Solvency Factors"]
[]
[]
["Core Ratio Factor",0.7]
["Base Solvency Buffer Scalar",1]
["Minimum Available Capital",5000000]
[]
[null,"Base Scenario","Riskier Assets","Change Liability Mix"]
["Mortality Risk",2500000,{"$f":"B11","v":2500000},1000000]
["Longevity Risk",25000,{"$f":"B12","v":25000},75000]
["Lapse and Policyholder Behaviour Risk",10000,{"$f":"B13","v":10000},7500,"Simplified assumption used on the '3b. Canada' worksheet."]
["Expense Risk",10000,{"$f":"B14","v":10000},{"$f":"C14","v":10000},"Simplified assumption used on the '3b. Canada' worksheet."]
["P&C Risk",0,{"$f":"B15*1.5","v":0},{"$f":"B15*3/4","v":0},"Simplified assumption used on the '3b. Canada' worksheet."]
["Credit for Reinsurance and Special Policyholder Arrangements",0,0,0,"Simplified assumption used on the '3b. Canada' worksheet."]
["Retained Earnings",120000,{"$f":"B17*1.5","v":180000},{"$f":"B17*3/4","v":90000},"Simplified assumption used on the '3b. Canada' worksheet."]
["Risk Adjustments and Surplus Allowance",1000000,1200000,{"$f":"C18","v":1200000},"Simplified assumption used on the '3b. Canada' worksheet."]
["Other Annuity Risk",0.02,0.02,0.02]
["Other Life Risk",5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3]
[]
["Credit Risk"]
["Rating Category","Effective Maturity In Years"]
[null,1,2,3,4,5,10]
["AAA",2.5000000000000001E-3,2.5000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,0.01,1.2500000000000001E-2]
["AA",2.5000000000000001E-3,5.0000000000000001E-3,7.4999999999999997E-3,0.01,1.2500000000000001E-2,1.7500000000000002E-2]
["A",7.4999999999999997E-3,0.01,1.4999999999999999E-2,1.7500000000000002E-2,0.02,0.03]
["BBB",1.4999999999999999E-2,2.75E-2,3.2500000000000001E-2,3.7499999999999999E-2,0.04,4.7500000000000001E-2]
["BB",3.7499999999999999E-2,0.06,7.2499999999999995E-2,7.7499999999999999E-2,0.08,0.08]
["B",7.4999999999999997E-2,0.1,0.105,0.105,0.105,0.105]
["Lower than B",0.155,0.18,0.18,0.18,0.18,0.18]
[]
["Assume no off-balance sheet activities"]
["Common Equity"]
["Developed Markets, listed and non-substantial",0.35]
["Developed Markets, non-listed and/or substantial",0.4]
["Other Markets, listed and non-substantial",0.45]
["Other Markets, non-listed and/or substantial",0.5]
[]
["Capital charge  % of Property's Balance Sheet Value if fair value unavailable",0.3]
[]
["Operational Risk"]
[]
["Business Volume Required Capital"]
["Exposure","Factor"]
["Direct written premiums",2.5000000000000001E-2]
["Assumed reinsurance premiums",1.7500000000000002E-2]
["Investment-type products and annuities"]
["Segregated funds with guarantees (account values)",4.0000000000000001E-3]
["Liabilities for annuities in payout period, and annuity liability equivalents for longevity risk transfer arrangements",1.5E-3]
["Universal life account values",1E-3]
["Account values of mutual funds, GICs, other investment-type products and segregated funds without guarantees, and liabilities for annuities in accumulation period",1E-3]
[]
["General Required Capital"]
["Required Capital for Credit, Insurance and Market Risks",5.7500000000000002E-2]
["Required Capital for Segregated Fund Guarantees",4.4999999999999998E-2]
["Ceded Reinsurance Premiums",2.5000000000000001E-2]
[]
["Insurance Risk Correlation Matrix"]
[null,"j"]
["\ni","Mortality","Longevity","Morbidity incidence and claims","Morbidity termination","Lapse sensitive","Lapse supported","Expense"]
["Mortality",1]
["Longevity",-0.25,1]
["Morbidity incidence and claims",0.5,-0.25,1]
["Morbidity termination",-0.25,0.5,0.25,1]
["Lapse sensitive",0.25,0.25,0.5,0.5,1]
["Lapse supported",0,-0.25,0,-0.25,-0.5,1]
["Expense",0.5,0.25,0.5,0.5,0.5,-0.25,1]
[]
[null,"Level and Trend Component"]
[]
["Mortality Risk",0.7]
["Longevity Risk",1]
["Morbidity Risk",0]
["Lapse and Policyholder Behaviour Risk",0.4]
["Expense Risk",0]
[]
["Final Adjustment Factors"]
["Undiversified Risk Requirement Factor 1",{"$f":"4/5","v":0.8}]
["LT Factor 1",{"$f":"1/10","v":0.1}]
["Undiversified Risk Requirement Factor 2",{"$f":"14/60","v":0.23333333333333334}]
["LT Factor 2",{"$f":"7/60","v":0.11666666666666667}]
["Diversified Risk Requirement Factor 1",{"$f":"62/60","v":1.0333333333333334}]

{"sheet":"2a.iii Inputs - Europe Factors","index":5,"n_rows":59,"n_cols":13,"rows_kept":59,"cut":false,"hidden":false,"merged":[[20,1,20,3],[40,9,40,12],[50,9,50,12]]}
["SOA Research Institute"]
["Regulatory Capital Adequacy for Life Insurance Companies Example"]
["Inputs - Europe Solvency Factors"]
[]
[]
["Solvency Capital Requirement (Spread)",25000,"Simplified assumption used on the '3c. Europe' worksheet."]
["Solvency Capital Requirement (Concentration)",0,"Simplified assumption used on the '3c. Europe' worksheet."]
["Solvency Capital Requirement (Currency)",0,"Simplified assumption used on the '3c. Europe' worksheet."]
["Solvency Capital Requirement (Disability/Morbidity)",0,"Simplified assumption used on the '3c. Europe' worksheet."]
["Solvency Capital Requirement (Lapse)",0,"Simplified assumption used on the '3c. Europe' worksheet."]
["Solvency Capital Requirement (Expenses)",70000,"Simplified assumption used on the '3c. Europe' worksheet."]
["Solvency Capital Requirement (Revision)",0,"Simplified assumption used on the '3c. Europe' worksheet."]
["Solvency Capital Requirement (CAT)",0,"Simplified assumption used on the '3c. Europe' worksheet."]
[]
["Equity shock for regulated markets that are members of the EEA or EOCD.",0.46500000000000002]
["Equity shock applied for regulated markets outside EEA or EOCD, like emerging markets.",0.56499999999999995]
["Prescribed correlation coefficient EEA or EOCD regulated equities and non-EEA and non-EOCD regulated equities",0.75]
["Prescribed shock to real estate (page 12). Represents an instantaneous decrease by 25% of the value of property holdings.",0.25]
[]
[]
[null,"Interest Rate Risk"]
[null,"Maturity in Years","Increases","Decreases"]
[null,1,0.7,0.75]
[null,2,0.7,0.65]
[null,3,0.64,0.56000000000000005]
[null,4,0.59,0.5]
[null,5,0.55000000000000004,0.46]
[null,6,0.52,0.42]
[null,11,0.39,0.3]
[null,12,0.37,0.28999999999999998]
[null,13,0.35,0.28000000000000003]
[null,14,0.34,0.28000000000000003]
[null,15,0.33,0.27]
[null,16,0.31,0.28000000000000003]
[null,19,0.27,0.28999999999999998]
[null,20,0.26,0.28999999999999998]
[null,90,0.2,0.2]
[]
["Mortality  Variance Covariance Matrix"]
[null,null,null,"Base","Riskier Assets","Change Mix of Liabilities"]
["A = 0.5 if Up and 0 if Down",null,"A = ",{"$f":"IF('3c. Europe'!B15=\"Up\", 0.5, 0)","v":0.5},{"$f":"IF('3c. Europe'!D15=\"Up\", 0.5, 0)","v":0},{"$f":"IF('3c. Europe'!F15=\"Up\", 0.5, 0)","v":0.5},null,null,null,"Stress Test Scenarios, Base Case*"]
["Risk","Interest Rate","Equity","Property","Spread","Concentration","Currency",null,null,"Annuity-20% Mort",{"$f":"annuitycalc(20,'2c. Inputs - Liabilities'!E20,'2b. Inputs - Assets'!B26)","v":12.461159080597815},"Life Reserve +15% Mort",{"$f":"termlife(15,'2c. Inputs - Liabilities'!E19,20,'2b. Inputs - Assets'!B26)-'2c. Inputs - Liabilities'!B36*TermAnnuity(15,'2c. Inputs - Liabilities'!E19,20,'2b. Inputs - Assets'!B26)","v":4.6703306033304061E-2}]
["Interest Rate",1,"A","A","A",0,0.25,null,null,"Annuity Interest Up",{"$f":"'2c. Inputs - Liabilities'!L20*annuitycalc(0,'2c. Inputs - Liabilities'!E20,'2b. Inputs - Assets'!B28)/'2c. Inputs - Liabilities'!B37","v":6493083.4840030055},"Life Interest Up",{"$f":"(termlife(0,'2c. Inputs - Liabilities'!E19,20,'2b. Inputs - Assets'!B28)-'2c. Inputs - Liabilities'!B36*TermAnnuity(0,'2c. Inputs - Liabilities'!E19,20,'2b. Inputs - Assets'!B28))*'2c. Inputs - Liabilities'!F19","v":4643045.3892363543}]
["Equity","A",1,0.75,0.75,0,0.25,null,null,"Annuity Interest Down",{"$f":"'2c. Inputs - Liabilities'!L20*annuitycalc(0,'2c. Inputs - Liabilities'!E20,'2b. Inputs - Assets'!B29)/'2c. Inputs - Liabilities'!B37","v":8828139.5060336385},"Life Interest Down",{"$f":"(termlife(0,'2c. Inputs - Liabilities'!E19,20,'2b. Inputs - Assets'!B29)-'2c. Inputs - Liabilities'!B36*TermAnnuity(0,'2c. Inputs - Liabilities'!E19,20,'2b. Inputs - Assets'!B29))*'2c. Inputs - Liabilities'!F19","v":8312676.2180709178}]
["Property","A",0.75,1,0.5,0,0.25,null,null,"Total Interest Down",{"$f":"(M44-'2c. Inputs - Liabilities'!L19)+(L48-'2c. Inputs - Liabilities'!L20)","v":2533833.2229080899},"Total Interest Up",{"$f":"(M43-'2c. Inputs - Liabilities'!L19)+(K43-'2c. Inputs - Liabilities'!L20)","v":-2553450.5164846722}]
["Spread","A",0.75,0.5,1,0,0.25,null,null,"Product Type","MktVal (-15% mort)","MktVal (+20% mort)"]
["Concentration",0,0,0,0,1,0,null,null,"Life",{"$f":"M42*'2c. Inputs - Liabilities'!F19","v":8173078.5558282109},"-"]
["Currency",0.25,0.25,0.25,0.25,0,1,null,null,"Annuity","-",{"$f":"'2c. Inputs - Liabilities'!L20*K42/'2c. Inputs - Liabilities'!B37","v":7910736.3945612041}]
[null,null,null,null,null,null,null,null,null,"*Stress tests of +20% and -15% mortality are prescribed by regulation"]
["Life  Variance Covariance Matrix"]
["Risk","Mortality","Longevity","Disability/Morbidity","Lapse","Expenses","Revision","CAT",null,"Stress Test Scenarios, Change in Liabilities*"]
["Mortality",1,-0.25,0.25,0,0.25,0,0.25,null,"Annuity-20% Mort",{"$f":"annuitycalc(20,'2c. Inputs - Liabilities'!E31,'2b. Inputs - Assets'!B26)","v":12.461159080597815},"Life Reserve +15% Mort",{"$f":"termlife(15,'2c. Inputs - Liabilities'!E30,20,'2b. Inputs - Assets'!B26)-'2c. Inputs - Liabilities'!B36*TermAnnuity(15,'2c. Inputs - Liabilities'!E30,20,'2b. Inputs - Assets'!B26)","v":4.6703306033304061E-2}]
["Longevity",-0.25,1,0,0.25,0.25,0.25,0,null,"Annuity Interest Up",{"$f":"'2c. Inputs - Liabilities'!L31*annuitycalc(0,'2c. Inputs - Liabilities'!E31,'2b. Inputs - Assets'!B28)/'2c. Inputs - Liabilities'!B37","v":9734851.9882226642},"Life Interest Up",{"$f":"(termlife(0,'2c. Inputs - Liabilities'!E30,20,'2b. Inputs - Assets'!B28)-'2c. Inputs - Liabilities'!B36*TermAnnuity(0,'2c. Inputs - Liabilities'!E30,20,'2b. Inputs - Assets'!B28))*'2c. Inputs - Liabilities'!F30","v":2322661.552804383}]
["Disability/Morbidity",0.25,0,1,0,0.5,0,0.25,null,"Annuity Interest Down",{"$f":"'2c. Inputs - Liabilities'!L31*annuitycalc(0,'2c. Inputs - Liabilities'!E31,'2b. Inputs - Assets'!B29)/'2c. Inputs - Liabilities'!B37","v":13235719.459691275},"Life Interest Down",{"$f":"(termlife(0,'2c. Inputs - Liabilities'!E30,20,'2b. Inputs - Assets'!B29)-'2c. Inputs - Liabilities'!B36*TermAnnuity(0,'2c. Inputs - Liabilities'!E30,20,'2b. Inputs - Assets'!B29))*'2c. Inputs - Liabilities'!F30","v":4158377.0637659412}]
["Lapse",0,0.25,0,1,0.5,0,0.25,null,"Total Interest Down",{"$f":"(M54- '2c. Inputs - Liabilities'!L30)+(L58 - '2c. Inputs - Liabilities'!L31)","v":1677871.8214874086},"Total Interest Up",{"$f":"(M53-'2c. Inputs - Liabilities'!L30)+(K53-'2c. Inputs - Liabilities'!L31)","v":-2283280.901079041}]
["Expenses",0.25,0.25,0.5,0.5,1,0.5,0.25,null,"Product Type","MktVal (-15% mort)","MktVal (+20% mort)"]
["Revision",0,0.25,0,0,0.5,1,0,null,"Life",{"$f":"M52*'2c. Inputs - Liabilities'!F30","v":4088543.9917688062},"-"]
["CAT",0.25,0,0.25,0.25,0.25,0,1,null,"Annuity","-",{"$f":"'2c. Inputs - Liabilities'!L31*K52/'2c. Inputs - Liabilities'!B37","v":11860289.199827556}]
[null,null,null,null,null,null,null,null,null,"*Stress tests of +20% and -15% mortality are prescribed by regulation"]

{"sheet":"2a.iv Inputs - Bermuda Factors","index":6,"n_rows":78,"n_cols":8,"rows_kept":78,"cut":false,"hidden":false,"merged":[]}
["SOA Research Institute"]
["Regulatory Capital Adequacy for Life Insurance Companies Example"]
["Inputs - Bermuda Solvency Factors"]
[]
[]
["Capital Charge for Credit Risk",100000,"Simplified assumption used on the '3d. Bermuda' worksheet."]
["Capital Charge for Currency Risk",0,"Simplified assumption used on the '3d. Bermuda' worksheet."]
["Capital Charge for Concentration Risk",0,"Simplified assumption used on the '3d. Bermuda' worksheet."]
["Capital Charge for P&C Risk",0,"Simplified assumption used on the '3d. Bermuda' worksheet."]
["Capital Charge for Stop Loss Risk ",0,"Simplified assumption used on the '3d. Bermuda' worksheet."]
["Capital Charge for Riders Risk (Risks not covered in the other LT categories) ",0,"Simplified assumption used on the '3d. Bermuda' worksheet."]
["Capital Charge for Morbidity Risk ",0,"Simplified assumption used on the '3d. Bermuda' worksheet."]
["Capital Charge for Variable Annuity Risk ",0,"Simplified assumption used on the '3d. Bermuda' worksheet."]
["Operational Risk Charge ",0,"Simplified assumption used on the '3d. Bermuda' worksheet."]
["Regulatory Capital Requirement for Non-insurance Financial Operating Entities ",0,"Simplified assumption used on the '3d. Bermuda' worksheet."]
["Adjustment for the Loss Absorbing Capacity of Technical Provisions ",0,"Simplified assumption used on the '3d. Bermuda' worksheet."]
["Adjustment for the Loss Absorbing Capital of Deferred Taxes ",0,"Simplified assumption used on the '3d. Bermuda' worksheet."]
[]
["BSCR Rating","Corporate & Sovereign Bonds & Bond Mutual Funds","Residential Mortgage-Backed Securities","Commerical Mortgage-Backed Securities"]
[0,0,"N/A","N/A"]
[1,4.0000000000000001E-3,6.0000000000000001E-3,5.0000000000000001E-3]
[2,8.0000000000000002E-3,1.2E-2,0.01]
[3,1.4999999999999999E-2,0.02,1.7999999999999999E-2]
[4,0.03,0.04,3.5000000000000003E-2]
[5,0.08,0.11,0.1]
[6,0.15,0.25,0.2]
[7,0.26300000000000001,0.35,0.3]
[8,0.35,0.35,0.35]
[]
["Equities"]
["Equity Factor ",0.45]
["Type 4 Equity Holdings"]
["Equity Real Estate 1",0.1]
[]
["Long Term Insurance Risk"]
["Mortality (per $1,000 NAR)","Net Amount at Risk Range","Adjustable Product/Treaty","Non-adjustable Product/Treaty"]
[1,1000000000,{"$f":"D37/2","v":1.9850000000000001},3.97]
[2,5000000000,{"$f":"D38/2","v":0.9},1.8]
[3,10000000000,{"$f":"D39/2","v":0.72},1.44]
[4,50000000000,{"$f":"D40/2","v":0.64500000000000002},1.29]
[5,"Over 50,000,000,000",{"$f":"D41/2","v":0.56499999999999995},1.1299999999999999]
[]
["Longevity (immediate pay-out annuities, contingent annuities, pension pay-outs) "]
["Attained age of annuitant","Maximum Age in Band","% BSCR Adjusted Reserve"]
["(a) 0 - 55",55,0.02]
["(b) 56 - 60",60,0.03]
["(c) 61 - 65",65,0.04]
["(d) 66 - 70",70,0.05]
["(e) 71 - 75",75,0.06]
["(f) 76+","Over 75",7.0000000000000007E-2]
[]
["Long Term Other Risk Factors"]
["Mortality (term insurance, whole life, universal life)",0.02]
["Longevity (immediate pay-out annuities, contingent annuities, pension pay-outs)",5.0000000000000001E-3]
[]
[null,"CMarket ","CP&C ","CLT ","CCredit "]
["CMarket ",1]
["CP&C ",0.25,1]
["CLT ",0.125,0.5,1]
["CCredit ",0.125,0.25,0,1]
[]
["Market Risk Correlation Matrix "]
["CorrMarketi,j ","CfixedIncome ","Cequity ","Cinterest ","Ccurrency ","Cconcentration "]
["CfixedIncome ",1]
["Cequity ",0.5,1]
["Cinterest ","A","A",1]
["Ccurrency ",0.25,0.25,0.25,1]
["Cconcentration ",0,0,0,0,1]
[]
["Long-Term Risk Module Correlation Matrix "]
["CorrLTi,j","CLTmortality","CLTstoploss","CLTrider","CLTmobidiity","CLTlongevity","CLTVariableAnnutiy","CLTotherrisk"]
["CLTmortality",1]
["CLTstoploss",0.75,1]
["CLTrider",0.75,0.75,1]
["CLTmobidiity",0.25,0,0,1]
["CLTlongevity",-0.5,-0.5,-0.5,0,1]
["CLTVariableAnnutiy",0,0,0,0,0,1]
["CLTotherrisk",0.125,0.25,0.25,0.25,0.25,0.25,1]

{"sheet":"2b. Inputs - Assets","index":7,"n_rows":37,"n_cols":10,"rows_kept":37,"cut":false,"hidden":false,"merged":[[29,5,29,8],[29,1,29,4],[11,6,12,9]]}
["SOA Research Institute"]
["Regulatory Capital Adequacy for Life Insurance Companies Example"]
["Inputs - Asset Assumptions"]
[]
[]
["US uses Book Value Assets and Affiliated US Life Insurers Directly Owned."]
["Canada uses Book Value Assets."]
["Solvency II uses Market Value Assets, Duration, and values in Solvency II section below."]
["Bermuda uses Market Value Assets."]
["Market Value is determined using the Book Value and Market Value/Book Value assumptions."]
[]
["Affiliated US Life Insurers Directly Owned",0,"Assume this company is not a subsidiary. Used on the '3a. US' worksheet.",null,null,null,"Altering the Percent Mix will impact the Book and Market Value for the Riskier Asset Scenario. Changes can be seen in the Riskier Asset Scenario on the worksheets starting with '3'."]
[]
["Assets","Base Scenario",null,null,null,null,null,"Riskier Asset Scenario"]
[null,"Book Value","Market Value","Duration (in years)","Market Value/Book Value",null,"Percent Mix","Book Value","Market Value","Duration (in years)"]
["Fixed Income 1",7000000,{"$f":"B16*E16","v":7525000},5,1.075,null,0.1,{"$f":"G16*$B$22","v":1820000},{"$f":"H16*E16","v":1956500},{"$f":"D16","v":5}]
["Fixed Income 2",7000000,{"$f":"B17*E17","v":7525000},20,1.075,null,0.1,1820000,{"$f":"H17*E17","v":1956500},20]
["Mortgages",2500000,2500000,10,1,null,0.2,3640000,3640000,10]
["Real Estate",1000000,1000000,"-",1,"real estate counts as property and MKTprop = max(delta NAV, given property shock ; 0) immediate effect on net value of asset and liab if instant decrease of 25% in value of investments in real estate",0.2,3640000,3640000,"-"]
["Equity (Stocks in OECD or EEA countries)",500000,500000,"-",1,null,0.2,3640000,3640000,"-"]
["Equity (Stocks in emerging markets)",200000,200000,"-",1,null,0.2,3640000,3640000,"-"]
["Total",{"$f":"SUM(B16:B21)","v":18200000},{"$f":"SUM(C16:C21)","v":19250000},"-",null,null,{"$f":"SUM(G16:G21)","v":1},{"$f":"SUM(H16:H21)","v":18200000},{"$f":"SUM(I16:I21)","v":18473000}]
[]
[]
["Solvency II"]
["Interest Rate",0.05,"Used in the Interest Up and Down scenarios and calculations in the table below. This is also used to calculate the Premium, Life Reserve and Annuity on the '2c. Inputs - Liabilities' worksheet."]
["Interest Rate Shock Up/Down",0.02,"Used in the Interest Up and Down scenarios and calculations in the table below."]
["Interest Up Scenario",{"$f":"B26+B27","v":7.0000000000000007E-2}]
["Interest Down Scenario",{"$f":"B26-B27","v":3.0000000000000002E-2}]
[null,"Base Scenario",null,null,null,"Riskier Asset Scenario"]
[null,"Fixed Income 1","Fixed Income 2","Mortgages","Total","Fixed Income 1","Fixed Income 2","Mortgages","Total"]
["Market Value Interest Up",{"$f":"C16/(1+B$26)^D16*(1+B28)^D16","v":8269493.255738778},{"$f":"C17/(1+B$26)^D17*(1+B28)^D17","v":10974786.404009463},{"$f":"C18/(1+B$26)^D18*(1+B$28)^D18","v":3019150.724901895},null,{"$f":"I16/(1+B26)^J16*(1+B28)^J16","v":2150068.2464920823},{"$f":"I17/(1+B26)^J17*(1+B28)^J17","v":2853444.4650424602},{"$f":"I18/(1+B26)^J18*(1+B28)^J18","v":4395883.4554571593}]
["Multiplier Up",{"$f":"VLOOKUP($D16,'2a.iii Inputs - Europe Factors'!$B23:$D37,2)","v":0.55000000000000004},{"$f":"VLOOKUP($D17,'2a.iii Inputs - Europe Factors'!$B24:$D38,2)","v":0.26},{"$f":"VLOOKUP($D18,'2a.iii Inputs - Europe Factors'!$B25:$D59,2)","v":0},null,{"$f":"VLOOKUP($J16,'2a.iii Inputs - Europe Factors'!$B23:$D37,2)","v":0.55000000000000004},{"$f":"VLOOKUP($J17,'2a.iii Inputs - Europe Factors'!$B24:$D38,2)","v":0.26},{"$f":"VLOOKUP($J18,'2a.iii Inputs - Europe Factors'!$B25:$D59,2)","v":0}]
["Total Up",{"$f":"(B32-$C$16)*B33","v":409471.29065632797},{"$f":"(C32-$C$17)*C33","v":896944.46504246048},{"$f":"(D32-C18)*D33","v":0},{"$f":"SUM(B34:D34)","v":1306415.7556987884},{"$f":"(F32-I16)*F33","v":106462.53557064525},{"$f":"(G32-I17)*G33","v":233205.56091103968},{"$f":"(H32-I18)*H33","v":0},{"$f":"SUM(F34:H34)","v":339668.09648168494}]
["Market Value Interest Rate Down",{"$f":"C16/(1+B$26)^D16*(1+B$29)^D16","v":6835119.8242021911},{"$f":"C17/(1+B$26)^D17*(1+B$29)^D17","v":5122300.0775736803},{"$f":"C18/(1+B$26)^D18*(1+B$29)^D18","v":2062620.1923246679},null,{"$f":"I16/(1+B26)^J16*(1+B29)^J16","v":1777131.1542925697},{"$f":"I17/(1+B26)^J17*(1+B29)^J17","v":1331798.0201691568},{"$f":"I18/(1+B26)^J18*(1+B29)^J18","v":3003175.0000247164}]
["Multiplier Down",{"$f":"VLOOKUP($D16,'2a.iii Inputs - Europe Factors'!$B23:$D37,3)","v":0.46},{"$f":"VLOOKUP($D17,'2a.iii Inputs - Europe Factors'!$B24:$D38,3)","v":0.28999999999999998},{"$f":"VLOOKUP($D18,'2a.iii Inputs - Europe Factors'!$B25:$D59,3)","v":0.25},null,{"$f":"VLOOKUP($J16,'2a.iii Inputs - Europe Factors'!$B23:$D37,3)","v":0.46},{"$f":"VLOOKUP($J17,'2a.iii Inputs - Europe Factors'!$B24:$D38,3)","v":0.28999999999999998},{"$f":"VLOOKUP($J18,'2a.iii Inputs - Europe Factors'!$B25:$D59,3)","v":0.25}]
["Total Down",{"$f":"(B35-$C$16)*B36","v":-317344.88086699211},{"$f":"(C35-$C$17)*C36","v":-696782.97750363266},{"$f":"(D35-C18)*D36","v":-109344.95191883302},{"$f":"SUM(B37:D37)","v":-1123472.8102894577},{"$f":"(F35-$I$16)*F36","v":-82509.669025417927},{"$f":"(G35-$I$17)*G36","v":-181163.57415094451},{"$f":"(H35-I18)*H36","v":-159206.24999382091},{"$f":"SUM(F37:H37)","v":-422879.49317018333}]

{"sheet":"2c. Inputs - Liabilities","index":8,"n_rows":38,"n_cols":13,"rows_kept":38,"cut":false,"hidden":false,"merged":[]}
["SOA Research Institute"]
["Regulatory Capital Adequacy for Life Insurance Companies Example"]
["Inputs - Liabilities"]
[]
[]
["US uses Statutory Reserve, Premium and Net Amount At Risk columns, and Asset Valuation Reserve, Dividends Apportioned for Payment, Dividends Not Yet Apportioned and Hedging Fair Value Adjustment."]
["Canada uses Statutory Reserve, Separate Account Reserves and Premium, and Asset Valuation Reserve, Dividends Apportioned for Payment, Dividends Not Yet Apportioned and Hedging Fair Value Adjustment."]
["Solvency II uses Market Value and values in Solvency II section below."]
["Bermuda uses Net Amount at Risk and Market Value"]
[]
["Updating Values in Worksheet"]
["Level Term Period, Policy Duration and Attained Age are used in determining Premium, Annuity and Life Reserve for Solvency II."]
["Face Amount is used on the '3a.US' and '3b.Canada' worksheets."]
["Statutory Reserve % of Market Value is used to calculate the Statutory Reserves."]
["Percent Mix alters the face amount, reserves premium, Net Amount at Risk and Market Value for the Change Mix of Liaibilities scenario."]
[]
["Base Scenario"]
["Product","Product Type","Level Term Period","Policy Duration","Attained Age","Face Amount","Statutory Reserve % of Market Value","Statutory Reserves","Separate Account Reserves","Annual Premium","Net Amount At Risk","Market Value"]
["Product 1","Life",30,10,50,175000000,1.1499999999999999,{"$f":"G19*L19","v":7118016.2981826365},0,{"$f":"F19*B36","v":609546.18375651143},{"$f":"F19-H19","v":167881983.70181736},{"$f":"B38*F19","v":6189579.389724032}]
["Product 2","Annuity","N/A","N/A",70,7500000,0.95,{"$f":"G20*F20","v":7125000},0,1000000,"N/A",{"$f":"F20","v":7500000}]
["Total",null,null,null,null,{"$f":"SUM(F19:F20)","v":182500000},null,{"$f":"SUM(H19:H20)","v":14243016.298182636},0,1609546.1837565114,167881983.70181736,13689579.389724031]
[]
["Asset Valuation Reserve",50000,"Simplified assumption used on the '3a. US' and '3b. Canada' worksheets. Assume values do not change by scenario."]
["Dividends Apportioned for Payment",30000,"Simplified assumption used on the '3a. US' and '3b. Canada' worksheets. Assume values do not change by scenario."]
["Dividends Not Yet Apportioned",0,"Simplified assumption used on the '3a. US' and '3b. Canada' worksheets. Assume values do not change by scenario."]
["Hedging Fair Value Adjustment",0,"Simplified assumption used on the '3a. US' and '3b. Canada' worksheets. Assume values do not change by scenario."]
[]
["Change Mix of Liabilities"]
["Product","Product Type",{"$f":"C18","v":"Level Term Period"},{"$f":"D18","v":"Policy Duration"},"Attained Age","Face Amount",{"$f":"G18","v":"Statutory Reserve % of Market Value"},"Statutory Reserves","Separate Account Reserves","Annual Premium","Net Amount At Risk","Market Value","Percent Mix"]
["Product 1","Life",{"$f":"C19","v":30},10,{"$f":"E19","v":50},{"$f":"H30/H19*F19","v":87542924.452784374},{"$f":"G19","v":1.1499999999999999},{"$f":"$H$21*$M30","v":3560754.0745456591},0,{"$f":"F30*B36","v":304922.60294331028},{"$f":"F30-H30","v":83982170.378238708},{"$f":"H30/G30","v":3096307.890909269},0.25]
["Product 2","Annuity",{"$f":"C20","v":"N/A"},"N/A",{"$f":"E20","v":70},{"$f":"H31/H20*F20","v":11244486.551196817},{"$f":"G20","v":0.95},{"$f":"$H$21*$M31","v":10682262.223636977},0,{"$f":"J20*(F31/F20)","v":1499264.8734929091},"N/A",{"$f":"H31/G31","v":11244486.551196819},0.75]
["Total",null,null,null,null,{"$f":"SUM(F30:F31)","v":98787411.003981188},null,14243016.298182636,0,1804187.4764362194,83982170.378238708,14340794.442106089]
[]
["Solvency II"]
["Interest Rate",{"$f":"'2b. Inputs - Assets'!B26","v":0.05}]
["Premium",{"$f":"termlife(0,E19-D19,C19,B35)/TermAnnuity(0,E19-D19,C19,B35)","v":3.4831210500372079E-3}]
["Annuity",{"$f":"annuitycalc(0,E20,B35)","v":11.814158435204391}]
["Life Reserve",{"$f":"termlife(0,E19,C19-D19,B35)-B36*TermAnnuity(0,E19,C19-D19,B35)","v":3.5369025084137327E-2}]

{"sheet":"2d. Mortality","index":9,"n_rows":130,"n_cols":10,"rows_kept":130,"cut":false,"hidden":false,"merged":[[5,0,5,9]]}
["SOA Research Institute"]
["Regulatory Capital Adequacy for Life Insurance Companies Example"]
["Mortality Tables"]
[]
["Mortality Table Source:","Simple average of male and female RP 2014 mortality tables (all lives)"]
["Mortality rates and Mortality Up and Down percents are used to determine mortality for calculating premium, Annuity and Life Reserves on the '2c. Inputs - Liabilities worksheet. Also used to calculate the interest rate risk values on the '2a.iii Inputs - Europe Factors' and the Solvency II values on the '2b. Inputs - Assets' worksheet."]
[]
["Stress",null,0.15,-0.2]
["Age","Mortality","Mortality Up","Mortality Down","Px","Life Expectancy","lx","dx","Lx","Tx"]
[0,6.4504999999999996E-3,{"$f":"B10*(1+$C$8)","v":7.4180749999999988E-3},{"$f":"B10*(1+$D$8)","v":5.1603999999999999E-3},{"$f":"1-B10","v":0.99354949999999997},{"$f":"J10/G10","v":82.420064895834173},100000,{"$f":"G10*B10","v":645.04999999999995},{"$f":"G10-0.5*H10","v":99677.475000000006},{"$f":"SUM(I10:$I$130)","v":8242006.4895834168}]
[1,3.8549999999999999E-4,{"$f":"B11*(1+$C$8)","v":4.4332499999999995E-4},{"$f":"B11*(1+$D$8)","v":3.0840000000000002E-4},{"$f":"1-B11","v":0.99961449999999996},{"$f":"J11/G11","v":81.951921012324178},{"$f":"G10-H10","v":99354.95},38.301333225,{"$f":"G11-0.5*H11","v":99335.799333387491},{"$f":"SUM(I11:$I$130)","v":8142329.0145834172}]
[2,2.565E-4,2.94975E-4,2.052E-4,0.99974350000000001,80.983332837132878,{"$f":"G11-H11","v":99316.648666775},25.474720383027787,99303.911306583483,{"$f":"SUM(I12:$I$130)","v":8042993.2152500292}]
[3,2.03E-4,2.3344999999999998E-4,1.6240000000000002E-4,0.99979700000000005,80.003982108543738,99291.173946391966,20.156108311117571,99281.095892236408,{"$f":"SUM(I13:$I$130)","v":7943689.3039434468}]
[4,1.5549999999999999E-4,1.7882499999999997E-4,1.2439999999999999E-4,0.99984450000000002,79.020124693856602,99271.01783808085,15.43664327382157,99263.299516443934,{"$f":"SUM(I14:$I$130)","v":7844408.2080512112}]
[5,1.3799999999999999E-4,1.5869999999999998E-4,1.104E-4,0.99986200000000003,78.032336472178002,99255.581194807033,13.69727020488337,99248.732559704586,{"$f":"SUM(I15:$I$130)","v":7745144.9085347662}]
[6,1.2550000000000001E-4,1.44325E-4,1.0040000000000001E-4,0.9998745,77.043037411340777,99241.883924602153,12.454856432537571,99235.656496385884,{"$f":"SUM(I16:$I$130)","v":7645896.1759750629}]
[7,1.1300000000000001E-4,1.2994999999999999E-4,9.0400000000000015E-5,0.99988699999999997,76.052644768259185,99229.429068169615,11.212925484703167,99223.822605427267,{"$f":"SUM(I17:$I$130)","v":7546660.5194786759}]
[8,9.9500000000000006E-5,1.14425E-4,7.960000000000001E-5,0.99990049999999997,75.061183181958768,99218.216142684905,9.8722125061971493,99213.28003643181,{"$f":"SUM(I18:$I$130)","v":7447436.6968732504}]
[9,8.6000000000000003E-5,9.8899999999999992E-5,6.8800000000000005E-5,0.99991399999999997,74.068602757933149,99208.343930178715,8.5319175779953706,99204.077971389721,{"$f":"SUM(I19:$I$130)","v":7348223.4168368159}]
[10,7.7000000000000001E-5,8.8549999999999998E-5,6.1600000000000007E-5,0.99992300000000001,73.074930201930528,99199.812012600712,7.6383855249702552,99195.992819838226,{"$f":"SUM(I20:$I$130)","v":7249019.3388654264}]
[11,7.9999999999999993E-5,9.1999999999999987E-5,6.3999999999999997E-5,0.99992000000000003,72.080518901885966,99192.173627075739,7.9353738901660584,99188.205940130661,{"$f":"SUM(I21:$I$130)","v":7149823.3460455881}]
[12,1.05E-4,1.2074999999999999E-4,8.4000000000000009E-5,0.99989499999999998,71.08624580155012,99184.238253185569,10.414345016584486,99179.031080677276,{"$f":"SUM(I22:$I$130)","v":7050635.1401054589}]
[13,1.295E-4,1.48925E-4,1.0360000000000001E-4,0.9998705,70.093658135654351,99173.823908168983,12.843010196107883,99167.402403070926,{"$f":"SUM(I23:$I$130)","v":6951456.1090247808}]
[14,1.5200000000000001E-4,1.7479999999999999E-4,1.2160000000000001E-4,0.99984799999999996,69.102671681637119,99160.98089797287,15.072469096491877,99153.444663424627,{"$f":"SUM(I24:$I$130)","v":6852288.7066217093}]
[15,1.7500000000000003E-4,2.0125000000000001E-4,1.4000000000000001E-4,0.99982499999999996,68.11310087296981,99145.908428876384,17.35053397505337,99137.233161888857,{"$f":"SUM(I25:$I$130)","v":6753135.2619582852}]
[16,1.9750000000000003E-4,2.27125E-4,1.5800000000000005E-4,0.99980250000000004,67.124935236636219,99128.557894901329,19.577890184243014,99118.768949809208,{"$f":"SUM(I26:$I$130)","v":6653998.0287963962}]
[17,2.1999999999999998E-4,2.5299999999999997E-4,1.76E-4,0.99978,66.138096260647714,99108.980004717087,21.803975601037756,99098.078016916566,{"$f":"SUM(I27:$I$130)","v":6554879.2598465877}]
[18,2.4249999999999999E-4,2.7887499999999999E-4,1.94E-4,0.99975749999999997,65.152539819407963,99087.176029116046,24.028640187060638,99075.161709022519,{"$f":"SUM(I28:$I$130)","v":6455781.1818296695}]
[19,2.655E-4,3.0532499999999995E-4,2.1240000000000001E-4,0.99973449999999997,64.168221863209794,99063.147388928992,26.301265631760646,99049.996756113105,{"$f":"SUM(I29:$I$130)","v":6356706.0201206477}]
[20,2.8400000000000002E-4,3.2659999999999997E-4,2.2720000000000002E-4,0.99971600000000005,63.185130265295243,99036.846123297233,28.126464299016416,99022.782891147726,{"$f":"SUM(I30:$I$130)","v":6257656.0233645355}]
[21,3.055E-4,3.5132499999999999E-4,2.4440000000000003E-4,0.99969450000000004,62.202937899658728,99008.71965899822,30.247163855823956,98993.59607707031,{"$f":"SUM(I31:$I$130)","v":6158633.2404733868}]
[22,3.2499999999999999E-4,3.7374999999999995E-4,2.5999999999999998E-4,0.99967499999999998,61.221793907697538,98978.4724951424,32.168003560921278,98962.388493361941,{"$f":"SUM(I32:$I$130)","v":6059639.6443963172}]
[23,3.3750000000000002E-4,3.8812500000000002E-4,2.7E-4,0.99966250000000001,60.241534906542149,98946.304491581483,33.39437776590875,98929.607302698525,{"$f":"SUM(I33:$I$130)","v":5960677.2559029544}]
[24,3.4249999999999998E-4,3.9387499999999997E-4,2.7399999999999999E-4,0.99965749999999998,59.261704481804777,98912.910113815567,33.877671713981833,98895.971277958583,{"$f":"SUM(I34:$I$130)","v":5861747.648600257}]
[25,3.2850000000000002E-4,3.7777500000000001E-4,2.6280000000000005E-4,0.99967150000000005,58.281837261066698,98879.032442101583,32.481762157230371,98862.791561022968,{"$f":"SUM(I35:$I$130)","v":5762851.6773222992}]
[26,3.2049999999999998E-4,3.6857499999999995E-4,2.564E-4,0.99967950000000005,57.30082483202402,98846.550679944354,31.680319492922163,98830.710520197899,{"$f":"SUM(I36:$I$130)","v":5663988.8857612759}]
[27,3.1800000000000003E-4,3.657E-4,2.5440000000000006E-4,0.99968199999999996,56.319035332848188,98814.87036045143,31.423128774623557,98799.158796064119,{"$f":"SUM(I37:$I$130)","v":5565158.1752410773}]
[28,3.1999999999999997E-4,3.6799999999999995E-4,2.5599999999999999E-4,0.99968000000000001,55.336791432523732,98783.447231676808,31.610703114136577,98767.641880119743,{"$f":"SUM(I38:$I$130)","v":5466359.0164450137}]
[29,3.2600000000000001E-4,3.7490000000000001E-4,2.608E-4,0.99967399999999995,54.354344822867056,98751.836528562664,32.193098708311432,98735.739979208505,{"$f":"SUM(I39:$I$130)","v":5367591.3745648935}]
[30,3.3500000000000001E-4,3.8524999999999996E-4,2.6800000000000001E-4,0.99966500000000003,53.371907064570109,98719.643429854346,33.071080549001209,98703.107889579842,{"$f":"SUM(I40:$I$130)","v":5268855.6345856851}]
[31,3.4699999999999998E-4,3.9904999999999997E-4,2.7759999999999997E-4,0.99965300000000001,52.355001268262043,{"$f":"G38-H38","v":98751.836528562664},34.266887275411243,98734.703084924957,{"$f":"SUM(I41:$I$130)","v":5170152.5266961046}]
[32,3.6049999999999998E-4,4.1457499999999993E-4,2.8840000000000002E-4,0.99963950000000001,51.371922014838873,{"$f":"G39-H39","v":98719.643429854346},35.588431456462487,98701.849214126109,{"$f":"SUM(I42:$I$130)","v":5071417.8236111784}]
[33,3.7500000000000001E-4,4.3124999999999999E-4,3.0000000000000003E-4,0.99962499999999999,50.388982574001176,98686.572349305352,37.00746463098951,98668.068616989854,{"$f":"SUM(I43:$I$130)","v":4972715.9743970539}]
[34,3.8999999999999999E-4,4.4849999999999995E-4,3.1199999999999999E-4,0.99961,49.373661887048335,{"$f":"G41-H41","v":98717.569641287249},38.49985216010203,98698.319715207195,{"$f":"SUM(I44:$I$130)","v":4874047.9057800639}]
[35,4.0450000000000002E-4,4.6517499999999996E-4,3.2360000000000006E-4,0.99959549999999997,48.392730051768524,98679.069789127141,39.915683729701932,98659.111947262296,{"$f":"SUM(I45:$I$130)","v":4775349.5860648565}]
[36,4.1799999999999997E-4,4.8069999999999992E-4,3.344E-4,0.99958199999999997,47.412110500465964,98639.154105397436,41.231166416056126,98618.53852218941,{"$f":"SUM(I46:$I$130)","v":4676690.4741175938}]
[37,4.3449999999999999E-4,4.9967499999999999E-4,3.4759999999999999E-4,0.9995655,46.431727962754387,98597.922938981385,42.840797516987408,98576.502540222893,{"$f":"SUM(I47:$I$130)","v":4578071.9355954044}]
[38,4.5449999999999999E-4,5.226749999999999E-4,3.636E-4,0.99954549999999998,45.451693973785993,98555.082141464402,44.793284833295573,98532.685499047759,{"$f":"SUM(I48:$I$130)","v":4479495.4330551811}]
[39,4.8000000000000001E-4,5.5199999999999997E-4,3.8400000000000001E-4,0.99951999999999996,44.472133808601995,98510.288856631101,47.284938651182927,98486.646387305504,{"$f":"SUM(I49:$I$130)","v":4380962.7475561323}]
[40,5.1199999999999998E-4,5.8879999999999989E-4,4.0959999999999998E-4,0.99948800000000004,43.493250568875055,98463.003917979921,50.41305800600572,98437.79738897692,{"$f":"SUM(I50:$I$130)","v":4282476.1011688272}]
[41,5.5199999999999997E-4,6.3479999999999993E-4,4.416E-4,0.999448,42.515274389362375,98412.59085997392,54.3237501547056,98385.428984896571,{"$f":"SUM(I51:$I$130)","v":4184038.303779847}]
[42,6.0099999999999997E-4,6.9114999999999997E-4,4.8079999999999998E-4,0.99939900000000004,41.538479630118204,98358.267109819208,59.11331853300134,98328.71045055271,{"$f":"SUM(I52:$I$130)","v":4085652.8747949507}]
[43,6.6099999999999991E-4,7.601499999999998E-4,5.2879999999999995E-4,0.99933899999999998,40.563158588429843,98299.153791286211,64.975740656040173,98266.665920958185,{"$f":"SUM(I53:$I$130)","v":3987324.1643443974}]
[44,7.3250000000000008E-4,8.4237500000000002E-4,5.8600000000000015E-4,0.99926749999999998,39.5896578522702,98234.178050630173,71.956535422086603,98198.199782919124,{"$f":"SUM(I54:$I$130)","v":3889057.4984234395}]
[45,8.1499999999999997E-4,9.3724999999999993E-4,6.5200000000000002E-4,0.99918499999999999,38.618312015821772,98162.22151520809,80.002210534894587,98122.220409940637,{"$f":"SUM(I55:$I$130)","v":3790859.2986405194}]
[46,9.1E-4,1.0464999999999999E-3,7.2800000000000002E-4,0.99909000000000003,37.6494037799024,98082.219304673199,89.254819567252611,98037.591894889571,{"$f":"SUM(I56:$I$130)","v":3692737.0782305794}]
[47,1.0154999999999999E-3,1.1678249999999997E-3,8.1240000000000001E-4,0.99898450000000005,36.683240528783593,97992.964485105942,99.511855434625076,97943.208557388629,{"$f":"SUM(I57:$I$130)","v":3594699.4863356892}]
[48,1.132E-3,1.3017999999999999E-3,9.056E-4,0.99886799999999998,35.720021961085074,97893.452629671316,110.81538837678792,97838.044935482918,{"$f":"SUM(I58:$I$130)","v":3496756.2777783005}]
[49,1.258E-3,1.4467E-3,1.0064E-3,0.99874200000000002,34.759936208873519,97782.637241294535,123.01055764954853,97721.131962469764,{"$f":"SUM(I59:$I$130)","v":3398918.2328428179}]
[50,1.3939999999999998E-3,1.6030999999999997E-3,1.1152E-3,0.99860599999999999,33.803089495458806,97659.626683644979,136.13751959700107,97591.557923846485,{"$f":"SUM(I60:$I$130)","v":3301197.1008803481}]
[51,3.6445000000000002E-3,4.1911750000000001E-3,2.9156000000000004E-3,0.99635549999999995,32.849578808317595,97523.489164047976,355.42435625837288,97345.776985918783,{"$f":"SUM(I61:$I$130)","v":3203605.5429565012}]
[52,3.8829999999999997E-3,4.4654499999999993E-3,3.1064E-3,0.99611700000000003,31.967908099385806,97168.064807789604,377.30359564864699,96979.413009965283,{"$f":"SUM(I62:$I$130)","v":3106259.7659705821}]
[53,4.1335E-3,4.7535249999999998E-3,3.3068000000000004E-3,0.99586649999999999,31.09057429939034,96790.761212140962,400.08461147038469,96590.718906405775,{"$f":"SUM(I63:$I$130)","v":3009280.3529606173}]
[54,4.398E-3,5.0576999999999992E-3,3.5184000000000001E-3,0.99560199999999999,30.217545272775354,96390.676600670573,423.92619568974919,96178.713502825703,{"$f":"SUM(I64:$I$130)","v":2912689.634054211}]
[55,4.6784999999999995E-3,5.3802749999999986E-3,3.7427999999999997E-3,0.99532149999999997,29.348820384827832,95966.750404980819,448.98044176970274,95742.260184095969,{"$f":"SUM(I65:$I$130)","v":2816510.9205513857}]
[56,4.9785000000000003E-3,5.7252750000000002E-3,3.9828000000000007E-3,0.9950215,28.484424012570642,95517.769963211118,475.53521776184658,95280.002354330194,{"$f":"SUM(I66:$I$130)","v":2720768.6603672896}]
[57,5.3030000000000004E-3,6.0984500000000001E-3,4.2424000000000003E-3,0.99469700000000005,27.624441544801435,95042.23474544927,504.00897085511752,94790.230260021708,{"$f":"SUM(I67:$I$130)","v":2625488.6580129592}]
[58,5.6565000000000001E-3,6.5049749999999996E-3,4.5252000000000001E-3,0.99434350000000005,26.769049313309925,94538.225774594146,534.75547409399178,94270.848037547155,{"$f":"SUM(I68:$I$130)","v":2530698.4277529381}]
[59,6.0470000000000003E-3,6.9540499999999998E-3,4.8376000000000009E-3,0.99395299999999998,25.918485476407227,94003.47030050015,568.43898490712445,93719.250808046592,{"$f":"SUM(I69:$I$130)","v":2436427.5797153912}]
[60,6.4810000000000006E-3,7.4531500000000004E-3,5.1848000000000007E-3,0.99351900000000004,25.073126170359391,93435.03131559302,605.5524379563584,93132.255096614841,{"$f":"SUM(I70:$I$130)","v":2342708.3289073445}]
[61,6.9649999999999998E-3,8.0097499999999995E-3,5.5720000000000006E-3,0.993035,24.233423487985014,92829.478877636662,646.55732038273936,92506.200217445294,{"$f":"SUM(I71:$I$130)","v":2249576.0738107292}]
[62,7.5050000000000004E-3,8.6307499999999995E-3,6.0040000000000007E-3,0.99249500000000002,23.399886195335533,92182.921557253925,691.83282628719076,91837.005144110328,{"$f":"SUM(I72:$I$130)","v":2157069.8735932843}]
[63,8.1075000000000001E-3,9.3236249999999986E-3,6.4860000000000004E-3,0.99189249999999995,22.573049431317575,91491.088730966731,741.76400188631283,91120.206730023579,{"$f":"SUM(I73:$I$130)","v":2065232.8684491743}]
[64,8.7805000000000001E-3,1.0097574999999999E-2,7.0244000000000001E-3,0.99121950000000003,21.753469434759893,90749.324729080414,{"$f":"G74*B74","v":796.82444578369063},90350.912506188572,{"$f":"SUM(I74:$I$130)","v":1974112.6617191508}]
[65,9.5305000000000008E-3,1.0960075E-2,7.6244000000000008E-3,0.9904695,20.941738620719114,89952.500283296729,857.29230394995955,89523.854131321743,{"$f":"SUM(I75:$I$130)","v":1883761.7492129621}]
[66,1.0368499999999999E-2,1.1923774999999998E-2,8.2947999999999997E-3,0.9896315,20.138433208411886,{"$f":"G75-H75","v":89095.207979346771},923.78366393385693,88633.316147379839,{"$f":"SUM(I76:$I$130)","v":1794237.8950816407}]
[67,1.13045E-2,1.3000174999999999E-2,9.0436000000000006E-3,0.98869549999999995,19.344187668250139,88171.424315412907,996.73386617358528,87673.057382326107,{"$f":"SUM(I77:$I$130)","v":1705604.5789342609}]
[68,1.235E-2,1.4202499999999998E-2,9.8799999999999999E-3,0.98765000000000003,18.559647452881233,87174.690449239322,1076.6074270481056,86636.386735715263,{"$f":"SUM(I78:$I$130)","v":1617931.5215519345}]
[69,1.3517E-2,{"$f":"B79*(1+$C$8)","v":1.5544549999999999E-2},{"$f":"B79*(1+$D$8)","v":1.08136E-2},{"$f":"1-B79","v":0.986483},{"$f":"J79/G79","v":17.785473044986819},86098.083022191218,1163.7877882109588,{"$f":"G79-0.5*H79","v":85516.189128085738},{"$f":"SUM(I79:$I$130)","v":1531295.1348162193}]
[70,1.4818499999999998E-2,1.7041274999999998E-2,1.1854799999999999E-2,0.98518150000000004,17.022322275180432,84934.295233980258,1258.5988539247362,84304.995807017884,{"$f":"SUM(I80:$I$130)","v":1445778.9456881334}]
[71,1.6267E-2,1.8707049999999999E-2,1.30136E-2,0.98373299999999997,16.270840982276294,83675.696380055524,1361.1525530143633,82995.120103548339,{"$f":"SUM(I81:$I$130)","v":1361473.9498811155}]
[72,1.7877499999999998E-2,2.0559124999999994E-2,1.4301999999999999E-2,0.98212250000000001,15.531627466270107,82314.543827041154,1471.5782572679279,81578.754698407196,{"$f":"SUM(I82:$I$130)","v":1278478.8297775669}]
[73,1.9668499999999998E-2,2.2618774999999997E-2,1.57348E-2,0.98033150000000002,14.805247019867798,80842.965569773223,1590.0598683090845,80047.935635618676,{"$f":"SUM(I83:$I$130)","v":1196900.07507916}]
[74,2.1661E-2,2.4910149999999999E-2,1.7328800000000002E-2,0.97833899999999996,14.092254783068579,79252.905701464144,1716.6971903994147,78394.55710626443,{"$f":"SUM(I84:$I$130)","v":1116852.1394435412}]
[75,2.3882E-2,2.7464299999999997E-2,1.91056E-2,0.97611800000000004,13.39319528616214,77536.208511064731,1851.719731661248,76610.348645234102,{"$f":"SUM(I85:$I$130)","v":1038457.5823372769}]
[76,2.6362999999999998E-2,3.0317449999999996E-2,2.1090399999999999E-2,0.97363699999999997,12.708644125159191,75684.488779403488,1995.2701776914139,74686.853690557778,{"$f":"SUM(I86:$I$130)","v":961847.23369204288}]
[77,2.91445E-2,3.3516174999999995E-2,2.3315600000000002E-2,0.97085549999999998,12.039215462394294,73689.218601712069,2147.6354315375975,72615.400885943265,{"$f":"SUM(I87:$I$130)","v":887160.38000148523}]
[78,3.2272999999999996E-2,3.7113949999999993E-2,2.5818399999999998E-2,0.967727,11.385615791839561,71541.583170174476,2308.8615136510407,70387.152413348958,{"$f":"SUM(I88:$I$130)","v":814544.97911554191}]
[79,3.5798999999999997E-2,4.1168849999999993E-2,2.86392E-2,0.96420099999999997,10.748643255628457,69232.721656523441,2478.4622025818826,67993.490555232507,{"$f":"SUM(I89:$I$130)","v":744157.82670219289}]
[80,3.9782999999999999E-2,4.5750449999999998E-2,3.1826399999999998E-2,0.96021699999999999,10.129156426542243,66754.259453941559,2655.6847038561568,65426.417102013482,{"$f":"SUM(I90:$I$130)","v":676164.33614696038}]
[81,4.4288999999999995E-2,5.0932349999999987E-2,3.5431199999999996E-2,0.95571099999999998,9.52810450819163,64098.574750085405,2838.8617771065324,62679.143861532139,{"$f":"SUM(I91:$I$130)","v":610737.9190449469}]
[82,4.9385999999999999E-2,5.6793899999999994E-2,3.9508800000000004E-2,0.95061399999999996,8.9464796451977957,61259.712972978872,3025.3721848835344,59747.026880537102,{"$f":"SUM(I92:$I$130)","v":548058.77518341481}]
[83,5.5150500000000005E-2,6.3423074999999995E-2,4.4120400000000004E-2,0.94484950000000001,8.3852885032176996,58234.340788095338,3211.6530116338522,56628.514282278411,{"$f":"SUM(I93:$I$130)","v":488311.74830287736}]
[84,6.1661000000000001E-2,7.0910149999999991E-2,4.9328800000000006E-2,0.93833900000000003,7.8455497443960125,55022.687776461484,3392.7539509843914,53326.310800969288,{"$f":"SUM(I94:$I$130)","v":431683.23402059899}]
[85,6.9000499999999992E-2,7.9350574999999979E-2,5.5200399999999997E-2,0.93099949999999998,7.3282473012376261,51629.933825477092,3562.4912489248318,49848.688201014673,{"$f":"SUM(I95:$I$130)","v":378356.92321962974}]
[86,7.7256500000000006E-2,8.8844975000000007E-2,6.1805200000000005E-2,0.92274349999999994,6.8343189778701561,48067.442576552261,3713.5223774154101,46210.681387844554,{"$f":"SUM(I96:$I$130)","v":328508.23501861509}]
[87,8.6524999999999991E-2,9.9503749999999988E-2,6.921999999999999E-2,0.91347500000000004,6.3646584645355464,44353.920199136854,3837.7229452303159,42435.058726521696,{"$f":"SUM(I97:$I$130)","v":282297.55363077053}]
[88,9.6910499999999997E-2,0.11144707499999999,7.7528399999999997E-2,0.90308949999999999,5.9201630745620291,40516.197253906539,3926.4449339747093,38552.974786919185,{"$f":"SUM(I98:$I$130)","v":239862.49490424898}]
[89,0.10853099999999999,0.12481064999999998,8.6824799999999994E-2,0.89146900000000007,5.5018005685616194,36589.752319931831,3971.1224090345213,34604.191115414571,{"$f":"SUM(I99:$I$130)","v":201309.52011732978}]
[90,0.121517,0.13974455,9.7213600000000011E-2,0.87848300000000001,5.1107397661181926,32618.629910897311,3963.7180508825086,30636.770885456055,{"$f":"SUM(I100:$I$130)","v":166705.3290019152}]
[91,0.13553300000000001,0.15586295,0.10842640000000002,0.86446699999999999,4.7485247479099675,28654.911860014803,3883.6861691233867,26713.06877545311,{"$f":"SUM(I101:$I$130)","v":136068.55811645914}]
[92,0.15036050000000001,0.17291457499999999,0.12028840000000002,0.84963949999999999,4.41461761745673,24771.225690891417,3724.6138804952789,22908.918750643777,{"$f":"SUM(I102:$I$130)","v":109355.48934100602}]
[93,0.16587499999999999,0.19075624999999999,0.13270000000000001,0.83412500000000001,4.1073865650746351,21046.611810396138,3491.1067340494592,19301.05844337141,{"$f":"SUM(I103:$I$130)","v":86446.570590362244}]
[94,0.1820225,0.20932587499999999,0.145618,0.81797750000000002,3.8247553604970892,17555.505076346679,3195.4969227593133,15957.756614967022,{"$f":"SUM(I104:$I$130)","v":67145.512146990819}]
[95,0.19879649999999999,0.22861597499999997,0.15903719999999999,0.80120349999999996,3.5646049072218844,14360.008153587365,2854.7193609046303,12932.64847313505,{"$f":"SUM(I105:$I$130)","v":51187.755532023795}]
[96,0.21621899999999999,0.24865184999999998,0.1729752,0.78378100000000006,3.3250018967988586,11505.288792682735,2487.6620374650684,10261.457773950202,{"$f":"SUM(I106:$I$130)","v":38255.107058888745}]
[97,0.23431199999999999,0.2694588,0.18744959999999999,0.76568800000000004,3.1043255664514167,9017.6267552176669,2112.9381602685621,7961.1576750833856,{"$f":"SUM(I107:$I$130)","v":27993.649284938536}]
[98,0.25308050000000004,0.29104257500000003,0.20246440000000004,0.74691949999999996,2.9012882093638885,6904.6885949491043,1747.442041954017,6030.967573972096,{"$f":"SUM(I108:$I$130)","v":20032.491609855151}]
[99,0.27248549999999999,0.31335832499999999,0.2179884,0.72751450000000006,2.7149223703007999,5157.2465529950878,1405.2749056161429,4454.6091001870163,{"$f":"SUM(I109:$I$130)","v":14001.524035883052}]
[100,0.29242299999999999,0.33628644999999996,0.23393839999999999,0.70757700000000001,2.5445061511499762,3751.9716473789449,1097.1628050414931,3203.3902448581985,{"$f":"SUM(I110:$I$130)","v":9546.9149356960352}]
[101,0.31270249999999999,0.35960787499999997,0.250162,0.68729750000000001,2.3894468745450705,2654.808842337452,830.16536202102702,2239.7261613269384,{"$f":"SUM(I111:$I$130)","v":6343.5246908378413}]
[102,0.33302149999999997,0.38297472499999996,0.26641719999999997,0.66697850000000003,2.2490960967340485,1824.643480316425,607.64550878019622,1520.8207259263268,{"$f":"SUM(I112:$I$130)","v":4103.7985295109011}]
[103,0.35321199999999997,0.40619379999999994,0.28256959999999998,0.64678800000000003,2.122417509311092,1216.9979715362288,429.85828752225439,1002.0688277751016,{"$f":"SUM(I113:$I$130)","v":2582.9778035845738}]
[104,0.37310699999999997,0.42907304999999996,0.29848559999999996,0.62689300000000003,2.0084224031848019,787.13968401397437,293.6873260834019,640.29602097227348,{"$f":"SUM(I114:$I$130)","v":1580.9089758094719}]
[105,0.39255200000000001,0.45143479999999997,0.31404160000000003,0.60744799999999999,1.9061879829329753,493.45235793057248,193.70571001036208,396.59950292539145,{"$f":"SUM(I115:$I$130)","v":940.61295483719846}]
[106,0.41140299999999996,0.47311344999999994,0.32912239999999998,0.58859700000000004,1.8149108778578167,299.74664792021042,123.31667019431832,238.08831282305127,{"$f":"SUM(I116:$I$130)","v":544.01345191180701}]
[107,0.42953799999999998,0.49396869999999993,0.3436304,0.57046200000000002,1.7339748212407071,176.42997772589212,75.78337977242424,138.53828783967998,{"$f":"SUM(I117:$I$130)","v":305.92513908875571}]
[108,0.44685200000000003,0.5138798,0.35748160000000007,0.55314799999999997,1.6631148459331335,100.64659795346788,44.974133588703033,78.159531159116355,{"$f":"SUM(I118:$I$130)","v":167.38685124907576}]
[109,0.4632655,0.532755325,0.37061240000000001,0.5367345,1.6027190660241637,55.672464364764842,25.791132040174968,42.776898344677356,{"$f":"SUM(I119:$I$130)","v":89.227320089959449}]
[110,0.47871849999999999,0.55052627499999995,0.3829748,0.52128149999999995,1.5544963404144196,29.881332324589874,14.304746588429177,22.728959030375286,{"$f":"SUM(I120:$I$130)","v":46.450421745282064}]
[111,0.48930200000000001,0.56269729999999996,0.39144160000000006,0.51069799999999999,1.522892315216289,15.576585736160697,7.621654553874901,11.765758459223246,{"$f":"SUM(I121:$I$130)","v":23.721462714906785}]
[112,0.49656849999999997,0.57105377499999987,0.39725480000000002,0.50343150000000003,1.5029299414062498,7.9549311822857955,3.9501682447908837,5.9798470598903535,{"$f":"SUM(I122:$I$130)","v":11.955704255683541}]
[113,0.5,0.57499999999999996,0.4,0.5,1.4921874999999998,4.0047629374949114,2.0023814687474557,3.0035722031211836,{"$f":"SUM(I123:$I$130)","v":5.9758571957931874}]
[114,0.5,0.57499999999999996,0.4,0.5,1.4843749999999998,2.0023814687474557,1.0011907343737279,1.5017861015605918,{"$f":"SUM(I124:$I$130)","v":2.9722849926720043}]
[115,0.5,0.57499999999999996,0.4,0.5,1.4687499999999998,1.0011907343737279,0.50059536718686393,0.75089305078029589,{"$f":"SUM(I125:$I$130)","v":1.4704988911114125}]
[116,0.5,0.57499999999999996,0.4,0.5,1.4375,0.50059536718686393,0.25029768359343196,0.37544652539014794,{"$f":"SUM(I126:$I$130)","v":0.71960584033111685}]
[117,0.5,0.57499999999999996,0.4,0.5,1.375,0.25029768359343196,0.12514884179671598,0.18772326269507397,{"$f":"SUM(I127:$I$130)","v":0.34415931494096896}]
[118,0.5,0.57499999999999996,0.4,0.5,1.25,0.12514884179671598,6.2574420898357991E-2,9.3861631347536986E-2,{"$f":"SUM(I128:$I$130)","v":0.15643605224589496}]
[119,0.5,0.57499999999999996,0.4,0.5,1,6.2574420898357991E-2,3.1287210449178995E-2,4.6930815673768493E-2,{"$f":"SUM(I129:$I$130)","v":6.2574420898357991E-2}]
[120,1,1.1499999999999999,0.8,0,0.5,3.1287210449178995E-2,3.1287210449178995E-2,1.5643605224589498E-2,{"$f":"SUM(I130:$I$130)","v":1.5643605224589498E-2}]

{"sheet":"3a. US","index":10,"n_rows":56,"n_cols":13,"rows_kept":56,"cut":false,"hidden":false,"merged":[[30,12,30,19],[21,12,21,19],[6,12,6,19]]}
["SOA Research Institute"]
["Regulatory Capital Adequacy for Life Insurance Companies Example"]
["US RBC Calculation"]
[]
[]
["Authorized Control Level Risk-Based Capital","Base",null,null,null,"Riskier Assets",null,null,null,"Change Liability Mix"]
[null,"Pre-Tax","Tax","Post-Tax ",null,"Pre-Tax","Tax","Post-Tax ",null,"Pre-Tax","Tax","Post-Tax ","Explanations"]
["Net (C-0) - Asset Risk - Affiliated Amounts",{"$f":"'2b. Inputs - Assets'!B12","v":0},{"$f":"B8*'2a.i Inputs - US Factors'!$B$39","v":0},{"$f":"B8-C8","v":0},null,{"$f":"'2b. Inputs - Assets'!B12","v":0},{"$f":"F8*'2a.i Inputs - US Factors'!$B$39","v":0},{"$f":"F8-G8","v":0},null,{"$f":"'2b. Inputs - Assets'!B12","v":0},{"$f":"J8*'2a.i Inputs - US Factors'!$B$39","v":0},{"$f":"J8-K8","v":0}]
["Net (C-1cs)  - Asset Risk – Unaffiliated Common Stock ",{"$f":"SUM('2b. Inputs - Assets'!B20:B21)*'2a.i Inputs - US Factors'!B17","v":244999.99999999997},{"$f":"B9*'2a.i Inputs - US Factors'!$B$39","v":51449.999999999993},193549.99999999997,null,{"$f":"SUM('2b. Inputs - Assets'!H20:H21)*'2a.i Inputs - US Factors'!B17","v":2548000},{"$f":"F9*'2a.i Inputs - US Factors'!$B$39","v":535080},2012920,null,{"$f":"SUM('2b. Inputs - Assets'!B20:B21)*'2a.i Inputs - US Factors'!B17","v":244999.99999999997},{"$f":"J9*'2a.i Inputs - US Factors'!$B$39","v":51449.999999999993},193549.99999999997]
["Net (C-1o) - Asset Risk - All Other",{"$f":"SUM('2b. Inputs - Assets'!B16:B17)*'2a.i Inputs - US Factors'!C10+'2b. Inputs - Assets'!B18*'2a.i Inputs - US Factors'!C13+'2b. Inputs - Assets'!B19*'2a.i Inputs - US Factors'!B16","v":375750},{"$f":"B10*'2a.i Inputs - US Factors'!$B$39","v":78907.5},296842.5,null,{"$f":"SUM('2b. Inputs - Assets'!H16:H17)*'2a.i Inputs - US Factors'!C10+'2b. Inputs - Assets'!H18*'2a.i Inputs - US Factors'!C13+'2b. Inputs - Assets'!B19*'2a.i Inputs - US Factors'!B16","v":261020},{"$f":"F10*'2a.i Inputs - US Factors'!$B$39","v":54814.2},206205.8,null,{"$f":"SUM('2b. Inputs - Assets'!B16:B17)*'2a.i Inputs - US Factors'!C10+'2b. Inputs - Assets'!B18*'2a.i Inputs - US Factors'!C13+'2b. Inputs - Assets'!B19*'2a.i Inputs - US Factors'!B16","v":375750},{"$f":"J10*'2a.i Inputs - US Factors'!$B$39","v":78907.5},296842.5]
["Net (C-2) - Insurance Risk ",{"$f":"MAX(ROUND(IF('2c. Inputs - Liabilities'!$K$19<'2a.i Inputs - US Factors'!$A$27,'2c. Inputs - Liabilities'!$K$19*'2a.i Inputs - US Factors'!$B$27,IF('2c. Inputs - Liabilities'!$K$19<'2a.i Inputs - US Factors'!$A$28,SUM('2a.i Inputs - US Factors'!$C$27:'2a.i Inputs - US Factors'!$C27)+('2c. Inputs - Liabilities'!$K$19-'2a.i Inputs - US Factors'!$A$27)*'2a.i Inputs - US Factors'!$B$28,IF('2c. Inputs - Liabilities'!$K$19<'2a.i Inputs - US Factors'!$A$29,SUM('2a.i Inputs - US Factors'!$C$27:'2a.i Inputs - US Factors'!$C28)+('2c. Inputs - Liabilities'!$K$19-'2a.i Inputs - US Factors'!$A$28)*'2a.i Inputs - US Factors'!$B$29,SUM('2a.i Inputs - US Factors'!$C$27:'2a.i Inputs - US Factors'!$C29)+('2c. Inputs - Liabilities'!$K$19-'2a.i Inputs - US Factors'!$A$29)*'2a.i Inputs - US Factors'!$B$30))),0),0)","v":386129},{"$f":"B11*'2a.i Inputs - US Factors'!$B$39","v":81087.09},305041.91000000003,null,{"$f":"MAX(ROUND(IF('2c. Inputs - Liabilities'!$K$19<'2a.i Inputs - US Factors'!$A$27,'2c. Inputs - Liabilities'!$K$19*'2a.i Inputs - US Factors'!$B$27,IF('2c. Inputs - Liabilities'!$K$19<'2a.i Inputs - US Factors'!$A$28,SUM('2a.i Inputs - US Factors'!$C$27:'2a.i Inputs - US Factors'!$C27)+('2c. Inputs - Liabilities'!$K$19-'2a.i Inputs - US Factors'!$A$27)*'2a.i Inputs - US Factors'!$B$28,IF('2c. Inputs - Liabilities'!$K$19<'2a.i Inputs - US Factors'!$A$29,SUM('2a.i Inputs - US Factors'!$C$27:'2a.i Inputs - US Factors'!$C28)+('2c. Inputs - Liabilities'!$K$19-'2a.i Inputs - US Factors'!$A$28)*'2a.i Inputs - US Factors'!$B$29,SUM('2a.i Inputs - US Factors'!$C$27:'2a.i Inputs - US Factors'!$C29)+('2c. Inputs - Liabilities'!$K$19-'2a.i Inputs - US Factors'!$A$29)*'2a.i Inputs - US Factors'!$B$30))),0),0)","v":386129},{"$f":"F11*'2a.i Inputs - US Factors'!$B$39","v":81087.09},305041.91000000003,null,{"$f":"MAX(ROUND(IF('2c. Inputs - Liabilities'!$K$30<'2a.i Inputs - US Factors'!$A$27,'2c. Inputs - Liabilities'!$K$30*'2a.i Inputs - US Factors'!$B$27,IF('2c. Inputs - Liabilities'!$K$30<'2a.i Inputs - US Factors'!$A$28,SUM('2a.i Inputs - US Factors'!$C$27:'2a.i Inputs - US Factors'!$C27)+('2c. Inputs - Liabilities'!$K$30-'2a.i Inputs - US Factors'!$A$27)*'2a.i Inputs - US Factors'!$B$28,IF('2c. Inputs - Liabilities'!$K$30<'2a.i Inputs - US Factors'!$A$29,SUM('2a.i Inputs - US Factors'!$C$27:'2a.i Inputs - US Factors'!$C28)+('2c. Inputs - Liabilities'!$K$30-'2a.i Inputs - US Factors'!$A$28)*'2a.i Inputs - US Factors'!$B$29,SUM('2a.i Inputs - US Factors'!$C$27:'2a.i Inputs - US Factors'!$C29)+('2c. Inputs - Liabilities'!$K$30-'2a.i Inputs - US Factors'!$A$29)*'2a.i Inputs - US Factors'!$B$30))),0),0)","v":193159},{"$f":"J11*'2a.i Inputs - US Factors'!$B$39","v":40563.39},152595.60999999999]
["Net (C-3a) - Interest Rate Risk",{"$f":"SUMPRODUCT('2c. Inputs - Liabilities'!H19:H20,'2a.i Inputs - US Factors'!C21:C22)","v":657812.25496006303},{"$f":"B12*'2a.i Inputs - US Factors'!$B$39","v":138140.57354161324},519671.68141844979,null,{"$f":"SUMPRODUCT('2c. Inputs - Liabilities'!H19:H20,'2a.i Inputs - US Factors'!C21:C22)","v":657812.25496006303},{"$f":"F12*'2a.i Inputs - US Factors'!$B$39","v":138140.57354161324},519671.68141844979,null,{"$f":"SUMPRODUCT('2c. Inputs - Liabilities'!H30:H31,'2a.i Inputs - US Factors'!C21:C22)","v":438684.90198402514},{"$f":"J12*'2a.i Inputs - US Factors'!$B$39","v":92123.829416645283},346561.07256737986]
["Net (C-3b) - Health Credit Risk",0,{"$f":"B13*'2a.i Inputs - US Factors'!$B$39","v":0},0,null,0,{"$f":"F13*'2a.i Inputs - US Factors'!$B$39","v":0},0,null,0,{"$f":"J13*'2a.i Inputs - US Factors'!$B$39","v":0},0]
["Net (C-3c) - Market Risk",{"$f":"'2a.i Inputs - US Factors'!B19","v":0},{"$f":"B14*'2a.i Inputs - US Factors'!$B$39","v":0},0,null,{"$f":"'2a.i Inputs - US Factors'!F19","v":0},{"$f":"F14*'2a.i Inputs - US Factors'!$B$39","v":0},0,null,{"$f":"'2a.i Inputs - US Factors'!J19","v":0},{"$f":"J14*'2a.i Inputs - US Factors'!$B$39","v":0},0]
["Net (C-4a) - Premium",{"$f":"(SUMIF('2c. Inputs - Liabilities'!$B$19:$B$21,\"Life\",'2c. Inputs - Liabilities'!$J$19:$J$21)+SUMIF('2c. Inputs - Liabilities'!$B$19:$B$21,\"Annuity\",'2c. Inputs - Liabilities'!$J$19:$J$21)) * '2a.i Inputs - US Factors'!$B$35 + SUMIF('2c. Inputs - Liabilities'!$B$19:$B$21,\"Health\",'2c. Inputs - Liabilities'!$J$19:$J$21) * '2a.i Inputs - US Factors'!B36","v":49574.022459700551},{"$f":"B15*'2a.i Inputs - US Factors'!$B$39","v":10410.544716537115},39163.477743163436,null,{"$f":"(SUMIF('2c. Inputs - Liabilities'!$B$19:$B$21,\"Life\",'2c. Inputs - Liabilities'!$J$19:$J$21)+SUMIF('2c. Inputs - Liabilities'!$B$19:$B$21,\"Annuity\",'2c. Inputs - Liabilities'!$J$19:$J$21)) * '2a.i Inputs - US Factors'!$B$35 + SUMIF('2c. Inputs - Liabilities'!$B$19:$B$21,\"Health\",'2c. Inputs - Liabilities'!$J$19:$J$21) * '2a.i Inputs - US Factors'!F36","v":49574.022459700551},{"$f":"F15*'2a.i Inputs - US Factors'!$B$39","v":10410.544716537115},39163.477743163436,null,{"$f":"(SUMIF('2c. Inputs - Liabilities'!$B$30:$B$32,\"Life\",'2c. Inputs - Liabilities'!$J$30:$J$32)+SUMIF('2c. Inputs - Liabilities'!$B$30:$B$32,\"Annuity\",'2c. Inputs - Liabilities'!$J$30:$J$32)) * '2a.i Inputs - US Factors'!$B$35 + SUMIF('2c. Inputs - Liabilities'!$B$30:$B$32,\"Health\",'2c. Inputs - Liabilities'!$J$30:$J$32) * '2a.i Inputs - US Factors'!B36","v":55568.974274235559},{"$f":"J15*'2a.i Inputs - US Factors'!$B$39","v":11669.484597589468},43899.489676646088]
["Net (C-4a) - Liability",{"$f":"'2c. Inputs - Liabilities'!$I$21*'2a.i Inputs - US Factors'!$B$37","v":0},{"$f":"B16*'2a.i Inputs - US Factors'!$B$39","v":0},0,null,{"$f":"'2c. Inputs - Liabilities'!$I$21*'2a.i Inputs - US Factors'!$B$37","v":0},{"$f":"F16*'2a.i Inputs - US Factors'!$B$39","v":0},0,null,{"$f":"'2c. Inputs - Liabilities'!$I$21*'2a.i Inputs - US Factors'!$B$37","v":0},{"$f":"J16*'2a.i Inputs - US Factors'!$B$39","v":0},0]
["Net (C-4a) - Business Risk",{"$f":"SUM(B15:B16)","v":49574.022459700551},{"$f":"SUM(C15:C16)","v":10410.544716537115},{"$f":"SUM(D15:D16)","v":39163.477743163436},null,{"$f":"SUM(F15:F16)","v":49574.022459700551},{"$f":"SUM(G15:G16)","v":10410.544716537115},{"$f":"SUM(H15:H16)","v":39163.477743163436},null,{"$f":"SUM(J15:J16)","v":55568.974274235559},{"$f":"SUM(K15:K16)","v":11669.484597589468},{"$f":"SUM(L15:L16)","v":43899.489676646088}]
["Net (C-4b) - Health Administrative Expense Business Risk",0,{"$f":"B18*'2a.i Inputs - US Factors'!$B$39","v":0},{"$f":"B18-C18","v":0},null,0,{"$f":"F18*'2a.i Inputs - US Factors'!$B$39","v":0},{"$f":"F18-G18","v":0},null,0,{"$f":"J18*'2a.i Inputs - US Factors'!$B$39","v":0},{"$f":"J18-K18","v":0}]
[]
["Total Risk-Based Capital After Covariance",{"$f":"ROUND(B8+B17+(((B10+B12)^2+(B9+B14)^2+B11^2+B13^2+B18^2)^0.5),0)","v":1179783},null,{"$f":"ROUND(D8+D17+(((D10+D12)^2+(D9+D14)^2+D11^2+D13^2+D18^2)^0.5),0)","v":932028},null,{"$f":"ROUND(F8+F17+(((F10+F12)^2+(F9+F14)^2+F11^2+F13^2+F18^2)^0.5),0)","v":2785566},null,{"$f":"ROUND(H8+H17+(((H10+H12)^2+(H9+H14)^2+H11^2+H13^2+H18^2)^0.5),0)","v":2200597},null,{"$f":"ROUND(J8+J17+(((J10+J12)^2+(J9+J14)^2+J11^2+J13^2+J18^2)^0.5),0)","v":927716},null,{"$f":"ROUND(L8+L17+(((L10+L12)^2+(L9+L14)^2+L11^2+L13^2+L18^2)^0.5),0)","v":732895}]
[]
["Authorized Control Level Risk-Based Capital",{"$f":"ROUND(B20*'2a.i Inputs - US Factors'!$B$40,0)","v":589892},null,{"$f":"ROUND(D20*'2a.i Inputs - US Factors'!$B$40,0)","v":466014},null,{"$f":"ROUND(F20*'2a.i Inputs - US Factors'!$B$40,0)","v":1392783},null,{"$f":"ROUND(H20*'2a.i Inputs - US Factors'!$B$40,0)","v":1100299},null,{"$f":"ROUND(J20*'2a.i Inputs - US Factors'!$B$40,0)","v":463858},null,{"$f":"ROUND(L20*'2a.i Inputs - US Factors'!$B$40,0)","v":366448},"This is the minimum amount of capital that a U.S. insurer is required to hold."]
[]
["Total Adjusted Capital"]
["Capital and Surplus",{"$f":"B56","v":3876983.7018173635},null,null,{"$f":"E56","v":0},3876983.7018173635,null,null,null,{"$f":"J56","v":3876983.7018173635}]
["Asset Valuation Reserve",{"$f":"'2c. Inputs - Liabilities'!B23","v":50000},null,null,null,{"$f":"'2c. Inputs - Liabilities'!B23","v":50000},null,null,null,{"$f":"'2c. Inputs - Liabilities'!B23","v":50000}]
["Dividends Apportioned for Payment - Adjusted",{"$f":"'2c. Inputs - Liabilities'!B24/2","v":15000},null,null,null,{"$f":"'2c. Inputs - Liabilities'!B24/2","v":15000},null,null,null,{"$f":"'2c. Inputs - Liabilities'!B24/2","v":15000}]
["Dividends Not Yet Apportioned",{"$f":"'2c. Inputs - Liabilities'!B25","v":0},null,null,null,{"$f":"'2c. Inputs - Liabilities'!B25","v":0},null,null,null,{"$f":"'2c. Inputs - Liabilities'!M25","v":0}]
["Hedging Fair Value Adjustment",{"$f":"'2c. Inputs - Liabilities'!B26","v":0},null,null,null,{"$f":"'2c. Inputs - Liabilities'!B26","v":0},null,null,null,{"$f":"'2c. Inputs - Liabilities'!M26","v":0}]
[]
["Total Adjusted Capital Before Capital Notes",{"$f":"SUM(B25:B29)","v":3941983.7018173635},null,null,null,{"$f":"SUM(F25:F29)","v":3941983.7018173635},null,null,null,{"$f":"SUM(J25:J29)","v":3941983.7018173635},null,null,"This is the amount of capital that the U.S. insurer for this example is actually holding."]
[]
["RBC Ratio",{"$f":"IFERROR(B31/D20,0)","v":4.2294691809874418},null,null,null,{"$f":"IFERROR(F31/H20,0)","v":1.7913246731761261},null,null,null,{"$f":"IFERROR(J31/L20,0)","v":5.3786472848325664}]
[]
["Balance Sheet"]
[]
["Assets"]
[{"$f":"'2b. Inputs - Assets'!A16","v":"Fixed Income 1"},{"$f":"'2b. Inputs - Assets'!B16","v":7000000},null,null,null,{"$f":"'2b. Inputs - Assets'!H16","v":1820000},null,null,null,{"$f":"B38","v":7000000}]
[{"$f":"'2b. Inputs - Assets'!A17","v":"Fixed Income 2"},{"$f":"'2b. Inputs - Assets'!B17","v":7000000},null,null,null,{"$f":"'2b. Inputs - Assets'!H17","v":1820000},null,null,null,{"$f":"B39","v":7000000}]
[{"$f":"'2b. Inputs - Assets'!A18","v":"Mortgages"},{"$f":"'2b. Inputs - Assets'!B18","v":2500000},null,null,null,{"$f":"'2b. Inputs - Assets'!H18","v":3640000},null,null,null,2500000]
[{"$f":"'2b. Inputs - Assets'!A19","v":"Real Estate"},{"$f":"'2b. Inputs - Assets'!B19","v":1000000},null,null,null,{"$f":"'2b. Inputs - Assets'!H19","v":3640000},null,null,null,1000000]
[{"$f":"'2b. Inputs - Assets'!A20","v":"Equity (Stocks in OECD or EEA countries)"},{"$f":"'2b. Inputs - Assets'!B20","v":500000},null,null,null,{"$f":"'2b. Inputs - Assets'!H20","v":3640000},null,null,null,500000]
[{"$f":"'2b. Inputs - Assets'!A21","v":"Equity (Stocks in emerging markets)"},{"$f":"'2b. Inputs - Assets'!B21","v":200000},null,null,null,{"$f":"'2b. Inputs - Assets'!H21","v":3640000},null,null,null,200000]
["Total Assets",{"$f":"SUM(B38:B43)","v":18200000},null,null,null,{"$f":"SUM(F38:F43)","v":18200000},null,null,null,{"$f":"SUM(J38:J43)","v":18200000}]
[]
["Liabilities"]
["Reserves",{"$f":"'2c. Inputs - Liabilities'!H21","v":14243016.298182636},null,null,null,{"$f":"'2c. Inputs - Liabilities'!H21","v":14243016.298182636},null,null,null,{"$f":"'2c. Inputs - Liabilities'!H32","v":14243016.298182636}]
["Separate Account Liabilities",{"$f":"'2c. Inputs - Liabilities'!I20","v":0},null,null,{"$f":"'2c. Inputs - Liabilities'!L20","v":7500000},{"$f":"'2c. Inputs - Liabilities'!I20","v":0},null,null,null,{"$f":"'2c. Inputs - Liabilities'!Q20","v":0}]
["Asset Valuation Reserve",{"$f":"'2c. Inputs - Liabilities'!B23","v":50000},null,null,null,{"$f":"'2c. Inputs - Liabilities'!B23","v":50000},null,null,null,{"$f":"'2c. Inputs - Liabilities'!B23","v":50000}]
["Dividend Liability",{"$f":"'2c. Inputs - Liabilities'!B24","v":30000},null,null,null,{"$f":"'2c. Inputs - Liabilities'!B24","v":30000},null,null,null,{"$f":"'2c. Inputs - Liabilities'!B24","v":30000}]
["Total Liabilities",{"$f":"SUM(B47:B50)","v":14323016.298182636},null,null,null,{"$f":"SUM(F47:F50)","v":14323016.298182636},null,null,null,{"$f":"SUM(J47:J50)","v":14323016.298182636}]
[]
["Surplus"]
["Required",{"$f":"D22","v":466014},null,null,null,{"$f":"H22","v":1100299},null,null,null,{"$f":"L22","v":366448}]
["Free",{"$f":"B56-B54","v":3410969.7018173635},null,null,null,{"$f":"F56-F54","v":2776684.7018173635},null,null,null,{"$f":"J56-J54","v":3510535.7018173635}]
["Total Surplus",{"$f":"B44-B51","v":3876983.7018173635},null,null,null,{"$f":"F44-F51","v":3876983.7018173635},null,null,null,{"$f":"J44-J51","v":3876983.7018173635}]

{"sheet":"3b. Canada","index":11,"n_rows":110,"n_cols":32,"rows_kept":110,"cut":false,"hidden":false,"merged":[[5,31,6,31],[5,9,6,9],[5,8,6,8],[5,20,6,20],[5,21,6,21],[5,30,6,30]]}
["SOA Research Institute"]
["Regulatory Capital Adequacy for Life Insurance Companies Example"]
["Canadian LICAT Calculation"]
[]
["Base Scenario",null,null,null,null,null,null,null,null,null,null,null,null,"Riskier Assets Scenario",null,null,null,null,null,null,null,null,null,"Change Liability Mix Scenario"]
["Aggregate Capital Requirement",null,null,null,null,null,null,null,"Level and Trend Component","Total - 0.5 Level and Trend Component",null,null,null,null,null,null,null,null,null,null,"Level and Trend Component","Total - 0.5 Level and Trend Component",null,null,null,null,null,null,null,null,"Level and Trend Component","Total - 0.5 Level and Trend Component"]
["Geographic Region","Canada","U.S.","United Kingdom","Europe other than the United Kingdom","Japan","Other","Total",null,null,null,"Assume business is only in Canada",null,"Canada","U.S.","United Kingdom","Europe other than the United Kingdom","Japan","Other","Total",null,null,null,"Canada","U.S.","United Kingdom","Europe other than the United Kingdom","Japan","Other","Total"]
["Credit Risk",{"$f":"'2b. Inputs - Assets'!$B$16*'2a.ii Inputs - Canada Factors'!$F$26+('2b. Inputs - Assets'!$B$17+'2b. Inputs - Assets'!$B$18)*'2a.ii Inputs - Canada Factors'!$G$26","v":253750.00000000003},0,0,0,0,0,{"$f":"SUM(B8:G8)","v":253750.00000000003},null,null,null,"Assume there is no Deferred Tax Assets and off-balance sheet activities. Assumed the mortgages are AA 10-year.",null,{"$f":"'2b. Inputs - Assets'!$H$16*'2a.ii Inputs - Canada Factors'!$F$26+('2b. Inputs - Assets'!$H$17+'2b. Inputs - Assets'!$H$18)*'2a.ii Inputs - Canada Factors'!$G$26","v":118300.00000000001},0,0,0,0,0,{"$f":"SUM(N8:S8)","v":118300.00000000001},null,null,null,{"$f":"'2b. Inputs - Assets'!$B$16*'2a.ii Inputs - Canada Factors'!$F$26+('2b. Inputs - Assets'!$B$17+'2b. Inputs - Assets'!$B$18)*'2a.ii Inputs - Canada Factors'!$G$26","v":253750.00000000003},0,0,0,0,0,{"$f":"SUM(X8:AC8)","v":253750.00000000003}]
["Market Risk",{"$f":"SUM(B10:B17)","v":1675360.4126186322},{"$f":"SUM(C10:C17)","v":0},0,0,0,0,{"$f":"SUM(B9:G9)","v":1675360.4126186322},null,null,null,"No preferred shares or convertible bonds",null,{"$f":"SUM(N10:N17)","v":5022953.7297379067},{"$f":"SUM(O10:O17)","v":0},0,0,0,0,{"$f":"SUM(N9:S9)","v":5022953.7297379067},null,null,null,{"$f":"SUM(X10:X17)","v":819399.01119795092},{"$f":"SUM(Y10:Y17)","v":0},0,0,0,0,{"$f":"SUM(X9:AC9)","v":819399.01119795092}]
["Interest Rate Risk",{"$f":"'3c. Europe'!B9","v":1410360.4126186322},0,0,0,0,0,1410360.4126186322,null,null,null,"Assume the same as European Interest Rate Risk",null,{"$f":"'3c. Europe'!D9","v":2110953.7297379067},0,0,0,0,0,2110953.7297379067,null,null,null,{"$f":"'3c. Europe'!F9","v":554399.01119795092},0,0,0,0,0,554399.01119795092]
["Equity Risk",{"$f":"'2b. Inputs - Assets'!$C$20*'2a.ii Inputs - Canada Factors'!$B$35+'2b. Inputs - Assets'!$C$21*'2a.ii Inputs - Canada Factors'!$B$37","v":265000},0,0,0,0,0,265000,null,null,null,null,null,{"$f":"'2b. Inputs - Assets'!$I$20*'2a.ii Inputs - Canada Factors'!$B$35+'2b. Inputs - Assets'!$I$21*'2a.ii Inputs - Canada Factors'!$B$37","v":2912000},0,0,0,0,0,2912000,null,null,null,{"$f":"'2b. Inputs - Assets'!$C$20*'2a.ii Inputs - Canada Factors'!$B$35+'2b. Inputs - Assets'!$C$21*'2a.ii Inputs - Canada Factors'!$B$37","v":265000},0,0,0,0,0,265000]
["Real Estate Risk",{"$f":"'2a.ii Inputs - Canada Factors'!$B$42*'2b. Inputs - Assets'!$B$19","v":0},0,0,0,0,0,0,null,null,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$B$42*'2b. Inputs - Assets'!$H$19","v":0},0,0,0,0,0,0,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$B$42*'2b. Inputs - Assets'!$B$19","v":0},0,0,0,0,0,0]
["Mutual Funds",0,0,0,0,0,0,0,null,null,null,"Assume no Mutual Funds",null,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0]
["Index-linked Products Risk",0,0,0,0,0,0,0,null,null,null,"Assume no Index-linked Products risk",null,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0]
["Currency Risk",0,0,0,0,0,0,0,null,null,null,"Assume no Currency risk",null,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0]
["Unregistered reinsurance",0,0,0,0,0,0,0,null,null,null,"Assume no Unregistered reinsurance",null,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0]
["Foreign exchange de minimus criteria ",0,0,0,0,0,0,0,null,null,null,"Assume no Foreign exchange de minimus criteria ",null,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0]
["Insurance Risk",{"$f":"SUM(B19:B25)","v":2545000},{"$f":"SUM(C19:C25)","v":0},{"$f":"SUM(D19:D25)","v":0},{"$f":"SUM(E19:E25)","v":0},{"$f":"SUM(F19:F25)","v":0},{"$f":"SUM(G19:G25)","v":0},{"$f":"SUM(H19:H25)","v":2545000},{"$f":"SUM(I19:I23)","v":1779000},{"$f":"MAX((J19^2+J20^2+J21^2+J22^2+J23^2+2*('2a.ii Inputs - Canada Factors'!$B$63*J19*J20+$B$67*J19*J21+'2a.ii Inputs - Canada Factors'!$B$67*J19*J22+'2a.ii Inputs - Canada Factors'!$B$68*J19*J23+$C$67*J20*J21+'2a.ii Inputs - Canada Factors'!$C$67*J20*J22+'2a.ii Inputs - Canada Factors'!$C$68*J20*J23+'2a.ii Inputs - Canada Factors'!$E$67*J21*J22+'2a.ii Inputs - Canada Factors'!$E$68*J21*J23+'2a.ii Inputs - Canada Factors'!$G$68*J22*J23))^(1/2),J19)","v":1626963.8901954771},null,null,null,{"$f":"SUM(N19:N25)","v":2545000},{"$f":"SUM(O19:O25)","v":0},{"$f":"SUM(P19:P25)","v":0},{"$f":"SUM(Q19:Q25)","v":0},{"$f":"SUM(R19:R25)","v":0},{"$f":"SUM(S19:S25)","v":0},{"$f":"SUM(T19:T25)","v":2545000},{"$f":"SUM(U19:U23)","v":1779000},{"$f":"MAX((V19^2+V20^2+V21^2+V22^2+V23^2+2*('2a.ii Inputs - Canada Factors'!$B$63*V19*V20+$B$67*V19*V21+'2a.ii Inputs - Canada Factors'!$B$67*V19*V22+'2a.ii Inputs - Canada Factors'!$B$68*V19*V23+$C$67*V20*V21+'2a.ii Inputs - Canada Factors'!$C$67*V20*V22+'2a.ii Inputs - Canada Factors'!$C$68*V20*V23+'2a.ii Inputs - Canada Factors'!$E$67*V21*V22+'2a.ii Inputs - Canada Factors'!$E$68*V21*V23+'2a.ii Inputs - Canada Factors'!$G$68*V22*V23))^(1/2),V19)","v":1626963.8901954771},null,{"$f":"SUM(X19:X25)","v":1092500},{"$f":"SUM(Y19:Y25)","v":0},0,0,0,0,1092500,{"$f":"SUM(AE19:AE23)","v":778000},{"$f":"MAX((AF19^2+AF20^2+AF21^2+AF22^2+AF23^2+2*('2a.ii Inputs - Canada Factors'!$B$63*AF19*AF20+$B$67*AF19*AF21+'2a.ii Inputs - Canada Factors'!$B$67*AF19*AF22+'2a.ii Inputs - Canada Factors'!$B$68*AF19*AF23+$C$67*AF20*AF21+'2a.ii Inputs - Canada Factors'!$C$67*AF20*AF22+'2a.ii Inputs - Canada Factors'!$C$68*AF20*AF23+'2a.ii Inputs - Canada Factors'!$E$67*AF21*AF22+'2a.ii Inputs - Canada Factors'!$E$68*AF21*AF23+'2a.ii Inputs - Canada Factors'!$G$68*AF22*AF23))^(1/2),AF19)","v":650000}]
["Mortality Risk",{"$f":"'2a.ii Inputs - Canada Factors'!$B$11","v":2500000},0,0,0,0,0,2500000,{"$f":"H19*'2a.ii Inputs - Canada Factors'!$B$72","v":1750000},{"$f":"H19-0.5*I19","v":1625000},null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$C$11","v":2500000},0,0,0,0,0,2500000,{"$f":"T19*'2a.ii Inputs - Canada Factors'!$B$72","v":1750000},{"$f":"T19-0.5*U19","v":1625000},null,{"$f":"'2a.ii Inputs - Canada Factors'!$D$11","v":1000000},0,0,0,0,0,1000000,{"$f":"AD19*'2a.ii Inputs - Canada Factors'!$B$72","v":700000},{"$f":"AD19-0.5*AE19","v":650000}]
["Longevity Risk",{"$f":"'2a.ii Inputs - Canada Factors'!$B$12","v":25000},0,0,0,0,0,25000,{"$f":"H20*'2a.ii Inputs - Canada Factors'!$B$73","v":25000},{"$f":"H20-0.5*I20","v":12500},null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$C$12","v":25000},0,0,0,0,0,25000,{"$f":"T20*'2a.ii Inputs - Canada Factors'!$B$73","v":25000},{"$f":"T20-0.5*U20","v":12500},null,{"$f":"'2a.ii Inputs - Canada Factors'!$D$12","v":75000},0,0,0,0,0,75000,{"$f":"AD20*'2a.ii Inputs - Canada Factors'!$B$73","v":75000},{"$f":"AD20-0.5*AE20","v":37500}]
["Morbidity Risk",0,0,0,0,0,0,0,{"$f":"H21*'2a.ii Inputs - Canada Factors'!$B$74","v":0},0,null,null,null,0,0,0,0,0,0,0,{"$f":"T21*'2a.ii Inputs - Canada Factors'!$B$74","v":0},0,null,0,0,0,0,0,0,0,{"$f":"AD21*'2a.ii Inputs - Canada Factors'!$B$74","v":0},0]
["Lapse and Policyholder Behaviour Risk",{"$f":"'2a.ii Inputs - Canada Factors'!$B$13","v":10000},0,0,0,0,0,10000,{"$f":"H22*'2a.ii Inputs - Canada Factors'!$B$75","v":4000},8000,null,"Assume Lapse risk on Life Product as it is Term. Annuity product is Payout Annuity and will not have any lapse risk",null,{"$f":"'2a.ii Inputs - Canada Factors'!$C$13","v":10000},0,0,0,0,0,10000,{"$f":"T22*'2a.ii Inputs - Canada Factors'!$B$75","v":4000},8000,null,{"$f":"'2a.ii Inputs - Canada Factors'!$D$13","v":7500},0,0,0,0,0,7500,{"$f":"AD22*'2a.ii Inputs - Canada Factors'!$B$75","v":3000},6000]
["Expense Risk",{"$f":"'2a.ii Inputs - Canada Factors'!$B$14","v":10000},0,0,0,0,0,10000,{"$f":"H23*'2a.ii Inputs - Canada Factors'!$B$76","v":0},10000,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$C$14","v":10000},0,0,0,0,0,10000,{"$f":"T23*'2a.ii Inputs - Canada Factors'!$B$76","v":0},10000,null,{"$f":"'2a.ii Inputs - Canada Factors'!$D$14","v":10000},0,0,0,0,0,10000,{"$f":"AD23*'2a.ii Inputs - Canada Factors'!$B$76","v":0},10000]
["P&C Risk",{"$f":"'2a.ii Inputs - Canada Factors'!$B$15","v":0},0,0,0,0,0,{"$f":"SUM(B24:G24)","v":0},null,null,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$C$15","v":0},0,0,0,0,0,0,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$D$15","v":0},0,0,0,0,0,0]
["Credit for Reinsurance and Special Policyholder Arrangements",{"$f":"'2a.ii Inputs - Canada Factors'!$B$16","v":0},0,0,0,0,0,0,null,null,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$C$16","v":0},0,0,0,0,0,0,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$D$16","v":0},0,0,0,0,0,0]
["Segregated Funds Guarantee Risk",0,0,0,0,0,0,0,null,null,null,"Assume no guaranteed minimum death and maturity benefits offered for segregated fund guaranteed products",null,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0]
["Operational Risk",{"$f":"SUM(B28:B30)","v":257261.34872557138},{"$f":"SUM(C28:C30)","v":0},0,0,0,0,257261.34872557138,null,null,null,null,null,{"$f":"SUM(N28:N30)","v":441959.58945992967},{"$f":"SUM(O28:O30)","v":0},0,0,0,0,441959.58945992967,null,null,null,{"$f":"SUM(X28:X30)","v":124524.81814388216},{"$f":"SUM(Y28:Y30)","v":0},0,0,0,0,124524.81814388216]
["Business Volume Required Capital",{"$f":"'2c. Inputs - Liabilities'!$J$19*'2a.ii Inputs - Canada Factors'!$B$48+'2a.ii Inputs - Canada Factors'!$B$54*'2c. Inputs - Liabilities'!$H$20","v":0},0,0,0,0,0,0,null,null,null,null,null,{"$f":"'2c. Inputs - Liabilities'!$J$19*'2a.ii Inputs - Canada Factors'!$B$48+'2a.ii Inputs - Canada Factors'!$B$54*'2c. Inputs - Liabilities'!$H$20","v":0},0,0,0,0,0,0,null,null,null,{"$f":"'2c. Inputs - Liabilities'!$J$30*'2a.ii Inputs - Canada Factors'!$B$48+'2a.ii Inputs - Canada Factors'!$B$54*'2c. Inputs - Liabilities'!$H$31","v":0},0,0,0,0,0,0]
["Large Increase in business volume required capital",0,0,0,0,0,0,0,null,null,null,"Assume no segregated fund guarantees and no reinsurance",null,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0]
["General required capital",{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(B8,B9,B18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":257261.34872557138},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(C8,C9,C18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(D8,D9,D18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(E8,E9,E18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(F8,F9,F18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(G8,G9,G18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},257261.34872557138,null,null,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(N8,N9,N18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":441959.58945992967},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(O8,O9,O18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(P8,P9,P18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(Q8,Q9,Q18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(R8,R9,R18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(S8,S9,S18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},441959.58945992967,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(X8,X9,X18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":124524.81814388216},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(Y8,Y9,Y18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(Z8,Z9,Z18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(AA8,AA9,AA18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(AB8,AB9,AB18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},{"$f":"'2a.ii Inputs - Canada Factors'!$B$55*SUM(AC8,AC9,AC18)+'2a.ii Inputs - Canada Factors'!$B$56*0+'2a.ii Inputs - Canada Factors'!$B$57*0","v":0},124524.81814388216]
["Sub-Total",{"$f":"B8+B9+B18+B26+B27","v":4731371.7613442037},{"$f":"C8+C9+C18+C26+C27","v":0},0,0,0,0,{"$f":"H8+H9+H18+H26+H27","v":4731371.7613442037},null,null,null,null,null,{"$f":"N8+N9+N18+N26+N27","v":8128213.3191978363},{"$f":"O8+O9+O18+O26+O27","v":0},0,0,0,0,8128213.3191978363,null,null,null,{"$f":"X8+X9+X18+X26+X27","v":2290173.829341833},{"$f":"Y8+Y9+Y18+Y26+Y27","v":0},0,0,0,0,2290173.829341833]
["Market and Credit Risk",{"$f":"B8+B9","v":1929110.4126186322},0,0,0,0,0,{"$f":"H8+H9","v":1929110.4126186322},null,null,null,null,null,{"$f":"N8+N9","v":5141253.7297379067},{"$f":"O8+O9","v":0},0,0,0,0,{"$f":"T8+T9","v":5141253.7297379067},null,null,null,{"$f":"X8+X9","v":1073149.0111979509},0,0,0,0,0,{"$f":"AD8+AD9","v":1073149.0111979509}]
["Diversified Risk Requirement",{"$f":"(H32^2+H32*J18+J18^2)^(1/2)","v":3083353.9312904449},0,0,0,0,0,{"$f":"SUM(B33:G33)","v":3083353.9312904449},null,null,null,null,null,{"$f":"(T32^2+T32*V18+V18^2)^(1/2)","v":6119161.3463088488},0,0,0,0,0,{"$f":"SUM(N33:S33)","v":6119161.3463088488},null,null,null,{"$f":"(AD32^2+AD32*AF18+AF18^2)^(1/2)","v":1507214.5359947297},0,0,0,0,0,{"$f":"SUM(X33:AC33)","v":1507214.5359947297}]
["Undiversified Risk Requirement",{"$f":"B32+B18","v":4474110.4126186324},null,null,null,null,null,{"$f":"SUM(B34:G34)","v":4474110.4126186324},null,null,null,null,null,{"$f":"N32+N18","v":7686253.7297379067},null,null,null,null,null,{"$f":"SUM(N34:S34)","v":7686253.7297379067},null,null,null,{"$f":"X32+X18","v":2165649.0111979507},null,null,null,null,null,{"$f":"SUM(X34:AC34)","v":2165649.0111979507}]
["Final Adjusted Requirement",{"$f":"'2a.ii Inputs - Canada Factors'!$B$79*B34+'2a.ii Inputs - Canada Factors'!$B$80*I18+MAX('2a.ii Inputs - Canada Factors'!$B$81*B34-'2a.ii Inputs - Canada Factors'!$B$82*I18-'2a.ii Inputs - Canada Factors'!$B$83*B33+(2*B33^2/(2*B34-I18)),0)","v":4059656.0281255459},null,null,null,null,null,4059656.0281255459,null,null,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$B$79*N34+'2a.ii Inputs - Canada Factors'!$B$80*U18+MAX('2a.ii Inputs - Canada Factors'!$B$81*N34-'2a.ii Inputs - Canada Factors'!$B$82*U18-'2a.ii Inputs - Canada Factors'!$B$83*N33+(2*N33^2/(2*N34-U18)),0)","v":7098799.3368485104},null,null,null,null,null,7098799.3368485104,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$B$79*X34+'2a.ii Inputs - Canada Factors'!$B$80*AE18+MAX('2a.ii Inputs - Canada Factors'!$B$81*X34-'2a.ii Inputs - Canada Factors'!$B$82*AE18-'2a.ii Inputs - Canada Factors'!$B$83*X33+(2*X33^2/(2*X34-AE18)),0)","v":1946056.2805758619},null,null,null,null,null,1946056.2805758619]
[]
["Credits"]
["Qualifying in-force participating and adjustable products",null,0,0,0,0,0,0,null,null,null,null,null,null,0,0,0,0,0,{"$f":"SUM(N38:S38)","v":0},null,null,null,null,0,0,0,0,0,{"$f":"SUM(X38:AC38)","v":0}]
["Risk Diversification",0,0,0,0,0,0,0,null,null,null,null,null,null,0,0,0,0,0,0,null,null,null,null,0,0,0,0,0,0]
["Credit Sub-Total",{"$f":"SUM(B38:B39)","v":0},{"$f":"SUM(C38:C39)","v":0},0,0,0,0,0,null,null,null,null,null,{"$f":"SUM(N38:N39)","v":0},{"$f":"SUM(O38:O39)","v":0},0,0,0,0,0,null,null,null,{"$f":"SUM(X38:X39)","v":0},{"$f":"SUM(Y38:Y39)","v":0},0,0,0,0,0]
["Geographic Region Base Solvency Buffer",{"$f":"B35-B40+B26+B27","v":4316917.3768511172},{"$f":"C35-C40+C26+C27","v":0},0,0,0,0,4316917.3768511172,null,null,null,null,null,{"$f":"N35-N40+N26+N27","v":7540758.92630844},0,0,0,0,0,{"$f":"SUM(N41:S41)","v":7540758.92630844},null,null,null,{"$f":"X35-X40+X26+X27","v":2070581.098719744},0,0,0,0,0,{"$f":"SUM(X41:AC41)","v":2070581.098719744}]
[]
["Base Solvency Buffer after Scalar",{"$f":"H41*'2a.ii Inputs - Canada Factors'!$B$7","v":4316917.3768511172},null,null,null,null,null,null,null,null,null,null,null,{"$f":"T41*'2a.ii Inputs - Canada Factors'!$B$7","v":7540758.92630844},null,null,null,null,null,null,null,null,null,{"$f":"AD41*'2a.ii Inputs - Canada Factors'!$B$7","v":2070581.098719744}]
[]
["Tier 1"]
["Common shares issued by the insurer, other than those issued by consolidated subsidiaries and held by third party investors",0,"Assume no common shares",null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Tier 1 Capital Instruments other than Common Shares issued by the insurer, other than those issued by consolidated subsidiaries and held by third party investors",0,"Assume to be zero",null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Instruments issued by consolidated subsidiaries of the insurer and held by third party investors",0,"Assume no subsidiaries",null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Contributed Surplus",{"$f":"B109","v":-439933.67503375374},null,null,null,null,null,null,null,null,null,null,null,{"$f":"N109","v":-3663775.2244910765},null,null,null,null,null,null,null,null,null,{"$f":"X109","v":1806402.6030976195}]
["Adjusted Retained Earnings",{"$f":"'2a.ii Inputs - Canada Factors'!$B$17","v":120000},"Assumption",null,null,null,null,null,null,null,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$C$17","v":180000},null,null,null,null,null,null,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$D$17","v":90000}]
["Adjusted Accumulated Other Comprehensive Income (AOCI)",0,"Assume no AOCI",null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Participating Account",0,"Assume this is zero since the products sold by the Company are Term or Annuity and are not participating. ",null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Non-participating account (mutual companies)",0,"Assume this is a public company",null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Tier 1 elements, other than capital instruments, attributable to non-controlling interests",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Tax adjustments and amounts recoverable on surrender related to policy-by-policy negative reserves ceded under unregistered reinsurance .",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Gross Tier 1 Capital",{"$f":"SUM(B46:B55)","v":-319933.67503375374},null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(N46:N55)","v":-3483775.2244910765},null,null,null,null,null,null,null,null,null,{"$f":"SUM(X46:X55)","v":1896402.6030976195}]
[]
["Deductions from Gross Tier 1 Capital",null,"Assume no Tier 1 Deductions"]
["Goodwill and Other Intangible Assets",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Investments in own Tier 1 Capital",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Reciprocal Cross Holdings of Tier 1 Capital of banking, insurance",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Net Defined Benefit Pension Plan Assets",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Deferred Tax Assets",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Encumbered Assets",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Investments in Tier 1 Capital of controlled non-life financial corporations",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Cash surrender value deficiencies calculated by aggregated sets",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Negative reserves and deferred acquisition costs calculated policy-by-policy",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Commission chargebacks",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Marginal insurance risk requirements",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Other Items deducted from Gross Tier 1",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Total",{"$f":"SUM(B59:B70)","v":0},null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(N59:N70)","v":0},null,null,null,null,null,null,null,null,null,{"$f":"SUM(X59:X70)","v":0}]
[]
["Net Tier 1 Capital",{"$f":"B56-B71","v":-319933.67503375374},null,null,null,null,null,null,null,null,null,null,null,{"$f":"N56-N71","v":-3483775.2244910765},null,null,null,null,null,null,null,null,null,{"$f":"X56-X71","v":1896402.6030976195}]
[]
["Tier 2",null,"Assume no Tier 2 Capital"]
["Tier 2 Capital instruments issued by the insurer, other than those issued by consolidated subsidiaries and held by third party investors",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Tier 2 Capital instruments issued by consolidated subsidiaries and held by third party investors",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Tier 2 Capital elements other than capital instruments",0,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
["Total Tier 2",{"$f":"SUM(B76:B78)","v":0},null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(N76:N78)","v":0},null,null,null,null,null,null,null,null,null,{"$f":"SUM(X76:X78)","v":0}]
[]
["Available Capital",{"$f":"MAX(B73+B79,'2a.ii Inputs - Canada Factors'!$B$8)","v":5000000},"Maximum of Tier 1 + Tier 2 capital or $5M",null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(N73+N79,'2a.ii Inputs - Canada Factors'!$B$8)","v":5000000},null,null,null,null,null,null,null,null,null,{"$f":"MAX(X73+X79,'2a.ii Inputs - Canada Factors'!$B$8)","v":5000000}]
["Risk Adjustments and Surplus Allowance",{"$f":"'2a.ii Inputs - Canada Factors'!$B$18","v":1000000},null,null,null,null,null,null,null,null,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$C$18","v":1200000},null,null,null,null,null,null,null,null,null,{"$f":"'2a.ii Inputs - Canada Factors'!$D$18","v":1200000}]
["Eligible Deposits",0,"Assume to be zero",null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,0]
[]
["Total Ratio",{"$f":"IFERROR((B81+B82+B83)/B43,0)","v":1.3898806662768632},"Total Ratio focuses on policyholder and creditor protection. Required to maintain a Total Ratio of 90% at minimum",null,null,null,null,null,null,null,null,null,null,{"$f":"IFERROR((N81+N82+N83)/N43,0)","v":0.82219841007902306},null,null,null,null,null,null,null,null,null,{"$f":"IFERROR((X81+X82+X83)/X43,0)","v":2.994328502193663}]
[]
["Core Ratio",{"$f":"IFERROR((B81+'2a.ii Inputs - Canada Factors'!$B$6*(B82+B83))/B43,0)","v":1.3203866329630203},"Core Ratio focuses on financial strength. Required to maintain a Core Ratio of 55% at minimum",null,null,null,null,null,null,null,null,null,null,{"$f":"IFERROR((N81+'2a.ii Inputs - Canada Factors'!$B$6*(N82+N83))/N43,0)","v":0.77445785723572491},null,null,null,null,null,null,null,null,null,{"$f":"IFERROR((X81+'2a.ii Inputs - Canada Factors'!$B$6*(X82+X83))/X43,0)","v":2.8204642665824178}]
[]
["Balance Sheet"]
[]
["Assets"]
[{"$f":"'2b. Inputs - Assets'!A16","v":"Fixed Income 1"},{"$f":"'2b. Inputs - Assets'!B16","v":7000000},null,null,null,null,null,null,null,null,null,null,null,{"$f":"'2b. Inputs - Assets'!H16","v":1820000},null,null,null,null,null,null,null,null,null,{"$f":"'2b. Inputs - Assets'!B16","v":7000000}]
[{"$f":"'2b. Inputs - Assets'!A17","v":"Fixed Income 2"},{"$f":"'2b. Inputs - Assets'!B17","v":7000000},null,null,null,null,null,null,null,null,null,null,null,{"$f":"'2b. Inputs - Assets'!H17","v":1820000},null,null,null,null,null,null,null,null,null,{"$f":"'2b. Inputs - Assets'!B17","v":7000000}]
[{"$f":"'2b. Inputs - Assets'!A18","v":"Mortgages"},{"$f":"'2b. Inputs - Assets'!B18","v":2500000},null,null,null,null,null,null,null,null,null,null,null,{"$f":"'2b. Inputs - Assets'!H18","v":3640000},null,null,null,null,null,null,null,null,null,{"$f":"'2b. Inputs - Assets'!B18","v":2500000}]
[{"$f":"'2b. Inputs - Assets'!A19","v":"Real Estate"},{"$f":"'2b. Inputs - Assets'!B19","v":1000000},null,null,null,null,null,null,null,null,null,null,null,{"$f":"'2b. Inputs - Assets'!H19","v":3640000},null,null,null,null,null,null,null,null,null,{"$f":"'2b. Inputs - Assets'!B19","v":1000000}]
[{"$f":"'2b. Inputs - Assets'!A20","v":"Equity (Stocks in OECD or EEA countries)"},{"$f":"'2b. Inputs - Assets'!B20","v":500000},null,null,null,null,null,null,null,null,null,null,null,{"$f":"'2b. Inputs - Assets'!H20","v":3640000},null,null,null,null,null,null,null,null,null,{"$f":"'2b. Inputs - Assets'!B20","v":500000}]
[{"$f":"'2b. Inputs - Assets'!A21","v":"Equity (Stocks in emerging markets)"},{"$f":"'2b. Inputs - Assets'!B21","v":200000},null,null,null,null,null,null,null,null,null,null,null,{"$f":"'2b. Inputs - Assets'!H21","v":3640000},null,null,null,null,null,null,null,null,null,{"$f":"'2b. Inputs - Assets'!B21","v":200000}]
["Total Assets",{"$f":"SUM(B92:B97)","v":18200000},null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(N92:N97)","v":18200000},null,null,null,null,null,null,null,null,null,{"$f":"SUM(X92:X97)","v":18200000}]
[]
["Liabilities"]
["Reserves",{"$f":"'2c. Inputs - Liabilities'!H21","v":14243016.298182636},null,null,null,null,null,null,null,null,null,null,null,{"$f":"B101","v":14243016.298182636},null,null,null,null,null,null,null,null,null,{"$f":"'2c. Inputs - Liabilities'!H32","v":14243016.298182636}]
["Separate Account Liabilities",{"$f":"'2c. Inputs - Liabilities'!I21","v":0},null,null,null,null,null,null,null,null,null,null,null,{"$f":"B102","v":0},null,null,null,null,null,null,null,null,null,{"$f":"M102","v":0}]
["Asset Valuation Reserve",{"$f":"'2c. Inputs - Liabilities'!B23","v":50000},null,null,null,null,null,null,null,null,null,null,null,50000,null,null,null,null,null,null,null,null,null,{"$f":"B103","v":50000}]
["Dividend Liability",{"$f":"'2c. Inputs - Liabilities'!B24","v":30000},null,null,null,null,null,null,null,null,null,null,null,30000,null,null,null,null,null,null,null,null,null,{"$f":"B104","v":30000}]
["Total Liabilities",{"$f":"SUM(B101:B104)","v":14323016.298182636},null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(N101:N104)","v":14323016.298182636},null,null,null,null,null,null,null,null,null,{"$f":"SUM(X101:X104)","v":14323016.298182636}]
[]
["Surplus"]
["Required",{"$f":"B43","v":4316917.3768511172},null,null,null,null,null,null,null,null,null,null,null,{"$f":"N43","v":7540758.92630844},null,null,null,null,null,null,null,null,null,{"$f":"X43","v":2070581.098719744}]
["Free",{"$f":"B110-B108","v":-439933.67503375374},null,null,null,null,null,null,null,null,null,null,null,{"$f":"N110-N108","v":-3663775.2244910765},null,null,null,null,null,null,null,null,null,{"$f":"X110-X108","v":1806402.6030976195}]
["Total Surplus",{"$f":"B98-B105","v":3876983.7018173635},null,null,null,null,null,null,null,null,null,null,null,{"$f":"N98-N105","v":3876983.7018173635},null,null,null,null,null,null,null,null,null,{"$f":"X98-X105","v":3876983.7018173635}]

{"sheet":"3c. Europe","index":12,"n_rows":46,"n_cols":6,"rows_kept":46,"cut":false,"hidden":false,"merged":[[2,13,2,14]]}
["SOA Research Institute"]
["Regulatory Capital Adequacy for Life Insurance Companies Example"]
["European Solvency II Calculation"]
[]
[null,"Base Scenario",null,"Risky Assets",null,"Change Liability Mix"]
["Solvency Capital Requirement ",{"$f":"(B8^2 + B17^2 +0.5*B8*B17)^0.5","v":2942183.6393018835},null,{"$f":"(D8^2 + D17^2 +0.5*D8*D17)^0.5","v":6419333.0540909683},null,{"$f":"(F8^2 + F17^2 +0.5*F8*F17)^0.5","v":1608030.8309571722}]
[]
["Solvency Capital Requirement (Market)",{"$f":"(B10^2+B9^2+B11^2+B12^2+B13^2+B14^2+2*('2a.iii Inputs - Europe Factors'!$D$41*(B10*B9+B9*B11+B9*B12)+'2a.iii Inputs - Europe Factors'!$D$44*(B10*B11+B10*B12)+'2a.iii Inputs - Europe Factors'!$E$45*(B11*B12)+'2a.iii Inputs - Europe Factors'!$B$48*B14*(B12+B11+B10+B9)))^0.5","v":1773896.7462449507},null,{"$f":"(D10^2+D9^2+D11^2+D12^2+D13^2+D14^2+2*('2a.iii Inputs - Europe Factors'!$D$41*(D10*D9+D9*D11+D9*D12)+'2a.iii Inputs - Europe Factors'!$D$44*(D10*D11+D10*D12)+'2a.iii Inputs - Europe Factors'!$E$45*(D11*D12)+'2a.iii Inputs - Europe Factors'!$B$48*D14*(D12+D11+D10+D9)))^0.5","v":5650443.6002784269},null,{"$f":"(F10^2+F9^2+F11^2+F12^2+F13^2+F14^2+2*('2a.iii Inputs - Europe Factors'!$D$41*(F10*F9+F9*F11+F9*F12)+'2a.iii Inputs - Europe Factors'!$D$44*(F10*F11+F10*F12)+'2a.iii Inputs - Europe Factors'!$E$45*(F11*F12)+'2a.iii Inputs - Europe Factors'!$B$48*F14*(F12+F11+F10+F9)))^0.5","v":974973.73210086045}]
["Solvency Capital Requirement (Interest Rate)",{"$f":"MAX(0,'2b. Inputs - Assets'!E34+'2a.iii Inputs - Europe Factors'!M45,'2b. Inputs - Assets'!E37+'2a.iii Inputs - Europe Factors'!K45)","v":1410360.4126186322},null,{"$f":"MAX(0,'2b. Inputs - Assets'!I34+'2a.iii Inputs - Europe Factors'!M45,'2b. Inputs - Assets'!I37+'2a.iii Inputs - Europe Factors'!K45)","v":2110953.7297379067},null,{"$f":"MAX(0,'2b. Inputs - Assets'!E34+'2a.iii Inputs - Europe Factors'!M55,'2b. Inputs - Assets'!E37+'2a.iii Inputs - Europe Factors'!K55)","v":554399.01119795092}]
["Solvency Capital Requirement (Equity)",{"$f":"((B33*'2a.iii Inputs - Europe Factors'!$B$15)^2 + 2*'2a.iii Inputs - Europe Factors'!$B$17 *(B33*'2a.iii Inputs - Europe Factors'!$B$15)*(B34*'2a.iii Inputs - Europe Factors'!$B$16) +(B34*'2a.iii Inputs - Europe Factors'!$B$16)^2)^0.5","v":325935.57645645249},null,{"$f":"((D33*0.465)^2 + 2*0.75 *(D33*0.465)*(D34*0.565) +(D34*0.565)^2)^0.5","v":3509415.9143652376},null,{"$f":"((F33*0.465)^2 + 2*0.75 *(F33*0.465)*(F34*0.565) +(F34*0.565)^2)^0.5","v":325935.57645645249}]
["Solvency Capital Requirement (Property)",{"$f":"'2a.iii Inputs - Europe Factors'!$B$18*(B32)","v":250000},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B$18*(D32)","v":910000},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B$18*(F32)","v":250000}]
["Solvency Capital Requirement (Spread)",{"$f":"'2a.iii Inputs - Europe Factors'!$B6","v":25000},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B6","v":25000},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B6","v":25000}]
["Solvency Capital Requirement (Concentration)",{"$f":"'2a.iii Inputs - Europe Factors'!$B7","v":0},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B7","v":0},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B7","v":0}]
["Solvency Capital Requirement (Currency)",{"$f":"'2a.iii Inputs - Europe Factors'!$B8","v":0},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B8","v":0},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B8","v":0}]
["Interest Rate Scenario Up or Down",{"$f":" IF(VLOOKUP('2b. Inputs - Assets'!D16,'2a.iii Inputs - Europe Factors'!B23:D37,2) >VLOOKUP('2b. Inputs - Assets'!D16,'2a.iii Inputs - Europe Factors'!B23:D37,3), \"Up\", \"Down\")","v":"Up"},null,{"$f":"IF(VLOOKUP('2b. Inputs - Assets'!I16,'2a.iii Inputs - Europe Factors'!B23:D37,2) >VLOOKUP('2b. Inputs - Assets'!I16,'2a.iii Inputs - Europe Factors'!B23:D37,3), \"Up\", \"Down\")","v":"Down"},null,{"$f":"IF(VLOOKUP('2b. Inputs - Assets'!D16,'2a.iii Inputs - Europe Factors'!B23:D37,2) >VLOOKUP('2b. Inputs - Assets'!D16,'2a.iii Inputs - Europe Factors'!B23:D37,3), \"Up\", \"Down\")","v":"Up"}]
[]
["Solvency Capital Requirement (Life)",{"$f":"(B18^2+B19^2+B20^2+B21^2+B22^2+B23^2+B24^2+2*(('2a.iii Inputs - Europe Factors'!$B$53*B18*B19)+'2a.iii Inputs - Europe Factors'!$B$54*(B20*B22+B21*B22+B22*B23)+'2a.iii Inputs - Europe Factors'!$B$54*(B18*B20+B18*B22+B18*B24+B19+B19*B22+B19*B23+B20*B24+B24*B21+B24*B22)))^0.5","v":1945333.9378354049},null,{"$f":"(D18^2+D19^2+D20^2+D21^2+D22^2+D23^2+D24^2+2*(('2a.iii Inputs - Europe Factors'!$B$53*D18*D19)+'2a.iii Inputs - Europe Factors'!$B$54*(D20*D22+D21*D22+D22*D23)+'2a.iii Inputs - Europe Factors'!$B$54*(D18*D20+D18*D22+D18*D24+D19+D19*D22+D19*D23+D20*D24+D24*D21+D24*D22)))^0.5","v":1945333.9378354049},null,{"$f":"(F18^2+F19^2+F20^2+F21^2+F22^2+F23^2+F24^2+2*(('2a.iii Inputs - Europe Factors'!$B$53*F18*F19)+'2a.iii Inputs - Europe Factors'!$B$54*(F20*F22+F21*F22+F22*F23)+'2a.iii Inputs - Europe Factors'!$B$54*(F18*F20+F18*F22+F18*F24+F19+F19*F22+F19*F23+F20*F24+F24*F21+F24*F22)))^0.5","v":1058024.6861746104}]
["Solvency Capital Requirement (Mortality)",{"$f":"'2a.iii Inputs - Europe Factors'!K47-'2c. Inputs - Liabilities'!L19","v":1983499.1661041789},null,{"$f":"'2a.iii Inputs - Europe Factors'!K47-'2c. Inputs - Liabilities'!L19","v":1983499.1661041789},null,{"$f":"'2a.iii Inputs - Europe Factors'!K57-'2c. Inputs - Liabilities'!L30","v":992236.10085953726}]
["Solvency Capital Requirement (Longevity)",{"$f":"'2a.iii Inputs - Europe Factors'!L48-'2c. Inputs - Liabilities'!L20","v":410736.39456120413},null,{"$f":"'2a.iii Inputs - Europe Factors'!L48-'2c. Inputs - Liabilities'!L20","v":410736.39456120413},null,{"$f":"'2a.iii Inputs - Europe Factors'!L58-'2c. Inputs - Liabilities'!L31","v":615802.6486307364}]
["Solvency Capital Requirement (Disability/Morbidity)",{"$f":"'2a.iii Inputs - Europe Factors'!$B9","v":0},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B9","v":0},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B9","v":0}]
["Solvency Capital Requirement (Lapse)",{"$f":"'2a.iii Inputs - Europe Factors'!$B10","v":0},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B10","v":0},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B10","v":0}]
["Solvency Capital Requirement (Expenses)",{"$f":"'2a.iii Inputs - Europe Factors'!$B11","v":70000},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B11","v":70000},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B11","v":70000}]
["Solvency Capital Requirement (Revision)",{"$f":"'2a.iii Inputs - Europe Factors'!$B12","v":0},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B12","v":0},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B12","v":0}]
["Solvency Capital Requirement (CAT)",{"$f":"'2a.iii Inputs - Europe Factors'!$B13","v":0},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B13","v":0},null,{"$f":"'2a.iii Inputs - Europe Factors'!$B13","v":0}]
[]
["Balance Sheet"]
[]
["Assets"]
["Fixed Income",{"$f":"SUM('2b. Inputs - Assets'!C16:C17)","v":15050000},null,{"$f":"SUM('2b. Inputs - Assets'!I16:I17)","v":3913000},null,{"$f":"B29","v":15050000}]
["Duration",{"$f":"SUMPRODUCT('2b. Inputs - Assets'!C16:C18,'2b. Inputs - Assets'!D16:D18)/SUM('2b. Inputs - Assets'!C16:C18)","v":12.143874643874645},null,{"$f":"SUMPRODUCT('2b. Inputs - Assets'!I16:I18,'2b. Inputs - Assets'!J16:J18)/SUM('2b. Inputs - Assets'!I16:I18)","v":11.295180722891565},null,{"$f":"SUMPRODUCT('2b. Inputs - Assets'!C16:C18,'2b. Inputs - Assets'!D16:D18)/SUM('2b. Inputs - Assets'!C16:C18)","v":12.143874643874645}]
["Mortgages",{"$f":"'2b. Inputs - Assets'!C18","v":2500000},null,{"$f":"'2b. Inputs - Assets'!I18","v":3640000},null,{"$f":"B31","v":2500000}]
["Real Estate",{"$f":"'2b. Inputs - Assets'!C19","v":1000000},null,{"$f":"'2b. Inputs - Assets'!I19","v":3640000},null,1000000]
["Equity (Stocks in OECD or EEA countries)",{"$f":"'2b. Inputs - Assets'!C20","v":500000},null,{"$f":"'2b. Inputs - Assets'!I20","v":3640000},null,500000]
["Equity (Stocks in emerging markets)",{"$f":"'2b. Inputs - Assets'!C21","v":200000},null,{"$f":"'2b. Inputs - Assets'!I21","v":3640000},null,200000]
["Total Assets",{"$f":"'2b. Inputs - Assets'!C22","v":19250000},null,{"$f":"'2b. Inputs - Assets'!I22","v":18473000},null,19250000]
[]
["Liabilities"]
["Life",{"$f":"'2c. Inputs - Liabilities'!L19","v":6189579.389724032},null,{"$f":"B38","v":6189579.389724032},null,{"$f":"'2c. Inputs - Liabilities'!L30","v":3096307.890909269}]
["Annuity",{"$f":"'2c. Inputs - Liabilities'!L20","v":7500000},null,{"$f":"B39","v":7500000},null,{"$f":"'2c. Inputs - Liabilities'!L31","v":11244486.551196819}]
["Best Estimate of Liabilities (BEL)",{"$f":"SUM(B38:B39)","v":13689579.389724031},null,{"$f":"SUM(D38:D39)","v":13689579.389724031},null,{"$f":"SUM(F38:F39)","v":14340794.442106089}]
[]
["Surplus"]
["Solvency Capital Requirement ",{"$f":"(B8^2 + B17^2 +0.5 *B8*B17)^0.5","v":2942183.6393018835},null,{"$f":"(D8^2 + D17^2 +0.5 *D8*D17)^0.5","v":6419333.0540909683},null,{"$f":"(F8^2 + F17^2 +0.5 *F8*F17)^0.5","v":1608030.8309571722}]
["Available Capital",{"$f":"B45-B43","v":2618236.9709740854},null,{"$f":"D45-D43","v":-1635912.4438149994},null,{"$f":"F45-F43","v":3301174.7269367389}]
["Capital ",{"$f":"B35-B40","v":5560420.6102759689},null,{"$f":"D35-D40","v":4783420.6102759689},null,{"$f":"F35-F40","v":4909205.5578939114}]
["Solvency Ratio",{"$f":"B45/B43","v":1.8898958365478968},null,{"$f":"D45/D43","v":0.74515850322293986},null,{"$f":"F45/F43","v":3.0529299957338081}]

{"sheet":"3d. Bermuda","index":13,"n_rows":61,"n_cols":13,"rows_kept":61,"cut":false,"hidden":false,"merged":[]}
["SOA Research Institute"]
["Regulatory Capital Adequacy for Life Insurance Companies Example"]
["Bermuda Insurance Solvency Framework Calculation"]
[]
["Risk","Base Scenario",null,"Riskier Assets",null,"Change Liability Mix"]
[]
["BSCRcorr = Basic BCSR + Coperational + Cregulatory adj +Cother adj +CAdjTP ",{"$f":"SUM(B8:B12)","v":1830974.2394123727},null,{"$f":"SUM(D8:D12)","v":5501050.5959101208},null,{"$f":"SUM(F8:F12)","v":1198792.4807725206}]
["Basic BSCR = Basic BSCR Risk Module charge ",{"$f":"B14","v":1830974.2394123727},null,{"$f":"D14","v":5501050.5959101208},null,{"$f":"F14","v":1198792.4807725206}]
["Coperational  = operational risk charge ",{"$f":"'2a.iv Inputs - Bermuda Factors'!$B14","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B14","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B14","v":0}]
["Cregulatory adj = regulatory capital requirement for non-insurance financial operating entities ",{"$f":"'2a.iv Inputs - Bermuda Factors'!$B15","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B15","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B15","v":0}]
["Cother adj = adjustment for the loss absorbing capacity of technical provisions ",{"$f":"'2a.iv Inputs - Bermuda Factors'!$B16","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B16","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B16","v":0}]
["CAdjTP = adjustment for the loss absorbing capital of deferred taxes ",{"$f":"'2a.iv Inputs - Bermuda Factors'!$B17","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B17","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B17","v":0}]
[]
["Basic BSCR ",{"$f":"(B15^2+B16^2+B17^2+B18^2+2*('2a.iv Inputs - Bermuda Factors'!$B$58*B16*(B15+B18)+'2a.iv Inputs - Bermuda Factors'!$C$59*B16*B17+'2a.iv Inputs - Bermuda Factors'!$B$59*B15*(B17+B18)))^0.5","v":1830974.2394123727},null,{"$f":"(D15^2+D16^2+D17^2+D18^2+2*('2a.iv Inputs - Bermuda Factors'!$B$58*D16*(D15+D18)+'2a.iv Inputs - Bermuda Factors'!$C$59*D16*D17+'2a.iv Inputs - Bermuda Factors'!$B$59*D15*(D17+D18)))^0.5","v":5501050.5959101208},null,{"$f":"(F15^2+F16^2+F17^2+F18^2+2*('2a.iv Inputs - Bermuda Factors'!$B$58*F16*(F15+F18)+'2a.iv Inputs - Bermuda Factors'!$C$59*F16*F17+'2a.iv Inputs - Bermuda Factors'!$B$59*F15*(F17+F18)))^0.5","v":1198792.4807725206}]
["CMarket = capital charge for Market Risk ",{"$f":"B20","v":1646820.820964444},null,{"$f":"D20","v":5383086.3986489428},null,{"$f":"F20","v":1015017.3193186268},null,"Sum of Risks",{"$f":"SUM(B22:B26,B28,B31:B37)","v":3398199.7848634678},null,{"$f":"SUM(D22:D26,D28,D31:D37)","v":8172377.1019827416},null,{"$f":"SUM(F22:F26,F28,F31:F37)","v":2380914.094613946}]
["CP&C = capital charge for P&C risk ",{"$f":"B28","v":0},null,{"$f":"D28","v":0},null,{"$f":"F28","v":0}]
["CLT = capital charge for Long-term Risk, and  ",{"$f":"B30","v":588913.16319428908},null,{"$f":"D30","v":588913.16319428908},null,{"$f":"F30","v":495670.53240146744}]
["CCredit = capital charge for credit risk ",{"$f":"'2a.iv Inputs - Bermuda Factors'!$B$6","v":100000},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B$6","v":100000},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B$6","v":100000}]
[]
["CMarket",{"$f":"(B22^2+B23^2+B24^2+B25^2+B26^2+2*('2a.iv Inputs - Bermuda Factors'!$B$65*B22*B23+'2a.iv Inputs - Bermuda Factors'!$B$67*(B22+B23+B24)+B21*B24*(B23+B22)))^0.5","v":1646820.820964444},null,{"$f":"(D22^2+D23^2+D24^2+D25^2+D26^2+2*('2a.iv Inputs - Bermuda Factors'!$B$65*D22*D23+'2a.iv Inputs - Bermuda Factors'!$B$67*(D22+D23+D24)+D21*D24*(D23+D22)))^0.5","v":5383086.3986489428},null,{"$f":"(F22^2+F23^2+F24^2+F25^2+F26^2+2*('2a.iv Inputs - Bermuda Factors'!$B$65*F22*F23+'2a.iv Inputs - Bermuda Factors'!$B$67*(F22+F23+F24)+F21*F24*(F23+F22)))^0.5","v":1015017.3193186268}]
["A",0,null,0,null,0]
["CfixedIncome = capital charge for fixed income investment risk (factor based charges) ",{"$f":"SUM('2b. Inputs - Assets'!C16:C17)*'2a.iv Inputs - Bermuda Factors'!B22+'2b. Inputs - Assets'!C18*'2a.iv Inputs - Bermuda Factors'!C22","v":150400},null,{"$f":"SUM('2b. Inputs - Assets'!$I$16:$I$17)*'2a.iv Inputs - Bermuda Factors'!$B$22+'2b. Inputs - Assets'!$I$18*'2a.iv Inputs - Bermuda Factors'!$C$22","v":74984},null,{"$f":"SUM('2b. Inputs - Assets'!$C$16:$C$17)*'2a.iv Inputs - Bermuda Factors'!$B$22+'2b. Inputs - Assets'!$C$18*'2a.iv Inputs - Bermuda Factors'!$C$22","v":150400},null,"Fixed Income Investment Risk",{"$f":"B22/I$15","v":4.4258728009437136E-2},null,{"$f":"D22/K$15","v":9.1752985776693725E-3},null,{"$f":"F22/M$15","v":6.316901577433294E-2}]
["Cequity = capital charge for equity investment risk ",{"$f":"'2a.iv Inputs - Bermuda Factors'!$B$31*SUM(B43:B45)","v":765000},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B$31*SUM(D43:D45)","v":4914000},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B$31*SUM(F43:F45)","v":765000},null,"Equity Investment Risk",{"$f":"B23/I$15","v":0.2251191949948099},null,{"$f":"D23/K$15","v":0.60129383882784726},null,{"$f":"F23/M$15","v":0.32130516667130787}]
["Cinterest = capital charge for interest rate and liquidity risk ",{"$f":"'3c. Europe'!B9","v":1410360.4126186322},null,{"$f":"'3c. Europe'!$D$9","v":2110953.7297379067},null,{"$f":"'3c. Europe'!$F$9","v":554399.01119795092},null,"Interest Rate and Liquidity Risk",{"$f":"B24/I$15","v":0.41503163495588807},null,{"$f":"D24/K$15","v":0.2583035148030256},null,{"$f":"F24/M$15","v":0.23285132901355018}]
["Ccurrency = capital charge for currency risk ",{"$f":"'2a.iv Inputs - Bermuda Factors'!$B7","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B7","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B7","v":0},null,"Currency Risk",{"$f":"B25/I$15","v":0},null,{"$f":"D25/K$15","v":0},null,{"$f":"F25/M$15","v":0}]
["Cconcentration = capital charge for concentration risk ",{"$f":"'2a.iv Inputs - Bermuda Factors'!$B8","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B8","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B8","v":0},null,"Concentration Risk",{"$f":"B26/I$15","v":0},null,{"$f":"D26/K$15","v":0},null,{"$f":"F26/M$15","v":0}]
[]
["CP&C",{"$f":"'2a.iv Inputs - Bermuda Factors'!$B$9","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B$9","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B$9","v":0},null,"P&C Risk",{"$f":"B28/I$15","v":0},null,{"$f":"D28/K$15","v":0},null,{"$f":"F28/M$15","v":0}]
[]
["CLT",{"$f":"((B31^2+B32^2+B33^2+B34^2+B35^2+B36^2+B37^2)+2*('2a.iv Inputs - Bermuda Factors'!$B$73*(B31*B32+B31*B33+B32*B33)+'2a.iv Inputs - Bermuda Factors'!$B$75*(B31*B34+B37*(B36+B35+B34+B33+B32))+'2a.iv Inputs - Bermuda Factors'!$B$76*(B35*(B31+B32+B33))+'2a.iv Inputs - Bermuda Factors'!$B$78*(B31*B37)))^0.5","v":588913.16319428908},null,{"$f":"((D31^2+D32^2+D33^2+D34^2+D35^2+D36^2+D37^2)+2*('2a.iv Inputs - Bermuda Factors'!$B$73*(D31*D32+D31*D33+D32*D33)+'2a.iv Inputs - Bermuda Factors'!$B$75*(D31*D34+D37*(D36+D35+D34+D33+D32))+'2a.iv Inputs - Bermuda Factors'!$B$76*(D35*(D31+D32+D33))+'2a.iv Inputs - Bermuda Factors'!$B$78*(D31*D37)))^0.5","v":588913.16319428908},null,{"$f":"((F31^2+F32^2+F33^2+F34^2+F35^2+F36^2+F37^2)+2*('2a.iv Inputs - Bermuda Factors'!$B$73*(F31*F32+F31*F33+F32*F33)+'2a.iv Inputs - Bermuda Factors'!$B$75*(F31*F34+F37*(F36+F35+F34+F33+F32))+'2a.iv Inputs - Bermuda Factors'!$B$76*(F35*(F31+F32+F33))+'2a.iv Inputs - Bermuda Factors'!$B$78*(F31*F37)))^0.5","v":495670.53240146744}]
["CLTmortality = Capital charge for mortality risk ",{"$f":"('2c. Inputs - Liabilities'!$K$19/1000)*IF('2c. Inputs - Liabilities'!$K$19<'2a.iv Inputs - Bermuda Factors'!$B$37,'2a.iv Inputs - Bermuda Factors'!$D$37,IF('2c. Inputs - Liabilities'!$K$19<'2a.iv Inputs - Bermuda Factors'!$B$38,'2a.iv Inputs - Bermuda Factors'!$D$38,IF('2c. Inputs - Liabilities'!$K$19<'2a.iv Inputs - Bermuda Factors'!$B$39,'2a.iv Inputs - Bermuda Factors'!$D$39,IF('2c. Inputs - Liabilities'!$K$19<'2a.iv Inputs - Bermuda Factors'!$B$40,'2a.iv Inputs - Bermuda Factors'!$D$40,'2a.iv Inputs - Bermuda Factors'!$D$41))))","v":666491.47529621504},null,{"$f":"('2c. Inputs - Liabilities'!$K$19/1000)*IF('2c. Inputs - Liabilities'!$K$19<'2a.iv Inputs - Bermuda Factors'!$B$37,'2a.iv Inputs - Bermuda Factors'!$D$37,IF('2c. Inputs - Liabilities'!$K$19<'2a.iv Inputs - Bermuda Factors'!$B$38,'2a.iv Inputs - Bermuda Factors'!$D$38,IF('2c. Inputs - Liabilities'!$K$19<'2a.iv Inputs - Bermuda Factors'!$B$39,'2a.iv Inputs - Bermuda Factors'!$D$39,IF('2c. Inputs - Liabilities'!$K$19<'2a.iv Inputs - Bermuda Factors'!$B$40,'2a.iv Inputs - Bermuda Factors'!$D$40,'2a.iv Inputs - Bermuda Factors'!$D$41))))","v":666491.47529621504},null,{"$f":"('2c. Inputs - Liabilities'!$K$30/1000)*IF('2c. Inputs - Liabilities'!$K$19<'2a.iv Inputs - Bermuda Factors'!$B$37,'2a.iv Inputs - Bermuda Factors'!$D$37,IF('2c. Inputs - Liabilities'!$K$19<'2a.iv Inputs - Bermuda Factors'!$B$38,'2a.iv Inputs - Bermuda Factors'!$D$38,IF('2c. Inputs - Liabilities'!$K$19<'2a.iv Inputs - Bermuda Factors'!$B$39,'2a.iv Inputs - Bermuda Factors'!$D$39,IF('2c. Inputs - Liabilities'!$K$19<'2a.iv Inputs - Bermuda Factors'!$B$40,'2a.iv Inputs - Bermuda Factors'!$D$40,'2a.iv Inputs - Bermuda Factors'!$D$41))))","v":333409.21640160767},null,"Mortality Risk",{"$f":"B31/I$15","v":0.19613075083606163},null,{"$f":"D31/K$15","v":8.1554175361598785E-2},null,{"$f":"F31/M$15","v":0.14003412267407675}]
["CLTstoploss = Capital charge for stop loss risk ",{"$f":"'2a.iv Inputs - Bermuda Factors'!$B10","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B10","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B10","v":0},null,"Stop Loss Risk",0,null,0,null,0]
["CLTrider = Capital charge for riders risk (risks not covered in the other LT categories) ",{"$f":"'2a.iv Inputs - Bermuda Factors'!$B11","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B11","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B11","v":0},null,"Rider Risk",0,null,0,null,0]
["CLTmorbidity = Capital charge for morbidity risk ",{"$f":"'2a.iv Inputs - Bermuda Factors'!$B12","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B12","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B12","v":0},null,"Morbidity Risk",0,null,0,null,0]
["CLTlongevity = Capital charge for longevity risk ",{"$f":"'2c. Inputs - Liabilities'!$L$20*IF('2c. Inputs - Liabilities'!$E$20<='2a.iv Inputs - Bermuda Factors'!$B$45,'2a.iv Inputs - Bermuda Factors'!$C$45,IF('2c. Inputs - Liabilities'!$E$20<='2a.iv Inputs - Bermuda Factors'!$B$46,'2a.iv Inputs - Bermuda Factors'!$C$46,IF('2c. Inputs - Liabilities'!$E$20<='2a.iv Inputs - Bermuda Factors'!$B$47,'2a.iv Inputs - Bermuda Factors'!$C$47,IF('2c. Inputs - Liabilities'!$E$20<='2a.iv Inputs - Bermuda Factors'!$B$48,'2a.iv Inputs - Bermuda Factors'!$C$48, IF('2c. Inputs - Liabilities'!$E$20<='2a.iv Inputs - Bermuda Factors'!$B$49,'2a.iv Inputs - Bermuda Factors'!$C$49,'2a.iv Inputs - Bermuda Factors'!$C$50)))))","v":375000},null,{"$f":"'2c. Inputs - Liabilities'!$L$20*IF('2c. Inputs - Liabilities'!$E$20<='2a.iv Inputs - Bermuda Factors'!$B$45,'2a.iv Inputs - Bermuda Factors'!$C$45,IF('2c. Inputs - Liabilities'!$E$20<='2a.iv Inputs - Bermuda Factors'!$B$46,'2a.iv Inputs - Bermuda Factors'!$C$46,IF('2c. Inputs - Liabilities'!$E$20<='2a.iv Inputs - Bermuda Factors'!$B$47,'2a.iv Inputs - Bermuda Factors'!$C$47,IF('2c. Inputs - Liabilities'!$E$20<='2a.iv Inputs - Bermuda Factors'!$B$48,'2a.iv Inputs - Bermuda Factors'!$C$48, IF('2c. Inputs - Liabilities'!$E$20<='2a.iv Inputs - Bermuda Factors'!$B$49,'2a.iv Inputs - Bermuda Factors'!$C$49,'2a.iv Inputs - Bermuda Factors'!$C$50)))))","v":375000},null,{"$f":"'2c. Inputs - Liabilities'!$L$31*IF('2c. Inputs - Liabilities'!$E$31<='2a.iv Inputs - Bermuda Factors'!$B$45,'2a.iv Inputs - Bermuda Factors'!$C$45,IF('2c. Inputs - Liabilities'!$E$31<='2a.iv Inputs - Bermuda Factors'!$B$46,'2a.iv Inputs - Bermuda Factors'!$C$46,IF('2c. Inputs - Liabilities'!$E$31<='2a.iv Inputs - Bermuda Factors'!$B$47,'2a.iv Inputs - Bermuda Factors'!$C$47,IF('2c. Inputs - Liabilities'!$E$31<='2a.iv Inputs - Bermuda Factors'!$B$48,'2a.iv Inputs - Bermuda Factors'!$C$48, IF('2c. Inputs - Liabilities'!$E$31<='2a.iv Inputs - Bermuda Factors'!$B$49,'2a.iv Inputs - Bermuda Factors'!$C$49,'2a.iv Inputs - Bermuda Factors'!$C$50)))))","v":562224.32755984098},null,"Longevity Risk",0.11035254656608327,null,4.5886281961832052E-2,null,0.23613801473631202]
["CLTVariableAnnutiy = Capital charge for variable annuity risk ",{"$f":"'2a.iv Inputs - Bermuda Factors'!$B13","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B13","v":0},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B13","v":0},null,"Variable Annuity Risk",0,null,0,null,0]
["CLTotherrisk = Capital charge for other long-term insurance risk (policyholder behavior, expenses, and guarantees) ",{"$f":"'2a.iv Inputs - Bermuda Factors'!$B$54*'2c. Inputs - Liabilities'!$L$19+'2a.iv Inputs - Bermuda Factors'!$B$55*'2c. Inputs - Liabilities'!$L$20","v":30947.89694862016},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B$54*'2c. Inputs - Liabilities'!$L$19+'2a.iv Inputs - Bermuda Factors'!$B$55*'2c. Inputs - Liabilities'!$L$20","v":30947.89694862016},null,{"$f":"'2a.iv Inputs - Bermuda Factors'!$B$54*'2c. Inputs - Liabilities'!$L$30+'2a.iv Inputs - Bermuda Factors'!$B$55*'2c. Inputs - Liabilities'!$L$31","v":15481.539454546346},null,"Long Term Other Insurance Risk",9.1071446377198745E-3,null,3.7868904680269507E-3,null,6.5023511304201859E-3]
[]
["Balance Sheet"]
["Assets"]
["Fixed Income",{"$f":"SUM('2b. Inputs - Assets'!C16:C17)","v":15050000},null,{"$f":"SUM('2b. Inputs - Assets'!I16:I17)","v":3913000},null,{"$f":"SUM('2b. Inputs - Assets'!C16:C17)","v":15050000}]
["Mortgages",{"$f":"'2b. Inputs - Assets'!C18","v":2500000},null,{"$f":"'2b. Inputs - Assets'!I18","v":3640000},null,{"$f":"'2b. Inputs - Assets'!C18","v":2500000}]
["Real Estate",{"$f":"'2b. Inputs - Assets'!C19","v":1000000},null,{"$f":"'2b. Inputs - Assets'!I19","v":3640000},null,{"$f":"'2b. Inputs - Assets'!C19","v":1000000}]
["Equity (Stocks in OECD or EEA countries)",{"$f":"'2b. Inputs - Assets'!C20","v":500000},null,{"$f":"'2b. Inputs - Assets'!I20","v":3640000},null,{"$f":"'2b. Inputs - Assets'!C20","v":500000}]
["Equity (Stocks in emerging markets)",{"$f":"'2b. Inputs - Assets'!C21","v":200000},null,{"$f":"'2b. Inputs - Assets'!I21","v":3640000},null,{"$f":"'2b. Inputs - Assets'!C21","v":200000}]
["Total Assets",{"$f":"SUM(B41:B45)","v":19250000},null,{"$f":"SUM(D41:D45)","v":18473000},null,19250000]
[]
["Liabilities"]
["Life",{"$f":"'2c. Inputs - Liabilities'!L19","v":6189579.389724032},null,{"$f":"'2c. Inputs - Liabilities'!L19","v":6189579.389724032},null,{"$f":"'2c. Inputs - Liabilities'!L30","v":3096307.890909269}]
["Annuities",{"$f":"'2c. Inputs - Liabilities'!L20","v":7500000},null,{"$f":"'2c. Inputs - Liabilities'!L20","v":7500000},null,{"$f":"'2c. Inputs - Liabilities'!L31","v":11244486.551196819}]
["Total Liabilities",{"$f":"SUM(B49:B50)","v":13689579.389724031},null,{"$f":"SUM(D49:D50)","v":13689579.389724031},null,14340794.442106089]
[]
["Surplus"]
["Required",{"$f":"B60","v":2197169.0872948472},null,{"$f":"D60","v":6601260.7150921449},null,{"$f":"F60","v":1438550.9769270248}]
["Free",{"$f":"B56-B54","v":3363251.5229811217},null,{"$f":"D56-D54","v":-1817840.104816176},null,{"$f":"F56-F54","v":3470654.5809668866}]
["Available Economic Capital and Surplus",{"$f":"B46-B51","v":5560420.6102759689},null,{"$f":"D46-D51","v":4783420.6102759689},null,{"$f":"F46-F51","v":4909205.5578939114}]
[]
["Enhanced Capital Requirement (ECR)",{"$f":"SUM(B8:B12)","v":1830974.2394123727},null,{"$f":"SUM(D8:D12)","v":5501050.5959101208},null,{"$f":"SUM(F8:F12)","v":1198792.4807725206},"Same as BSCR as there is no internal model"]
["ECR Ratio (Same as BSCR Ratio)",{"$f":"B56/B58","v":3.0368644684266632},null,{"$f":"D56/D58","v":0.86954673964138962},null,{"$f":"F56/F58","v":4.0951254171450442}]
["Target Capital Level (TCL)",{"$f":"1.2*B58","v":2197169.0872948472},null,{"$f":"1.2*D58","v":6601260.7150921449},null,1438550.9769270248]
["TCL Ratio",{"$f":"B56/B60","v":2.5307203903555524},null,{"$f":"D56/D60","v":0.72462228303449139},null,{"$f":"F56/F60","v":3.412604514287537}]

{"sheet":"4. Results Summary","index":14,"n_rows":51,"n_cols":14,"rows_kept":51,"cut":false,"hidden":false,"merged":[[5,2,5,4],[5,5,5,7],[5,8,5,10],[14,2,14,4],[14,5,14,7],[14,8,14,10],[34,1,34,13],[35,1,35,3],[35,4,35,6],[35,7,35,13],[23,2,23,4],[23,5,23,7],[23,8,23,10]]}
["SOA Research Institute"]
["Regulatory Capital Adequacy for Life Insurance Companies Example"]
["Summary of Results by Jurisdiction"]
[]
["Base Scenario"]
[null,null,"Market Value",null,null,"Book Value",null,null,"Capital",null,null,"Total","Capital"]
["Jurisdiction","Capital Requirement Method","Assets","Liabilities","Capital","Assets","Liabilities","Capital","Base","Adjusted ","Required","Ratio","Ratio1","Action"]
["US","RBC",{"$f":"'2b. Inputs - Assets'!C22","v":19250000},"N/A","N/A",{"$f":"'2b. Inputs - Assets'!B22","v":18200000},{"$f":"'2c. Inputs - Liabilities'!H21","v":14243016.298182636},{"$f":"F8-G8","v":3956983.7018173635},"N/A",{"$f":"'3a. US'!B31","v":3941983.7018173635},{"$f":"'3a. US'!D20","v":932028},"N/A",{"$f":"'3a. US'!B33","v":4.2294691809874418},{"$f":"IF(M8<70%, \"Company Under Regulatory Control\", IF(M8<100%, \"Regulator Authorized to Take Action Necessary to Protect Stakeholders\", IF(M8<150%, \"Company Must Submit/Revise RBC Plan & Regulator Will Issue Order of Corrective Action\", IF(M8<200%, \"Company Must Submit RBC Plan\", IF( M8<250%, \"Company Must Perform Trend Test\", \"No Action Required\")))))","v":"No Action Required"}]
["Canada","LICAT",{"$f":"C8","v":19250000},"N/A","N/A",{"$f":"'3b. Canada'!B98","v":18200000},{"$f":"'2c. Inputs - Liabilities'!H21","v":14243016.298182636},{"$f":"F9-G9","v":3956983.7018173635},{"$f":"SUM('3b. Canada'!B81:B83)","v":6000000},{"$f":"'3b. Canada'!B81+'2a.ii Inputs - Canada Factors'!$B$6*SUM('3b. Canada'!B82:B83)","v":5700000},{"$f":"'3b. Canada'!B43","v":4316917.3768511172},{"$f":"I9/K9","v":1.3898806662768632},{"$f":"J9/K9","v":1.3203866329630203},{"$f":"IF(OR(L9<90%,M9<55%),\"Below Minimum Ratio\",IF(OR(L9<100%,M9<70%),\"OFSI Early Intervention Process\", \"No Action Required\"))","v":"No Action Required"}]
["Europe","Solvency II",{"$f":"C8","v":19250000},{"$f":"'2c. Inputs - Liabilities'!L21","v":13689579.389724031},{"$f":"C10-D10","v":5560420.6102759689},"N/A","N/A","N/A","N/A",{"$f":"E10","v":5560420.6102759689},{"$f":"'3c. Europe'!B43","v":2942183.6393018835},"N/A",{"$f":"'3c. Europe'!B46","v":1.8898958365478968},{"$f":"IF(M10<25%, \"Below Minumum Ratio, Company Loses Authorization\", IF(M10<45%, \"Supervisory Actions Taken\", \"No Action Required\"))","v":"No Action Required"}]
["Bermuda","TCL",{"$f":"'3d. Bermuda'!B46","v":19250000},{"$f":"'2c. Inputs - Liabilities'!L21","v":13689579.389724031},{"$f":"C11-D11","v":5560420.6102759689},"N/A","N/A","N/A","N/A",{"$f":"E11","v":5560420.6102759689},{"$f":"'3d. Bermuda'!B60","v":2197169.0872948472},"N/A",{"$f":"'3d. Bermuda'!B61","v":2.5307203903555524},{"$f":"IF(M11<100%, \"Below Minimum Ratio\", IF(M11 < 120%, \"Company Must Submit Plan To Improve Ratio and Submit to Enhanced Monitoring and Additional Reporting Requirements\", \"No Action Required\"))","v":"No Action Required"}]
["1 For Canada, the Capital Ratio is actually the Core Ratio."]
[]
["Riskier Assets"]
[null,null,"Market Value",null,null,"Book Value",null,null,"Capital",null,null,"Total","Capital"]
["Jurisdiction","Capital Requirement Method","Assets","Liabilities","Capital","Assets","Liabilities","Capital","Base","Adjusted ","Required","Ratio","Ratio1","Action"]
["US","RBC",{"$f":"'2b. Inputs - Assets'!I22","v":18473000},"N/A","N/A",{"$f":"'2b. Inputs - Assets'!H22","v":18200000},{"$f":"'2c. Inputs - Liabilities'!H21","v":14243016.298182636},{"$f":"F17-G17","v":3956983.7018173635},"N/A",{"$f":"'3a. US'!F31","v":3941983.7018173635},{"$f":"'3a. US'!H20","v":2200597},"N/A",{"$f":"'3a. US'!F33","v":1.7913246731761261},{"$f":"IF(M17<70%, \"Company Under Regulatory Control\", IF(M17<100%, \"Regulator Authorized to Take Action Necessary to Protect Stakeholders\", IF(M17<150%, \"Company Must Submit/Revise RBC Plan & Regulator Will Issue Order of Corrective Action\", IF(M17<200%, \"Company Must Submit RBC Plan\", IF( M17<250%, \"Company Must Perform Trend Test\", \"No Action Required\")))))","v":"Company Must Submit RBC Plan"}]
["Canada","LICAT",{"$f":"C17","v":18473000},"N/A","N/A",{"$f":"'2b. Inputs - Assets'!H22","v":18200000},{"$f":"'2c. Inputs - Liabilities'!H21","v":14243016.298182636},{"$f":"F18-G18","v":3956983.7018173635},{"$f":"SUM('3b. Canada'!N81:N83)","v":6200000},{"$f":"'3b. Canada'!N81+'2a.ii Inputs - Canada Factors'!$B$6*SUM('3b. Canada'!N82:N83)","v":5840000},{"$f":"'3b. Canada'!N43","v":7540758.92630844},{"$f":"I18/K18","v":0.82219841007902306},{"$f":"J18/K18","v":0.77445785723572491},{"$f":"IF(OR(L18<90%,M18<55%),\"Below Minimum Ratio\",IF(OR(L18<100%,M18<70%),\"OFSI Early Intervention Process\", \"No Action Required\"))","v":"Below Minimum Ratio"}]
["Europe","Solvency II",{"$f":"C17","v":18473000},{"$f":"'2c. Inputs - Liabilities'!L21","v":13689579.389724031},{"$f":"C19-D19","v":4783420.6102759689},"N/A","N/A","N/A","N/A",{"$f":"E19","v":4783420.6102759689},{"$f":"'3c. Europe'!D6","v":6419333.0540909683},"N/A",{"$f":"'3c. Europe'!D46","v":0.74515850322293986},{"$f":"IF(M19<25%, \"Below Minumum Ratio, Company Loses Authorization\", IF(M19<45%, \"Supervisory Actions Taken\", \"No Action Required\"))","v":"No Action Required"}]
["Bermuda","TCL",{"$f":"'2b. Inputs - Assets'!I22","v":18473000},{"$f":"'2c. Inputs - Liabilities'!L21","v":13689579.389724031},{"$f":"C20-D20","v":4783420.6102759689},"N/A","N/A","N/A","N/A",{"$f":"E20","v":4783420.6102759689},{"$f":"'3d. Bermuda'!D60","v":6601260.7150921449},"N/A",{"$f":"'3d. Bermuda'!D61","v":0.72462228303449139},{"$f":"IF(M20<100%, \"Below Minimum Ratio\", IF(M20 < 120%, \"Company Must Submit Plan To Improve Ratio and Submit to Enhanced Monitoring and Additional Reporting Requirements\", \"No Action Required\"))","v":"Below Minimum Ratio"}]
["1 For Canada, the Capital Ratio is actually the Core Ratio."]
[]
["Different Liabilities"]
[null,null,"Market Value",null,null,"Book Value",null,null,"Capital",null,null,"Total","Capital"]
["Jurisdiction","Capital Requirement Method","Assets","Liabilities","Capital","Assets","Liabilities","Capital","Base","Adjusted ","Required","Ratio","Ratio1","Action"]
["US","RBC",{"$f":"'2b. Inputs - Assets'!C22","v":19250000},"N/A","N/A",{"$f":"'2b. Inputs - Assets'!B22","v":18200000},{"$f":"'2c. Inputs - Liabilities'!H32","v":14243016.298182636},{"$f":"F26-G26","v":3956983.7018173635},"N/A",{"$f":"'3a. US'!J31","v":3941983.7018173635},{"$f":"'3a. US'!L20","v":732895},"N/A",{"$f":"'3a. US'!J33","v":5.3786472848325664},{"$f":"IF(M26<70%, \"Company Under Regulatory Control\", IF(M26<100%, \"Regulator Authorized to Take Action Necessary to Protect Stakeholders\", IF(M26<150%, \"Company Must Submit/Revise RBC Plan & Regulator Will Issue Order of Corrective Action\", IF(M26<200%, \"Company Must Submit RBC Plan\", IF( M26<250%, \"Company Must Perform Trend Test\", \"No Action Required\")))))","v":"No Action Required"}]
["Canada","LICAT",{"$f":"C26","v":19250000},"N/A","N/A",{"$f":"'2b. Inputs - Assets'!B22","v":18200000},{"$f":"'2c. Inputs - Liabilities'!H32","v":14243016.298182636},{"$f":"F27-G27","v":3956983.7018173635},{"$f":"SUM('3b. Canada'!X81:X83)","v":6200000},{"$f":"'3b. Canada'!X81+'2a.ii Inputs - Canada Factors'!$B$6*SUM('3b. Canada'!X82:X83)","v":5840000},{"$f":"'3b. Canada'!X43","v":2070581.098719744},{"$f":"I27/K27","v":2.994328502193663},{"$f":"J27/K27","v":2.8204642665824178},{"$f":"IF(OR(L27<90%,M27<55%),\"Below Minimum Ratio\",IF(OR(L27<100%,M27<70%),\"OFSI Early Intervention Process\", \"No Action Required\"))","v":"No Action Required"}]
["Europe","Solvency II",{"$f":"C26","v":19250000},{"$f":"'2c. Inputs - Liabilities'!L32","v":14340794.442106089},{"$f":"C28-D28","v":4909205.5578939114},"N/A","N/A","N/A","N/A",{"$f":"E28","v":4909205.5578939114},{"$f":"'3c. Europe'!F6","v":1608030.8309571722},"N/A",{"$f":"'3c. Europe'!F46","v":3.0529299957338081},{"$f":"IF(M28<25%, \"Below Minumum Ratio, Company Loses Authorization\", IF(M28<45%, \"Supervisory Actions Taken\", \"No Action Required\"))","v":"No Action Required"}]
["Bermuda","TCL",{"$f":"C26","v":19250000},{"$f":"'2c. Inputs - Liabilities'!L32","v":14340794.442106089},{"$f":"C29-D29","v":4909205.5578939114},"N/A","N/A","N/A","N/A",{"$f":"E29","v":4909205.5578939114},{"$f":"'3d. Bermuda'!F60","v":1438550.9769270248},"N/A",{"$f":"'3d. Bermuda'!F61","v":3.412604514287537},{"$f":"IF(M29<100%, \"Below Minimum Ratio\", IF(M29 < 120%, \"Company Must Submit Plan To Improve Ratio and Submit to Enhanced Monitoring and Additional Reporting Requirements\", \"No Action Required\"))","v":"No Action Required"}]
["1 For Canada, the Capital Ratio is actually the Core Ratio."]
[]
[]
[]
[]
[null,"Capital Requirements by Jurisdiction"]
[null,"Country and Ratio",null,null,null,null,null,"Required Action"]
[null,"US"]
[null,"200% <= RBC Ratio < 250%",null,null,"Trend Test Corridor",null,null,"Company must perform trend test"]
[null,"150% <= RBC Ratio < 200%",null,null,"Company Action Level",null,null,"Company must prepare and submit RBC plan to regulator"]
[null,"100% <= RBC Ratio < 150%",null,null,"Regulator Action Level",null,null,"Company must submit (or revise) RBC plan and regulator will issue an order of corrective action"]
[null,"70% <= RBC Ratio < 100%",null,null,"Authorized Control Level",null,null,"Authorizes regulator to take actions necessary to protect stakeholders"]
[null,"RBC Ratio < 70%",null,null,"Mandatory Control Level",null,null,"Requires regulator to put Company under regulatory control"]
[null,"Canada"]
[null,"70% <= Total Ratio < 100% OR 55% <= Core Ratio < 90%",null,null,"Early Intervention Process",null,null,"OSFI may impose business restrictions as necessary and/or issue directions of compliance"]
[null,"Total Ratio < 70% OR Core Ratio < 55%",null,null,"Minimum Required Level",null,null,"Below this level, the OSFI may temporarily place the company under regulatory control."]
[null,"Europe"]
[null,"25% <= Basic SCR Ratio < 45%",null,null,"Early Intervention Process",null,null,"Increasingly severe prescribed supervisory actions will be taken as capital decreases toward 25%"]
[null,"Basic SCR Ratio < 25%",null,null,"Minimum Required Level",null,null,"Below this level, Company loses its authorization to operate"]
[null,"Bermuda"]
[null,"100% <= ECR Ratio < 120%",null,null,"Early Intervention Process",null,null,"Company must submit a remediation plan and provide additional reporting for enhanced monitoring"]
[null,"ECR Ratio < 100%",null,null,"Minimum Required Level",null,null,"Below this level, the Company must improve its capital position and faces wind-up of business"]