Friends Life Assurance Society Limited

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1 Annual FSA Insurance Returns for the year ended 28th December 2012 (Appendices 9.1, 9.3, 9.6) Produced using BestESP Services - UK

2 Year ended 28th December 2012 Contents Page Appendix 9.3 Form 40 Long-term insurance business: Revenue account 1 Form 41 Long-term insurance business: Analysis of premiums 2 Form 42 Long-term insurance business: Analysis of claims 3 Form 43 Long-term insurance business: Analysis of expenses 4 Form 46 Long-term insurance business: Summary of new business 5 Form 47 Long-term insurance business: Analysis of new business 6 Notes to the Return 10 Appendix 9.6 Certificate by Directors 12 Report of the Auditors 14

3 Long-term insurance business: Revenue account Form 40 Name and number of fund/summary Total Long-term insurance business Financial year Previous year 1 2 Income Earned premiums 11 (2081) 3713 Investment income receivable before deduction of tax Increase (decrease) in the value of non-linked assets brought into account Increase (decrease) in the value of linked assets (189) Other income Total income Expenditure Claims incurred Expenses payable Interest payable before deduction of tax Taxation Other expenditure 25 Transfer to (from) non technical account Total expenditure Business transfers-in 31 Business transfers-out Increase (decrease) in fund in financial year ( ) 39 ( ) Fund brought forward Fund carried forward (39+49)

4 Long-term insurance business: Analysis of premiums Form 41 Total business / subfund Total Long-term insurance business Gross UK Life UK Pension Overseas Total Financial year Total Previous year Regular premiums Single premiums Reinsurance - external Regular premiums Single premiums 14 Reinsurance - intra-group Regular premiums Single premiums Net of reinsurance Regular premiums (112741) 1151 (50571) (40821) Single premiums 18 (3023) Total Gross Reinsurance Net (61228) 1151 (2081)

5 Long-term insurance business: Analysis of claims Form 42 Total business / subfund Total Long-term insurance business UK Life UK Pension Overseas Total Financial year Total Previous year Gross Death or disability lump sums Disability periodic payments Surrender or partial surrender Annuity payments Lump sums on maturity Total Reinsurance - external Death or disability lump sums Disability periodic payments Surrender or partial surrender 23 Annuity payments Lump sums on maturity 25 Total Reinsurance - intra-group Death or disability lump sums Disability periodic payments 32 Surrender or partial surrender Annuity payments Lump sums on maturity Total Net of reinsurance Death or disability lump sums Disability periodic payments Surrender or partial surrender Annuity payments 44 (249) Lump sums on maturity Total

6 Long-term insurance business: Analysis of expenses Form 43 Total business / subfund Total Long-term insurance business UK Life UK Pension Overseas Total Financial year Total Previous year Gross Commission - acquisition Commission - other Management - acquisition Management - maintenance Management - other 15 Total Reinsurance - external Commission - acquisition 21 Commission - other 22 3 Management - acquisition 23 Management - maintenance 24 Management - other 25 Total 26 3 Reinsurance - intra-group Commission - acquisition Commission - other Management - acquisition Management - maintenance Management - other 35 Total Net of reinsurance Commission - acquisition 41 (102) Commission - other Management - acquisition Management - maintenance Management - other 45 Total

7 Long-term insurance business: Summary of new business Form 46 Total business UK Life UK Pension Overseas Total Financial year Total Previous year Number of new policyholders / scheme members for direct insurance business Regular premium business Single premium business Total Amount of new regular premiums Direct insurance business External reinsurance Intra-group reinsurance 23 Total Amount of new single premiums Direct insurance business External reinsurance Intra-group reinsurance 27 Total

8 Long-term insurance business: Analysis of new business Form 47 (Sheet 1) Total business UK Life / Direct insurance business Product code number Product description Regular premium business Number of policyholders / scheme members Amount of premiums Single premium business Number of policyholders / scheme members Group income protection 6 6 Amount of premiums 500 Life UWP single premium Life UWP whole life regular premium Life UWP endowment regular premium - target cash Life property linked single premium Life property linked whole life regular premium

9 Long-term insurance business: Analysis of new business Form 47 (Sheet 2) Total business UK Life / Reinsurance accepted external Product code number Product description Regular premium business Number of policyholders / scheme members Amount of premiums Single premium business Number of policyholders / scheme members Amount of premiums 500 Life UWP single premium Life UWP whole life regular premium Life property linked whole life regular premium 2 7

10 Long-term insurance business: Analysis of new business Form 47 (Sheet 3) Total business UK Pension / Direct insurance business Product code number Product description Regular premium business Number of policyholders / scheme members Amount of premiums Single premium business Number of policyholders / scheme members Amount of premiums 400 Annuity non-profit (CPA) Group Life Group death in service dependants' annuities Individual pensions UWP Individual pensions UWP - increments Group money purchase pensions UWP Group money purchase pensions UWP - increments DWP National Insurance rebates UWP Miscellaneous UWP Individual pensions property linked Individual pensions property linked - increments Group money purchase pensions property linked Group money purchase pensions property linked - increments DWP National Insurance rebates property linked Income drawdown property linked Small self administered schemes

11 Long-term insurance business: Analysis of new business Form 47 (Sheet 4) Total business UK Pension / Reinsurance accepted external Product code number Product description Regular premium business Number of policyholders / scheme members Amount of premiums Single premium business Number of policyholders / scheme members Amount of premiums 530 Individual pensions UWP - increments DWP National Insurance rebates UWP DWP National Insurance rebates property linked 342 9

12 Name of Insurer Financial year ended 28 December 2012 NOTES TO THE RETURN *4002* - Particulars of other income Interest received on late premiums Other *4004* - Business transfers-out On 28 December 2012 the company transferred the long-term fund along with majority of the shareholders fund assets to Friends Life Limited ( FLL ), in accordance with a Court Scheme under Part VII of the Financial Services and Markets Act 2000 ( FSMA ). The policies transferred consisted of immediate pension annuities, conventional life business and pension protection business. The total amount of net assets transferred out of the long term fund was 6,812m, which is equal to the net of reinsurance mathematical reserves transferred. *4005* - Basis of foreign currency conversion Income and expenditure in foreign currencies are translated to Sterling at the rate of exchange current at the transaction date. *4008* - Management services During the financial year ended 28 December 2012, investment management services have been provided to the Company by subsidiaries of AXA Investment Managers UK Limited. Various other management services have been provided by Friends Life Services Limited, a fellow subsidiary company. *4009* - Material connected party transactions Prior to the transfer out on 28 December the Company carried out the following transactions with other companies in the group, which exceed 5% of the Company s liabilities arising from its long-term insurance business, excluding property linked liabilities and net of reinsurance ceded, prior to the transfer out on 28 December Transacting Party Friends Life Company Limited Relationship Type of Transaction Amount 000 Group Undertaking Reassurance claims received 898,842 *4010* - Investment income relating to linked assets The amount of investment income relating to linked assets in Line 12 of Form 40 is 25.7m (2011: 33.5m). 10

13 Name of Insurer Financial year ended 28 December 2012 NOTES TO THE RETURN *4201* - Analysis of claims The intra-group reassurance claims reported in Form 42 are reclaimed under reinsurance arrangements with Friends Life Company Limited which is another insurance company. The analysis of claims shown reflects the nature of the claim from the perspective of the initial insurer. *4500* - Form 45 Form 45 has been omitted as all entries would be blank for both current and prior years. 11

14 Name of Insurer IPRU (INS) 9.3(5) - DIRECTORS CERTIFICATE Financial year ended 28 December 2012 We certify that: (a) the return has been properly prepared in accordance with the requirements in IPRU(INS), GENPRU and INSPRU; and (b) we are satisfied that throughout the financial year in question, the Society has complied in all material respects with the requirements in SYSC and PRIN as well as the provisions of IPRU(INS), GENPRU and INSPRU. Signed on behalf of J. S. Moss Director L. C. J Afari-Pak Director V. Hames Secretary Signed on behalf of Friends Life Secretarial Services Limited 25 March

15 Name of Insurer STATEMENTS REQUIRED BY IPRU (INS) 9.3(5) Financial year ended 28 December 2012 No long-term insurance business has been carried on by the Society since 28 December 2012 and there is no intention to carry on furthers any such business. The Society is not carrying on general insurance business. 13

16 Name of Insurer INDEPENDENT AUDITOR S ASSURANCE REPORT TO THE DIRECTORS OF FRIENDS LIFE ASSURANCE SOCIETY LIMITED PURSUANT TO THE INTERIM PRUDENTIAL SOURCEBOOK FOR INSURERS Global business Period ended 28 December 2012 We have been engaged to provide an independent assurance report on the FSA return for Friends Life Assurance Society Limited ( the Insurer ) for the purposes of IPRU(INS) Rule 9.3(5). We have examined the following documents prepared by the insurer pursuant to the Accounts and Statement Rules set out in Chapter 9 of IPRU(INS) the Interim Prudential Sourcebook for Insurers, GENPRU the General Prudential Sourcebook and INSPRU the Prudential Sourcebook for Insurers ( the Rules ) made by the Financial Services Authority under section 138 of the Financial Services and Markets Act 2000: Forms 40 to 43 (including the supplementary notes) for the period 1 January 2012 to 28 December 2012 ( the Forms ); We are not required to examine and do not express an assurance opinion on the following: Forms 46 and 47 (including the supplementary notes) and; The certificate signed in accordance with IPRU(INS) rule 9.34(1). This report is made solely to the insurer s directors. Our work has been undertaken so that we might state to the insurer s directors those matters we are required by the Rules to state to them in an assurance report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the insurer and the insurer s directors for our examination, for this report, or for the conclusion we have formed. Respective responsibilities of the insurer and its auditor The insurer is responsible for the preparation of the Forms under the provisions of the Rules. Under IPRU(INS) rule 9.11 the Forms are required to be prepared in the manner specified by the Rules and to state fairly the information provided on the basis required by the Rules. It is our responsibility to form an independent opinion as to whether the Forms meet these requirements, and to report our conclusion to you. We also report to you if: adequate accounting records have not been kept, or returns adequate for our examination have not been received from branches not visited by us; or the Forms are not in agreement with the accounting records and returns; or we have not received all the information we require for our examination. 14

17 Name of Insurer INDEPENDENT AUDITOR S ASSURANCE REPORT TO THE DIRECTORS OF FRIENDS LIFE ASSURANCE SOCIETY LIMITED PURSUANT TO THE INTERIM PRUDENTIAL SOURCEBOOK FOR INSURERS Global business Period ended 28 December 2012 Scope of examination We conducted our examination in accordance with the International Standard on Assurance Engagements (ISAE) 3000 Assurance engagements other than audits or reviews of historical financial information issued by the International Federation of Accountants (IFAC). Whilst our examination includes procedures such as tests of controls and verification of assets, liabilities and transactions, it is less in scope than an audit performed in accordance with International Standards on Auditing (UK and Ireland) due to the scope of our work being limited to the Forms referred to above. We planned and performed our examination so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give: Reasonable assurance that the Forms are free, in all material respects, from misstatement whether caused by fraud or other irregularity or error, and comply with IPRU(INS) rule 9.11; and Reasonable assurance about whether the Forms have been properly prepared, in all material respects and in accordance with the provisions of the Rules. Conclusion Based on our examination, in our opinion, in all material respects, the Forms fairly state the information provided on the basis required by the Rules and have been properly prepared in accordance with the provisions of those Rules. Ernst & Young LLP Statutory Auditor London 25 March

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