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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 485.87 Td (5.5 Any Other Material Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.60 485.47 Td (...............................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 470.87 Td (6. Capital Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.80 470.47 Td (...........................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 455.87 Td (6.1 Eligible Capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.10 455.47 Td (........................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 440.87 Td (6.1.1 Capital Management Process) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.90 440.47 Td (...................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 425.87 Td (6.1.2 Eligible Capital by Tier) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.35 425.47 Td (..............................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 410.87 Td (6.1.3 Eligible Capital Applied to ECR and MSM) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.70 410.47 Td (................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 395.87 Td (6.1.4 Transitional Arrangements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.05 395.47 Td (........................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 380.87 Td (6.1.5 Encumbrances on Capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.25 380.47 Td (.........................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 365.87 Td (6.1.6 Ancillary Capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.60 365.47 Td (........................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 350.87 Td (6.1.7 Reconciliation of Shareholders' Equity to Available Capital and Surplus) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.50 350.47 Td (..................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 335.87 Td (6.2 Regulatory Capital Requirements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.70 335.47 Td (...........................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 320.87 Td (6.3 Approved Internal Capital Model) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.90 320.47 Td (............................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 305.87 Td (6.4 Any Other Material Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.60 305.47 Td (...............................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 290.87 Td (7. Subsequent Events) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.25 290.47 Td (.............................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 275.87 Td (8. Declarations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.65 275.47 Td (........................................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 260.87 Td (Appendix I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.20 260.47 Td (...............................................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 245.87 Td (Appendix II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 245.47 Td (..............................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 665.87 Td (23) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 650.87 Td (23) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 635.87 Td (24) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 620.87 Td (24) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 605.87 Td (24) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 590.87 Td (24) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 575.87 Td (24) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 560.87 Td (24) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 545.87 Td (24) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 530.87 Td (25) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 515.87 Td (26) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 500.87 Td (26) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 485.87 Td (27) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 470.87 Td (27) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 455.87 Td (27) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 440.87 Td (27) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 425.87 Td (28) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 410.87 Td (28) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 395.87 Td (28) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 380.87 Td (28) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 365.87 Td (28) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 350.87 Td (28) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 335.87 Td (29) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 320.87 Td (29) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 305.87 Td (29) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 290.87 Td (29) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 275.87 Td (30) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 260.87 Td (31) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 245.87 Td (32) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.20 28.20 Td (3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 699.75 Td (1. ) Tj ET Q q 0 0 0 rg BT 65.12 699.75 Td (SUMMAR) Tj ET Q q 0 0 0 rg BT 109.74 699.75 Td (Y) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 673.75 Td (Partner ) Tj ET Q q 0 0 0 rg BT 89.19 673.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 147.74 673.75 Td (Life ) Tj ET Q q 0 0 0 rg BT 166.26 673.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 211.46 673.75 Td (of ) Tj ET Q q 0 0 0 rg BT 222.20 673.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 265.17 673.75 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 284.25 673.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 303.88 673.75 Td (Company\) ) Tj ET Q q 0 0 0 rg BT 352.41 673.75 Td (is ) Tj ET Q q 0 0 0 rg BT 362.03 673.75 Td (an ) Tj ET Q q 0 0 0 rg BT 375.56 673.75 Td (exempt ) Tj ET Q q 0 0 0 rg BT 410.75 673.75 Td (company ) Tj ET Q q 0 0 0 rg BT 453.72 673.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 511.71 673.75 Td (under ) Tj ET Q q 0 0 0 rg BT 539.69 673.75 Td (the ) Tj ET Q q 0 0 0 rg BT 555.99 673.75 Td (laws ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 65.88 660.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 109.99 660.75 Td (with ) Tj ET Q q 0 0 0 rg BT 131.30 660.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 163.74 660.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 197.28 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 217.50 660.75 Td (is ) Tj ET Q q 0 0 0 rg BT 228.26 660.75 Td (100% ) Tj ET Q q 0 0 0 rg BT 257.37 660.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 290.37 660.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 338.93 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 350.80 660.75 Td (Partner ) Tj ET Q q 0 0 0 rg BT 387.13 660.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 446.81 660.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 493.14 660.75 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 513.36 660.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 534.12 660.75 Td (Parent ) Tj ET Q q 0 0 0 rg BT 567.12 660.75 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 647.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 104.43 647.75 Td (Bermuda\). ) Tj ET Q q 0 0 0 rg BT 155.65 647.75 Td (The ) Tj ET Q q 0 0 0 rg BT 177.74 647.75 Td (Parent ) Tj ET Q q 0 0 0 rg BT 212.05 647.75 Td (is ) Tj ET Q q 0 0 0 rg BT 224.13 647.75 Td (a ) Tj ET Q q 0 0 0 rg BT 234.54 647.75 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 299.98 647.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 349.86 647.75 Td (of ) Tj ET Q q 0 0 0 rg BT 363.05 647.75 Td ( ) Tj ET Q q 0 0 0 rg BT 367.90 647.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 418.33 647.75 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 439.87 647.75 Td (\(PartnerRe ) Tj ET Q q 0 0 0 rg BT 493.63 647.75 Td (or ) Tj ET Q q 0 0 0 rg BT 507.37 647.75 Td (the ) Tj ET Q q 0 0 0 rg BT 526.13 647.75 Td (Group\), ) Tj ET Q q 0 0 0 rg BT 564.88 647.75 Td (an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 634.75 Td (international ) Tj ET Q q 0 0 0 rg BT 111.22 634.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 166.21 634.75 Td (group, ) Tj ET Q q 0 0 0 rg BT 197.30 634.75 Td (and ) Tj ET Q q 0 0 0 rg BT 216.72 634.75 Td (the ) Tj ET Q q 0 0 0 rg BT 233.36 634.75 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 271.12 634.75 Td (parent ) Tj ET Q q 0 0 0 rg BT 302.21 634.75 Td (company ) Tj ET Q q 0 0 0 rg BT 345.52 634.75 Td (is ) Tj ET Q q 0 0 0 rg BT 355.48 634.75 Td (EXOR ) Tj ET Q q 0 0 0 rg BT 386.56 634.75 Td (N.V) Tj ET Q q 0 0 0 rg BT 402.31 634.75 Td (. ) Tj ET Q q 0 0 0 rg BT 407.83 634.75 Td (\(EXOR\), ) Tj ET Q q 0 0 0 rg BT 448.34 634.75 Td (a ) Tj ET Q q 0 0 0 rg BT 456.64 634.75 Td (Dutch ) Tj ET Q q 0 0 0 rg BT 485.50 634.75 Td (public ) Tj ET Q q 0 0 0 rg BT 514.37 634.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 546.00 634.75 Td (liability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 621.75 Td (company ) Tj ET Q q 0 0 0 rg BT 97.46 621.75 Td (which ) Tj ET Q q 0 0 0 rg BT 125.92 621.75 Td (is ) Tj ET Q q 0 0 0 rg BT 136.02 621.75 Td (listed ) Tj ET Q q 0 0 0 rg BT 162.26 621.75 Td (on ) Tj ET Q q 0 0 0 rg BT 176.27 621.75 Td (the ) Tj ET Q q 0 0 0 rg BT 193.05 621.75 Td (Milan ) Tj ET Q q 0 0 0 rg BT 219.84 621.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 246.06 621.75 Td (exchange. ) Tj ET Q q 0 0 0 rg BT 294.91 621.75 Td (The ) Tj ET Q q 0 0 0 rg BT 315.03 621.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 367.62 621.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 407.75 621.75 Td (of) Tj ET Q q 0 0 0 rg BT 415.91 621.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 434.36 621.75 Td (is ) Tj ET Q q 0 0 0 rg BT 444.47 621.75 Td (located ) Tj ET Q q 0 0 0 rg BT 479.60 621.75 Td (at ) Tj ET Q q 0 0 0 rg BT 490.83 621.75 Td (90 ) Tj ET Q q 0 0 0 rg BT 504.83 621.75 Td (Pitt) Tj ET Q q 0 0 0 rg BT 521.32 621.75 Td (s ) Tj ET Q q 0 0 0 rg BT 529.21 621.75 Td (Bay ) Tj ET Q q 0 0 0 rg BT 549.33 621.75 Td (Road, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 608.75 Td (Pembroke, ) Tj ET Q q 0 0 0 rg BT 105.13 608.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 148.49 608.75 Td (\(telephone ) Tj ET Q q 0 0 0 rg BT 198.53 608.75 Td (number: ) Tj ET Q q 0 0 0 rg BT 237.99 608.75 Td (+1 ) Tj ET Q q 0 0 0 rg BT 252.17 608.75 Td (441-292-0888\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 582.75 Td (This ) Tj ET Q q 0 0 0 rg BT 75.19 582.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 117.51 582.75 Td (Condition ) Tj ET Q q 0 0 0 rg BT 162.06 582.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 194.37 582.75 Td (\(FCR\) ) Tj ET Q q 0 0 0 rg BT 223.89 582.75 Td (is ) Tj ET Q q 0 0 0 rg BT 233.41 582.75 Td (based ) Tj ET Q q 0 0 0 rg BT 262.95 582.75 Td (on ) Tj ET Q q 0 0 0 rg BT 276.37 582.75 Td (the ) Tj ET Q q 0 0 0 rg BT 292.57 582.75 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 338.79 582.75 Td (\(Public ) Tj ET Q q 0 0 0 rg BT 371.66 582.75 Td (Disclosure\) ) Tj ET Q q 0 0 0 rg BT 423.96 582.75 Td (Rules ) Tj ET Q q 0 0 0 rg BT 451.83 582.75 Td ( ) Tj ET Q q 0 0 0 rg BT 454.13 582.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 478.68 582.75 Td (which ) Tj ET Q q 0 0 0 rg BT 506.54 582.75 Td (came ) Tj ET Q q 0 0 0 rg BT 533.29 582.75 Td (into ) Tj ET Q q 0 0 0 rg BT 551.72 582.75 Td (ef) Tj ET Q q 0 0 0 rg BT 559.88 582.75 Td (fect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 569.75 Td (on ) Tj ET Q q 0 0 0 rg BT 68.01 569.75 Td (January ) Tj ET Q q 0 0 0 rg BT 106.47 569.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 117.69 569.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 145.42 569.75 Td (These ) Tj ET Q q 0 0 0 rg BT 176.10 569.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 200.66 569.75 Td (specify ) Tj ET Q q 0 0 0 rg BT 234.66 569.75 Td (the ) Tj ET Q q 0 0 0 rg BT 251.45 569.75 Td (requirement ) Tj ET Q q 0 0 0 rg BT 307.69 569.75 Td (for ) Tj ET Q q 0 0 0 rg BT 322.25 569.75 Td (commercial ) Tj ET Q q 0 0 0 rg BT 376.25 569.75 Td (insurers ) Tj ET Q q 0 0 0 rg BT 414.71 569.75 Td (to ) Tj ET Q q 0 0 0 rg BT 425.93 569.75 Td (prepare ) Tj ET Q q 0 0 0 rg BT 463.28 569.75 Td (an ) Tj ET Q q 0 0 0 rg BT 477.29 569.75 Td (FCR ) Tj ET Q q 0 0 0 rg BT 500.73 569.75 Td (and ) Tj ET Q q 0 0 0 rg BT 520.30 569.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 559.31 569.75 Td (that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 556.75 Td (it ) Tj ET Q q 0 0 0 rg BT 61.30 556.75 Td (be ) Tj ET Q q 0 0 0 rg BT 74.71 556.75 Td (made ) Tj ET Q q 0 0 0 rg BT 102.02 556.75 Td (publicly ) Tj ET Q q 0 0 0 rg BT 137.67 556.75 Td (available ) Tj ET Q q 0 0 0 rg BT 179.44 556.75 Td (on ) Tj ET Q q 0 0 0 rg BT 192.86 556.75 Td (the ) Tj ET Q q 0 0 0 rg BT 209.05 556.75 Td (insurer) Tj ET Q q 0 0 0 rg BT 239.99 556.75 Td () Tj ET Q q 0 0 0 rg BT 242.03 556.75 Td (s ) Tj ET Q q 0 0 0 rg BT 249.33 556.75 Td (website. ) Tj ET Q q 0 0 0 rg BT 288.16 556.75 Td (This ) Tj ET Q q 0 0 0 rg BT 309.34 556.75 Td (report ) Tj ET Q q 0 0 0 rg BT 337.76 556.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 377.86 556.75 Td (a ) Tj ET Q q 0 0 0 rg BT 385.71 556.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 434.70 556.75 Td (on ) Tj ET Q q 0 0 0 rg BT 448.12 556.75 Td (the ) Tj ET Q q 0 0 0 rg BT 464.31 556.75 Td (Company) Tj ET Q q 0 0 0 rg BT 509.15 556.75 Td (s ) Tj ET Q q 0 0 0 rg BT 516.45 556.75 Td (Business ) Tj ET Q q 0 0 0 rg BT 559.32 556.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 543.75 Td (Performance ) Tj ET Q q 0 0 0 rg BT 112.93 543.75 Td (\(section ) Tj ET Q q 0 0 0 rg BT 149.63 543.75 Td (2\) ) Tj ET Q q 0 0 0 rg BT 160.21 543.75 Td (Governance ) Tj ET Q q 0 0 0 rg BT 216.37 543.75 Td (Structure ) Tj ET Q q 0 0 0 rg BT 258.63 543.75 Td (\(section ) Tj ET Q q 0 0 0 rg BT 295.33 543.75 Td (3\), ) Tj ET Q q 0 0 0 rg BT 308.69 543.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 329.82 543.75 Td (Profile ) Tj ET Q q 0 0 0 rg BT 359.85 543.75 Td (\(section ) Tj ET Q q 0 0 0 rg BT 396.55 543.75 Td (4\), ) Tj ET Q q 0 0 0 rg BT 409.90 543.75 Td (Solvency ) Tj ET Q q 0 0 0 rg BT 452.17 543.75 Td (V) Tj ET Q q 0 0 0 rg BT 458.09 543.75 Td (aluation ) Tj ET Q q 0 0 0 rg BT 494.81 543.75 Td (\(section ) Tj ET Q q 0 0 0 rg BT 531.51 543.75 Td (5\), ) Tj ET Q q 0 0 0 rg BT 544.87 543.75 Td (Capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 530.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 115.15 530.75 Td (\(section ) Tj ET Q q 0 0 0 rg BT 152.94 530.75 Td (6\) ) Tj ET Q q 0 0 0 rg BT 164.61 530.75 Td (and ) Tj ET Q q 0 0 0 rg BT 184.07 530.75 Td (Significant ) Tj ET Q q 0 0 0 rg BT 232.99 530.75 Td (Events ) Tj ET Q q 0 0 0 rg BT 266.34 530.75 Td (\(section ) Tj ET Q q 0 0 0 rg BT 304.13 530.75 Td (7\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 504.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 102.42 504.75 Td (is ) Tj ET Q q 0 0 0 rg BT 112.49 504.75 Td (a ) Tj ET Q q 0 0 0 rg BT 120.89 504.75 Td (leading ) Tj ET Q q 0 0 0 rg BT 155.99 504.75 Td (global ) Tj ET Q q 0 0 0 rg BT 185.52 504.75 Td (reinsurer) Tj ET Q q 0 0 0 rg BT 224.43 504.75 Td (, ) Tj ET Q q 0 0 0 rg BT 230.05 504.75 Td (with ) Tj ET Q q 0 0 0 rg BT 250.68 504.75 Td (a ) Tj ET Q q 0 0 0 rg BT 259.09 504.75 Td (broadly ) Tj ET Q q 0 0 0 rg BT 294.73 504.75 Td (diversified ) Tj ET Q q 0 0 0 rg BT 342.59 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 362.12 504.75 Td (balanced ) Tj ET Q q 0 0 0 rg BT 405.56 504.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 443.98 504.75 Td (of ) Tj ET Q q 0 0 0 rg BT 455.16 504.75 Td (traditional ) Tj ET Q q 0 0 0 rg BT 501.37 504.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 556.46 504.75 Td ( ) Tj ET Q q 0 0 0 rg BT 559.31 504.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 491.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 86.51 491.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 125.67 491.75 Td (risks. ) Tj ET Q q 0 0 0 rg BT 152.60 491.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 201.78 491.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 245.95 491.75 Td (is ) Tj ET Q q 0 0 0 rg BT 256.78 491.75 Td (one ) Tj ET Q q 0 0 0 rg BT 277.06 491.75 Td (of ) Tj ET Q q 0 0 0 rg BT 289.00 491.75 Td (four ) Tj ET Q q 0 0 0 rg BT 309.83 491.75 Td (main ) Tj ET Q q 0 0 0 rg BT 335.11 491.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 380.41 491.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 432.37 491.75 Td (world-wide ) Tj ET Q q 0 0 0 rg BT 483.76 491.75 Td (within ) Tj ET Q q 0 0 0 rg BT 512.93 491.75 Td (the ) Tj ET Q q 0 0 0 rg BT 530.43 491.75 Td (PartnerRe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 478.75 Td (group ) Tj ET Q q 0 0 0 rg BT 82.44 478.75 Td (which ) Tj ET Q q 0 0 0 rg BT 110.87 478.75 Td (also ) Tj ET Q q 0 0 0 rg BT 132.07 478.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 171.63 478.75 Td (Partner ) Tj ET Q q 0 0 0 rg BT 207.28 478.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 266.29 478.75 Td (Europe ) Tj ET Q q 0 0 0 rg BT 301.39 478.75 Td (SE ) Tj ET Q q 0 0 0 rg BT 317.60 478.75 Td (\(PartnerRe ) Tj ET Q q 0 0 0 rg BT 369.37 478.75 Td (Europe\), ) Tj ET Q q 0 0 0 rg BT 410.58 478.75 Td (Partner ) Tj ET Q q 0 0 0 rg BT 446.24 478.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 505.24 478.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 550.90 478.75 Td (of ) Tj ET Q q 0 0 0 rg BT 562.10 478.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 465.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 76.54 465.75 Td (\(PartnerRe ) Tj ET Q q 0 0 0 rg BT 128.53 465.75 Td (U.S.\) ) Tj ET Q q 0 0 0 rg BT 154.40 465.75 Td (and ) Tj ET Q q 0 0 0 rg BT 174.17 465.75 Td (Partner ) Tj ET Q q 0 0 0 rg BT 210.05 465.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 268.67 465.75 Td (Asia ) Tj ET Q q 0 0 0 rg BT 291.21 465.75 Td (Pte. ) Tj ET Q q 0 0 0 rg BT 312.09 465.75 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 331.86 465.75 Td (\(PartnerRe ) Tj ET Q q 0 0 0 rg BT 383.24 465.75 Td (Asia\).The ) Tj ET Q q 0 0 0 rg BT 429.12 465.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 460.01 465.75 Td (is ) Tj ET Q q 0 0 0 rg BT 470.32 465.75 Td (organized ) Tj ET Q q 0 0 0 rg BT 517.33 465.75 Td (into ) Tj ET Q q 0 0 0 rg BT 536.54 465.75 Td (business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 452.75 Td (units ) Tj ET Q q 0 0 0 rg BT 77.90 452.75 Td (that ) Tj ET Q q 0 0 0 rg BT 97.36 452.75 Td (may ) Tj ET Q q 0 0 0 rg BT 119.03 452.75 Td (be ) Tj ET Q q 0 0 0 rg BT 132.93 452.75 Td (comprised ) Tj ET Q q 0 0 0 rg BT 181.84 452.75 Td (of ) Tj ET Q q 0 0 0 rg BT 192.96 452.75 Td (business ) Tj ET Q q 0 0 0 rg BT 235.20 452.75 Td (from ) Tj ET Q q 0 0 0 rg BT 257.98 452.75 Td (one ) Tj ET Q q 0 0 0 rg BT 277.44 452.75 Td (or ) Tj ET Q q 0 0 0 rg BT 289.11 452.75 Td (more ) Tj ET Q q 0 0 0 rg BT 314.67 452.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 359.15 452.75 Td (companies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 426.75 Td (All ) Tj ET Q q 0 0 0 rg BT 67.89 426.75 Td (figures ) Tj ET Q q 0 0 0 rg BT 100.68 426.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 141.82 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 152.38 426.75 Td (this ) Tj ET Q q 0 0 0 rg BT 170.72 426.75 Td (report ) Tj ET Q q 0 0 0 rg BT 199.63 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 216.86 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 227.42 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 244.10 426.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 289.69 426.75 Td (dollar ) Tj ET Q q 0 0 0 rg BT 316.92 426.75 Td (functional ) Tj ET Q q 0 0 0 rg BT 362.51 426.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 403.63 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 414.75 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 431.43 426.75 Td (Company) Tj ET Q q 0 0 0 rg BT 473.49 426.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 413.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 400.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.73 400.75 Td (Company) Tj ET Q q 0 0 0 rg BT 118.57 400.75 Td (s ) Tj ET Q q 0 0 0 rg BT 126.07 400.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 170.81 400.75 Td (objective ) Tj ET Q q 0 0 0 rg BT 212.77 400.75 Td (is ) Tj ET Q q 0 0 0 rg BT 222.50 400.75 Td (to ) Tj ET Q q 0 0 0 rg BT 233.34 400.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 271.97 400.75 Td (a ) Tj ET Q q 0 0 0 rg BT 280.04 400.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 318.11 400.75 Td (of ) Tj ET Q q 0 0 0 rg BT 328.95 400.75 Td (diversified ) Tj ET Q q 0 0 0 rg BT 376.47 400.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 399.52 400.75 Td (that ) Tj ET Q q 0 0 0 rg BT 418.70 400.75 Td (will ) Tj ET Q q 0 0 0 rg BT 435.09 400.75 Td (create ) Tj ET Q q 0 0 0 rg BT 465.38 400.75 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 520.69 400.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 549.88 400.75 Td (Given ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 387.75 Td (that ) Tj ET Q q 0 0 0 rg BT 74.04 387.75 Td (the ) Tj ET Q q 0 0 0 rg BT 91.30 387.75 Td (Company) Tj ET Q q 0 0 0 rg BT 136.14 387.75 Td (s ) Tj ET Q q 0 0 0 rg BT 144.50 387.75 Td (profitability ) Tj ET Q q 0 0 0 rg BT 195.65 387.75 Td (in ) Tj ET Q q 0 0 0 rg BT 206.80 387.75 Td (any ) Tj ET Q q 0 0 0 rg BT 226.28 387.75 Td (particular ) Tj ET Q q 0 0 0 rg BT 270.76 387.75 Td (period ) Tj ET Q q 0 0 0 rg BT 301.92 387.75 Td (can ) Tj ET Q q 0 0 0 rg BT 321.40 387.75 Td (be ) Tj ET Q q 0 0 0 rg BT 335.88 387.75 Td (significantly ) Tj ET Q q 0 0 0 rg BT 390.93 387.75 Td (af) Tj ET Q q 0 0 0 rg BT 399.09 387.75 Td (fected ) Tj ET Q q 0 0 0 rg BT 429.69 387.75 Td (by ) Tj ET Q q 0 0 0 rg BT 443.61 387.75 Td (the ) Tj ET Q q 0 0 0 rg BT 460.87 387.75 Td (level ) Tj ET Q q 0 0 0 rg BT 484.80 387.75 Td (of ) Tj ET Q q 0 0 0 rg BT 496.50 387.75 Td (large ) Tj ET Q q 0 0 0 rg BT 522.09 387.75 Td (catastrophic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 374.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 85.54 374.75 Td (or ) Tj ET Q q 0 0 0 rg BT 97.62 374.75 Td (the ) Tj ET Q q 0 0 0 rg BT 114.72 374.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 147.36 374.75 Td (of ) Tj ET Q q 0 0 0 rg BT 158.90 374.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 199.90 374.75 Td (in ) Tj ET Q q 0 0 0 rg BT 210.88 374.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 246.86 374.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 272.29 374.75 Td (on ) Tj ET Q q 0 0 0 rg BT 286.60 374.75 Td (the ) Tj ET Q q 0 0 0 rg BT 303.70 374.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 320.78 374.75 Td (value ) Tj ET Q q 0 0 0 rg BT 347.88 374.75 Td (of ) Tj ET Q q 0 0 0 rg BT 359.42 374.75 Td (investments, ) Tj ET Q q 0 0 0 rg BT 418.74 374.75 Td (the ) Tj ET Q q 0 0 0 rg BT 435.84 374.75 Td (Company) Tj ET Q q 0 0 0 rg BT 480.67 374.75 Td (s ) Tj ET Q q 0 0 0 rg BT 488.87 374.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 548.20 374.75 Td (during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 361.75 Td (any ) Tj ET Q q 0 0 0 rg BT 72.88 361.75 Td (particular ) Tj ET Q q 0 0 0 rg BT 116.77 361.75 Td (period ) Tj ET Q q 0 0 0 rg BT 147.33 361.75 Td (is ) Tj ET Q q 0 0 0 rg BT 157.31 361.75 Td (not ) Tj ET Q q 0 0 0 rg BT 173.97 361.75 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 226.75 361.75 Td (indicative ) Tj ET Q q 0 0 0 rg BT 271.20 361.75 Td (of ) Tj ET Q q 0 0 0 rg BT 282.29 361.75 Td (its ) Tj ET Q q 0 0 0 rg BT 295.05 361.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 353.95 361.75 Td (over ) Tj ET Q q 0 0 0 rg BT 376.16 361.75 Td (the ) Tj ET Q q 0 0 0 rg BT 392.82 361.75 Td (longer-term ) Tj ET Q q 0 0 0 rg BT 446.71 361.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 501.72 361.75 Td (cycle. ) Tj ET Q q 0 0 0 rg BT 529.86 361.75 Td (Therefore, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 348.75 Td (management ) Tj ET Q q 0 0 0 rg BT 115.15 348.75 Td (assesses ) Tj ET Q q 0 0 0 rg BT 159.61 348.75 Td (progress ) Tj ET Q q 0 0 0 rg BT 201.29 348.75 Td (against ) Tj ET Q q 0 0 0 rg BT 236.32 348.75 Td (this ) Tj ET Q q 0 0 0 rg BT 254.66 348.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 299.67 348.75 Td (objective ) Tj ET Q q 0 0 0 rg BT 341.92 348.75 Td (over ) Tj ET Q q 0 0 0 rg BT 364.15 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 380.83 348.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 435.86 348.75 Td (cycle.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 322.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 72.00 322.75 Td (income ) Tj ET Q q 0 0 0 rg BT 106.68 322.75 Td (for ) Tj ET Q q 0 0 0 rg BT 120.79 322.75 Td (the ) Tj ET Q q 0 0 0 rg BT 137.13 322.75 Td (full ) Tj ET Q q 0 0 0 rg BT 152.35 322.75 Td (year ) Tj ET Q q 0 0 0 rg BT 174.25 322.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 198.93 322.75 Td (was ) Tj ET Q q 0 0 0 rg BT 219.16 322.75 Td ($7 ) Tj ET Q q 0 0 0 rg BT 232.72 322.75 Td (million ) Tj ET Q q 0 0 0 rg BT 263.50 322.75 Td (on ) Tj ET Q q 0 0 0 rg BT 277.07 322.75 Td (a ) Tj ET Q q 0 0 0 rg BT 285.07 322.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 306.96 322.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 334.56 322.75 Td ( ) Tj ET Q q 0 0 0 rg BT 337.00 322.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 365.57 322.75 Td (See ) Tj ET Q q 0 0 0 rg BT 385.80 322.75 Td (section ) Tj ET Q q 0 0 0 rg BT 419.93 322.75 Td (2 ) Tj ET Q q 0 0 0 rg BT 427.93 322.75 Td (for ) Tj ET Q q 0 0 0 rg BT 442.04 322.75 Td (a ) Tj ET Q q 0 0 0 rg BT 450.04 322.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 499.17 322.75 Td (of ) Tj ET Q q 0 0 0 rg BT 509.95 322.75 Td (the ) Tj ET Q q 0 0 0 rg BT 526.29 322.75 Td (Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 309.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 112.92 309.75 Td (during ) Tj ET Q q 0 0 0 rg BT 143.49 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.17 309.75 Td (year) Tj ET Q q 0 0 0 rg BT 179.07 309.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 283.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.05 283.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 117.67 283.75 Td (uses ) Tj ET Q q 0 0 0 rg BT 140.61 283.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.33 283.75 Td (standard ) Tj ET Q q 0 0 0 rg BT 197.07 283.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 239.46 283.75 Td (Solvency ) Tj ET Q q 0 0 0 rg BT 281.86 283.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 314.80 283.75 Td (Requirement ) Tj ET Q q 0 0 0 rg BT 373.88 283.75 Td (\(BSCR\) ) Tj ET Q q 0 0 0 rg BT 410.14 283.75 Td (model ) Tj ET Q q 0 0 0 rg BT 439.19 283.75 Td (to ) Tj ET Q q 0 0 0 rg BT 449.35 283.75 Td (assess ) Tj ET Q q 0 0 0 rg BT 482.29 283.75 Td (the ) Tj ET Q q 0 0 0 rg BT 498.02 283.75 Td (Enhanced ) Tj ET Q q 0 0 0 rg BT 544.87 283.75 Td (Capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 270.75 Td (Requirement ) Tj ET Q q 0 0 0 rg BT 114.51 270.75 Td (\(ECR\) ) Tj ET Q q 0 0 0 rg BT 145.55 270.75 Td (or ) Tj ET Q q 0 0 0 rg BT 157.70 270.75 Td (required ) Tj ET Q q 0 0 0 rg BT 197.65 270.75 Td (statutory ) Tj ET Q q 0 0 0 rg BT 239.26 270.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 271.43 270.75 Td (and ) Tj ET Q q 0 0 0 rg BT 291.37 270.75 Td (surplus. ) Tj ET Q q 0 0 0 rg BT 329.44 270.75 Td (The ) Tj ET Q q 0 0 0 rg BT 349.93 270.75 Td (ECR ) Tj ET Q q 0 0 0 rg BT 374.31 270.75 Td (and ) Tj ET Q q 0 0 0 rg BT 394.25 270.75 Td (the ) Tj ET Q q 0 0 0 rg BT 410.77 270.75 Td (A) Tj ET Q q 0 0 0 rg BT 417.26 270.75 Td (vailable ) Tj ET Q q 0 0 0 rg BT 454.43 270.75 Td (Statutory ) Tj ET Q q 0 0 0 rg BT 497.71 270.75 Td (Economic ) Tj ET Q q 0 0 0 rg BT 544.88 270.75 Td (Capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 257.75 Td (and ) Tj ET Q q 0 0 0 rg BT 74.05 257.75 Td (Surplus ) Tj ET Q q 0 0 0 rg BT 111.31 257.75 Td (were ) Tj ET Q q 0 0 0 rg BT 136.35 257.75 Td ($18 ) Tj ET Q q 0 0 0 rg BT 156.40 257.75 Td (million ) Tj ET Q q 0 0 0 rg BT 188.10 257.75 Td (and ) Tj ET Q q 0 0 0 rg BT 208.15 257.75 Td ($166 ) Tj ET Q q 0 0 0 rg BT 233.75 257.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 268.23 257.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 320.29 257.75 Td (, ) Tj ET Q q 0 0 0 rg BT 326.43 257.75 Td (at ) Tj ET Q q 0 0 0 rg BT 338.13 257.75 Td (December ) Tj ET Q q 0 0 0 rg BT 387.62 257.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 404.88 257.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 433.27 257.75 Td ( ) Tj ET Q q 0 0 0 rg BT 436.41 257.75 Td (The ) Tj ET Q q 0 0 0 rg BT 457.01 257.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 500.94 257.75 Td (Solvency ) Tj ET Q q 0 0 0 rg BT 544.88 257.75 Td (Capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 244.75 Td (Requirement ) Tj ET Q q 0 0 0 rg BT 114.03 244.75 Td (Ratio ) Tj ET Q q 0 0 0 rg BT 140.15 244.75 Td (at ) Tj ET Q q 0 0 0 rg BT 151.27 244.75 Td (December ) Tj ET Q q 0 0 0 rg BT 200.18 244.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 216.86 244.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 241.88 244.75 Td (was ) Tj ET Q q 0 0 0 rg BT 262.44 244.75 Td (949%.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 218.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.01 218.75 Td (Company) Tj ET Q q 0 0 0 rg BT 118.85 218.75 Td (s ) Tj ET Q q 0 0 0 rg BT 126.63 218.75 Td (eligible ) Tj ET Q q 0 0 0 rg BT 160.54 218.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 192.22 218.75 Td (by ) Tj ET Q q 0 0 0 rg BT 205.56 218.75 Td (tier ) Tj ET Q q 0 0 0 rg BT 222.23 218.75 Td (at ) Tj ET Q q 0 0 0 rg BT 233.35 218.75 Td (December ) Tj ET Q q 0 0 0 rg BT 282.26 218.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 298.94 218.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 323.96 218.75 Td (was ) Tj ET Q q 0 0 0 rg BT 344.52 218.75 Td (as ) Tj ET Q q 0 0 0 rg BT 357.86 218.75 Td (follows ) Tj ET Q q 0 0 0 rg BT 391.21 218.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 405.10 218.75 Td (millions ) Tj ET Q q 0 0 0 rg BT 441.22 218.75 Td (of ) Tj ET Q q 0 0 0 rg BT 452.33 218.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 497.93 218.75 Td (dollars\):) Tj ET Q 1 1 1 rg /GS0 gs 54.50 208.25 457.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 208.25 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 194.25 457.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 194.25 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 166.25 457.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 166.25 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 194.25 m 576.5 194.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 152.25 m 576.5 152.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 152.25 m 576.5 152.25 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 532.35 198.47 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 184.47 Td (T) Tj ET Q q 0 0 0 rg BT 63.02 184.47 Td (ier ) Tj ET Q q 0 0 0 rg BT 77.94 184.47 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.45 184.47 Td (.......................................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 184.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.95 184.47 Td (166) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 170.47 Td (T) Tj ET Q q 0 0 0 rg BT 63.02 170.47 Td (ier ) Tj ET Q q 0 0 0 rg BT 77.94 170.47 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.45 170.47 Td (.......................................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 170.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 156.47 Td (T) Tj ET Q q 0 0 0 rg BT 63.02 156.47 Td (ier ) Tj ET Q q 0 0 0 rg BT 77.94 156.47 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.45 156.47 Td (.......................................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 156.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 142.47 Td (T) Tj ET Q q 0 0 0 rg BT 62.37 142.47 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.65 142.47 Td (........................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.00 142.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.95 142.47 Td (166) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 112.75 Td (This ) Tj ET Q q 0 0 0 rg BT 75.50 112.75 Td (report ) Tj ET Q q 0 0 0 rg BT 104.23 112.75 Td (is ) Tj ET Q q 0 0 0 rg BT 114.06 112.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 154.44 112.75 Td (based ) Tj ET Q q 0 0 0 rg BT 184.30 112.75 Td (on ) Tj ET Q q 0 0 0 rg BT 198.03 112.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.54 112.75 Td (Company) Tj ET Q q 0 0 0 rg BT 259.38 112.75 Td (s ) Tj ET Q q 0 0 0 rg BT 266.98 112.75 Td (Economic ) Tj ET Q q 0 0 0 rg BT 313.50 112.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 352.24 112.75 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 380.98 112.75 Td (\(EBS\) ) Tj ET Q q 0 0 0 rg BT 410.26 112.75 Td (as ) Tj ET Q q 0 0 0 rg BT 423.43 112.75 Td (at ) Tj ET Q q 0 0 0 rg BT 434.38 112.75 Td (December ) Tj ET Q q 0 0 0 rg BT 483.11 112.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 499.62 112.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 527.25 112.75 Td (In ) Tj ET Q q 0 0 0 rg BT 538.20 112.75 Td (addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 99.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 85.74 99.75 Td (sections ) Tj ET Q q 0 0 0 rg BT 124.15 99.75 Td (include ) Tj ET Q q 0 0 0 rg BT 157.57 99.75 Td (information ) Tj ET Q q 0 0 0 rg BT 208.76 99.75 Td (based ) Tj ET Q q 0 0 0 rg BT 237.74 99.75 Td (on ) Tj ET Q q 0 0 0 rg BT 250.59 99.75 Td (the ) Tj ET Q q 0 0 0 rg BT 266.22 99.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 317.65 99.75 Td (December ) Tj ET Q q 0 0 0 rg BT 365.51 99.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.13 99.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.11 99.75 Td ( ) Tj ET Q q 0 0 0 rg BT 406.83 99.75 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 459.71 99.75 Td (General ) Tj ET Q q 0 0 0 rg BT 497.02 99.75 Td (Purpose ) Tj ET Q q 0 0 0 rg BT 535.99 99.75 Td (Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 86.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 106.84 86.75 Td (which ) Tj ET Q q 0 0 0 rg BT 134.67 86.75 Td (have ) Tj ET Q q 0 0 0 rg BT 158.62 86.75 Td (been ) Tj ET Q q 0 0 0 rg BT 183.12 86.75 Td (prepared ) Tj ET Q q 0 0 0 rg BT 225.41 86.75 Td (in ) Tj ET Q q 0 0 0 rg BT 235.46 86.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 289.42 86.75 Td (with ) Tj ET Q q 0 0 0 rg BT 309.46 86.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 360.09 86.75 Td (principles ) Tj ET Q q 0 0 0 rg BT 404.60 86.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 447.44 86.75 Td (accepted ) Tj ET Q q 0 0 0 rg BT 490.29 86.75 Td (in ) Tj ET Q q 0 0 0 rg BT 500.33 86.75 Td (the ) Tj ET Q q 0 0 0 rg BT 516.49 86.75 Td (United ) Tj ET Q q 0 0 0 rg BT 547.66 86.75 Td (States ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 73.75 Td (\(U.S. ) Tj ET Q q 0 0 0 rg BT 79.56 73.75 Td (GAAP\).) 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(business ) Tj ET Q q 0 0 0 rg BT 96.32 610.05 Td (and ) Tj ET Q q 0 0 0 rg BT 115.85 610.05 Td (has ) Tj ET Q q 0 0 0 rg BT 134.82 610.05 Td (exposure ) Tj ET Q q 0 0 0 rg BT 178.80 610.05 Td (to ) Tj ET Q q 0 0 0 rg BT 189.99 610.05 Td (Life ) Tj ET Q q 0 0 0 rg BT 208.96 610.05 Td (risks ) Tj ET Q q 0 0 0 rg BT 232.36 610.05 Td (through ) Tj ET Q q 0 0 0 rg BT 269.13 610.05 Td (a ) Tj ET Q q 0 0 0 rg BT 277.53 610.05 Td (75% ) Tj ET Q q 0 0 0 rg BT 300.40 610.05 Td (quota-share ) Tj ET Q q 0 0 0 rg BT 356.61 610.05 Td (treaty ) Tj ET Q q 0 0 0 rg BT 384.47 610.05 Td (with ) Tj ET Q q 0 0 0 rg BT 405.10 610.05 Td (the ) Tj ET Q q 0 0 0 rg BT 421.85 610.05 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 467.51 610.05 Td (branch ) Tj ET Q q 0 0 0 rg BT 500.93 610.05 Td (of ) Tj ET Q q 0 0 0 rg BT 512.12 610.05 Td (its ) Tj ET Q q 0 0 0 rg BT 524.97 610.05 Td (parent. ) Tj ET Q q 0 0 0 rg BT 558.76 610.05 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 597.05 Td (long ) Tj ET Q q 0 0 0 rg BT 76.54 597.05 Td (term ) Tj ET Q q 0 0 0 rg BT 100.17 597.05 Td (risks ) Tj ET Q q 0 0 0 rg BT 124.35 597.05 Td (assumed ) Tj ET Q q 0 0 0 rg BT 168.56 597.05 Td (by ) Tj ET Q q 0 0 0 rg BT 182.75 597.05 Td (the ) Tj ET Q q 0 0 0 rg BT 200.28 597.05 Td (Company ) Tj ET Q q 0 0 0 rg BT 246.71 597.05 Td (include ) Tj ET Q q 0 0 0 rg BT 282.03 597.05 Td (mortality) Tj ET Q q 0 0 0 rg BT 319.07 597.05 Td (, ) Tj ET Q q 0 0 0 rg BT 325.48 597.05 Td (longevity ) Tj ET Q q 0 0 0 rg BT 368.58 597.05 Td (and ) Tj ET Q q 0 0 0 rg BT 388.89 597.05 Td (health ) Tj ET Q q 0 0 0 rg BT 419.77 597.05 Td (lines ) Tj ET Q q 0 0 0 rg BT 443.96 597.05 Td (of ) Tj ET Q q 0 0 0 rg BT 455.93 597.05 Td (business. ) Tj ET Q q 0 0 0 rg BT 501.81 597.05 Td (Mortality ) Tj ET Q q 0 0 0 rg BT 543.22 597.05 Td (treaties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 584.05 Td (provide ) Tj ET Q q 0 0 0 rg BT 89.86 584.05 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 145.17 584.05 Td (coverage ) Tj ET Q q 0 0 0 rg BT 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571.05 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 300.17 571.05 Td (coverage ) Tj ET Q q 0 0 0 rg BT 343.92 571.05 Td (to ) Tj ET Q q 0 0 0 rg BT 354.87 571.05 Td (insurers ) Tj ET Q q 0 0 0 rg BT 393.04 571.05 Td (who ) Tj ET Q q 0 0 0 rg BT 414.00 571.05 Td (issue ) Tj ET Q q 0 0 0 rg BT 439.95 571.05 Td (annuity ) Tj ET Q q 0 0 0 rg BT 474.81 571.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 517.99 571.05 Td (of) Tj ET Q q 0 0 0 rg BT 526.14 571.05 Td (fering ) Tj ET Q q 0 0 0 rg BT 553.77 571.05 Td (long-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 558.05 Td (term ) Tj ET Q q 0 0 0 rg BT 76.31 558.05 Td (retirement ) Tj ET Q q 0 0 0 rg BT 123.63 558.05 Td (benefits ) Tj ET Q q 0 0 0 rg BT 160.97 558.05 Td (to ) Tj ET Q q 0 0 0 rg BT 171.62 558.05 Td (consumers ) Tj ET Q q 0 0 0 rg BT 222.83 558.05 Td (who ) Tj ET Q q 0 0 0 rg BT 243.48 558.05 Td (seek ) Tj ET Q q 0 0 0 rg BT 266.92 558.05 Td (protection ) Tj ET Q q 0 0 0 rg BT 313.14 558.05 Td (against ) Tj ET Q q 0 0 0 rg BT 347.70 558.05 Td (outliving ) Tj ET Q q 0 0 0 rg BT 386.70 558.05 Td (their ) Tj ET Q q 0 0 0 rg BT 408.46 558.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 447.46 558.05 Td (resources. ) Tj ET Q q 0 0 0 rg BT 496.45 558.05 Td (Mortality ) Tj ET Q q 0 0 0 rg BT 536.54 558.05 Td (business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 545.05 Td (is ) Tj ET Q q 0 0 0 rg BT 64.00 545.05 Td (written ) Tj ET Q q 0 0 0 rg BT 96.23 545.05 Td (primarily ) Tj ET Q q 0 0 0 rg BT 136.79 545.05 Td (on ) Tj ET Q q 0 0 0 rg BT 150.69 545.05 Td (a ) Tj ET Q q 0 0 0 rg BT 159.03 545.05 Td (proportional ) Tj ET Q q 0 0 0 rg BT 214.62 545.05 Td (basis ) Tj ET Q q 0 0 0 rg BT 240.74 545.05 Td (through ) Tj ET Q q 0 0 0 rg BT 277.44 545.05 Td (treaty ) Tj ET Q q 0 0 0 rg BT 305.23 545.05 Td (arrangements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 519.05 Td (Ef) Tj ET Q q 0 0 0 rg BT 63.27 519.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 94.66 519.05 Td (July ) Tj ET Q q 0 0 0 rg BT 114.93 519.05 Td (1, ) Tj ET Q q 0 0 0 rg BT 125.76 519.05 Td (2014, ) Tj ET Q q 0 0 0 rg BT 153.27 519.05 Td (the ) Tj ET Q q 0 0 0 rg BT 169.66 519.05 Td (Parent ) Tj ET Q q 0 0 0 rg BT 201.62 519.05 Td (entered ) Tj ET Q q 0 0 0 rg BT 238.02 519.05 Td (into ) Tj ET Q q 0 0 0 rg BT 256.63 519.05 Td (an ) Tj ET Q q 0 0 0 rg BT 269.75 519.05 Td (Assumption ) Tj ET Q q 0 0 0 rg BT 324.49 519.05 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 382.63 519.05 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 434.03 519.05 Td (with ) Tj ET Q q 0 0 0 rg BT 454.30 519.05 Td (the ) Tj ET Q q 0 0 0 rg BT 470.69 519.05 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 516.00 519.05 Td (Life ) Tj ET Q q 0 0 0 rg BT 534.61 519.05 Td (branch ) Tj ET Q q 0 0 0 rg BT 567.67 519.05 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 506.05 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 103.21 506.05 Td (Europe. ) Tj ET Q q 0 0 0 rg BT 141.87 506.05 Td (Under ) Tj ET Q q 0 0 0 rg BT 172.74 506.05 Td (this ) Tj ET Q q 0 0 0 rg BT 191.93 506.05 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 246.15 506.05 Td (the ) Tj ET Q q 0 0 0 rg BT 263.68 506.05 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 310.13 506.05 Td (Life ) Tj ET Q q 0 0 0 rg BT 329.88 506.05 Td (branch ) Tj ET Q q 0 0 0 rg BT 364.09 506.05 Td (of ) Tj ET Q q 0 0 0 rg BT 376.07 506.05 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 425.27 506.05 Td (Europe ) Tj ET Q q 0 0 0 rg BT 461.15 506.05 Td (transferred ) Tj ET Q q 0 0 0 rg BT 513.14 506.05 Td (all ) Tj ET Q q 0 0 0 rg BT 526.78 506.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 559.31 506.05 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 493.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 95.22 493.05 Td (related ) Tj ET Q q 0 0 0 rg BT 129.23 493.05 Td (to ) Tj ET Q q 0 0 0 rg BT 141.00 493.05 Td (its ) Tj ET Q q 0 0 0 rg BT 154.43 493.05 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 210.11 493.05 Td (business ) Tj ET Q q 0 0 0 rg BT 253.01 493.05 Td (to ) Tj ET Q q 0 0 0 rg BT 264.78 493.05 Td (the ) Tj ET Q q 0 0 0 rg BT 282.11 493.05 Td (Parent's ) Tj ET Q q 0 0 0 rg BT 321.92 493.05 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 368.16 493.05 Td (Life ) Tj ET Q q 0 0 0 rg BT 387.71 493.05 Td (branch. ) Tj ET Q q 0 0 0 rg BT 424.50 493.05 Td (In ) Tj ET Q q 0 0 0 rg BT 436.27 493.05 Td (addition, ) Tj ET Q q 0 0 0 rg BT 477.51 493.05 Td (ef) Tj ET Q q 0 0 0 rg BT 485.67 493.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 518.00 493.05 Td (July ) Tj ET Q q 0 0 0 rg BT 539.21 493.05 Td (1, ) Tj ET Q q 0 0 0 rg BT 550.98 493.05 Td (2014, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 480.05 Td (under ) Tj ET Q q 0 0 0 rg BT 82.77 480.05 Td (a ) Tj ET Q q 0 0 0 rg BT 91.53 480.05 Td (Business ) Tj ET Q q 0 0 0 rg BT 135.09 480.05 Td (T) Tj ET Q q 0 0 0 rg BT 140.83 480.05 Td (ransfer ) Tj ET Q q 0 0 0 rg BT 174.52 480.05 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 229.41 480.05 Td (the ) Tj ET Q q 0 0 0 rg BT 246.50 480.05 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 292.51 480.05 Td (Life ) Tj ET Q q 0 0 0 rg BT 311.83 480.05 Td (branch ) Tj ET Q q 0 0 0 rg BT 345.61 480.05 Td (of ) Tj ET Q q 0 0 0 rg BT 357.14 480.05 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 405.91 480.05 Td (Europe ) Tj ET Q q 0 0 0 rg BT 441.36 480.05 Td (transferred ) Tj ET Q q 0 0 0 rg BT 492.91 480.05 Td (all ) Tj ET Q q 0 0 0 rg BT 506.11 480.05 Td (other ) Tj ET Q q 0 0 0 rg BT 532.10 480.05 Td (remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 467.05 Td (business ) Tj ET Q q 0 0 0 rg BT 96.33 467.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 128.10 467.05 Td (and ) Tj ET Q q 0 0 0 rg BT 147.65 467.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 188.31 467.05 Td (to ) Tj ET Q q 0 0 0 rg BT 199.51 467.05 Td (the ) Tj ET Q q 0 0 0 rg BT 216.28 467.05 Td (Parent's ) Tj ET Q q 0 0 0 rg BT 255.52 467.05 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 301.19 467.05 Td (Life ) Tj ET Q q 0 0 0 rg BT 320.18 467.05 Td (branch. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.40 467.05 Td (T) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.51 467.05 Td (he ) Tj ET Q q 0 0 0 rg BT 376.50 467.05 Td (Company ) Tj ET Q q 0 0 0 rg BT 422.16 467.05 Td (assumes ) Tj ET Q q 0 0 0 rg BT 465.04 467.05 Td (a ) Tj ET Q q 0 0 0 rg BT 473.47 467.05 Td (portion ) Tj ET Q q 0 0 0 rg BT 506.91 467.05 Td (of ) Tj ET Q q 0 0 0 rg BT 518.12 467.05 Td (this ) Tj ET Q q 0 0 0 rg BT 536.54 467.05 Td (business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 454.05 Td (through ) Tj ET Q q 0 0 0 rg BT 90.69 454.05 Td (its ) Tj ET Q q 0 0 0 rg BT 103.47 454.05 Td (75% ) Tj ET Q q 0 0 0 rg BT 126.27 454.05 Td (quota ) Tj ET Q q 0 0 0 rg BT 154.07 454.05 Td (share ) Tj ET Q q 0 0 0 rg BT 181.86 454.05 Td (with ) Tj ET Q q 0 0 0 rg BT 202.42 454.05 Td (its ) Tj ET Q q 0 0 0 rg BT 215.20 454.05 Td (parent.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 428.05 Td (On ) Tj ET Q q 0 0 0 rg BT 69.82 428.05 Td (August ) Tj ET Q q 0 0 0 rg BT 104.04 428.05 Td (2, ) Tj ET Q q 0 0 0 rg BT 115.47 428.05 Td (2015, ) Tj ET Q q 0 0 0 rg BT 143.58 428.05 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 192.25 428.05 Td (entered ) Tj ET Q q 0 0 0 rg BT 229.26 428.05 Td (into ) Tj ET Q q 0 0 0 rg BT 248.47 428.05 Td (an ) Tj ET Q q 0 0 0 rg BT 262.07 428.05 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 314.08 428.05 Td (and ) Tj ET Q q 0 0 0 rg BT 333.85 428.05 Td (Plan ) Tj ET Q q 0 0 0 rg BT 356.96 428.05 Td (of ) Tj ET Q q 0 0 0 rg BT 368.39 428.05 Td (Merger ) Tj ET Q q 0 0 0 rg BT 403.15 428.05 Td (\(the ) Tj ET Q q 0 0 0 rg BT 423.47 428.05 Td (Merger ) Tj ET Q q 0 0 0 rg BT 457.63 428.05 Td (Agreement\) ) Tj ET Q q 0 0 0 rg BT 512.96 428.05 Td (with ) Tj ET Q q 0 0 0 rg BT 533.83 428.05 Td (Exor ) Tj ET Q q 0 0 0 rg BT 557.49 428.05 Td (N.V) Tj ET Q q 0 0 0 rg BT 573.24 428.05 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 415.05 Td (\(now ) Tj ET Q q 0 0 0 rg BT 78.87 415.05 Td (known ) Tj ET Q q 0 0 0 rg BT 110.97 415.05 Td (as ) Tj ET Q q 0 0 0 rg BT 124.73 415.05 Td (EXOR ) Tj ET Q q 0 0 0 rg BT 156.26 415.05 Td (Nederland ) Tj ET Q q 0 0 0 rg BT 205.60 415.05 Td (N.V) Tj ET Q q 0 0 0 rg BT 221.35 415.05 Td (.\), ) Tj ET Q q 0 0 0 rg BT 233.43 415.05 Td (Pillar ) Tj ET Q q 0 0 0 rg BT 258.85 415.05 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 281.51 415.05 Td (a ) Tj ET Q q 0 0 0 rg BT 290.26 415.05 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 354.04 415.05 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 402.26 415.05 Td (of ) Tj ET Q q 0 0 0 rg BT 413.79 415.05 Td (Exor ) Tj ET Q q 0 0 0 rg BT 437.55 415.05 Td (N.V) Tj ET Q q 0 0 0 rg BT 453.30 415.05 Td (., ) Tj ET Q q 0 0 0 rg BT 462.05 415.05 Td (and ) Tj ET Q q 0 0 0 rg BT 481.93 415.05 Td (solely ) Tj ET Q q 0 0 0 rg BT 510.69 415.05 Td (with ) Tj ET Q q 0 0 0 rg BT 531.67 415.05 Td (respect ) Tj ET Q q 0 0 0 rg BT 567.66 415.05 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 402.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 86.08 402.05 Td (specified ) Tj ET Q q 0 0 0 rg BT 127.62 402.05 Td (sections ) Tj ET Q q 0 0 0 rg BT 166.37 402.05 Td (thereof, ) Tj ET Q q 0 0 0 rg BT 202.35 402.05 Td (EXOR ) Tj ET Q q 0 0 0 rg BT 232.75 402.05 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 262.06 402.05 Td (\(now ) Tj ET Q q 0 0 0 rg BT 285.80 402.05 Td (known ) Tj ET Q q 0 0 0 rg BT 316.77 402.05 Td (as ) Tj ET Q q 0 0 0 rg BT 329.40 402.05 Td (EXOR ) Tj ET Q q 0 0 0 rg BT 359.81 402.05 Td (N.V) Tj ET Q q 0 0 0 rg BT 375.56 402.05 Td (.\), ) Tj ET Q q 0 0 0 rg BT 386.52 402.05 Td (a ) Tj ET Q q 0 0 0 rg BT 394.15 402.05 Td (European ) Tj ET Q q 0 0 0 rg BT 439.58 402.05 Td (investment ) Tj ET Q q 0 0 0 rg BT 490.00 402.05 Td (company ) Tj ET Q q 0 0 0 rg BT 532.65 402.05 Td (controlled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 389.05 Td (by ) Tj ET Q q 0 0 0 rg BT 67.89 389.05 Td (the ) Tj ET Q q 0 0 0 rg BT 84.45 389.05 Td (Agnelli ) Tj ET Q q 0 0 0 rg BT 117.79 389.05 Td (family) Tj ET Q q 0 0 0 rg BT 143.16 389.05 Td (, ) Tj ET Q q 0 0 0 rg BT 149.27 389.05 Td (whereby ) Tj ET Q q 0 0 0 rg BT 190.39 389.05 Td (Pillar ) Tj ET Q q 0 0 0 rg BT 215.94 389.05 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 235.94 389.05 Td (would ) Tj ET Q q 0 0 0 rg BT 265.39 389.05 Td (be ) Tj ET Q q 0 0 0 rg BT 279.84 389.05 Td (merged ) Tj ET Q q 0 0 0 rg BT 317.07 389.05 Td (with ) Tj ET Q q 0 0 0 rg BT 338.18 389.05 Td (and ) Tj ET Q q 0 0 0 rg BT 358.19 389.05 Td (into ) Tj ET Q q 0 0 0 rg BT 377.63 389.05 Td (PartnerRe, ) Tj ET Q q 0 0 0 rg BT 429.31 389.05 Td (with ) Tj ET Q q 0 0 0 rg BT 450.42 389.05 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 499.32 389.05 Td (continuing ) Tj ET Q q 0 0 0 rg BT 548.23 389.05 Td (as ) Tj ET Q q 0 0 0 rg BT 562.12 389.05 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 376.05 Td (surviving ) Tj ET Q q 0 0 0 rg BT 96.56 376.05 Td (company ) Tj ET Q q 0 0 0 rg BT 140.23 376.05 Td (and ) Tj ET Q q 0 0 0 rg BT 160.02 376.05 Td (a ) Tj ET Q q 0 0 0 rg BT 168.68 376.05 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 232.36 376.05 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 280.48 376.05 Td (of ) Tj ET Q q 0 0 0 rg BT 291.92 376.05 Td (Exor ) Tj ET Q q 0 0 0 rg BT 315.58 376.05 Td (N.V) Tj ET Q q 0 0 0 rg BT 331.34 376.05 Td (. ) Tj ET Q q 0 0 0 rg BT 337.21 376.05 Td (\(the ) Tj ET Q q 0 0 0 rg BT 357.54 376.05 Td (Merger\). ) Tj ET Q q 0 0 0 rg BT 398.43 376.05 Td (On ) Tj ET Q q 0 0 0 rg BT 414.87 376.05 Td (March ) Tj ET Q q 0 0 0 rg BT 445.75 376.05 Td (18, ) Tj ET Q q 0 0 0 rg BT 462.75 376.05 Td (2016, ) Tj ET Q q 0 0 0 rg BT 490.88 376.05 Td (the ) Tj ET Q q 0 0 0 rg BT 507.88 376.05 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 558.23 376.05 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 363.05 Td (completed ) Tj ET Q q 0 0 0 rg BT 103.97 363.05 Td (following ) Tj ET Q q 0 0 0 rg BT 146.72 363.05 Td (receipt ) Tj ET Q q 0 0 0 rg BT 180.57 363.05 Td (of ) Tj ET Q q 0 0 0 rg BT 192.75 363.05 Td (all ) Tj ET Q q 0 0 0 rg BT 206.59 363.05 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 254.89 363.05 Td (approvals. ) Tj ET Q q 0 0 0 rg BT 304.87 363.05 Td (Each ) Tj ET Q q 0 0 0 rg BT 331.50 363.05 Td (of ) Tj ET Q q 0 0 0 rg BT 343.67 363.05 Td (PartnerRe's ) Tj ET Q q 0 0 0 rg BT 400.00 363.05 Td (common ) Tj ET Q q 0 0 0 rg BT 442.18 363.05 Td (share ) Tj ET Q q 0 0 0 rg BT 471.03 363.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 503.77 363.05 Td (and ) Tj ET Q q 0 0 0 rg BT 524.29 363.05 Td (outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 350.05 Td (immediately ) Tj ET Q q 0 0 0 rg BT 109.42 350.05 Td (prior ) Tj ET Q q 0 0 0 rg BT 131.49 350.05 Td (to ) Tj ET Q q 0 0 0 rg BT 141.90 350.05 Td (the ) Tj ET Q q 0 0 0 rg BT 157.87 350.05 Td (ef) Tj ET Q q 0 0 0 rg BT 166.03 350.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 197.00 350.05 Td (time ) Tj ET Q q 0 0 0 rg BT 217.96 350.05 Td (of ) Tj ET Q q 0 0 0 rg BT 228.37 350.05 Td (the ) Tj ET Q q 0 0 0 rg BT 244.34 350.05 Td (Merger ) Tj ET Q q 0 0 0 rg BT 278.08 350.05 Td (was ) Tj ET Q q 0 0 0 rg BT 297.94 350.05 Td (cancelled ) Tj ET Q q 0 0 0 rg BT 342.26 350.05 Td (and ) Tj ET Q q 0 0 0 rg BT 361.01 350.05 Td (one ) Tj ET Q q 0 0 0 rg BT 379.76 350.05 Td (common ) Tj ET Q q 0 0 0 rg BT 420.18 350.05 Td (share ) Tj ET Q q 0 0 0 rg BT 447.26 350.05 Td (at ) Tj ET Q q 0 0 0 rg BT 457.67 350.05 Td ($1.00 ) Tj ET Q q 0 0 0 rg BT 484.76 350.05 Td (par ) Tj ET Q q 0 0 0 rg BT 501.28 350.05 Td (value ) Tj ET Q q 0 0 0 rg BT 527.26 350.05 Td (was ) Tj ET Q q 0 0 0 rg BT 547.11 350.05 Td (issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 337.05 Td (to ) Tj ET Q q 0 0 0 rg BT 64.25 337.05 Td (Exor ) Tj ET Q q 0 0 0 rg BT 86.72 337.05 Td (N.V) Tj ET Q q 0 0 0 rg BT 102.48 337.05 Td (., ) Tj ET Q q 0 0 0 rg BT 109.94 337.05 Td (representing ) Tj ET Q q 0 0 0 rg BT 167.45 337.05 Td (100% ) Tj ET Q q 0 0 0 rg BT 194.94 337.05 Td (common ) Tj ET Q q 0 0 0 rg BT 235.19 337.05 Td (share ) Tj ET Q q 0 0 0 rg BT 262.12 337.05 Td (ownership ) Tj ET Q q 0 0 0 rg BT 309.61 337.05 Td (of ) Tj ET Q q 0 0 0 rg BT 319.86 337.05 Td (PartnerRe. ) Tj ET Q q 0 0 0 rg BT 370.13 337.05 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 412.06 337.05 Td (to ) Tj ET Q q 0 0 0 rg BT 422.32 337.05 Td (the ) Tj ET Q q 0 0 0 rg BT 438.13 337.05 Td (terms ) Tj ET Q q 0 0 0 rg BT 465.04 337.05 Td (of ) Tj ET Q q 0 0 0 rg BT 475.29 337.05 Td (the ) Tj ET Q q 0 0 0 rg BT 491.10 337.05 Td (Merger ) Tj ET Q q 0 0 0 rg BT 524.31 337.05 Td (Agreement, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 324.05 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 102.60 324.05 Td (common ) Tj ET Q q 0 0 0 rg BT 143.96 324.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 177.00 324.05 Td (are ) Tj ET Q q 0 0 0 rg BT 194.47 324.05 Td (no ) Tj ET Q q 0 0 0 rg BT 208.62 324.05 Td (longer ) Tj ET Q q 0 0 0 rg BT 239.44 324.05 Td (traded ) Tj ET Q q 0 0 0 rg BT 270.81 324.05 Td (on ) Tj ET Q q 0 0 0 rg BT 284.96 324.05 Td (the ) Tj ET Q q 0 0 0 rg BT 301.88 324.05 Td (NYSE. ) Tj ET Q q 0 0 0 rg BT 334.91 324.05 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 382.53 324.05 Td (s ) Tj ET Q q 0 0 0 rg BT 390.55 324.05 Td (preferred ) Tj ET Q q 0 0 0 rg BT 434.14 324.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 467.18 324.05 Td (continue ) Tj ET Q q 0 0 0 rg BT 508.01 324.05 Td (to ) Tj ET Q q 0 0 0 rg BT 519.37 324.05 Td (be ) Tj ET Q q 0 0 0 rg BT 533.51 324.05 Td (traded ) Tj ET Q q 0 0 0 rg BT 564.89 324.05 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 311.05 Td (the ) Tj ET Q q 0 0 0 rg BT 70.68 311.05 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 100.69 311.05 Td (following ) Tj ET Q q 0 0 0 rg BT 142.38 311.05 Td (the ) Tj ET Q q 0 0 0 rg BT 159.06 311.05 Td (closing ) Tj ET Q q 0 0 0 rg BT 192.96 311.05 Td (of ) Tj ET Q q 0 0 0 rg BT 204.08 311.05 Td (the ) Tj ET Q q 0 0 0 rg BT 220.76 311.05 Td (transaction.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 285.05 Td (On ) Tj ET Q q 0 0 0 rg BT 69.63 285.05 Td (October ) Tj ET Q q 0 0 0 rg BT 107.49 285.05 Td (20, ) Tj ET Q q 0 0 0 rg BT 123.68 285.05 Td (2016, ) Tj ET Q q 0 0 0 rg BT 150.99 285.05 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 198.86 285.05 Td (entered ) Tj ET Q q 0 0 0 rg BT 235.06 285.05 Td (into ) Tj ET Q q 0 0 0 rg BT 253.47 285.05 Td (a ) Tj ET Q q 0 0 0 rg BT 261.32 285.05 Td (definitive ) Tj ET Q q 0 0 0 rg BT 303.08 285.05 Td (agreement ) Tj ET Q q 0 0 0 rg BT 353.17 285.05 Td (to ) Tj ET Q q 0 0 0 rg BT 363.80 285.05 Td (acquire ) Tj ET Q q 0 0 0 rg BT 398.89 285.05 Td (100% ) Tj ET Q q 0 0 0 rg BT 426.75 285.05 Td (of ) Tj ET Q q 0 0 0 rg BT 437.38 285.05 Td (the ) Tj ET Q q 0 0 0 rg BT 453.57 285.05 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 507.57 285.05 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 545.99 285.05 Td (shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 272.05 Td (of ) Tj ET Q q 0 0 0 rg BT 63.56 272.05 Td (Aurigen ) Tj ET Q q 0 0 0 rg BT 99.54 272.05 Td (Capital ) Tj ET Q q 0 0 0 rg BT 132.19 272.05 Td (Limited ) Tj ET Q q 0 0 0 rg BT 165.95 272.05 Td (\(Aurigen\), ) Tj ET Q q 0 0 0 rg BT 211.37 272.05 Td (a ) Tj ET Q q 0 0 0 rg BT 218.46 272.05 Td (North ) Tj ET Q q 0 0 0 rg BT 244.13 272.05 Td (American ) Tj ET Q q 0 0 0 rg BT 287.88 272.05 Td (life ) Tj ET Q q 0 0 0 rg BT 302.18 272.05 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 355.96 272.05 Td (company) Tj ET Q q 0 0 0 rg BT 395.79 272.05 Td (. ) Tj ET Q q 0 0 0 rg BT 399.99 272.05 Td (The ) Tj ET Q q 0 0 0 rg BT 418.74 272.05 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 467.51 272.05 Td (was ) Tj ET Q q 0 0 0 rg BT 486.81 272.05 Td (subject ) Tj ET Q q 0 0 0 rg BT 520.02 272.05 Td (to ) Tj ET Q q 0 0 0 rg BT 529.88 272.05 Td (customary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 259.05 Td (closing ) Tj ET Q q 0 0 0 rg BT 89.30 259.05 Td (conditions ) Tj ET Q q 0 0 0 rg BT 138.50 259.05 Td (including ) Tj ET Q q 0 0 0 rg BT 182.14 259.05 Td (the ) Tj ET Q q 0 0 0 rg BT 200.21 259.05 Td (receipt ) Tj ET Q q 0 0 0 rg BT 234.39 259.05 Td (of ) Tj ET Q q 0 0 0 rg BT 246.90 259.05 Td (required ) Tj ET Q q 0 0 0 rg BT 287.76 259.05 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 336.40 259.05 Td (approvals ) Tj ET Q q 0 0 0 rg BT 383.93 259.05 Td (and ) Tj ET Q q 0 0 0 rg BT 404.78 259.05 Td (was ) Tj ET Q q 0 0 0 rg BT 426.73 259.05 Td (completed ) Tj ET Q q 0 0 0 rg BT 477.04 259.05 Td (on ) Tj ET Q q 0 0 0 rg BT 491.51 259.05 Td (April ) Tj ET Q q 0 0 0 rg BT 515.68 259.05 Td (3, ) Tj ET Q q 0 0 0 rg BT 528.19 259.05 Td (2017. ) Tj ET Q q 0 0 0 rg BT 557.11 259.05 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 246.05 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 104.88 246.05 Td (enables ) Tj ET Q q 0 0 0 rg BT 143.54 246.05 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 192.75 246.05 Td (to ) Tj ET Q q 0 0 0 rg BT 204.72 246.05 Td (expand ) Tj ET Q q 0 0 0 rg BT 241.16 246.05 Td (its ) Tj ET Q q 0 0 0 rg BT 254.79 246.05 Td (life ) Tj ET Q q 0 0 0 rg BT 271.21 246.05 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 327.09 246.05 Td (footprint ) Tj ET Q q 0 0 0 rg BT 366.86 246.05 Td (in ) Tj ET Q q 0 0 0 rg BT 378.27 246.05 Td (Canada ) Tj ET Q q 0 0 0 rg BT 416.93 246.05 Td (and ) Tj ET Q q 0 0 0 rg BT 437.25 246.05 Td (the ) Tj ET Q q 0 0 0 rg BT 454.78 246.05 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 477.86 246.05 Td (with ) Tj ET Q q 0 0 0 rg BT 499.28 246.05 Td (limited ) Tj ET Q q 0 0 0 rg BT 531.81 246.05 Td (overlap ) Tj ET Q q 0 0 0 rg BT 568.24 246.05 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 233.05 Td (market ) Tj ET Q q 0 0 0 rg BT 87.34 233.05 Td (coverage.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 207.05 Td (On ) Tj ET Q q 0 0 0 rg BT 71.03 207.05 Td (October ) Tj ET Q q 0 0 0 rg BT 110.29 207.05 Td (27, ) Tj ET Q q 0 0 0 rg BT 127.87 207.05 Td (2016, ) Tj ET Q q 0 0 0 rg BT 156.58 207.05 Td (Exor ) Tj ET Q q 0 0 0 rg BT 180.83 207.05 Td (N.V) Tj ET Q q 0 0 0 rg BT 196.59 207.05 Td (. ) Tj ET Q q 0 0 0 rg BT 203.05 207.05 Td (changed ) Tj ET Q q 0 0 0 rg BT 245.11 207.05 Td (its ) Tj ET Q q 0 0 0 rg BT 258.79 207.05 Td (name ) Tj ET Q q 0 0 0 rg BT 287.50 207.05 Td (to ) Tj ET Q q 0 0 0 rg BT 299.52 207.05 Td (EXOR ) Tj ET Q q 0 0 0 rg BT 331.55 207.05 Td (Nederland ) Tj ET Q q 0 0 0 rg BT 381.38 207.05 Td (N.V) Tj ET Q q 0 0 0 rg BT 397.13 207.05 Td (. ) Tj ET Q q 0 0 0 rg BT 403.60 207.05 Td (On ) Tj ET Q q 0 0 0 rg BT 420.62 207.05 Td (December ) Tj ET Q q 0 0 0 rg BT 470.44 207.05 Td (10, ) Tj ET Q q 0 0 0 rg BT 488.03 207.05 Td (2016, ) Tj ET Q q 0 0 0 rg BT 516.74 207.05 Td (EXOR ) Tj ET Q q 0 0 0 rg BT 548.76 207.05 Td (S.p.A. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 194.05 Td (merged ) Tj ET Q q 0 0 0 rg BT 90.31 194.05 Td (with ) Tj ET Q q 0 0 0 rg BT 110.49 194.05 Td (and ) Tj ET Q q 0 0 0 rg BT 129.58 194.05 Td (into ) Tj ET Q q 0 0 0 rg BT 148.10 194.05 Td (EXOR ) Tj ET Q q 0 0 0 rg BT 178.84 194.05 Td (HOLDING ) Tj ET Q q 0 0 0 rg BT 226.81 194.05 Td (N.V) Tj ET Q q 0 0 0 rg BT 242.56 194.05 Td (., ) Tj ET Q q 0 0 0 rg BT 250.52 194.05 Td (a ) Tj ET Q q 0 0 0 rg BT 258.48 194.05 Td (newly ) Tj ET Q q 0 0 0 rg BT 286.45 194.05 Td (formed ) Tj ET Q q 0 0 0 rg BT 319.97 194.05 Td (entity ) Tj ET Q q 0 0 0 rg BT 346.27 194.05 Td (organized ) Tj ET Q q 0 0 0 rg BT 392.60 194.05 Td (in ) Tj ET Q q 0 0 0 rg BT 402.78 194.05 Td (the ) Tj ET Q q 0 0 0 rg BT 419.08 194.05 Td (Netherlands. ) Tj ET Q q 0 0 0 rg BT 478.18 194.05 Td (In ) Tj ET Q q 0 0 0 rg BT 488.93 194.05 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 541.92 194.05 Td (with ) Tj ET Q q 0 0 0 rg BT 562.10 194.05 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 181.05 Td (merger) Tj ET Q q 0 0 0 rg BT 85.12 181.05 Td (, ) Tj ET Q q 0 0 0 rg BT 90.68 181.05 Td (EXOR ) Tj ET Q q 0 0 0 rg BT 121.80 181.05 Td (HOLDING ) Tj ET Q q 0 0 0 rg BT 170.14 181.05 Td (N.V) Tj ET Q q 0 0 0 rg BT 185.89 181.05 Td (. ) Tj ET Q q 0 0 0 rg BT 191.45 181.05 Td (was ) Tj ET Q q 0 0 0 rg BT 212.01 181.05 Td (renamed ) Tj ET Q q 0 0 0 rg BT 254.25 181.05 Td (EXOR ) Tj ET Q q 0 0 0 rg BT 285.37 181.05 Td (N.V) Tj ET Q q 0 0 0 rg BT 301.12 181.05 Td (. ) Tj ET Q q 0 0 0 rg BT 306.68 181.05 Td (EXOR ) Tj ET Q q 0 0 0 rg BT 337.80 181.05 Td (N.V) Tj ET Q q 0 0 0 rg BT 353.55 181.05 Td (. ) Tj ET Q q 0 0 0 rg BT 359.11 181.05 Td (is ) Tj ET Q q 0 0 0 rg BT 369.11 181.05 Td (listed ) Tj ET Q q 0 0 0 rg BT 395.23 181.05 Td (on ) Tj ET Q q 0 0 0 rg BT 409.13 181.05 Td (the ) Tj ET Q q 0 0 0 rg BT 425.81 181.05 Td (Milan ) Tj ET Q q 0 0 0 rg BT 452.49 181.05 Td (Stock ) Tj ET Q q 0 0 0 rg BT 480.27 181.05 Td (Exchange.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.20 28.20 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 700.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.53 700.75 Td (following ) Tj ET Q q 0 0 0 rg BT 114.74 700.75 Td (diagram ) Tj ET Q q 0 0 0 rg BT 153.16 700.75 Td (is ) Tj ET Q q 0 0 0 rg BT 162.68 700.75 Td (a ) Tj ET Q q 0 0 0 rg BT 170.54 700.75 Td (simplified ) Tj ET Q q 0 0 0 rg BT 214.51 700.75 Td (structure ) Tj ET Q q 0 0 0 rg BT 255.71 700.75 Td (chart ) Tj ET Q q 0 0 0 rg BT 280.24 700.75 Td (and ) Tj ET Q q 0 0 0 rg BT 299.22 700.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 338.21 700.75 Td (the ) Tj ET Q q 0 0 0 rg BT 354.41 700.75 Td (material ) Tj ET Q q 0 0 0 rg BT 392.27 700.75 Td (related ) Tj ET Q q 0 0 0 rg BT 425.14 700.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 479.69 700.75 Td (and ) Tj ET Q q 0 0 0 rg BT 498.67 700.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 544.33 700.75 Td (entities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 688.75 Td (in ) Tj ET Q q 0 0 0 rg BT 64.56 688.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.24 688.75 Td (Group:) Tj ET Q /GS0 gs q 522.00 0 0 394.85 54.00 276.92 cm /I2 Do Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 250.90 Td (See ) Tj ET Q q 0 0 0 rg BT 74.02 250.90 Td (Appendix I for a detailed Group structure chart. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 237.90 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 224.90 Td (The ) Tj ET Q q 0 0 0 rg BT 74.58 224.90 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 118.50 224.90 Td (Monetary ) Tj ET Q q 0 0 0 rg BT 162.86 224.90 Td (Authority ) Tj ET Q q 0 0 0 rg BT 205.67 224.90 Td (\(BMA\) ) Tj ET Q q 0 0 0 rg BT 237.34 224.90 Td (has ) Tj ET Q q 0 0 0 rg BT 256.81 224.90 Td (chosen ) Tj ET Q q 0 0 0 rg BT 292.40 224.90 Td (the ) Tj ET Q q 0 0 0 rg BT 309.65 224.90 Td (Parent ) Tj ET Q q 0 0 0 rg BT 342.45 224.90 Td (as ) Tj ET Q q 0 0 0 rg BT 356.36 224.90 Td (the ) Tj ET Q q 0 0 0 rg BT 373.60 224.90 Td (designated ) Tj ET Q q 0 0 0 rg BT 425.88 224.90 Td (insurer ) Tj ET Q q 0 0 0 rg BT 459.79 224.90 Td (for ) Tj ET Q q 0 0 0 rg BT 474.80 224.90 Td (the ) Tj ET Q q 0 0 0 rg BT 492.05 224.90 Td (purposes ) Tj ET Q q 0 0 0 rg BT 536.53 224.90 Td (of ) Tj ET Q q 0 0 0 rg BT 548.21 224.90 Td (Group ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 211.90 Td (Supervision, ) Tj ET Q q 0 0 0 rg BT 112.10 211.90 Td (and ) Tj ET Q q 0 0 0 rg BT 131.85 211.90 Td (the ) Tj ET Q q 0 0 0 rg BT 148.81 211.90 Td (BMA) Tj ET Q q 0 0 0 rg BT 169.93 211.90 Td ( ) Tj ET Q q 0 0 0 rg BT 173.00 211.90 Td (currently ) Tj ET Q q 0 0 0 rg BT 214.41 211.90 Td (acts ) Tj ET Q q 0 0 0 rg BT 235.81 211.90 Td (as ) Tj ET Q q 0 0 0 rg BT 249.44 211.90 Td (Group ) Tj ET Q q 0 0 0 rg BT 280.30 211.90 Td (supervisor ) Tj ET Q q 0 0 0 rg BT 329.49 211.90 Td (of ) Tj ET Q q 0 0 0 rg BT 340.90 211.90 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 389.54 211.90 Td (and ) Tj ET Q q 0 0 0 rg BT 409.29 211.90 Td (its ) Tj ET Q q 0 0 0 rg BT 422.36 211.90 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 480.40 211.90 Td (As ) Tj ET Q q 0 0 0 rg BT 495.13 211.90 Td (Group ) Tj ET Q q 0 0 0 rg BT 525.99 211.90 Td (Supervisor) Tj ET Q q 0 0 0 rg BT 573.24 211.90 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 198.90 Td (the ) Tj ET Q q 0 0 0 rg BT 70.62 198.90 Td (BMA) Tj ET Q q 0 0 0 rg BT 91.74 198.90 Td ( ) Tj ET Q q 0 0 0 rg BT 94.45 198.90 Td (is ) Tj ET Q q 0 0 0 rg BT 104.39 198.90 Td (tasked ) Tj ET Q q 0 0 0 rg BT 136.57 198.90 Td (with ) Tj ET Q q 0 0 0 rg BT 157.07 198.90 Td (assessing ) Tj ET Q q 0 0 0 rg BT 204.25 198.90 Td (the ) Tj ET Q q 0 0 0 rg BT 220.87 198.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 260.27 198.90 Td (condition ) Tj ET Q q 0 0 0 rg BT 303.02 198.90 Td (of ) Tj ET Q q 0 0 0 rg BT 314.07 198.90 Td (the ) Tj ET Q q 0 0 0 rg BT 330.69 198.90 Td (Group ) Tj ET Q q 0 0 0 rg BT 361.20 198.90 Td (and ) Tj ET Q q 0 0 0 rg BT 380.60 198.90 Td (coordinates ) Tj ET Q q 0 0 0 rg BT 435.01 198.90 Td (the ) Tj ET Q q 0 0 0 rg BT 451.63 198.90 Td (dissemination ) Tj ET Q q 0 0 0 rg BT 515.49 198.90 Td (of ) Tj ET Q q 0 0 0 rg BT 526.55 198.90 Td (information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 185.90 Td (to ) Tj ET Q q 0 0 0 rg BT 65.12 185.90 Td (other ) Tj ET Q q 0 0 0 rg BT 90.70 185.90 Td (relevant ) Tj ET Q q 0 0 0 rg BT 129.05 185.90 Td (competent ) Tj ET Q q 0 0 0 rg BT 178.53 185.90 Td (authorities ) Tj ET Q q 0 0 0 rg BT 227.45 185.90 Td (for ) Tj ET Q q 0 0 0 rg BT 241.90 185.90 Td (the ) Tj ET Q q 0 0 0 rg BT 258.58 185.90 Td (purpose ) Tj ET Q q 0 0 0 rg BT 297.50 185.90 Td (of ) Tj ET Q q 0 0 0 rg BT 308.62 185.90 Td (assisting ) Tj ET Q q 0 0 0 rg BT 350.31 185.90 Td (in ) Tj ET Q q 0 0 0 rg BT 360.87 185.90 Td (their ) Tj ET Q q 0 0 0 rg BT 383.11 185.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 430.36 185.90 Td (functions ) Tj ET Q q 0 0 0 rg BT 473.16 185.90 Td (and ) Tj ET Q q 0 0 0 rg BT 492.63 185.90 Td (the ) Tj ET Q q 0 0 0 rg BT 509.31 185.90 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 567.68 185.90 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 172.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 101.00 172.90 Td (action ) Tj ET Q q 0 0 0 rg BT 130.22 172.90 Td (against ) Tj ET Q q 0 0 0 rg BT 165.01 172.90 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 213.12 172.90 Td (or ) Tj ET Q q 0 0 0 rg BT 224.54 172.90 Td (any ) Tj ET Q q 0 0 0 rg BT 243.20 172.90 Td (of ) Tj ET Q q 0 0 0 rg BT 254.08 172.90 Td (its ) Tj ET Q q 0 0 0 rg BT 266.61 172.90 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 324.73 172.90 Td (including ) Tj ET Q q 0 0 0 rg BT 366.74 172.90 Td (the ) Tj ET Q q 0 0 0 rg BT 383.18 172.90 Td (power ) Tj ET Q q 0 0 0 rg BT 412.95 172.90 Td (to ) Tj ET Q q 0 0 0 rg BT 423.82 172.90 Td (impose ) Tj ET Q q 0 0 0 rg BT 458.60 172.90 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 509.48 172.90 Td (on ) Tj ET Q q 0 0 0 rg BT 523.13 172.90 Td (the ) Tj ET Q q 0 0 0 rg BT 539.57 172.90 Td (ability ) Tj ET Q q 0 0 0 rg BT 567.67 172.90 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 159.90 Td (the ) Tj ET Q q 0 0 0 rg BT 70.94 159.90 Td (relevant ) Tj ET Q q 0 0 0 rg BT 109.56 159.90 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 165.41 159.90 Td (to ) Tj ET Q q 0 0 0 rg BT 176.79 159.90 Td (declare ) Tj ET Q q 0 0 0 rg BT 212.63 159.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 257.93 159.90 Td (to ) Tj ET Q q 0 0 0 rg BT 269.31 159.90 Td (PartnerRe. ) Tj ET Q q 0 0 0 rg BT 320.71 159.90 Td (In ) Tj ET Q q 0 0 0 rg BT 332.09 159.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 372.94 159.90 Td (the ) Tj ET Q q 0 0 0 rg BT 389.88 159.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 435.73 159.90 Td (is ) Tj ET Q q 0 0 0 rg BT 445.99 159.90 Td (required ) Tj ET Q q 0 0 0 rg BT 485.72 159.90 Td (to ) Tj ET Q q 0 0 0 rg BT 497.11 159.90 Td (maintain ) Tj ET Q q 0 0 0 rg BT 537.95 159.90 Td (the ) Tj ET Q q 0 0 0 rg BT 554.89 159.90 Td (ECR ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 146.90 Td (imposed ) Tj ET Q q 0 0 0 rg BT 94.19 146.90 Td (by ) Tj ET Q q 0 0 0 rg BT 107.13 146.90 Td (the ) Tj ET Q q 0 0 0 rg BT 123.42 146.90 Td (BMA) Tj ET Q q 0 0 0 rg BT 144.54 146.90 Td ( ) Tj ET Q q 0 0 0 rg BT 146.93 146.90 Td (under ) Tj ET Q q 0 0 0 rg BT 174.89 146.90 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 217.86 146.90 Td (law) Tj ET Q q 0 0 0 rg BT 232.31 146.90 Td (. ) Tj ET Q q 0 0 0 rg BT 237.48 146.90 Td (Please ) Tj ET Q q 0 0 0 rg BT 270.44 146.90 Td (refer ) Tj ET Q q 0 0 0 rg BT 293.39 146.90 Td (to ) Tj ET Q q 0 0 0 rg BT 303.64 146.90 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 347.73 146.90 Td (II ) Tj ET Q q 0 0 0 rg BT 355.67 146.90 Td (for ) Tj ET Q q 0 0 0 rg BT 369.73 146.90 Td (the ) Tj ET Q q 0 0 0 rg BT 386.02 146.90 Td (contact ) Tj ET Q q 0 0 0 rg BT 420.65 146.90 Td (details ) Tj ET Q q 0 0 0 rg BT 451.94 146.90 Td (of ) Tj ET Q q 0 0 0 rg BT 462.67 146.90 Td (the ) Tj ET Q q 0 0 0 rg BT 478.96 146.90 Td (Group ) Tj ET Q q 0 0 0 rg BT 509.14 146.90 Td (Supervisor ) Tj ET Q q 0 0 0 rg BT 559.33 146.90 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 133.90 Td (the ) Tj ET Q q 0 0 0 rg BT 70.68 133.90 Td (approved ) Tj ET Q q 0 0 0 rg BT 115.16 133.90 Td (auditor) Tj ET Q q 0 0 0 rg BT 145.18 133.90 Td (. ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.20 28.20 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 699.75 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.90 699.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 699.75 Td (PERFORMANCE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 673.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.24 673.75 Td (charts ) Tj ET Q q 0 0 0 rg BT 102.48 673.75 Td (and ) Tj ET Q q 0 0 0 rg BT 121.17 673.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.86 673.75 Td (information ) Tj ET Q q 0 0 0 rg BT 211.34 673.75 Td (in ) Tj ET Q q 0 0 0 rg BT 221.13 673.75 Td (this ) Tj ET Q q 0 0 0 rg BT 238.69 673.75 Td (section ) Tj ET Q q 0 0 0 rg BT 272.38 673.75 Td (are ) Tj ET Q q 0 0 0 rg BT 288.84 673.75 Td (based ) Tj ET Q q 0 0 0 rg BT 318.10 673.75 Td (on ) Tj ET Q q 0 0 0 rg BT 331.23 673.75 Td (the ) Tj ET Q q 0 0 0 rg BT 347.13 673.75 Td (Company) Tj ET Q q 0 0 0 rg BT 391.97 673.75 Td (s ) Tj ET Q q 0 0 0 rg BT 398.98 673.75 Td (December ) Tj ET Q q 0 0 0 rg BT 447.11 673.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 463.02 673.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 487.27 673.75 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 540.43 673.75 Td (General ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 660.75 Td (Purpose ) Tj ET Q q 0 0 0 rg BT 94.02 660.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 136.82 660.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 190.18 660.75 Td (prepared ) Tj ET Q q 0 0 0 rg BT 232.99 660.75 Td (using ) Tj ET Q q 0 0 0 rg BT 259.67 660.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 281.90 660.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 308.40 660.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 621.75 Td (2.2.1 ) Tj ET Q q 0 0 0 rg BT 79.02 621.75 Td (TECHNICAL) Tj ET Q q 0 0 0 rg BT 136.61 621.75 Td ( ) Tj ET Q q 0 0 0 rg BT 139.39 621.75 Td (RESUL) Tj ET Q q 0 0 0 rg BT 172.54 621.75 Td (T) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 608.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 595.75 Td (Premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 569.75 Td (Gross ) Tj ET Q q 0 0 0 rg BT 84.23 569.75 Td (premiums ) Tj ET Q q 0 0 0 rg BT 131.69 569.75 Td (written ) Tj ET Q q 0 0 0 rg BT 164.70 569.75 Td (and ) Tj ET Q q 0 0 0 rg BT 184.95 569.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 219.65 569.75 Td (are ) Tj ET Q q 0 0 0 rg BT 237.66 569.75 Td (based ) Tj ET Q q 0 0 0 rg BT 268.47 569.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 294.28 569.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 328.96 569.75 Td (received ) Tj ET Q q 0 0 0 rg BT 370.32 569.75 Td (from ) Tj ET Q q 0 0 0 rg BT 393.88 569.75 Td (ceding ) Tj ET Q q 0 0 0 rg BT 426.91 569.75 Td (companies, ) Tj ET Q q 0 0 0 rg BT 481.61 569.75 Td (supplemented ) Tj ET Q q 0 0 0 rg BT 547.99 569.75 Td (by ) Tj ET Q q 0 0 0 rg BT 562.11 569.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 556.75 Td (Company) Tj ET Q q 0 0 0 rg BT 98.84 556.75 Td (s ) Tj ET Q q 0 0 0 rg BT 106.63 556.75 Td (own ) Tj ET Q q 0 0 0 rg BT 127.77 556.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 173.36 556.75 Td (of ) Tj ET Q q 0 0 0 rg BT 184.49 556.75 Td (premiums ) Tj ET Q q 0 0 0 rg BT 231.19 556.75 Td (written ) Tj ET Q q 0 0 0 rg BT 263.43 556.75 Td (and ) Tj ET Q q 0 0 0 rg BT 282.91 556.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 316.84 556.75 Td (for ) Tj ET Q q 0 0 0 rg BT 331.31 556.75 Td (which ) Tj ET Q q 0 0 0 rg BT 359.67 556.75 Td (ceding ) Tj ET Q q 0 0 0 rg BT 391.93 556.75 Td (company ) Tj ET Q q 0 0 0 rg BT 435.30 556.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 469.22 556.75 Td (have ) Tj ET Q q 0 0 0 rg BT 493.70 556.75 Td (not ) Tj ET Q q 0 0 0 rg BT 510.39 556.75 Td (been ) Tj ET Q q 0 0 0 rg BT 535.43 556.75 Td (received. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 543.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.36 543.75 Td (determination ) Tj ET Q q 0 0 0 rg BT 138.08 543.75 Td (of ) Tj ET Q q 0 0 0 rg BT 149.55 543.75 Td (premium ) Tj ET Q q 0 0 0 rg BT 191.58 543.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 237.51 543.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 276.76 543.75 Td (a ) Tj ET Q q 0 0 0 rg BT 285.46 543.75 Td (review ) Tj ET Q q 0 0 0 rg BT 317.48 543.75 Td (of ) Tj ET Q q 0 0 0 rg BT 328.96 543.75 Td (the ) Tj ET Q q 0 0 0 rg BT 345.99 543.75 Td (Company) Tj ET Q q 0 0 0 rg BT 390.83 543.75 Td (s ) Tj ET Q q 0 0 0 rg BT 398.96 543.75 Td (experience ) Tj ET Q q 0 0 0 rg BT 451.01 543.75 Td (with ) Tj ET Q q 0 0 0 rg BT 471.92 543.75 Td (cedants, ) Tj ET Q q 0 0 0 rg BT 512.86 543.75 Td (familiarity ) Tj ET Q q 0 0 0 rg BT 558.21 543.75 Td (with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 530.75 Td (each ) Tj ET Q q 0 0 0 rg BT 79.14 530.75 Td (market, ) Tj ET Q q 0 0 0 rg BT 115.93 530.75 Td (an ) Tj ET Q q 0 0 0 rg BT 130.51 530.75 Td (understanding ) Tj ET Q q 0 0 0 rg BT 197.34 530.75 Td (of ) Tj ET Q q 0 0 0 rg BT 209.13 530.75 Td (the ) Tj ET Q q 0 0 0 rg BT 226.49 530.75 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 293.85 530.75 Td (of ) Tj ET Q q 0 0 0 rg BT 305.64 530.75 Td (each ) Tj ET Q q 0 0 0 rg BT 330.78 530.75 Td (line ) Tj ET Q q 0 0 0 rg BT 349.80 530.75 Td (of ) Tj ET Q q 0 0 0 rg BT 361.59 530.75 Td (business ) Tj ET Q q 0 0 0 rg BT 404.51 530.75 Td (and ) Tj ET Q q 0 0 0 rg BT 424.65 530.75 Td (Management) Tj ET Q q 0 0 0 rg BT 485.06 530.75 Td (s ) Tj ET Q q 0 0 0 rg BT 493.51 530.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 550.32 530.75 Td (of ) Tj ET Q q 0 0 0 rg BT 562.11 530.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 517.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 86.59 517.75 Td (of ) Tj ET Q q 0 0 0 rg BT 98.06 517.75 Td (various ) Tj ET Q q 0 0 0 rg BT 133.43 517.75 Td (other ) Tj ET Q q 0 0 0 rg BT 159.36 517.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 192.50 517.75 Td (on ) Tj ET Q q 0 0 0 rg BT 206.76 517.75 Td (the ) Tj ET Q q 0 0 0 rg BT 223.79 517.75 Td (volume ) Tj ET Q q 0 0 0 rg BT 259.16 517.75 Td (of ) Tj ET Q q 0 0 0 rg BT 270.64 517.75 Td (business ) Tj ET Q q 0 0 0 rg BT 313.24 517.75 Td (written ) Tj ET Q q 0 0 0 rg BT 345.83 517.75 Td (and ) Tj ET Q q 0 0 0 rg BT 365.64 517.75 Td (ceded ) Tj ET Q q 0 0 0 rg BT 396.02 517.75 Td (to ) Tj ET Q q 0 0 0 rg BT 407.50 517.75 Td (the ) Tj ET Q q 0 0 0 rg BT 424.53 517.75 Td (Company) Tj ET Q q 0 0 0 rg BT 466.59 517.75 Td (. ) Tj ET Q q 0 0 0 rg BT 472.50 517.75 Td (Premium ) Tj ET Q q 0 0 0 rg BT 515.64 517.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 561.57 517.75 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 504.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 92.91 504.75 Td (as ) Tj ET Q q 0 0 0 rg BT 106.22 504.75 Td (new ) Tj ET Q q 0 0 0 rg BT 127.33 504.75 Td (information ) Tj ET Q q 0 0 0 rg BT 179.55 504.75 Td (is ) Tj ET Q q 0 0 0 rg BT 189.53 504.75 Td (received ) Tj ET Q q 0 0 0 rg BT 230.09 504.75 Td (from ) Tj ET Q q 0 0 0 rg BT 252.85 504.75 Td (cedants ) Tj ET Q q 0 0 0 rg BT 290.63 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 310.07 504.75 Td (dif) Tj ET Q q 0 0 0 rg BT 320.45 504.75 Td (ferences ) Tj ET Q q 0 0 0 rg BT 361.56 504.75 Td (between ) Tj ET Q q 0 0 0 rg BT 402.13 504.75 Td (such ) Tj ET Q q 0 0 0 rg BT 426.01 504.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 471.56 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 491.00 504.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 520.45 504.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 561.56 504.75 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 491.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 96.03 491.75 Td (in ) Tj ET Q q 0 0 0 rg BT 106.38 491.75 Td (the ) Tj ET Q q 0 0 0 rg BT 122.85 491.75 Td (period ) Tj ET Q q 0 0 0 rg BT 153.21 491.75 Td (in ) Tj ET Q q 0 0 0 rg BT 163.56 491.75 Td (which ) Tj ET Q q 0 0 0 rg BT 191.69 491.75 Td (the ) Tj ET Q q 0 0 0 rg BT 208.16 491.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 253.52 491.75 Td (are ) Tj ET Q q 0 0 0 rg BT 270.54 491.75 Td (changed ) Tj ET Q q 0 0 0 rg BT 311.47 491.75 Td (or ) Tj ET Q q 0 0 0 rg BT 322.93 491.75 Td (the ) Tj ET Q q 0 0 0 rg BT 339.39 491.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 368.64 491.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 409.56 491.75 Td (are ) Tj ET Q q 0 0 0 rg BT 426.58 491.75 Td (determined. ) Tj ET Q q 0 0 0 rg BT 481.96 491.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 500.08 491.75 Td (premiums ) Tj ET Q q 0 0 0 rg BT 546.54 491.75 Td (written ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 478.75 Td (and ) Tj ET Q q 0 0 0 rg BT 73.64 478.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 107.73 478.75 Td (are ) Tj ET Q q 0 0 0 rg BT 125.14 478.75 Td (presented ) Tj ET Q q 0 0 0 rg BT 172.57 478.75 Td (net ) Tj ET Q q 0 0 0 rg BT 189.43 478.75 Td (of ) Tj ET Q q 0 0 0 rg BT 200.72 478.75 Td (ceded ) Tj ET Q q 0 0 0 rg BT 230.92 478.75 Td (premiums, ) Tj ET Q q 0 0 0 rg BT 280.55 478.75 Td (which ) Tj ET Q q 0 0 0 rg BT 309.07 478.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 354.27 478.75 Td (the ) Tj ET Q q 0 0 0 rg BT 371.13 478.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 392.42 478.75 Td (of ) Tj ET Q q 0 0 0 rg BT 403.72 478.75 Td (retrocessional ) Tj ET Q q 0 0 0 rg BT 468.92 478.75 Td (protection ) Tj ET Q q 0 0 0 rg BT 515.79 478.75 Td (purchased ) Tj ET Q q 0 0 0 rg BT 565.45 478.75 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 69.75 465.75 Td (Company) Tj ET Q q 0 0 0 rg BT 111.80 465.75 Td (. ) Tj ET Q q 0 0 0 rg BT 116.43 465.75 Td (Premiums ) Tj ET Q q 0 0 0 rg BT 163.28 465.75 Td (are ) Tj ET Q q 0 0 0 rg BT 179.58 465.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 212.56 465.75 Td (on ) Tj ET Q q 0 0 0 rg BT 225.53 465.75 Td (a ) Tj ET Q q 0 0 0 rg BT 232.94 465.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 258.13 465.75 Td (that ) Tj ET Q q 0 0 0 rg BT 276.66 465.75 Td (is ) Tj ET Q q 0 0 0 rg BT 285.72 465.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 332.59 465.75 Td (with ) Tj ET Q q 0 0 0 rg BT 352.22 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 367.97 465.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 390.37 465.75 Td (covered ) Tj ET Q q 0 0 0 rg BT 427.79 465.75 Td (under ) Tj ET Q q 0 0 0 rg BT 455.21 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 470.96 465.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 497.81 465.75 Td (of ) Tj ET Q q 0 0 0 rg BT 507.99 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.74 465.75 Td (reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 452.75 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 99.37 452.75 Td (Unearned ) Tj ET Q q 0 0 0 rg BT 145.31 452.75 Td (premiums ) Tj ET Q q 0 0 0 rg BT 191.23 452.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 235.49 452.75 Td (the ) Tj ET Q q 0 0 0 rg BT 251.41 452.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 284.01 452.75 Td (of ) Tj ET Q q 0 0 0 rg BT 294.37 452.75 Td (premiums ) Tj ET Q q 0 0 0 rg BT 340.29 452.75 Td (written ) Tj ET Q q 0 0 0 rg BT 371.76 452.75 Td (which ) Tj ET Q q 0 0 0 rg BT 399.35 452.75 Td (is ) Tj ET Q q 0 0 0 rg BT 408.59 452.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 455.64 452.75 Td (to ) Tj ET Q q 0 0 0 rg BT 466.00 452.75 Td (the ) Tj ET Q q 0 0 0 rg BT 481.92 452.75 Td (unexpired ) Tj ET Q q 0 0 0 rg BT 527.86 452.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 550.44 452.75 Td (under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 439.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 97.35 439.75 Td (in ) Tj ET Q q 0 0 0 rg BT 107.91 439.75 Td (force.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 413.75 Td (Premiums ) Tj ET Q q 0 0 0 rg BT 101.33 413.75 Td (related ) Tj ET Q q 0 0 0 rg BT 134.24 413.75 Td (to ) Tj ET Q q 0 0 0 rg BT 144.91 413.75 Td (individual ) Tj ET Q q 0 0 0 rg BT 188.93 413.75 Td (life ) Tj ET Q q 0 0 0 rg BT 204.04 413.75 Td (and ) Tj ET Q q 0 0 0 rg BT 223.06 413.75 Td (annuity ) Tj ET Q q 0 0 0 rg BT 257.63 413.75 Td (business ) Tj ET Q q 0 0 0 rg BT 299.43 413.75 Td (are ) Tj ET Q q 0 0 0 rg BT 316.21 413.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 358.01 413.75 Td (over ) Tj ET Q q 0 0 0 rg BT 379.79 413.75 Td (the ) Tj ET Q q 0 0 0 rg BT 396.02 413.75 Td (premium-paying ) Tj ET Q q 0 0 0 rg BT 470.04 413.75 Td (period ) Tj ET Q q 0 0 0 rg BT 500.17 413.75 Td (on ) Tj ET Q q 0 0 0 rg BT 513.62 413.75 Td (the ) Tj ET Q q 0 0 0 rg BT 529.85 413.75 Td (underlying) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 400.75 Td (policies. ) Tj ET Q q 0 0 0 rg BT 92.70 400.75 Td (Premiums ) Tj ET Q q 0 0 0 rg BT 140.27 400.75 Td (on ) Tj ET Q q 0 0 0 rg BT 153.96 400.75 Td (annuity ) Tj ET Q q 0 0 0 rg BT 188.78 400.75 Td (and ) Tj ET Q q 0 0 0 rg BT 208.03 400.75 Td (universal ) Tj ET Q q 0 0 0 rg BT 250.62 400.75 Td (life ) Tj ET Q q 0 0 0 rg BT 265.97 400.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 309.12 400.75 Td (for ) Tj ET Q q 0 0 0 rg BT 323.35 400.75 Td (which ) Tj ET Q q 0 0 0 rg BT 351.49 400.75 Td (there ) Tj ET Q q 0 0 0 rg BT 376.85 400.75 Td (is ) Tj ET Q q 0 0 0 rg BT 386.64 400.75 Td (no ) Tj ET Q q 0 0 0 rg BT 400.34 400.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 447.37 400.75 Td (mortality ) Tj ET Q q 0 0 0 rg BT 487.73 400.75 Td (or ) Tj ET Q q 0 0 0 rg BT 499.19 400.75 Td (critical ) Tj ET Q q 0 0 0 rg BT 530.09 400.75 Td (illness ) Tj ET Q q 0 0 0 rg BT 560.45 400.75 Td (risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 387.75 Td (are ) Tj ET Q q 0 0 0 rg BT 70.92 387.75 Td (accounted ) Tj ET Q q 0 0 0 rg BT 119.54 387.75 Td (for ) Tj ET Q q 0 0 0 rg BT 133.68 387.75 Td (in ) Tj ET Q q 0 0 0 rg BT 143.93 387.75 Td (a ) Tj ET Q q 0 0 0 rg BT 151.96 387.75 Td (manner ) Tj ET Q q 0 0 0 rg BT 188.34 387.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 235.83 387.75 Td (with ) Tj ET Q q 0 0 0 rg BT 256.08 387.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 306.92 387.75 Td (for ) Tj ET Q q 0 0 0 rg BT 321.06 387.75 Td (interest-bearing ) Tj ET Q q 0 0 0 rg BT 393.01 387.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 432.17 387.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 486.32 387.75 Td (and ) Tj ET Q q 0 0 0 rg BT 505.48 387.75 Td (are ) Tj ET Q q 0 0 0 rg BT 522.40 387.75 Td (not ) Tj ET Q q 0 0 0 rg BT 538.77 387.75 Td (reported ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 374.75 Td (as ) Tj ET Q q 0 0 0 rg BT 69.56 374.75 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 118.47 374.75 Td (but ) Tj ET Q q 0 0 0 rg BT 137.37 374.75 Td (rather ) Tj ET Q q 0 0 0 rg BT 168.49 374.75 Td (as ) Tj ET Q q 0 0 0 rg BT 184.05 374.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 213.50 374.75 Td (deposits ) Tj ET Q q 0 0 0 rg BT 255.74 374.75 Td (to ) Tj ET Q q 0 0 0 rg BT 269.08 374.75 Td (the ) Tj ET Q q 0 0 0 rg BT 287.98 374.75 Td (contract. ) Tj ET Q q 0 0 0 rg BT 330.33 374.75 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 374.79 374.75 Td (assessed ) Tj ET Q q 0 0 0 rg BT 422.03 374.75 Td (against ) Tj ET Q q 0 0 0 rg BT 459.28 374.75 Td (annuity ) Tj ET Q q 0 0 0 rg BT 496.52 374.75 Td (and ) Tj ET Q q 0 0 0 rg BT 518.20 374.75 Td (universal ) Tj ET Q q 0 0 0 rg BT 563.22 374.75 Td (life ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 361.75 Td (policyholders ) Tj ET Q q 0 0 0 rg BT 115.14 361.75 Td (are ) Tj ET Q q 0 0 0 rg BT 132.37 361.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 184.07 361.75 Td (as ) Tj ET Q q 0 0 0 rg BT 197.41 361.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 236.33 361.75 Td (in ) Tj ET Q q 0 0 0 rg BT 246.89 361.75 Td (the ) Tj ET Q q 0 0 0 rg BT 263.57 361.75 Td (period ) Tj ET Q q 0 0 0 rg BT 294.15 361.75 Td (assessed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 335.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.48 335.75 Td (Company) Tj ET Q q 0 0 0 rg BT 119.32 335.75 Td (s ) Tj ET Q q 0 0 0 rg BT 127.57 335.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 155.27 335.75 Td (premiums ) Tj ET Q q 0 0 0 rg BT 202.42 335.75 Td (written ) Tj ET Q q 0 0 0 rg BT 235.13 335.75 Td (for ) Tj ET Q q 0 0 0 rg BT 250.05 335.75 Td (the ) Tj ET Q q 0 0 0 rg BT 267.20 335.75 Td (years ) Tj ET Q q 0 0 0 rg BT 294.90 335.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 325.96 335.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 392.02 335.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 417.51 335.75 Td (and ) Tj ET Q q 0 0 0 rg BT 437.45 335.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 462.95 335.75 Td (were ) Tj ET Q q 0 0 0 rg BT 487.87 335.75 Td ($35 ) Tj ET Q q 0 0 0 rg BT 507.81 335.75 Td (million ) Tj ET Q q 0 0 0 rg BT 539.40 335.75 Td (and ) Tj ET Q q 0 0 0 rg BT 559.33 335.75 Td ($47 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 322.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 87.90 322.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 139.95 322.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 283.75 Td (Life ) Tj ET Q q 0 0 0 rg BT 74.56 283.75 Td (and ) Tj ET Q q 0 0 0 rg BT 95.11 283.75 Td (Health ) Tj ET Q q 0 0 0 rg BT 128.45 283.75 Td (Reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 257.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.01 257.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 106.80 257.75 Td (for ) Tj ET Q q 0 0 0 rg BT 121.25 257.75 Td (life ) Tj ET Q q 0 0 0 rg BT 136.81 257.75 Td (and ) Tj ET Q q 0 0 0 rg BT 156.27 257.75 Td (health ) Tj ET Q q 0 0 0 rg BT 186.29 257.75 Td (reserves ) Tj ET Q q 0 0 0 rg BT 227.42 257.75 Td (have ) Tj ET Q q 0 0 0 rg BT 251.88 257.75 Td (been ) Tj ET Q q 0 0 0 rg BT 276.91 257.75 Td (established ) Tj ET Q q 0 0 0 rg BT 330.27 257.75 Td (based ) Tj ET Q q 0 0 0 rg BT 360.30 257.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 385.32 257.75 Td (information ) Tj ET Q q 0 0 0 rg BT 437.57 257.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 477.59 257.75 Td (by ) Tj ET Q q 0 0 0 rg BT 490.93 257.75 Td (ceding ) Tj ET Q q 0 0 0 rg BT 523.18 257.75 Td (companies,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 244.75 Td (supplemented ) Tj ET Q q 0 0 0 rg BT 118.32 244.75 Td (by ) Tj ET Q q 0 0 0 rg BT 130.39 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 145.79 244.75 Td (Company) Tj ET Q q 0 0 0 rg BT 190.63 244.75 Td (s ) Tj ET Q q 0 0 0 rg BT 197.13 244.75 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 236.43 244.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 280.73 244.75 Td (of ) Tj ET Q q 0 0 0 rg BT 290.57 244.75 Td (mortality) Tj ET Q q 0 0 0 rg BT 327.61 244.75 Td (, ) Tj ET Q q 0 0 0 rg BT 331.89 244.75 Td (critical ) Tj ET Q q 0 0 0 rg BT 361.73 244.75 Td (illness, ) Tj ET Q q 0 0 0 rg BT 393.79 244.75 Td (persistency ) Tj ET Q q 0 0 0 rg BT 445.87 244.75 Td (and ) Tj ET Q q 0 0 0 rg BT 464.06 244.75 Td (future ) Tj ET Q q 0 0 0 rg BT 491.13 244.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 540.99 244.75 Td (income,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 231.75 Td (with ) Tj ET Q q 0 0 0 rg BT 74.02 231.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 126.85 231.75 Td (provision ) Tj ET Q q 0 0 0 rg BT 169.11 231.75 Td (to ) Tj ET Q q 0 0 0 rg BT 179.69 231.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 209.16 231.75 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 257.33 231.75 Td (. ) Tj ET Q q 0 0 0 rg BT 262.35 231.75 Td (Future ) Tj ET Q q 0 0 0 rg BT 293.49 231.75 Td (policy ) Tj ET Q q 0 0 0 rg BT 321.29 231.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 353.55 231.75 Td (reserves ) Tj ET Q q 0 0 0 rg BT 394.14 231.75 Td (for ) Tj ET Q q 0 0 0 rg BT 408.04 231.75 Td (annuity ) Tj ET Q q 0 0 0 rg BT 442.53 231.75 Td (and ) Tj ET Q q 0 0 0 rg BT 461.45 231.75 Td (universal ) Tj ET Q q 0 0 0 rg BT 503.71 231.75 Td (life ) Tj ET Q q 0 0 0 rg BT 518.73 231.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 561.54 231.75 Td (are) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 218.75 Td (carried ) Tj ET Q q 0 0 0 rg BT 87.94 218.75 Td (at ) Tj ET Q q 0 0 0 rg BT 99.66 218.75 Td (their ) Tj ET Q q 0 0 0 rg BT 122.48 218.75 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 182.56 218.75 Td (values. ) Tj ET Q q 0 0 0 rg BT 217.62 218.75 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 263.23 218.75 Td (for ) Tj ET Q q 0 0 0 rg BT 278.27 218.75 Td (policy ) Tj ET Q q 0 0 0 rg BT 307.22 218.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 338.93 218.75 Td (and ) Tj ET Q q 0 0 0 rg BT 358.99 218.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 397.38 218.75 Td (include ) Tj ET Q q 0 0 0 rg BT 432.45 218.75 Td (both ) Tj ET Q q 0 0 0 rg BT 455.29 218.75 Td (mortality ) Tj ET Q q 0 0 0 rg BT 496.45 218.75 Td (and ) Tj ET Q q 0 0 0 rg BT 516.50 218.75 Td (critical ) Tj ET Q q 0 0 0 rg BT 548.21 218.75 Td (illness ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 205.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 85.11 205.75 Td (in ) Tj ET Q q 0 0 0 rg BT 95.67 205.75 Td (the ) Tj ET Q q 0 0 0 rg BT 112.35 205.75 Td (process ) Tj ET Q q 0 0 0 rg BT 150.15 205.75 Td (of ) Tj ET Q q 0 0 0 rg BT 161.27 205.75 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 212.96 205.75 Td (and ) Tj ET Q q 0 0 0 rg BT 232.42 205.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 263.53 205.75 Td (that ) Tj ET Q q 0 0 0 rg BT 282.99 205.75 Td (have ) Tj ET Q q 0 0 0 rg BT 307.45 205.75 Td (been ) Tj ET Q q 0 0 0 rg BT 332.48 205.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 371.38 205.75 Td (but ) Tj ET Q q 0 0 0 rg BT 388.06 205.75 Td (not ) Tj ET Q q 0 0 0 rg BT 404.74 205.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 420.86 205.75 Td (reported.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 179.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.65 179.75 Td (Company) Tj ET Q q 0 0 0 rg BT 118.49 179.75 Td (s ) Tj ET Q q 0 0 0 rg BT 125.91 179.75 Td (net ) Tj ET Q q 0 0 0 rg BT 142.23 179.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 180.78 179.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 211.55 179.75 Td (for ) Tj ET Q q 0 0 0 rg BT 225.64 179.75 Td (the ) Tj ET Q q 0 0 0 rg BT 241.96 179.75 Td (years ) Tj ET Q q 0 0 0 rg BT 268.83 179.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 299.06 179.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 364.29 179.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 388.95 179.75 Td (and ) Tj ET Q q 0 0 0 rg BT 408.06 179.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 432.73 179.75 Td (were ) Tj ET Q q 0 0 0 rg BT 456.82 179.75 Td ($30 ) Tj ET Q q 0 0 0 rg BT 475.93 179.75 Td (million ) Tj ET Q q 0 0 0 rg BT 506.69 179.75 Td (and ) Tj ET Q q 0 0 0 rg BT 525.79 179.75 Td ($21 ) Tj ET Q q 0 0 0 rg BT 544.90 179.75 Td (million, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 166.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 106.06 166.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 127.75 Td (T) Tj ET Q q 0 0 0 rg BT 59.37 127.75 Td (echnical ) Tj ET Q q 0 0 0 rg BT 102.16 127.75 Td (Result) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 101.75 Td (T) Tj ET Q q 0 0 0 rg BT 59.00 101.75 Td (echnical ) Tj ET Q q 0 0 0 rg BT 98.38 101.75 Td (result ) Tj ET Q q 0 0 0 rg BT 125.52 101.75 Td (consists ) Tj ET Q q 0 0 0 rg BT 164.34 101.75 Td (of ) Tj ET Q q 0 0 0 rg BT 175.37 101.75 Td (net ) Tj ET Q q 0 0 0 rg BT 191.96 101.75 Td (premiums ) Tj ET Q q 0 0 0 rg BT 238.54 101.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 272.37 101.75 Td (less ) Tj ET Q q 0 0 0 rg BT 292.84 101.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 323.88 101.75 Td (and ) Tj ET Q q 0 0 0 rg BT 343.25 101.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 363.73 101.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 409.22 101.75 Td (and ) Tj ET Q q 0 0 0 rg BT 428.60 101.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 478.54 101.75 Td (costs. ) Tj ET Q q 0 0 0 rg BT 507.17 101.75 Td (T) Tj ET Q q 0 0 0 rg BT 512.17 101.75 Td (echnical ) Tj ET Q q 0 0 0 rg BT 551.55 101.75 Td (result ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 88.75 Td (should ) Tj ET Q q 0 0 0 rg BT 86.00 88.75 Td (not ) Tj ET Q q 0 0 0 rg BT 102.43 88.75 Td (be ) Tj ET Q q 0 0 0 rg BT 116.08 88.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 167.53 88.75 Td (a ) Tj ET Q q 0 0 0 rg BT 175.63 88.75 Td (substitute ) Tj ET Q q 0 0 0 rg BT 220.96 88.75 Td (for ) Tj ET Q q 0 0 0 rg BT 235.16 88.75 Td (net ) Tj ET Q q 0 0 0 rg BT 251.59 88.75 Td (income ) Tj ET Q q 0 0 0 rg BT 286.36 88.75 Td (or ) Tj ET Q q 0 0 0 rg BT 297.78 88.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 318.09 88.75 Td (and ) Tj ET Q q 0 0 0 rg BT 337.31 88.75 Td (does ) Tj ET Q q 0 0 0 rg BT 361.52 88.75 Td (not ) Tj ET Q q 0 0 0 rg BT 377.95 88.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 407.72 88.75 Td (the ) Tj ET Q q 0 0 0 rg BT 424.15 88.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 456.14 88.75 Td (profitability ) Tj ET Q q 0 0 0 rg BT 506.46 88.75 Td (of ) Tj ET Q q 0 0 0 rg BT 517.33 88.75 Td (the ) Tj ET Q q 0 0 0 rg BT 533.77 88.75 Td (business, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 75.75 Td (which ) Tj ET Q q 0 0 0 rg BT 82.34 75.75 Td (is ) Tj ET Q q 0 0 0 rg BT 92.34 75.75 Td (also ) Tj ET Q q 0 0 0 rg BT 113.47 75.75 Td (impacted ) Tj ET Q q 0 0 0 rg BT 156.82 75.75 Td (by ) Tj ET Q q 0 0 0 rg BT 170.16 75.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 221.29 75.75 Td (results ) Tj ET Q q 0 0 0 rg BT 253.53 75.75 Td (and ) Tj ET Q q 0 0 0 rg BT 272.99 75.75 Td (other ) Tj ET Q q 0 0 0 rg BT 298.56 75.75 Td (items. ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.20 28.20 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 699.75 Td (The ) Tj ET Q q 0 0 0 rg BT 75.53 699.75 Td (Company) Tj ET Q q 0 0 0 rg BT 120.37 699.75 Td (s ) Tj ET Q q 0 0 0 rg BT 129.66 699.75 Td (technical ) Tj ET Q q 0 0 0 rg BT 173.42 699.75 Td (result ) Tj ET Q q 0 0 0 rg BT 202.17 699.75 Td (for ) Tj ET Q q 0 0 0 rg BT 218.14 699.75 Td (the ) Tj ET Q q 0 0 0 rg BT 236.33 699.75 Td (years ) Tj ET Q q 0 0 0 rg BT 265.08 699.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 297.19 699.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 364.29 699.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 390.83 699.75 Td (and ) Tj ET Q q 0 0 0 rg BT 411.81 699.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 438.35 699.75 Td (was ) Tj ET Q q 0 0 0 rg BT 460.43 699.75 Td ($1 ) Tj ET Q q 0 0 0 rg BT 475.85 699.75 Td (million ) Tj ET Q q 0 0 0 rg BT 508.48 699.75 Td (and ) Tj ET Q q 0 0 0 rg BT 529.46 699.75 Td ($5 ) Tj ET Q q 0 0 0 rg BT 544.88 699.75 Td (million, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 686.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 106.06 686.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 647.75 Td (2.2.2 ) Tj ET Q q 0 0 0 rg BT 79.02 647.75 Td (INVESTMENT ) Tj ET Q q 0 0 0 rg BT 146.25 647.75 Td (RESUL) Tj ET Q q 0 0 0 rg BT 179.40 647.75 Td (T) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 621.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 72.89 621.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 128.46 621.75 Td (Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 595.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 73.26 595.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 125.31 595.75 Td (income ) Tj ET Q q 0 0 0 rg BT 161.24 595.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 201.62 595.75 Td (interest, ) Tj ET Q q 0 0 0 rg BT 240.89 595.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 286.84 595.75 Td (and ) Tj ET Q q 0 0 0 rg BT 307.22 595.75 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 368.16 595.75 Td (net ) Tj ET Q q 0 0 0 rg BT 385.75 595.75 Td (of ) Tj ET Q q 0 0 0 rg BT 397.79 595.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 449.84 595.75 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 499.12 595.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 547.85 595.75 Td (by ) Tj ET Q q 0 0 0 rg BT 562.11 595.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 582.75 Td (Company) Tj ET Q q 0 0 0 rg BT 98.84 582.75 Td (s ) Tj ET Q q 0 0 0 rg BT 106.67 582.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 157.86 582.75 Td (activities. ) Tj ET Q q 0 0 0 rg BT 201.81 582.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 220.21 582.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 271.40 582.75 Td (income ) Tj ET Q q 0 0 0 rg BT 306.46 582.75 Td (by ) Tj ET Q q 0 0 0 rg BT 319.86 582.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 346.59 582.75 Td (source ) Tj ET Q q 0 0 0 rg BT 379.44 582.75 Td (for ) Tj ET Q q 0 0 0 rg BT 393.94 582.75 Td (the ) Tj ET Q q 0 0 0 rg BT 410.68 582.75 Td (years ) Tj ET Q q 0 0 0 rg BT 437.96 582.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 468.60 582.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 534.24 582.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 559.32 582.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 569.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 79.02 569.75 Td (was ) Tj ET Q q 0 0 0 rg BT 99.59 569.75 Td (as ) Tj ET Q q 0 0 0 rg BT 112.93 569.75 Td (follows ) Tj ET Q q 0 0 0 rg BT 146.27 569.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 160.16 569.75 Td (thousands ) Tj ET Q q 0 0 0 rg BT 209.09 569.75 Td (of ) Tj ET Q q 0 0 0 rg BT 220.21 569.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 265.80 569.75 Td (dollars\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 533.25 402.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 533.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 533.25 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 533.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 533.25 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 507.25 402.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 507.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 507.25 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 507.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 507.25 56.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 533.25 m 515.5 533.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 533.25 m 575.5 533.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 533.25 m 515.5 533.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 494.25 m 515.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 494.25 m 575.5 494.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.60 537.48 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.60 537.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 523.47 Td (Fixed maturities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.70 523.47 Td (....................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 462.00 523.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.60 523.47 Td (7,361) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.00 523.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.60 523.47 Td (7,197) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 510.47 Td (Short-term investments, cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.30 510.47 Td (............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.05 510.47 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.05 510.47 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 497.47 Td (Investment expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.70 497.47 Td (...........................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.60 497.47 Td (\(561) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.65 497.47 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.60 497.47 Td (\(418) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 571.65 497.47 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 484.47 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.25 484.47 Td (.........................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 462.00 484.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.60 484.47 Td (6,801) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.00 485.87 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.60 485.87 Td (6,785) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 455.75 Td (Because ) Tj ET Q q 0 0 0 rg BT 95.92 455.75 Td (of ) Tj ET Q q 0 0 0 rg BT 107.26 455.75 Td (the ) Tj ET Q q 0 0 0 rg BT 124.16 455.75 Td (interest-sensitive ) Tj ET Q q 0 0 0 rg BT 202.19 455.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 233.55 455.75 Td (of ) Tj ET Q q 0 0 0 rg BT 244.89 455.75 Td (some ) Tj ET Q q 0 0 0 rg BT 272.35 455.75 Td (of ) Tj ET Q q 0 0 0 rg BT 283.69 455.75 Td (the ) Tj ET Q q 0 0 0 rg BT 300.59 455.75 Td (Company) Tj ET Q q 0 0 0 rg BT 345.43 455.75 Td (s ) Tj ET Q q 0 0 0 rg BT 353.43 455.75 Td (life ) Tj ET Q q 0 0 0 rg BT 369.22 455.75 Td (products, ) Tj ET Q q 0 0 0 rg BT 413.35 455.75 Td (net ) Tj ET Q q 0 0 0 rg BT 430.26 455.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 481.61 455.75 Td (income ) Tj ET Q q 0 0 0 rg BT 516.85 455.75 Td (is ) Tj ET Q q 0 0 0 rg BT 527.08 455.75 Td (considered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 442.75 Td (in ) Tj ET Q q 0 0 0 rg BT 64.66 442.75 Td (management) Tj ET Q q 0 0 0 rg BT 125.07 442.75 Td (s ) Tj ET Q q 0 0 0 rg BT 132.94 442.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 189.17 442.75 Td (of ) Tj ET Q q 0 0 0 rg BT 200.38 442.75 Td (the ) Tj ET Q q 0 0 0 rg BT 217.15 442.75 Td (profitability ) Tj ET Q q 0 0 0 rg BT 267.83 442.75 Td (of ) Tj ET Q q 0 0 0 rg BT 279.04 442.75 Td (the ) Tj ET Q q 0 0 0 rg BT 295.81 442.75 Td (Life ) Tj ET Q q 0 0 0 rg BT 314.81 442.75 Td (and ) Tj ET Q q 0 0 0 rg BT 334.37 442.75 Td (Health ) Tj ET Q q 0 0 0 rg BT 366.15 442.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 411.08 442.75 Td (The ) Tj ET Q q 0 0 0 rg BT 431.18 442.75 Td (following ) Tj ET Q q 0 0 0 rg BT 472.97 442.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 522.53 442.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 562.09 442.75 Td (net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 429.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 105.13 429.75 Td (income ) Tj ET Q q 0 0 0 rg BT 140.15 429.75 Td (from ) Tj ET Q q 0 0 0 rg BT 162.93 429.75 Td (all ) Tj ET Q q 0 0 0 rg BT 175.71 429.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 226.84 429.75 Td (activities, ) Tj ET Q q 0 0 0 rg BT 270.74 429.75 Td (including ) Tj ET Q q 0 0 0 rg BT 312.99 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 329.67 429.75 Td (net ) Tj ET Q q 0 0 0 rg BT 346.35 429.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 397.49 429.75 Td (income ) Tj ET Q q 0 0 0 rg BT 432.50 429.75 Td (from ) Tj ET Q q 0 0 0 rg BT 455.28 429.75 Td (Life ) Tj ET Q q 0 0 0 rg BT 474.18 429.75 Td (and ) Tj ET Q q 0 0 0 rg BT 493.64 429.75 Td (Health.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 403.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 72.41 403.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 123.61 403.75 Td (income ) Tj ET Q q 0 0 0 rg BT 158.70 403.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 204.90 403.75 Td (in ) Tj ET Q q 0 0 0 rg BT 215.53 403.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 240.63 403.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 287.94 403.75 Td (to ) Tj ET Q q 0 0 0 rg BT 299.13 403.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 324.22 403.75 Td (due ) Tj ET Q q 0 0 0 rg BT 343.76 403.75 Td (to ) Tj ET Q q 0 0 0 rg BT 354.94 403.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 385.59 403.75 Td (income ) Tj ET Q q 0 0 0 rg BT 420.67 403.75 Td (from ) Tj ET Q q 0 0 0 rg BT 443.52 403.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 467.49 403.75 Td (income ) Tj ET Q q 0 0 0 rg BT 502.58 403.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 550.44 403.75 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 390.75 Td (was ) Tj ET Q q 0 0 0 rg BT 74.56 390.75 Td (partially ) Tj ET Q q 0 0 0 rg BT 111.80 390.75 Td (of) Tj ET Q q 0 0 0 rg BT 119.96 390.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 138.85 390.75 Td (by ) Tj ET Q q 0 0 0 rg BT 152.19 390.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 182.77 390.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 233.90 390.75 Td (expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 351.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 72.89 351.75 Td (Realized ) Tj ET Q q 0 0 0 rg BT 116.24 351.75 Td (and ) Tj ET Q q 0 0 0 rg BT 136.80 351.75 Td (Unrealized ) Tj ET Q q 0 0 0 rg BT 190.15 351.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 245.72 351.75 Td (\(Losses\) ) Tj ET Q q 0 0 0 rg BT 289.62 351.75 Td (Gains ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 325.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 73.29 325.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 112.04 325.75 Td (and ) Tj ET Q q 0 0 0 rg BT 132.46 325.75 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 182.34 325.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 234.42 325.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 262.06 325.75 Td (or ) Tj ET Q q 0 0 0 rg BT 274.68 325.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 306.76 325.75 Td (include ) Tj ET Q q 0 0 0 rg BT 342.18 325.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 369.26 325.75 Td (of ) Tj ET Q q 0 0 0 rg BT 381.33 325.75 Td (the ) Tj ET Q q 0 0 0 rg BT 398.96 325.75 Td (Company) Tj ET Q q 0 0 0 rg BT 443.80 325.75 Td (s ) Tj ET Q q 0 0 0 rg BT 452.53 325.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 477.39 325.75 Td (income ) Tj ET Q q 0 0 0 rg BT 513.36 325.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 559.33 325.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 312.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 94.59 312.75 Td (in ) Tj ET Q q 0 0 0 rg BT 105.15 312.75 Td (net ) Tj ET Q q 0 0 0 rg BT 121.83 312.75 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 170.75 312.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 197.43 312.75 Td (or ) Tj ET Q q 0 0 0 rg BT 209.10 312.75 Td (losses. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 286.75 Td (The ) Tj ET Q q 0 0 0 rg BT 72.91 286.75 Td (Company) Tj ET Q q 0 0 0 rg BT 117.75 286.75 Td (s ) Tj ET Q q 0 0 0 rg BT 124.43 286.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 161.69 286.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 207.84 286.75 Td (have ) Tj ET Q q 0 0 0 rg BT 231.21 286.75 Td (a ) Tj ET Q q 0 0 0 rg BT 238.45 286.75 Td (total ) Tj ET Q q 0 0 0 rg BT 259.04 286.75 Td (return ) Tj ET Q q 0 0 0 rg BT 286.84 286.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 336.88 286.75 Td (objective, ) Tj ET Q q 0 0 0 rg BT 380.81 286.75 Td (achieved ) Tj ET Q q 0 0 0 rg BT 422.52 286.75 Td (through ) Tj ET Q q 0 0 0 rg BT 458.12 286.75 Td (a ) Tj ET Q q 0 0 0 rg BT 465.36 286.75 Td (combination ) Tj ET Q q 0 0 0 rg BT 520.96 286.75 Td (of ) Tj ET Q q 0 0 0 rg BT 530.98 286.75 Td (optimizing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 273.75 Td (current ) Tj ET Q q 0 0 0 rg BT 87.76 273.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 138.75 273.75 Td (income ) Tj ET Q q 0 0 0 rg BT 173.62 273.75 Td (and ) Tj ET Q q 0 0 0 rg BT 192.94 273.75 Td (pursuing ) Tj ET Q q 0 0 0 rg BT 233.94 273.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 265.48 273.75 Td (appreciation. ) Tj ET Q q 0 0 0 rg BT 325.20 273.75 Td (T) Tj ET Q q 0 0 0 rg BT 330.20 273.75 Td (o ) Tj ET Q q 0 0 0 rg BT 338.40 273.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 363.27 273.75 Td (this ) Tj ET Q q 0 0 0 rg BT 381.47 273.75 Td (objective, ) Tj ET Q q 0 0 0 rg BT 426.35 273.75 Td (it ) Tj ET Q q 0 0 0 rg BT 433.98 273.75 Td (is ) Tj ET Q q 0 0 0 rg BT 443.84 273.75 Td (often ) Tj ET Q q 0 0 0 rg BT 468.72 273.75 Td (desirable ) Tj ET Q q 0 0 0 rg BT 511.93 273.75 Td (to ) Tj ET Q q 0 0 0 rg BT 522.91 273.75 Td (buy ) Tj ET Q q 0 0 0 rg BT 541.67 273.75 Td (and ) Tj ET Q q 0 0 0 rg BT 560.99 273.75 Td (sell ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 260.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 100.12 260.75 Td (to ) Tj ET Q q 0 0 0 rg BT 112.34 260.75 Td (take ) Tj ET Q q 0 0 0 rg BT 135.13 260.75 Td (advantage ) Tj ET Q q 0 0 0 rg BT 185.72 260.75 Td (of ) Tj ET Q q 0 0 0 rg BT 197.94 260.75 Td (changing ) Tj ET Q q 0 0 0 rg BT 242.41 260.75 Td (market ) Tj ET Q q 0 0 0 rg BT 276.86 260.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 325.77 260.75 Td (and ) Tj ET Q q 0 0 0 rg BT 346.34 260.75 Td (to ) Tj ET Q q 0 0 0 rg BT 358.56 260.75 Td (reposition ) Tj ET Q q 0 0 0 rg BT 405.80 260.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.59 260.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 475.82 260.75 Td (portfolios. ) Tj ET Q q 0 0 0 rg BT 522.29 260.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 573.24 260.75 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 247.75 Td (recognition ) Tj ET Q q 0 0 0 rg BT 106.72 247.75 Td (of ) Tj ET Q q 0 0 0 rg BT 118.86 247.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 157.68 247.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 185.38 247.75 Td (and ) Tj ET Q q 0 0 0 rg BT 205.86 247.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 238.01 247.75 Td (is ) Tj ET Q q 0 0 0 rg BT 249.03 247.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 301.75 247.75 Td (by ) Tj ET Q q 0 0 0 rg BT 316.10 247.75 Td (the ) Tj ET Q q 0 0 0 rg BT 333.80 247.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 380.40 247.75 Td (to ) Tj ET Q q 0 0 0 rg BT 392.54 247.75 Td (be ) Tj ET Q q 0 0 0 rg BT 407.46 247.75 Td (a ) Tj ET Q q 0 0 0 rg BT 416.82 247.75 Td (normal ) Tj ET Q q 0 0 0 rg BT 451.19 247.75 Td (consequence ) Tj ET Q q 0 0 0 rg BT 514.48 247.75 Td (of ) Tj ET Q q 0 0 0 rg BT 526.61 247.75 Td (its ) Tj ET Q q 0 0 0 rg BT 540.41 247.75 Td (ongoing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 234.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 106.08 234.75 Td (management ) Tj ET Q q 0 0 0 rg BT 168.17 234.75 Td (activities. ) Tj ET Q q 0 0 0 rg BT 213.01 234.75 Td (In ) Tj ET Q q 0 0 0 rg BT 225.07 234.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 266.60 234.75 Td (the ) Tj ET Q q 0 0 0 rg BT 284.22 234.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 330.74 234.75 Td (records ) Tj ET Q q 0 0 0 rg BT 367.81 234.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 409.34 234.75 Td (in ) Tj ET Q q 0 0 0 rg BT 420.84 234.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 438.45 234.75 Td (value ) Tj ET Q q 0 0 0 rg BT 466.08 234.75 Td (for ) Tj ET Q q 0 0 0 rg BT 481.47 234.75 Td (substantially ) Tj ET Q q 0 0 0 rg BT 540.22 234.75 Td (all ) Tj ET Q q 0 0 0 rg BT 553.95 234.75 Td (of ) Tj ET Q q 0 0 0 rg BT 566.01 234.75 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 221.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 109.34 221.75 Td (as ) Tj ET Q q 0 0 0 rg BT 121.88 221.75 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 170.01 221.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 220.35 221.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 246.24 221.75 Td (or ) Tj ET Q q 0 0 0 rg BT 257.11 221.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 287.44 221.75 Td (in ) Tj ET Q q 0 0 0 rg BT 297.21 221.75 Td (its ) Tj ET Q q 0 0 0 rg BT 309.19 221.75 Td ( ) Tj ET Q q 0 0 0 rg BT 311.17 221.75 Td (income ) Tj ET Q q 0 0 0 rg BT 345.39 221.75 Td (statement. ) Tj ET Q q 0 0 0 rg BT 394.07 221.75 Td (Realized ) Tj ET Q q 0 0 0 rg BT 434.96 221.75 Td (and ) Tj ET Q q 0 0 0 rg BT 453.63 221.75 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 501.75 221.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 552.09 221.75 Td (gains ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 208.75 Td (and ) Tj ET Q q 0 0 0 rg BT 73.16 208.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 103.98 208.75 Td (are ) Tj ET Q q 0 0 0 rg BT 120.90 208.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 163.96 208.75 Td (a ) Tj ET Q q 0 0 0 rg BT 171.99 208.75 Td (function ) Tj ET Q q 0 0 0 rg BT 209.49 208.75 Td (of ) Tj ET Q q 0 0 0 rg BT 220.30 208.75 Td (multiple ) Tj ET Q q 0 0 0 rg BT 257.23 208.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 292.49 208.75 Td (with ) Tj ET Q q 0 0 0 rg BT 312.75 208.75 Td (the ) Tj ET Q q 0 0 0 rg BT 329.12 208.75 Td (most ) Tj ET Q q 0 0 0 rg BT 353.27 208.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 400.21 208.75 Td (being ) Tj ET Q q 0 0 0 rg BT 427.15 208.75 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 472.43 208.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 507.69 208.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 532.40 208.75 Td (and ) Tj ET Q q 0 0 0 rg BT 551.55 208.75 Td (credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 195.75 Td (spreads.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 173.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.94 173.75 Td (components ) Tj ET Q q 0 0 0 rg BT 131.13 173.75 Td (of ) Tj ET Q q 0 0 0 rg BT 142.18 173.75 Td (net ) Tj ET Q q 0 0 0 rg BT 158.79 173.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 196.52 173.75 Td (and ) Tj ET Q q 0 0 0 rg BT 215.92 173.75 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 264.77 173.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 315.83 173.75 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 353.55 173.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 380.17 173.75 Td (for ) Tj ET Q q 0 0 0 rg BT 394.55 173.75 Td (the ) Tj ET Q q 0 0 0 rg BT 411.16 173.75 Td (years ) Tj ET Q q 0 0 0 rg BT 438.32 173.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 468.84 173.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 534.36 173.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 559.32 173.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 160.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 79.02 160.75 Td (were ) Tj ET Q q 0 0 0 rg BT 103.48 160.75 Td (as ) Tj ET Q q 0 0 0 rg BT 116.82 160.75 Td (follows ) Tj ET Q q 0 0 0 rg BT 150.16 160.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 164.05 160.75 Td (thousands ) Tj ET Q q 0 0 0 rg BT 212.98 160.75 Td (of ) Tj ET Q q 0 0 0 rg BT 224.10 160.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 269.69 160.75 Td (dollars\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 137.25 414.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 137.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 137.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 137.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 137.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 99.25 414.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 99.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 99.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 99.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 99.25 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 137.25 m 522.5 137.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 137.25 m 576.5 137.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 137.25 m 522.5 137.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 137.25 m 576.5 137.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 99.25 m 522.5 99.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 99.25 m 576.5 99.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.60 141.48 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.60 141.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 127.47 Td (Net realized investment gains on fixed maturities and short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.30 127.47 Td (........................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 475.00 126.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.60 126.87 Td (1,925) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.00 126.87 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.95 126.87 Td (772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 112.47 Td (Change in net unrealized investment \(losses\) gains on fixed maturities and short-term) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.00 102.47 Td (investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.00 102.47 Td (..........................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.25 103.87 Td (\(3,797) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.65 103.87 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.60 103.87 Td (3,752) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 89.47 Td (Total net realized and unrealized investment \(losses\) gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.70 89.47 Td (.....................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 475.00 88.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.25 88.87 Td (\(1,872) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.65 88.87 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.00 88.87 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.60 88.87 Td (4,524) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.20 28.20 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 699.75 Td (2.2.3 ) Tj ET Q q 0 0 0 rg BT 79.02 699.75 Td (OTHER ) Tj ET Q q 0 0 0 rg BT 116.80 699.75 Td (INCOME ) Tj ET Q q 0 0 0 rg BT 159.21 699.75 Td (AND ) Tj ET Q q 0 0 0 rg BT 183.65 699.75 Td (EXPENSES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 673.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.88 673.75 Td (components ) Tj ET Q q 0 0 0 rg BT 133.00 673.75 Td (of ) Tj ET Q q 0 0 0 rg BT 144.98 673.75 Td (net ) Tj ET Q q 0 0 0 rg BT 162.53 673.75 Td (income ) Tj ET Q q 0 0 0 rg BT 198.41 673.75 Td (for ) Tj ET Q q 0 0 0 rg BT 213.72 673.75 Td (the ) Tj ET Q q 0 0 0 rg BT 231.27 673.75 Td (years ) Tj ET Q q 0 0 0 rg BT 259.36 673.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 290.81 673.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 357.27 673.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 383.16 673.75 Td (and ) Tj ET Q q 0 0 0 rg BT 403.49 673.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 429.38 673.75 Td (were ) Tj ET Q q 0 0 0 rg BT 454.69 673.75 Td (as ) Tj ET Q q 0 0 0 rg BT 468.90 673.75 Td (follows ) Tj ET Q q 0 0 0 rg BT 503.11 673.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 517.87 673.75 Td (thousands ) Tj ET Q q 0 0 0 rg BT 567.66 673.75 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 660.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 99.59 660.75 Td (dollars\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 637.25 398.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 637.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 637.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 637.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 607.25 398.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 607.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 607.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 607.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 577.25 398.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 577.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 577.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 577.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 547.25 398.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 547.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 547.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 547.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 517.25 398.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 517.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 517.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 517.25 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 637.25 m 512.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 637.25 m 576.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 517.25 m 512.5 517.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 517.25 m 576.5 517.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 473.10 641.48 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.10 641.48 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 626.87 Td (Technical result:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.60 626.47 Td (...............................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.00 611.87 Td (Life and Health) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.60 611.47 Td (...............................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.00 611.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.60 611.87 Td (1,015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.00 611.87 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.60 611.87 Td (5,120) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 596.87 Td (Investment result:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.15 596.47 Td (.............................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.00 581.87 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.90 581.47 Td (...................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.60 581.87 Td (6,801) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.60 581.87 Td (6,785) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.00 566.87 Td (Net realized and unrealized investment \(losses\) gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.05 566.47 Td (..................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.25 566.87 Td (\(1,872) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 508.65 566.87 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.60 566.87 Td (4,524) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 551.87 Td (Other components of net income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.60 551.47 Td (....................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.00 536.87 Td (Other expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.35 536.47 Td (..............................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.60 536.87 Td (\(170) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 508.65 536.87 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 536.87 Td (\(33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 536.87 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.00 521.87 Td (Net foreign exchange \(losses\) gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.25 521.47 Td (..............................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.60 521.87 Td (\(110) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 508.65 521.87 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.95 521.87 Td (579) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 506.87 Td (Net income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.60 506.47 Td (........................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.00 506.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.60 506.87 Td (5,664) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.00 506.87 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.05 506.87 Td (16,975) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 476.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.51 476.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 116.93 476.75 Td (in ) Tj ET Q q 0 0 0 rg BT 126.99 476.75 Td (net ) Tj ET Q q 0 0 0 rg BT 143.17 476.75 Td (income ) Tj ET Q q 0 0 0 rg BT 177.69 476.75 Td (in ) Tj ET Q q 0 0 0 rg BT 187.75 476.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 212.27 476.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 259.02 476.75 Td (to ) Tj ET Q q 0 0 0 rg BT 269.64 476.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 294.17 476.75 Td (was ) Tj ET Q q 0 0 0 rg BT 314.23 476.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 354.29 476.75 Td (due ) Tj ET Q q 0 0 0 rg BT 373.25 476.75 Td (to ) Tj ET Q q 0 0 0 rg BT 383.87 476.75 Td (the ) Tj ET Q q 0 0 0 rg BT 400.05 476.75 Td (change ) Tj ET Q q 0 0 0 rg BT 435.14 476.75 Td (from ) Tj ET Q q 0 0 0 rg BT 457.42 476.75 Td (net ) Tj ET Q q 0 0 0 rg BT 473.60 476.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 510.90 476.75 Td (and ) Tj ET Q q 0 0 0 rg BT 529.86 476.75 Td (unrealized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 463.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 105.13 463.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 131.82 463.75 Td (in ) Tj ET Q q 0 0 0 rg BT 142.38 463.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 167.40 463.75 Td (to ) Tj ET Q q 0 0 0 rg BT 178.52 463.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 209.64 463.75 Td (in ) Tj ET Q q 0 0 0 rg BT 220.21 463.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 245.23 463.75 Td (and ) Tj ET Q q 0 0 0 rg BT 264.69 463.75 Td (the ) Tj ET Q q 0 0 0 rg BT 281.37 463.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 325.29 463.75 Td (in ) Tj ET Q q 0 0 0 rg BT 335.85 463.75 Td (the ) Tj ET Q q 0 0 0 rg BT 352.53 463.75 Td (Life ) Tj ET Q q 0 0 0 rg BT 371.43 463.75 Td (and ) Tj ET Q q 0 0 0 rg BT 390.89 463.75 Td (Health ) Tj ET Q q 0 0 0 rg BT 422.58 463.75 Td (technical ) Tj ET Q q 0 0 0 rg BT 464.83 463.75 Td (result.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 426.75 Td (3. ) Tj ET Q q 0 0 0 rg BT 65.12 426.75 Td (GOVERNANCE ) Tj ET Q q 0 0 0 rg BT 139.57 426.75 Td (STRUCTURE ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 391.95 Td (3.1 ) Tj ET Q q 0 0 0 rg BT 70.68 391.95 Td (BOARD ) Tj ET Q q 0 0 0 rg BT 109.75 391.95 Td (AND ) Tj ET Q q 0 0 0 rg BT 134.20 391.95 Td (SENIOR ) Tj ET Q q 0 0 0 rg BT 175.31 391.95 Td (EXECUTIVE) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 355.95 Td (3.1.1 ) Tj ET Q q 0 0 0 rg BT 79.02 355.95 Td (CORPORA) Tj ET Q q 0 0 0 rg BT 129.39 355.95 Td (TE ) Tj ET Q q 0 0 0 rg BT 144.95 355.95 Td (GOVERNANCE ) Tj ET Q q 0 0 0 rg BT 219.40 355.95 Td (FRAMEWORK) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 329.95 Td (The ) Tj ET Q q 0 0 0 rg BT 74.76 329.95 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 117.20 329.95 Td (reports ) Tj ET Q q 0 0 0 rg BT 151.86 329.95 Td (on ) Tj ET Q q 0 0 0 rg BT 166.51 329.95 Td (Form ) Tj ET Q q 0 0 0 rg BT 193.38 329.95 Td (6-K ) Tj ET Q q 0 0 0 rg BT 212.47 329.95 Td (and ) Tj ET Q q 0 0 0 rg BT 232.69 329.95 Td (the ) Tj ET Q q 0 0 0 rg BT 250.12 329.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 283.69 329.95 Td (report ) Tj ET Q q 0 0 0 rg BT 313.34 329.95 Td (on ) Tj ET Q q 0 0 0 rg BT 328.00 329.95 Td (Form ) Tj ET Q q 0 0 0 rg BT 354.86 329.95 Td (20-F ) Tj ET Q q 0 0 0 rg BT 378.95 329.95 Td (filed ) Tj ET Q q 0 0 0 rg BT 400.83 329.95 Td (by ) Tj ET Q q 0 0 0 rg BT 414.93 329.95 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 464.03 329.95 Td (with ) Tj ET Q q 0 0 0 rg BT 485.35 329.95 Td (the ) Tj ET Q q 0 0 0 rg BT 502.78 329.95 Td (SEC ) Tj ET Q q 0 0 0 rg BT 526.88 329.95 Td (include ) Tj ET Q q 0 0 0 rg BT 562.10 329.95 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 316.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 114.64 316.95 Td (results ) Tj ET Q q 0 0 0 rg BT 148.58 316.95 Td (of ) Tj ET Q q 0 0 0 rg BT 161.40 316.95 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 211.46 316.95 Td (and ) Tj ET Q q 0 0 0 rg BT 232.63 316.95 Td (its ) Tj ET Q q 0 0 0 rg BT 247.12 316.95 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 304.41 316.95 Td (and ) Tj ET Q q 0 0 0 rg BT 325.58 316.95 Td (af) Tj ET Q q 0 0 0 rg BT 333.74 316.95 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 369.05 316.95 Td (The ) Tj ET Q q 0 0 0 rg BT 390.77 316.95 Td (governance ) Tj ET Q q 0 0 0 rg BT 447.52 316.95 Td (requirements ) Tj ET Q q 0 0 0 rg BT 510.36 316.95 Td (established ) Tj ET Q q 0 0 0 rg BT 565.44 316.95 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 303.95 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 129.14 303.95 Td (for ) Tj ET Q q 0 0 0 rg BT 144.25 303.95 Td (the ) Tj ET Q q 0 0 0 rg BT 161.60 303.95 Td (purpose ) Tj ET Q q 0 0 0 rg BT 201.18 303.95 Td (of ) Tj ET Q q 0 0 0 rg BT 212.96 303.95 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 254.76 303.95 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 308.79 303.95 Td (control, ) Tj ET Q q 0 0 0 rg BT 345.03 303.95 Td (oversight ) Tj ET Q q 0 0 0 rg BT 389.04 303.95 Td (and ) Tj ET Q q 0 0 0 rg BT 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0 0 0 rg BT 539.98 634.75 Td (Code ) Tj ET Q q 0 0 0 rg BT 567.65 634.75 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 621.75 Td (Business ) Tj ET Q q 0 0 0 rg BT 97.37 621.75 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 137.41 621.75 Td (and ) Tj ET Q q 0 0 0 rg BT 156.89 621.75 Td (Ethics ) Tj ET Q q 0 0 0 rg BT 186.91 621.75 Td (will ) Tj ET Q q 0 0 0 rg BT 203.59 621.75 Td (be ) Tj ET Q q 0 0 0 rg BT 217.51 621.75 Td (investigated ) Tj ET Q q 0 0 0 rg BT 273.67 621.75 Td (and ) Tj ET Q q 0 0 0 rg BT 293.15 621.75 Td (may ) Tj ET Q q 0 0 0 rg BT 314.83 621.75 Td (result ) Tj ET Q q 0 0 0 rg BT 342.08 621.75 Td (in ) Tj ET Q q 0 0 0 rg BT 352.66 621.75 Td (disciplinary ) Tj ET Q q 0 0 0 rg BT 404.91 621.75 Td (action, ) Tj ET Q q 0 0 0 rg BT 437.17 621.75 Td (as ) Tj ET Q q 0 0 0 rg BT 450.53 621.75 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 506.51 621.75 Td (The ) Tj ET Q q 0 0 0 rg BT 526.53 621.75 Td (outcome ) Tj ET Q q 0 0 0 rg BT 567.68 621.75 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 608.75 Td (any ) Tj ET Q q 0 0 0 rg BT 73.00 608.75 Td (investigation ) Tj ET Q q 0 0 0 rg BT 131.46 608.75 Td (is ) Tj ET Q q 0 0 0 rg BT 141.55 608.75 Td (shared ) Tj ET Q q 0 0 0 rg BT 175.00 608.75 Td (with ) Tj ET Q q 0 0 0 rg BT 195.66 608.75 Td (the ) Tj ET Q q 0 0 0 rg BT 211.86 608.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 237.52 608.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 288.74 608.75 Td (of ) Tj ET Q q 0 0 0 rg BT 299.95 608.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 348.40 608.75 Td (and ) Tj ET Q q 0 0 0 rg BT 367.96 608.75 Td (may ) Tj ET Q q 0 0 0 rg BT 389.72 608.75 Td (be ) Tj ET Q q 0 0 0 rg BT 403.72 608.75 Td (shared ) Tj ET Q q 0 0 0 rg BT 437.16 608.75 Td (with ) Tj ET Q q 0 0 0 rg BT 457.82 608.75 Td (the ) Tj ET Q q 0 0 0 rg BT 474.02 608.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 499.69 608.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 550.90 608.75 Td (of ) Tj ET Q q 0 0 0 rg BT 562.12 608.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 595.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 99.58 595.75 Td (if ) Tj ET Q q 0 0 0 rg BT 107.35 595.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 145.71 595.75 Td (and ) Tj ET Q q 0 0 0 rg BT 165.17 595.75 Td (appropriate.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 556.75 Td (Meetings ) Tj ET Q q 0 0 0 rg BT 100.12 556.75 Td (and ) Tj ET Q q 0 0 0 rg BT 120.67 556.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 175.13 556.75 Td (of ) Tj ET Q q 0 0 0 rg BT 187.34 556.75 Td (the ) Tj ET Q q 0 0 0 rg BT 205.12 556.75 Td (Board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 530.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.88 530.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 103.22 530.75 Td (has ) Tj ET Q q 0 0 0 rg BT 121.99 530.75 Td (established ) Tj ET Q q 0 0 0 rg BT 175.23 530.75 Td (two ) Tj ET Q q 0 0 0 rg BT 193.45 530.75 Td (standing ) Tj ET Q q 0 0 0 rg BT 233.90 530.75 Td (committees ) Tj ET Q q 0 0 0 rg BT 287.68 530.75 Td (an ) Tj ET Q q 0 0 0 rg BT 300.93 530.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 326.37 530.75 Td (and ) Tj ET Q q 0 0 0 rg BT 345.71 530.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 367.80 530.75 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 421.57 530.75 Td (Each ) Tj ET Q q 0 0 0 rg BT 447.02 530.75 Td (committee ) Tj ET Q q 0 0 0 rg BT 495.79 530.75 Td (has ) Tj ET Q q 0 0 0 rg BT 514.56 530.75 Td (a ) Tj ET Q q 0 0 0 rg BT 522.78 530.75 Td (charter ) Tj ET Q q 0 0 0 rg BT 556.55 530.75 Td (that, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 517.75 Td (among ) Tj ET Q q 0 0 0 rg BT 87.73 517.75 Td (other ) Tj ET Q q 0 0 0 rg BT 113.67 517.75 Td (things, ) Tj ET Q q 0 0 0 rg BT 146.29 517.75 Td (reflects ) Tj ET Q q 0 0 0 rg BT 181.67 517.75 Td (current ) Tj ET Q q 0 0 0 rg BT 215.95 517.75 Td (best ) Tj ET Q q 0 0 0 rg BT 238.00 517.75 Td (practices ) Tj ET Q q 0 0 0 rg BT 281.17 517.75 Td (in ) Tj ET Q q 0 0 0 rg BT 292.11 517.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 337.51 517.75 Td (governance. ) Tj ET Q q 0 0 0 rg BT 395.70 517.75 Td (Below ) Tj ET Q q 0 0 0 rg BT 426.09 517.75 Td (is ) Tj ET Q q 0 0 0 rg BT 436.46 517.75 Td (a ) Tj ET Q q 0 0 0 rg BT 445.18 517.75 Td (brief ) Tj ET Q q 0 0 0 rg BT 467.78 517.75 Td (description ) Tj ET Q q 0 0 0 rg BT 519.30 517.75 Td (of ) Tj ET Q q 0 0 0 rg BT 530.79 517.75 Td (the ) Tj ET Q q 0 0 0 rg BT 547.84 517.75 Td (role ) Tj ET Q q 0 0 0 rg BT 567.67 517.75 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 504.75 Td (each ) Tj ET Q q 0 0 0 rg BT 78.46 504.75 Td (committee.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 465.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 82.33 465.75 Td (Committee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 439.75 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 96.80 439.75 Td (to ) Tj ET Q q 0 0 0 rg BT 107.92 439.75 Td (its ) Tj ET Q q 0 0 0 rg BT 120.70 439.75 Td (charter) Tj ET Q q 0 0 0 rg BT 151.27 439.75 Td (, ) Tj ET Q q 0 0 0 rg BT 156.83 439.75 Td (the ) Tj ET Q q 0 0 0 rg BT 172.96 439.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 198.53 439.75 Td (Committee) Tj ET Q q 0 0 0 rg BT 248.91 439.75 Td (s ) Tj ET Q q 0 0 0 rg BT 256.69 439.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 292.80 439.75 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 361.17 439.75 Td (are ) Tj ET Q q 0 0 0 rg BT 378.40 439.75 Td (to ) Tj ET Q q 0 0 0 rg BT 389.52 439.75 Td (assist ) Tj ET Q q 0 0 0 rg BT 417.86 439.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 447.32 439.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 490.67 439.75 Td (of: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 420.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.50 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 111.18 420.75 Td (Company) Tj ET Q q 0 0 0 rg BT 156.02 420.75 Td (s ) Tj ET Q q 0 0 0 rg BT 163.80 420.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 196.60 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 216.07 420.75 Td (periodic ) Tj ET Q q 0 0 0 rg BT 253.87 420.75 Td (statutory ) Tj ET Q q 0 0 0 rg BT 294.99 420.75 Td (filings ) Tj ET Q q 0 0 0 rg BT 323.34 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 342.80 420.75 Td (general ) Tj ET Q q 0 0 0 rg BT 378.94 420.75 Td (purpose ) Tj ET Q q 0 0 0 rg BT 417.85 420.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 457.32 420.75 Td (statements; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 401.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.50 401.75 Td (the ) Tj ET Q q 0 0 0 rg BT 111.36 401.75 Td (ef) Tj ET Q q 0 0 0 rg BT 119.52 401.75 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 172.50 401.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.80 401.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 219.56 401.75 Td (control ) Tj ET Q q 0 0 0 rg BT 252.53 401.75 Td (and ) Tj ET Q q 0 0 0 rg BT 272.18 401.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 290.69 401.75 Td (management ) Tj ET Q q 0 0 0 rg BT 352.01 401.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 400.55 401.75 Td (and ) Tj ET Q q 0 0 0 rg BT 420.19 401.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 473.73 401.75 Td (on ) Tj ET Q q 0 0 0 rg BT 487.82 401.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 535.24 401.75 Td (and ) Tj ET Q q 0 0 0 rg BT 554.89 401.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 578.79 401.75 Td ( ) Tj ET Q q 0 0 0 rg BT 581.57 401.75 Td ( ) Tj ET Q q 0 0 0 rg BT 584.35 401.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.50 388.75 Td (matters; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 369.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 369.75 Td ( ) Tj ET Q q 0 0 0 rg BT 95.78 369.75 Td (the ) Tj ET Q q 0 0 0 rg BT 112.46 369.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 170.29 369.75 Td (auditor) Tj ET Q q 0 0 0 rg BT 201.24 369.75 Td () Tj ET Q q 0 0 0 rg BT 203.28 369.75 Td (s ) Tj ET Q q 0 0 0 rg BT 211.06 369.75 Td (qualifications ) Tj ET Q q 0 0 0 rg BT 271.65 369.75 Td (and ) Tj ET Q q 0 0 0 rg BT 291.11 369.75 Td (independence; ) Tj ET Q q 0 0 0 rg BT 359.50 369.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 350.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 350.75 Td ( ) Tj ET Q q 0 0 0 rg BT 95.78 350.75 Td (the ) Tj ET Q q 0 0 0 rg BT 112.46 350.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 171.37 350.75 Td (of ) Tj ET Q q 0 0 0 rg BT 182.49 350.75 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 230.11 350.75 Td (s ) Tj ET Q q 0 0 0 rg BT 237.89 350.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 273.46 350.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 297.93 350.75 Td (function ) Tj ET Q q 0 0 0 rg BT 335.73 350.75 Td (and ) Tj ET Q q 0 0 0 rg BT 355.19 350.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 413.02 350.75 Td (auditors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 324.75 Td (The ) Tj ET Q q 0 0 0 rg BT 72.89 324.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 97.75 324.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 148.17 324.75 Td (regularly ) Tj ET Q q 0 0 0 rg BT 188.59 324.75 Td (meets ) Tj ET Q q 0 0 0 rg BT 217.89 324.75 Td (with ) Tj ET Q q 0 0 0 rg BT 237.74 324.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 300.96 324.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 335.83 324.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 359.58 324.75 Td (and ) Tj ET Q q 0 0 0 rg BT 378.34 324.75 Td (the ) Tj ET Q q 0 0 0 rg BT 394.31 324.75 Td (Company) Tj ET Q q 0 0 0 rg BT 439.15 324.75 Td (s ) Tj ET Q q 0 0 0 rg BT 446.22 324.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 503.34 324.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 549.88 324.75 Td (public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 311.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 105.05 311.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 124.38 311.75 Td (to ) Tj ET Q q 0 0 0 rg BT 135.40 311.75 Td (review ) Tj ET Q q 0 0 0 rg BT 166.98 311.75 Td (matters ) Tj ET Q q 0 0 0 rg BT 202.99 311.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 238.47 311.75 Td (to ) Tj ET Q q 0 0 0 rg BT 249.49 311.75 Td (the ) Tj ET Q q 0 0 0 rg BT 266.07 311.75 Td (quality ) Tj ET Q q 0 0 0 rg BT 297.65 311.75 Td (of ) Tj ET Q q 0 0 0 rg BT 308.67 311.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 348.04 311.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 390.18 311.75 Td (and ) Tj ET Q q 0 0 0 rg BT 409.54 311.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 445.02 311.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 496.07 311.75 Td (controls, ) Tj ET Q q 0 0 0 rg BT 536.54 311.75 Td (including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 298.75 Td (the ) Tj ET Q q 0 0 0 rg BT 70.68 298.75 Td (nature, ) Tj ET Q q 0 0 0 rg BT 104.59 298.75 Td (extent ) Tj ET Q q 0 0 0 rg BT 134.61 298.75 Td (and ) Tj ET Q q 0 0 0 rg BT 154.07 298.75 Td (results ) Tj ET Q q 0 0 0 rg BT 186.30 298.75 Td (of ) Tj ET Q q 0 0 0 rg BT 197.42 298.75 Td (their ) Tj ET Q q 0 0 0 rg BT 219.65 298.75 Td (audits. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 259.75 Td (RiskCommittee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 233.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 84.22 233.75 Td (the ) Tj ET Q q 0 0 0 rg BT 101.11 233.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 129.09 233.75 Td (of ) Tj ET Q q 0 0 0 rg BT 140.42 233.75 Td (its ) Tj ET Q q 0 0 0 rg BT 153.40 233.75 Td (charter) Tj ET Q q 0 0 0 rg BT 183.97 233.75 Td (, ) Tj ET Q q 0 0 0 rg BT 189.73 233.75 Td (the ) Tj ET Q q 0 0 0 rg BT 206.62 233.75 Td (RiskCommittee ) Tj ET Q q 0 0 0 rg BT 280.17 233.75 Td (oversees ) Tj ET Q q 0 0 0 rg BT 323.73 233.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.62 233.75 Td (Company) Tj ET Q q 0 0 0 rg BT 385.46 233.75 Td (s ) Tj ET Q q 0 0 0 rg BT 393.44 233.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 411.98 233.75 Td (management ) Tj ET Q q 0 0 0 rg BT 473.33 233.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 522.99 233.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 559.32 233.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 220.75 Td (practices ) Tj ET Q q 0 0 0 rg BT 97.29 220.75 Td (as ) Tj ET Q q 0 0 0 rg BT 111.13 220.75 Td (well ) Tj ET Q q 0 0 0 rg BT 131.63 220.75 Td (as ) Tj ET Q q 0 0 0 rg BT 145.47 220.75 Td (its ) Tj ET Q q 0 0 0 rg BT 158.75 220.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 190.93 220.75 Td (management ) Tj ET Q q 0 0 0 rg BT 252.58 220.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 289.21 220.75 Td (and ) Tj ET Q q 0 0 0 rg BT 309.17 220.75 Td (processes. ) Tj ET Q q 0 0 0 rg BT 360.59 220.75 Td (The ) Tj ET Q q 0 0 0 rg BT 381.10 220.75 Td (RiskCommittee ) Tj ET Q q 0 0 0 rg BT 454.94 220.75 Td (has ) Tj ET Q q 0 0 0 rg BT 474.34 220.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 518.20 220.75 Td (responsibility ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 207.75 Td (for ) Tj ET Q q 0 0 0 rg BT 68.45 207.75 Td (the ) Tj ET Q q 0 0 0 rg BT 85.13 207.75 Td (Company) Tj ET Q q 0 0 0 rg BT 129.97 207.75 Td (s ) Tj ET Q q 0 0 0 rg BT 137.75 207.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 173.87 207.75 Td (and ) Tj ET Q q 0 0 0 rg BT 193.34 207.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 234.46 207.75 Td (related ) Tj ET Q q 0 0 0 rg BT 267.81 207.75 Td (to: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 188.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 188.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 127.35 188.75 Td (management ) Tj ET Q q 0 0 0 rg BT 190.61 188.75 Td (of ) Tj ET Q q 0 0 0 rg BT 203.85 188.75 Td (PRE ) Tj ET Q q 0 0 0 rg BT 229.30 188.75 Td (Life ) Tj ET Q q 0 0 0 rg BT 250.32 188.75 Td (Bermuda) Tj ET Q q 0 0 0 rg BT 292.94 188.75 Td (s ) Tj ET Q q 0 0 0 rg BT 302.83 188.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 328.28 188.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 372.08 188.75 Td (to ) Tj ET Q q 0 0 0 rg BT 385.32 188.75 Td (the ) Tj ET Q q 0 0 0 rg BT 404.11 188.75 Td (business ) Tj ET Q q 0 0 0 rg BT 448.47 188.75 Td (strategy ) Tj ET Q q 0 0 0 rg BT 488.94 188.75 Td (and ) Tj ET Q q 0 0 0 rg BT 510.52 188.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 530.96 188.75 Td (guidelines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 175.75 Td (established ) Tj ET Q q 0 0 0 rg BT 146.37 175.75 Td (by ) Tj ET Q q 0 0 0 rg BT 159.71 175.75 Td (the ) Tj ET Q q 0 0 0 rg BT 176.39 175.75 Td (Board; ) Tj ET Q q 0 0 0 rg BT 208.63 175.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 156.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 156.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 124.76 156.75 Td (management ) Tj ET Q q 0 0 0 rg BT 185.99 156.75 Td (including ) Tj ET Q q 0 0 0 rg BT 228.32 156.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 270.65 156.75 Td (and ) Tj ET Q q 0 0 0 rg BT 290.19 156.75 Td (retirement ) Tj ET Q q 0 0 0 rg BT 338.07 156.75 Td (of ) Tj ET Q q 0 0 0 rg BT 349.26 156.75 Td (capital, ) Tj ET Q q 0 0 0 rg BT 383.81 156.75 Td (declaration ) Tj ET Q q 0 0 0 rg BT 435.59 156.75 Td (of ) Tj ET Q q 0 0 0 rg BT 446.78 156.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 491.89 156.75 Td (and ) Tj ET Q q 0 0 0 rg BT 511.44 156.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 547.09 156.75 Td (capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 143.75 Td (movements; ) Tj ET Q q 0 0 0 rg BT 150.24 143.75 Td (and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 124.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 124.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 136.35 124.75 Td (of ) Tj ET Q q 0 0 0 rg BT 147.47 124.75 Td (the ) Tj ET Q q 0 0 0 rg BT 164.15 124.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 182.48 124.75 Td (management ) Tj ET Q q 0 0 0 rg BT 243.63 124.75 Td (function.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 699.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.45 699.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 95.11 699.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 145.68 699.75 Td (regularly ) Tj ET Q q 0 0 0 rg BT 186.25 699.75 Td (meets ) Tj ET Q q 0 0 0 rg BT 215.70 699.75 Td (with ) Tj ET Q q 0 0 0 rg BT 235.70 699.75 Td (management ) Tj ET Q q 0 0 0 rg BT 296.29 699.75 Td (and ) Tj ET Q q 0 0 0 rg BT 315.19 699.75 Td (with ) Tj ET Q q 0 0 0 rg BT 335.19 699.75 Td (the ) Tj ET Q q 0 0 0 rg BT 351.31 699.75 Td (Company) Tj ET Q q 0 0 0 rg BT 396.15 699.75 Td (s ) Tj ET Q q 0 0 0 rg BT 403.37 699.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 428.94 699.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 450.60 699.75 Td (Of) Tj ET Q q 0 0 0 rg BT 460.98 699.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 482.09 699.75 Td (to ) Tj ET Q q 0 0 0 rg BT 492.65 699.75 Td (monitor ) Tj ET Q q 0 0 0 rg BT 528.21 699.75 Td (and ) Tj ET Q q 0 0 0 rg BT 547.11 699.75 Td (review ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 686.75 Td (the ) Tj ET Q q 0 0 0 rg BT 70.68 686.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 123.17 686.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 141.50 686.75 Td (management ) Tj ET Q q 0 0 0 rg BT 202.64 686.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 243.77 686.75 Td (in ) Tj ET Q q 0 0 0 rg BT 254.33 686.75 Td (light ) Tj ET Q q 0 0 0 rg BT 275.45 686.75 Td (of ) Tj ET Q q 0 0 0 rg BT 286.57 686.75 Td (the ) Tj ET Q q 0 0 0 rg BT 303.25 686.75 Td (strategies ) Tj ET Q q 0 0 0 rg BT 349.38 686.75 Td (approved ) Tj ET Q q 0 0 0 rg BT 393.86 686.75 Td (by ) Tj ET Q q 0 0 0 rg BT 407.20 686.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.88 686.75 Td (Board. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 647.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.56 647.75 Td (Board) Tj ET Q q 0 0 0 rg BT 105.86 647.75 Td (s ) Tj ET Q q 0 0 0 rg BT 114.20 647.75 Td (Role ) Tj ET Q q 0 0 0 rg BT 138.64 647.75 Td (in ) Tj ET Q q 0 0 0 rg BT 150.31 647.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 174.21 647.75 Td (Oversight) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 621.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 103.35 621.75 Td (through ) Tj ET Q q 0 0 0 rg BT 141.04 621.75 Td (its ) Tj ET Q q 0 0 0 rg BT 154.82 621.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 211.40 621.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 252.97 621.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 309.00 621.75 Td (and ) Tj ET Q q 0 0 0 rg BT 329.46 621.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 363.25 621.75 Td (specialty ) Tj ET Q q 0 0 0 rg BT 405.93 621.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 453.06 621.75 Td (lines ) Tj ET Q q 0 0 0 rg BT 477.40 621.75 Td (on ) Tj ET Q q 0 0 0 rg BT 492.30 621.75 Td (a ) Tj ET Q q 0 0 0 rg BT 501.64 621.75 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 549.88 621.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 578.78 621.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 608.75 Td (Risks ) Tj ET Q q 0 0 0 rg BT 80.98 608.75 Td (reinsured ) Tj ET Q q 0 0 0 rg BT 125.20 608.75 Td (include, ) Tj ET Q q 0 0 0 rg BT 162.20 608.75 Td (but ) Tj ET Q q 0 0 0 rg BT 178.63 608.75 Td (are ) Tj ET Q q 0 0 0 rg BT 195.62 608.75 Td (not ) Tj ET Q q 0 0 0 rg BT 212.05 608.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 243.48 608.75 Td (to, ) Tj ET Q q 0 0 0 rg BT 257.13 608.75 Td (property) Tj ET Q q 0 0 0 rg BT 293.08 608.75 Td (, ) Tj ET Q q 0 0 0 rg BT 298.39 608.75 Td (casualty) Tj ET Q q 0 0 0 rg BT 334.33 608.75 Td (, ) Tj ET Q q 0 0 0 rg BT 339.64 608.75 Td (motor) Tj ET Q q 0 0 0 rg BT 364.65 608.75 Td (, ) Tj ET Q q 0 0 0 rg BT 369.96 608.75 Td (agriculture, ) Tj ET Q q 0 0 0 rg BT 421.96 608.75 Td (aviation/space, ) Tj ET Q q 0 0 0 rg BT 491.20 608.75 Td (catastrophe, ) Tj ET Q q 0 0 0 rg BT 548.77 608.75 Td (credit/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 595.75 Td (surety) Tj ET Q q 0 0 0 rg BT 80.49 595.75 Td (, ) Tj ET Q q 0 0 0 rg BT 86.01 595.75 Td (engineering, ) Tj ET Q q 0 0 0 rg BT 143.80 595.75 Td (energy) Tj ET Q q 0 0 0 rg BT 173.63 595.75 Td (, ) Tj ET Q q 0 0 0 rg BT 179.15 595.75 Td (marine, ) Tj ET Q q 0 0 0 rg BT 215.24 595.75 Td (specialty ) Tj ET Q q 0 0 0 rg BT 256.89 595.75 Td (property) Tj ET Q q 0 0 0 rg BT 292.83 595.75 Td (, ) Tj ET Q q 0 0 0 rg BT 298.35 595.75 Td (specialty ) Tj ET Q q 0 0 0 rg BT 340.00 595.75 Td (casualty) Tj ET Q q 0 0 0 rg BT 375.95 595.75 Td (, ) Tj ET Q q 0 0 0 rg BT 381.47 595.75 Td (multiline ) Tj ET Q q 0 0 0 rg BT 420.89 595.75 Td (and ) Tj ET Q q 0 0 0 rg BT 440.32 595.75 Td (other ) Tj ET Q q 0 0 0 rg BT 465.85 595.75 Td (lines, ) Tj ET Q q 0 0 0 rg BT 491.94 595.75 Td (mortality) Tj ET Q q 0 0 0 rg BT 528.98 595.75 Td (, ) Tj ET Q q 0 0 0 rg BT 534.50 595.75 Td (longevity) Tj ET Q q 0 0 0 rg BT 573.23 595.75 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 582.75 Td (accident ) Tj ET Q q 0 0 0 rg BT 95.32 582.75 Td (and ) Tj ET Q q 0 0 0 rg BT 116.07 582.75 Td (health ) Tj ET Q q 0 0 0 rg BT 147.39 582.75 Td (and ) Tj ET Q q 0 0 0 rg BT 168.15 582.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 218.36 582.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 237.98 582.75 Td (products. ) Tj ET Q q 0 0 0 rg BT 282.92 582.75 Td (The ) Tj ET Q q 0 0 0 rg BT 304.22 582.75 Td (Group) Tj ET Q q 0 0 0 rg BT 334.05 582.75 Td (s ) Tj ET Q q 0 0 0 rg BT 343.13 582.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 393.33 582.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 412.96 582.75 Td (products ) Tj ET Q q 0 0 0 rg BT 455.38 582.75 Td (include ) Tj ET Q q 0 0 0 rg BT 491.14 582.75 Td (weather ) Tj ET Q q 0 0 0 rg BT 530.79 582.75 Td (and ) Tj ET Q q 0 0 0 rg BT 551.55 582.75 Td (credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 569.75 Td (protection ) Tj ET Q q 0 0 0 rg BT 101.27 569.75 Td (to ) Tj ET Q q 0 0 0 rg BT 112.96 569.75 Td (financial, ) Tj ET Q q 0 0 0 rg BT 155.78 569.75 Td (industrial ) Tj ET Q q 0 0 0 rg BT 199.15 569.75 Td (and ) Tj ET Q q 0 0 0 rg BT 219.18 569.75 Td (service ) Tj ET Q q 0 0 0 rg BT 254.21 569.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 305.92 569.75 Td (on ) Tj ET Q q 0 0 0 rg BT 320.39 569.75 Td (a ) Tj ET Q q 0 0 0 rg BT 329.30 569.75 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 377.12 569.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 406.37 569.75 Td (The ) Tj ET Q q 0 0 0 rg BT 426.95 569.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 473.10 569.75 Td (is ) Tj ET Q q 0 0 0 rg BT 483.67 569.75 Td (licensed ) Tj ET Q q 0 0 0 rg BT 523.71 569.75 Td (to ) Tj ET Q q 0 0 0 rg BT 535.40 569.75 Td (write ) Tj ET Q q 0 0 0 rg BT 559.87 569.75 Td (Life ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 556.75 Td (business ) Tj ET Q q 0 0 0 rg BT 95.96 556.75 Td (and ) Tj ET Q q 0 0 0 rg BT 115.14 556.75 Td (has ) Tj ET Q q 0 0 0 rg BT 133.76 556.75 Td (exposure ) Tj ET Q q 0 0 0 rg BT 177.39 556.75 Td (to ) Tj ET Q q 0 0 0 rg BT 188.23 556.75 Td (Life ) Tj ET Q q 0 0 0 rg BT 206.84 556.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 229.89 556.75 Td (through ) Tj ET Q q 0 0 0 rg BT 266.30 556.75 Td (a ) Tj ET Q q 0 0 0 rg BT 274.36 556.75 Td (75% ) Tj ET Q q 0 0 0 rg BT 296.87 556.75 Td (Quota-Share ) Tj ET Q q 0 0 0 rg BT 356.45 556.75 Td (T) Tj ET Q q 0 0 0 rg BT 362.19 556.75 Td (reaty ) Tj ET Q q 0 0 0 rg BT 386.92 556.75 Td (with ) Tj ET Q q 0 0 0 rg BT 407.20 556.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.59 556.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 468.90 556.75 Td (branch ) Tj ET Q q 0 0 0 rg BT 501.97 556.75 Td (of ) Tj ET Q q 0 0 0 rg BT 512.80 556.75 Td (its ) Tj ET Q q 0 0 0 rg BT 525.30 556.75 Td (parent. ) Tj ET Q q 0 0 0 rg BT 558.76 556.75 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 543.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 99.24 543.75 Td (will ) Tj ET Q q 0 0 0 rg BT 115.57 543.75 Td (also ) Tj ET Q q 0 0 0 rg BT 136.36 543.75 Td (eventually ) Tj ET Q q 0 0 0 rg BT 183.83 543.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 219.07 543.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 267.09 543.75 Td (with ) Tj ET Q q 0 0 0 rg BT 287.32 543.75 Td (a ) Tj ET Q q 0 0 0 rg BT 295.32 543.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 318.90 543.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 345.24 543.75 Td (to ) Tj ET Q q 0 0 0 rg BT 356.02 543.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 403.51 543.75 Td (life ) Tj ET Q q 0 0 0 rg BT 418.73 543.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 473.43 543.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 496.42 543.75 Td (written ) Tj ET Q q 0 0 0 rg BT 528.32 543.75 Td (in ) Tj ET Q q 0 0 0 rg BT 538.54 543.75 Td (a ) Tj ET Q q 0 0 0 rg BT 546.55 543.75 Td (variety ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 530.75 Td (of ) Tj ET Q q 0 0 0 rg BT 65.12 530.75 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 120.14 530.75 Td (worldwide.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 504.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 102.86 504.75 Td (has ) Tj ET Q q 0 0 0 rg BT 122.27 504.75 Td (a ) Tj ET Q q 0 0 0 rg BT 131.11 504.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 149.95 504.75 Td (management ) Tj ET Q q 0 0 0 rg BT 211.60 504.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 261.56 504.75 Td (that ) Tj ET Q q 0 0 0 rg BT 281.52 504.75 Td (operates ) Tj ET Q q 0 0 0 rg BT 323.72 504.75 Td (across ) Tj ET Q q 0 0 0 rg BT 356.45 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 373.64 504.75 Td (entire ) Tj ET Q q 0 0 0 rg BT 401.94 504.75 Td (group. ) Tj ET Q q 0 0 0 rg BT 433.36 504.75 Td (The ) Tj ET Q q 0 0 0 rg BT 453.88 504.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 503.83 504.75 Td (is ) Tj ET Q q 0 0 0 rg BT 514.34 504.75 Td (approved ) Tj ET Q q 0 0 0 rg BT 559.32 504.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 491.75 Td (monitored ) Tj ET Q q 0 0 0 rg BT 102.08 491.75 Td (by ) Tj ET Q q 0 0 0 rg BT 116.25 491.75 Td (the ) Tj ET Q q 0 0 0 rg BT 133.77 491.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 182.96 491.75 Td (Board. ) Tj ET Q q 0 0 0 rg BT 215.80 491.75 Td (The ) Tj ET Q q 0 0 0 rg BT 236.64 491.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 286.93 491.75 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 338.90 491.75 Td (the ) Tj ET Q q 0 0 0 rg BT 356.42 491.75 Td (needs ) Tj ET Q q 0 0 0 rg BT 387.28 491.75 Td (and ) Tj ET Q q 0 0 0 rg BT 407.57 491.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 469.55 491.75 Td (of ) Tj ET Q q 0 0 0 rg BT 481.50 491.75 Td (each ) Tj ET Q q 0 0 0 rg BT 506.80 491.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 552.11 491.75 Td (entity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 478.75 Td (within ) Tj ET Q q 0 0 0 rg BT 82.21 478.75 Td (the ) Tj ET Q q 0 0 0 rg BT 98.75 478.75 Td (group ) Tj ET Q q 0 0 0 rg BT 126.96 478.75 Td (and ) Tj ET Q q 0 0 0 rg BT 146.28 478.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.82 478.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 188.81 478.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 210.89 478.75 Td (Of) Tj ET Q q 0 0 0 rg BT 221.26 478.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 242.79 478.75 Td (of ) Tj ET Q q 0 0 0 rg BT 253.77 478.75 Td (the ) Tj ET Q q 0 0 0 rg BT 270.31 478.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 315.75 478.75 Td (has ) Tj ET Q q 0 0 0 rg BT 334.51 478.75 Td (a ) Tj ET Q q 0 0 0 rg BT 342.71 478.75 Td (dual ) Tj ET Q q 0 0 0 rg BT 364.26 478.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 406.36 478.75 Td (role, ) Tj ET Q q 0 0 0 rg BT 428.46 478.75 Td (both ) Tj ET Q q 0 0 0 rg BT 450.56 478.75 Td (to ) Tj ET Q q 0 0 0 rg BT 461.54 478.75 Td (the ) Tj ET Q q 0 0 0 rg BT 478.08 478.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 500.16 478.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 551.14 478.75 Td (of ) Tj ET Q q 0 0 0 rg BT 562.12 478.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 465.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 98.40 465.75 Td (and ) Tj ET Q q 0 0 0 rg BT 116.69 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 132.20 465.75 Td (centralized ) Tj ET Q q 0 0 0 rg BT 182.16 465.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 199.32 465.75 Td (function ) Tj ET Q q 0 0 0 rg BT 235.95 465.75 Td (at ) Tj ET Q q 0 0 0 rg BT 245.89 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 261.40 465.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 290.80 465.75 Td (level. ) Tj ET Q q 0 0 0 rg BT 315.64 465.75 Td (The ) Tj ET Q q 0 0 0 rg BT 334.48 465.75 Td (Company) Tj ET Q q 0 0 0 rg BT 379.32 465.75 Td (s ) Tj ET Q q 0 0 0 rg BT 385.92 465.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 410.87 465.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 431.92 465.75 Td (Of) Tj ET Q q 0 0 0 rg BT 442.30 465.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 462.79 465.75 Td (is ) Tj ET Q q 0 0 0 rg BT 471.62 465.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 524.37 465.75 Td (for ) Tj ET Q q 0 0 0 rg BT 537.64 465.75 Td (ensuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 452.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 107.37 452.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 125.70 452.75 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 175.17 452.75 Td (and ) Tj ET Q q 0 0 0 rg BT 194.63 452.75 Td (to ) Tj ET Q q 0 0 0 rg BT 205.75 452.75 Td (discuss ) Tj ET Q q 0 0 0 rg BT 241.87 452.75 Td (the ) Tj ET Q q 0 0 0 rg BT 258.55 452.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 311.04 452.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 329.37 452.75 Td (management ) Tj ET Q q 0 0 0 rg BT 390.51 452.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 439.97 452.75 Td (and ) Tj ET Q q 0 0 0 rg BT 459.43 452.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 477.76 452.75 Td (inventory) Tj ET Q q 0 0 0 rg BT 517.59 452.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 426.75 Td (As ) Tj ET Q q 0 0 0 rg BT 69.62 426.75 Td (described ) Tj ET Q q 0 0 0 rg BT 116.93 426.75 Td (above, ) Tj ET Q q 0 0 0 rg BT 150.90 426.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 200.43 426.75 Td (has ) Tj ET Q q 0 0 0 rg BT 220.50 426.75 Td (an ) Tj ET Q q 0 0 0 rg BT 235.58 426.75 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 284.00 426.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 303.50 426.75 Td (management ) Tj ET Q q 0 0 0 rg BT 365.82 426.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 416.44 426.75 Td (which ) Tj ET Q q 0 0 0 rg BT 445.96 426.75 Td (looks ) Tj ET Q q 0 0 0 rg BT 473.25 426.75 Td (across ) Tj ET Q q 0 0 0 rg BT 506.66 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 524.51 426.75 Td (Group. ) Tj ET Q q 0 0 0 rg BT 558.77 426.75 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 413.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 106.31 413.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 128.35 413.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 179.29 413.75 Td (will ) Tj ET Q q 0 0 0 rg BT 195.78 413.75 Td (link ) Tj ET Q q 0 0 0 rg BT 213.38 413.75 Td (to ) Tj ET Q q 0 0 0 rg BT 224.32 413.75 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 271.94 413.75 Td (s ) Tj ET Q q 0 0 0 rg BT 279.54 413.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 309.93 413.75 Td (Enterprise ) Tj ET Q q 0 0 0 rg BT 358.10 413.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 380.15 413.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 431.09 413.75 Td (to ) Tj ET Q q 0 0 0 rg BT 442.03 413.75 Td (ensure ) Tj ET Q q 0 0 0 rg BT 475.21 413.75 Td (consistency ) Tj ET Q q 0 0 0 rg BT 530.05 413.75 Td (of ) Tj ET Q q 0 0 0 rg BT 540.99 413.75 Td (practice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 400.75 Td (and ) Tj ET Q q 0 0 0 rg BT 74.31 400.75 Td (due ) Tj ET Q q 0 0 0 rg BT 94.62 400.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 157.73 400.75 Td (of ) Tj ET Q q 0 0 0 rg BT 169.70 400.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 215.03 400.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 250.34 400.75 Td (within ) Tj ET Q q 0 0 0 rg BT 279.53 400.75 Td (the ) Tj ET Q q 0 0 0 rg BT 297.06 400.75 Td (Group. ) Tj ET Q q 0 0 0 rg BT 331.03 400.75 Td (This ) Tj ET Q q 0 0 0 rg BT 353.54 400.75 Td (linkage ) Tj ET Q q 0 0 0 rg BT 388.86 400.75 Td (is ) Tj ET Q q 0 0 0 rg BT 399.71 400.75 Td (established ) Tj ET Q q 0 0 0 rg BT 453.93 400.75 Td (by ) Tj ET Q q 0 0 0 rg BT 468.12 400.75 Td (having ) Tj ET Q q 0 0 0 rg BT 501.21 400.75 Td (members ) Tj ET Q q 0 0 0 rg BT 546.52 400.75 Td (of ) Tj ET Q q 0 0 0 rg BT 558.48 400.75 Td ( ) Tj ET Q q 0 0 0 rg BT 562.11 400.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 387.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 105.60 387.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 126.94 387.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 177.18 387.75 Td (serving ) Tj ET Q q 0 0 0 rg BT 211.31 387.75 Td (as ) Tj ET Q q 0 0 0 rg BT 223.76 387.75 Td (members ) Tj ET Q q 0 0 0 rg BT 267.33 387.75 Td (of ) Tj ET Q q 0 0 0 rg BT 277.57 387.75 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 325.18 387.75 Td (s ) Tj ET Q q 0 0 0 rg BT 332.08 387.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 361.76 387.75 Td (Enterprise ) Tj ET Q q 0 0 0 rg BT 409.23 387.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 430.57 387.75 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 483.59 387.75 Td (In ) Tj ET Q q 0 0 0 rg BT 493.82 387.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 533.52 387.75 Td (the ) Tj ET Q q 0 0 0 rg BT 549.32 387.75 Td (Board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 374.75 Td (has ) Tj ET Q q 0 0 0 rg BT 72.90 374.75 Td (access ) Tj ET Q q 0 0 0 rg BT 106.80 374.75 Td (to ) Tj ET Q q 0 0 0 rg BT 117.92 374.75 Td (the ) Tj ET Q q 0 0 0 rg BT 134.60 374.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 165.17 374.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 191.29 374.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 213.52 374.75 Td (Of) Tj ET Q q 0 0 0 rg BT 223.89 374.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 243.16 374.75 Td () Tj ET Q q 0 0 0 rg BT 245.20 374.75 Td (s ) Tj ET Q q 0 0 0 rg BT 252.97 374.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 286.88 374.75 Td (prepared ) Tj ET Q q 0 0 0 rg BT 329.68 374.75 Td (for ) Tj ET Q q 0 0 0 rg BT 344.13 374.75 Td (the ) Tj ET Q q 0 0 0 rg BT 360.81 374.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 409.17 374.75 Td (Board. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 348.75 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 101.62 348.75 Td (s ) Tj ET Q q 0 0 0 rg BT 109.09 348.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 138.24 348.75 Td (sets ) Tj ET Q q 0 0 0 rg BT 159.05 348.75 Td (both ) Tj ET Q q 0 0 0 rg BT 180.98 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 197.35 348.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 215.37 348.75 Td (appetite ) Tj ET Q q 0 0 0 rg BT 253.43 348.75 Td (and ) Tj ET Q q 0 0 0 rg BT 272.58 348.75 Td (return ) Tj ET Q q 0 0 0 rg BT 301.17 348.75 Td (goals ) Tj ET Q q 0 0 0 rg BT 327.55 348.75 Td (for ) Tj ET Q q 0 0 0 rg BT 341.69 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 358.06 348.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 388.32 348.75 Td (and ) Tj ET Q q 0 0 0 rg BT 407.48 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.85 348.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 471.89 348.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 501.05 348.75 Td (is ) Tj ET Q q 0 0 0 rg BT 510.74 348.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 564.35 348.75 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 335.75 Td (setting ) Tj ET Q q 0 0 0 rg BT 86.49 335.75 Td (the ) Tj ET Q q 0 0 0 rg BT 103.42 335.75 Td (strategies ) Tj ET 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(The ) Tj ET Q q 0 0 0 rg BT 118.84 322.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 165.85 322.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 193.96 322.75 Td (remains ) Tj ET Q q 0 0 0 rg BT 230.96 322.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 283.54 322.75 Td (for ) Tj ET Q q 0 0 0 rg BT 296.64 322.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 338.65 322.75 Td (of ) Tj ET Q q 0 0 0 rg BT 348.42 322.75 Td (the ) Tj ET Q q 0 0 0 rg BT 363.76 322.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 380.74 322.75 Td (management ) Tj ET Q q 0 0 0 rg BT 440.54 322.75 Td (and ) Tj ET Q q 0 0 0 rg BT 458.66 322.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 492.89 322.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 529.34 322.75 Td (framework ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 65.21 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.98 309.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 127.65 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 147.21 309.75 Td (has ) Tj ET Q q 0 0 0 rg BT 166.20 309.75 Td (adopted ) Tj ET Q q 0 0 0 rg BT 205.22 309.75 Td (a ) Tj ET Q q 0 0 0 rg BT 213.65 309.75 Td (delegation ) Tj ET Q q 0 0 0 rg BT 262.67 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 273.88 309.75 Td (authority ) Tj ET Q q 0 0 0 rg BT 315.11 309.75 Td (policy ) Tj ET Q q 0 0 0 rg BT 343.55 309.75 Td (to ) Tj ET Q q 0 0 0 rg BT 354.76 309.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 393.76 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 413.32 309.75 Td (execute ) Tj ET Q q 0 0 0 rg BT 451.21 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 467.99 309.75 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 518.10 309.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 567.67 309.75 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 296.75 Td (the ) Tj ET Q q 0 0 0 rg BT 70.68 296.75 Td (Company) Tj ET Q q 0 0 0 rg BT 112.74 296.75 Td (. ) Tj ET Q q 0 0 0 rg BT 118.29 296.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 270.75 Td (The ) Tj ET Q q 0 0 0 rg BT 75.40 270.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 122.37 270.75 Td (utilizes ) Tj ET Q q 0 0 0 rg BT 157.11 270.75 Td (the ) Tj ET Q q 0 0 0 rg BT 175.18 270.75 Td (resources ) Tj ET Q q 0 0 0 rg BT 223.26 270.75 Td (of ) Tj ET Q q 0 0 0 rg BT 235.77 270.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.84 270.75 Td (Group's ) Tj ET Q q 0 0 0 rg BT 292.72 270.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 329.69 270.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 355.54 270.75 Td (function ) Tj ET Q q 0 0 0 rg BT 394.74 270.75 Td (to ) Tj ET Q q 0 0 0 rg BT 407.25 270.75 Td (ensure ) Tj ET Q q 0 0 0 rg BT 442.00 270.75 Td (an ) Tj ET Q q 0 0 0 rg BT 457.29 270.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 516.52 270.75 Td (review ) Tj ET Q q 0 0 0 rg BT 549.58 270.75 Td (of ) Tj ET Q q 0 0 0 rg BT 562.10 270.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 257.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 105.66 257.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 140.41 257.75 Td (control ) Tj ET Q q 0 0 0 rg BT 172.38 257.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 221.00 257.75 Td (and ) Tj ET Q q 0 0 0 rg BT 239.64 257.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 257.14 257.75 Td (management ) Tj ET Q q 0 0 0 rg BT 317.46 257.75 Td (practices. ) Tj ET Q q 0 0 0 rg BT 362.08 257.75 Td (The ) Tj ET Q q 0 0 0 rg BT 380.88 257.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 405.62 257.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 455.92 257.75 Td (of ) Tj ET Q q 0 0 0 rg BT 466.21 257.75 Td (the ) Tj ET Q q 0 0 0 rg BT 482.07 257.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 526.82 257.75 Td (has ) Tj ET Q q 0 0 0 rg BT 544.89 257.75 Td (access ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 244.75 Td (to ) Tj ET Q q 0 0 0 rg BT 64.98 244.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 100.41 244.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 124.73 244.75 Td (activities, ) Tj ET Q q 0 0 0 rg BT 168.49 244.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 202.25 244.75 Td (and ) Tj ET Q q 0 0 0 rg BT 221.57 244.75 Td (findings ) Tj ET Q q 0 0 0 rg BT 258.67 244.75 Td (and ) Tj ET Q q 0 0 0 rg BT 277.99 244.75 Td (to ) Tj ET Q q 0 0 0 rg BT 288.97 244.75 Td (all ) Tj ET Q q 0 0 0 rg BT 301.61 244.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 339.82 244.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 373.58 244.75 Td (for ) Tj ET Q q 0 0 0 rg BT 387.88 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 403.90 244.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 429.33 244.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 480.31 244.75 Td (of ) Tj ET Q q 0 0 0 rg BT 491.28 244.75 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 538.90 244.75 Td (s ) Tj ET Q q 0 0 0 rg BT 546.54 244.75 Td (Board. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 231.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.04 231.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 103.54 231.75 Td (has ) Tj ET Q q 0 0 0 rg BT 122.48 231.75 Td (adopted ) Tj ET Q q 0 0 0 rg BT 161.43 231.75 Td (an ) Tj ET Q q 0 0 0 rg BT 175.37 231.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 210.98 231.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 235.48 231.75 Td (charter ) Tj ET Q q 0 0 0 rg BT 269.41 231.75 Td (acknowledging ) Tj ET Q q 0 0 0 rg BT 338.38 231.75 Td (that ) Tj ET Q q 0 0 0 rg BT 357.87 231.75 Td (the ) Tj ET Q q 0 0 0 rg BT 374.59 231.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 410.20 231.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 434.69 231.75 Td (function ) Tj ET Q q 0 0 0 rg BT 472.53 231.75 Td (draws ) Tj ET Q q 0 0 0 rg BT 502.02 231.75 Td (its ) Tj ET Q q 0 0 0 rg BT 514.83 231.75 Td (authority ) Tj ET Q q 0 0 0 rg BT 555.99 231.75 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 218.75 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 101.62 218.75 Td (s ) Tj ET Q q 0 0 0 rg BT 109.80 218.75 Td (Board. ) Tj ET Q q 0 0 0 rg BT 142.24 218.75 Td (The ) Tj ET Q q 0 0 0 rg BT 162.02 218.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 187.99 218.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 239.52 218.75 Td (of ) Tj ET Q q 0 0 0 rg BT 251.04 218.75 Td (the ) Tj ET Q q 0 0 0 rg BT 268.12 218.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 314.10 218.75 Td (reviews ) Tj ET Q q 0 0 0 rg BT 351.18 218.75 Td (the ) Tj ET Q q 0 0 0 rg BT 368.26 218.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 401.47 218.75 Td (Internal ) Tj ET Q q 0 0 0 rg BT 437.37 218.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 463.35 218.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 486.54 218.75 Td (and ) Tj ET Q q 0 0 0 rg BT 506.41 218.75 Td (has ) Tj ET Q q 0 0 0 rg BT 525.71 218.75 Td (input ) Tj ET Q q 0 0 0 rg BT 550.58 218.75 Td (to ) Tj ET Q q 0 0 0 rg BT 562.10 218.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 205.75 Td (Internal ) Tj ET Q q 0 0 0 rg BT 89.88 205.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 115.83 205.75 Td (planning ) Tj ET Q q 0 0 0 rg BT 156.80 205.75 Td (process ) Tj ET Q q 0 0 0 rg BT 194.97 205.75 Td (to ) Tj ET Q q 0 0 0 rg BT 206.46 205.75 Td (ensure ) Tj ET Q q 0 0 0 rg BT 240.19 205.75 Td (that ) Tj ET Q q 0 0 0 rg BT 260.02 205.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 296.52 205.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 342.48 205.75 Td (needs ) Tj ET Q q 0 0 0 rg BT 372.88 205.75 Td (can ) Tj ET Q q 0 0 0 rg BT 392.15 205.75 Td (be ) Tj ET Q q 0 0 0 rg BT 406.43 205.75 Td (addressed ) Tj ET Q q 0 0 0 rg BT 456.28 205.75 Td (in ) Tj ET Q q 0 0 0 rg BT 467.22 205.75 Td (the ) Tj ET Q q 0 0 0 rg BT 484.28 205.75 Td (context ) Tj ET Q q 0 0 0 rg BT 519.67 205.75 Td (of ) Tj ET Q q 0 0 0 rg BT 531.17 205.75 Td (the ) Tj ET Q q 0 0 0 rg BT 548.22 205.75 Td (Group ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 192.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 89.58 192.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 114.04 192.75 Td (plan.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 154.75 Td (3.1.2 ) Tj ET Q q 0 0 0 rg BT 79.02 154.75 Td (REMUNERA) Tj ET Q q 0 0 0 rg BT 136.06 154.75 Td (TION ) Tj ET Q q 0 0 0 rg BT 162.72 154.75 Td (POLICY) Tj ET Q q 0 0 0 rg BT 199.77 154.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 115.75 Td (Director ) Tj ET Q q 0 0 0 rg BT 95.12 115.75 Td (Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 91.75 Td (It was determined that none of the directors of the Company be entitled to receive compensation for his/her services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 79.75 Td (as a director of the Company for the year ended December 31, 2016. ) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( 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648.75 Td (WITH ) Tj ET Q q 0 0 0 rg BT 180.31 648.75 Td (RELA) Tj ET Q q 0 0 0 rg BT 206.79 648.75 Td (TED ) Tj ET Q q 0 0 0 rg BT 229.57 648.75 Td (P) Tj ET Q q 0 0 0 rg BT 235.50 648.75 Td (ARTIES ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 623.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 116.43 623.75 Td (Agreements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 597.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 63.27 597.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 94.66 597.75 Td (July ) Tj ET Q q 0 0 0 rg BT 114.93 597.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 125.76 597.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 153.27 597.75 Td (the ) Tj ET Q q 0 0 0 rg BT 169.66 597.75 Td (Parent ) Tj ET Q q 0 0 0 rg BT 201.62 597.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 238.02 597.75 Td (into ) Tj ET Q q 0 0 0 rg BT 256.63 597.75 Td (an ) Tj ET Q q 0 0 0 rg BT 269.75 597.75 Td (Assumption ) Tj ET Q q 0 0 0 rg BT 324.49 597.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 382.63 597.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 434.03 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Td (assets ) Tj ET Q q 0 0 0 rg BT 559.31 584.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 571.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 95.22 571.75 Td (related ) Tj ET Q q 0 0 0 rg BT 129.23 571.75 Td (to ) Tj ET Q q 0 0 0 rg BT 141.00 571.75 Td (its ) Tj ET Q q 0 0 0 rg BT 154.43 571.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 210.11 571.75 Td (business ) Tj ET Q q 0 0 0 rg BT 253.01 571.75 Td (to ) Tj ET Q q 0 0 0 rg BT 264.78 571.75 Td (the ) Tj ET Q q 0 0 0 rg BT 282.11 571.75 Td (Parent's ) Tj ET Q q 0 0 0 rg BT 321.92 571.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 368.16 571.75 Td (Life ) Tj ET Q q 0 0 0 rg BT 387.71 571.75 Td (branch. ) Tj ET Q q 0 0 0 rg BT 424.50 571.75 Td (In ) Tj ET Q q 0 0 0 rg BT 436.27 571.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 477.51 571.75 Td (ef) Tj ET Q q 0 0 0 rg BT 485.67 571.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 518.00 571.75 Td (July ) Tj ET Q q 0 0 0 rg BT 539.21 571.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 550.98 571.75 Td (2014, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 558.75 Td (under ) Tj ET Q q 0 0 0 rg BT 82.77 558.75 Td (a ) Tj ET Q q 0 0 0 rg BT 91.53 558.75 Td (Business ) Tj ET Q q 0 0 0 rg BT 135.09 558.75 Td (T) Tj ET Q q 0 0 0 rg BT 140.83 558.75 Td (ransfer ) Tj ET Q q 0 0 0 rg BT 174.52 558.75 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 229.41 558.75 Td (the ) Tj ET Q q 0 0 0 rg BT 246.50 558.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 292.51 558.75 Td (Life ) Tj ET Q q 0 0 0 rg BT 311.83 558.75 Td (branch ) Tj ET Q q 0 0 0 rg BT 345.61 558.75 Td (of ) Tj ET Q q 0 0 0 rg BT 357.14 558.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 405.91 558.75 Td (Europe ) Tj ET Q q 0 0 0 rg BT 441.36 558.75 Td (transferred ) Tj ET Q q 0 0 0 rg BT 492.91 558.75 Td (all ) Tj ET Q q 0 0 0 rg BT 506.11 558.75 Td (other ) Tj ET Q q 0 0 0 rg BT 532.10 558.75 Td (remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 545.75 Td (business ) Tj ET Q q 0 0 0 rg BT 96.34 545.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 128.12 545.75 Td (and ) Tj ET Q q 0 0 0 rg BT 147.68 545.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 188.35 545.75 Td (to ) Tj ET Q q 0 0 0 rg BT 199.57 545.75 Td (the ) Tj ET Q q 0 0 0 rg BT 216.34 545.75 Td (Parent's ) Tj ET Q q 0 0 0 rg BT 255.59 545.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 301.28 545.75 Td (Life ) Tj ET Q q 0 0 0 rg BT 320.28 545.75 Td (branch. ) Tj ET Q q 0 0 0 rg BT 356.32 545.75 Td (The ) Tj ET Q q 0 0 0 rg BT 376.43 545.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 422.10 545.75 Td (assumes ) Tj ET Q q 0 0 0 rg BT 464.99 545.75 Td (a ) Tj ET Q q 0 0 0 rg BT 473.43 545.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 506.88 545.75 Td (of ) Tj ET Q q 0 0 0 rg BT 518.10 545.75 Td (this ) Tj ET Q q 0 0 0 rg BT 536.54 545.75 Td (business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 532.75 Td (through ) Tj ET Q q 0 0 0 rg BT 91.47 532.75 Td (its ) Tj ET Q q 0 0 0 rg BT 105.02 532.75 Td (75% ) Tj ET Q q 0 0 0 rg BT 128.59 532.75 Td (quota ) Tj ET Q q 0 0 0 rg BT 157.17 532.75 Td (share ) Tj ET Q q 0 0 0 rg BT 185.73 532.75 Td (with ) Tj ET Q q 0 0 0 rg BT 207.07 532.75 Td (its ) Tj ET Q q 0 0 0 rg BT 220.62 532.75 Td (Parent. ) Tj ET Q q 0 0 0 rg BT 256.19 532.75 Td (The ) Tj ET Q q 0 0 0 rg BT 276.97 532.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 323.32 532.75 Td (has ) Tj ET Q q 0 0 0 rg BT 343.00 532.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 386.02 532.75 Td (a ) Tj ET Q q 0 0 0 rg BT 395.13 532.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 435.93 532.75 Td (gain ) Tj ET Q q 0 0 0 rg BT 458.39 532.75 Td (of ) Tj ET Q q 0 0 0 rg BT 470.28 532.75 Td ($69.0 ) Tj ET Q q 0 0 0 rg BT 498.86 532.75 Td (million ) Tj ET Q q 0 0 0 rg BT 530.75 532.75 Td (and ) Tj ET Q q 0 0 0 rg BT 550.99 532.75 Td ($72.9 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 519.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 87.84 519.75 Td (at ) Tj ET Q q 0 0 0 rg BT 98.90 519.75 Td (December ) Tj ET Q q 0 0 0 rg BT 147.75 519.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 164.37 519.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 189.33 519.75 Td (and ) Tj ET Q q 0 0 0 rg BT 208.74 519.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 236.48 519.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 288.54 519.75 Td (, ) Tj ET Q q 0 0 0 rg BT 294.04 519.75 Td (in ) Tj ET Q q 0 0 0 rg BT 304.54 519.75 Td (its ) Tj ET Q q 0 0 0 rg BT 317.26 519.75 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 371.13 519.75 Td (General ) Tj ET Q q 0 0 0 rg BT 409.43 519.75 Td (Purpose ) Tj ET Q q 0 0 0 rg BT 449.40 519.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 492.14 519.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 545.44 519.75 Td (related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 506.75 Td (to ) Tj ET Q q 0 0 0 rg BT 65.12 506.75 Td (this ) Tj ET Q q 0 0 0 rg BT 83.46 506.75 Td (business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 469.75 Td (3.2 ) Tj ET Q q 0 0 0 rg BT 70.68 469.75 Td (FITNESS ) Tj ET Q q 0 0 0 rg BT 115.31 469.75 Td (AND ) Tj ET Q q 0 0 0 rg BT 139.76 469.75 Td (PROPRIETY) Tj ET Q q 0 0 0 rg BT 197.36 469.75 Td ( ) Tj ET Q q 0 0 0 rg BT 200.14 469.75 Td (REQUIREMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 432.75 Td (3.2.1 ) Tj ET Q q 0 0 0 rg BT 79.02 432.75 Td (FIT ) Tj ET Q q 0 0 0 rg BT 96.42 432.75 Td (AND ) Tj ET Q q 0 0 0 rg BT 120.87 432.75 Td (PROPER ) Tj ET Q q 0 0 0 rg BT 165.88 432.75 Td (PROCESS ) Tj ET Q q 0 0 0 rg BT 217.55 432.75 Td (IN ) Tj ET Q q 0 0 0 rg BT 229.96 432.75 Td (ASSESSING ) Tj ET Q q 0 0 0 rg BT 291.09 432.75 Td (THE ) Tj ET Q q 0 0 0 rg BT 313.87 432.75 Td (BOARD ) Tj ET Q q 0 0 0 rg BT 352.94 432.75 Td (AND ) Tj ET Q q 0 0 0 rg BT 377.38 432.75 Td (SENIOR ) Tj ET Q q 0 0 0 rg BT 418.50 432.75 Td (EXECUTIVE) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 406.75 Td (Significant ) Tj ET Q q 0 0 0 rg BT 107.89 406.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 139.56 406.75 Td (Practices ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 380.75 Td (Advance ) Tj ET Q q 0 0 0 rg BT 98.46 380.75 Td (Materials ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 354.75 Td (Information ) Tj ET Q q 0 0 0 rg BT 107.10 354.75 Td (and ) Tj ET Q q 0 0 0 rg BT 126.87 354.75 Td (data ) Tj ET Q q 0 0 0 rg BT 149.41 354.75 Td (important ) Tj ET Q q 0 0 0 rg BT 194.17 354.75 Td (to ) Tj ET Q q 0 0 0 rg BT 205.59 354.75 Td (the ) Tj ET Q q 0 0 0 rg BT 222.58 354.75 Td (directors) Tj ET Q q 0 0 0 rg BT 262.77 354.75 Td ( ) Tj ET Q q 0 0 0 rg BT 265.85 354.75 Td (understanding ) Tj ET Q q 0 0 0 rg BT 332.31 354.75 Td (of ) Tj ET Q q 0 0 0 rg BT 343.73 354.75 Td (the ) Tj ET Q q 0 0 0 rg BT 360.71 354.75 Td (business ) Tj ET Q q 0 0 0 rg BT 403.26 354.75 Td (or ) Tj ET Q q 0 0 0 rg BT 415.23 354.75 Td (matters ) Tj ET Q q 0 0 0 rg BT 451.65 354.75 Td (to ) Tj ET Q q 0 0 0 rg BT 463.07 354.75 Td (be ) Tj ET Q q 0 0 0 rg BT 477.27 354.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 529.27 354.75 Td (at ) Tj ET Q q 0 0 0 rg BT 540.69 354.75 Td (a ) Tj ET Q q 0 0 0 rg BT 549.33 354.75 Td (Board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 341.75 Td (or ) Tj ET Q q 0 0 0 rg BT 64.91 341.75 Td (committee ) Tj ET Q q 0 0 0 rg BT 113.05 341.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 150.65 341.75 Td (are, ) Tj ET Q q 0 0 0 rg BT 169.90 341.75 Td (to ) Tj ET Q q 0 0 0 rg BT 180.26 341.75 Td (the ) Tj ET Q q 0 0 0 rg BT 196.18 341.75 Td (extent ) Tj ET Q q 0 0 0 rg BT 225.44 341.75 Td (practical, ) Tj ET Q q 0 0 0 rg BT 267.48 341.75 Td (distributed ) Tj ET Q q 0 0 0 rg BT 315.64 341.75 Td (suf) Tj ET Q q 0 0 0 rg BT 328.80 341.75 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 364.16 341.75 Td (in ) Tj ET Q q 0 0 0 rg BT 373.96 341.75 Td (advance ) Tj ET Q q 0 0 0 rg BT 413.79 341.75 Td (of ) Tj ET Q q 0 0 0 rg BT 424.15 341.75 Td (the ) Tj ET Q q 0 0 0 rg BT 440.07 341.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 477.67 341.75 Td (to ) Tj ET Q q 0 0 0 rg BT 488.03 341.75 Td (allow ) Tj ET Q q 0 0 0 rg BT 512.84 341.75 Td (careful ) Tj ET Q q 0 0 0 rg BT 544.87 341.75 Td (review) Tj ET Q q 0 0 0 rg BT 573.22 341.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 328.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.01 328.75 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 120.14 328.75 Td (and ) Tj ET Q q 0 0 0 rg BT 139.60 328.75 Td (each ) Tj ET Q q 0 0 0 rg BT 164.06 328.75 Td (committee ) Tj ET Q q 0 0 0 rg BT 212.96 328.75 Td (sets ) Tj ET Q q 0 0 0 rg BT 234.08 328.75 Td (a ) Tj ET Q q 0 0 0 rg BT 242.42 328.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 284.11 328.75 Td (agenda ) Tj ET Q q 0 0 0 rg BT 320.25 328.75 Td (in ) Tj ET Q q 0 0 0 rg BT 330.82 328.75 Td (advance ) Tj ET Q q 0 0 0 rg BT 371.40 328.75 Td (of ) Tj ET Q q 0 0 0 rg BT 382.52 328.75 Td (all ) Tj ET Q q 0 0 0 rg BT 395.30 328.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 424.77 328.75 Td (and ) Tj ET Q q 0 0 0 rg BT 444.23 328.75 Td (committee ) Tj ET Q q 0 0 0 rg BT 493.13 328.75 Td (meetings. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 302.75 Td (Access ) Tj ET Q q 0 0 0 rg BT 91.81 302.75 Td (to ) Tj ET Q q 0 0 0 rg BT 104.02 302.75 Td (Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 276.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 97.57 276.75 Td (have ) Tj ET Q q 0 0 0 rg BT 122.81 276.75 Td (full ) Tj ET Q q 0 0 0 rg BT 139.16 276.75 Td (and ) Tj ET Q q 0 0 0 rg BT 159.40 276.75 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 215.21 276.75 Td (access ) Tj ET Q q 0 0 0 rg BT 249.89 276.75 Td (to ) Tj ET Q q 0 0 0 rg BT 261.79 276.75 Td (management. ) Tj ET Q q 0 0 0 rg BT 326.50 276.75 Td (In ) Tj ET Q q 0 0 0 rg BT 338.40 276.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 379.77 276.75 Td (key ) Tj ET Q q 0 0 0 rg BT 398.89 276.75 Td (members ) Tj ET Q q 0 0 0 rg BT 444.13 276.75 Td (of ) Tj ET Q q 0 0 0 rg BT 456.03 276.75 Td (management ) Tj ET Q q 0 0 0 rg BT 517.96 276.75 Td (attend ) Tj ET Q q 0 0 0 rg BT 549.32 276.75 Td (Board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 263.75 Td (meetings ) Tj ET Q q 0 0 0 rg BT 96.45 263.75 Td (to ) Tj ET Q q 0 0 0 rg BT 106.67 263.75 Td (present ) Tj ET Q q 0 0 0 rg BT 141.90 263.75 Td (information ) Tj ET Q q 0 0 0 rg BT 193.24 263.75 Td (about ) Tj ET Q q 0 0 0 rg BT 220.14 263.75 Td (the ) Tj ET Q q 0 0 0 rg BT 235.92 263.75 Td (results, ) Tj ET Q q 0 0 0 rg BT 270.03 263.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 295.81 263.75 Td (and ) Tj ET Q q 0 0 0 rg BT 314.37 263.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 362.95 263.75 Td (of ) Tj ET Q q 0 0 0 rg BT 373.16 263.75 Td (the ) Tj ET Q q 0 0 0 rg BT 388.94 263.75 Td (business ) Tj ET Q q 0 0 0 rg BT 430.28 263.75 Td (within ) Tj ET Q q 0 0 0 rg BT 457.72 263.75 Td (their ) Tj ET Q q 0 0 0 rg BT 479.05 263.75 Td (areas ) Tj ET Q q 0 0 0 rg BT 505.94 263.75 Td (of ) Tj ET Q q 0 0 0 rg BT 516.16 263.75 Td (responsibility) Tj ET Q q 0 0 0 rg BT 573.22 263.75 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 237.75 Td (Access 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Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 699.75 Td (3.2.2 ) Tj ET Q q 0 0 0 rg BT 81.00 699.75 Td (PROFESSIONAL) Tj ET Q q 0 0 0 rg BT 159.72 699.75 Td ( QUALIFICA) Tj ET Q q 0 0 0 rg BT 216.19 699.75 Td (TIONS, SKILLS ) Tj ET Q q 0 0 0 rg BT 290.27 699.75 Td (AND EXPERTISE OF THE BOARD ) Tj ET Q q 0 0 0 rg BT 452.13 699.75 Td (AND SENIOR ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 686.75 Td (EXECUTIVES ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 654.75 Td (Biographies ) Tj ET Q q 0 0 0 rg BT 114.57 654.75 Td (of ) Tj ET Q q 0 0 0 rg BT 126.78 654.75 Td (the ) Tj ET Q q 0 0 0 rg BT 144.56 654.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 176.23 654.75 Td (of ) Tj ET Q q 0 0 0 rg BT 188.45 654.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 235.13 654.75 Td (of ) Tj ET Q q 0 0 0 rg BT 247.35 654.75 Td (the ) Tj ET Q q 0 0 0 rg BT 265.13 654.75 Td (Company:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.02 654.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 628.75 Td (W) Tj ET Q q 0 0 0 rg BT 63.35 628.75 Td (illiam ) Tj ET Q q 0 0 0 rg BT 91.70 628.75 Td (Babcock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.38 628.75 Td ( ) Tj ET Q q 0 0 0 rg BT 136.16 628.75 Td (- ) Tj ET Q q 0 0 0 rg BT 142.27 628.75 Td (Resigned ) Tj ET Q q 0 0 0 rg BT 187.30 628.75 Td (as ) Tj ET Q q 0 0 0 rg BT 200.64 628.75 Td (a ) Tj ET Q q 0 0 0 rg BT 208.98 628.75 Td (director ) Tj ET Q q 0 0 0 rg BT 245.10 628.75 Td (ef) Tj ET Q q 0 0 0 rg BT 253.26 628.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 284.39 628.75 Td (April ) Tj ET Q q 0 0 0 rg BT 307.17 628.75 Td (4, ) Tj ET Q q 0 0 0 rg BT 318.29 628.75 Td (2016) Tj ET Q BT /F2 10.00 Tf ET 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554.22 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 566.01 615.75 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 602.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 103.30 602.75 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 160.37 602.75 Td ( ) Tj ET Q q 0 0 0 rg BT 166.32 602.75 Td (His ) Tj ET Q q 0 0 0 rg BT 186.71 602.75 Td (group ) Tj ET Q q 0 0 0 rg BT 218.23 602.75 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 289.77 602.75 Td (included ) Tj ET Q q 0 0 0 rg BT 332.96 602.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 375.60 602.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 421.02 602.75 Td (and ) Tj ET Q q 0 0 0 rg BT 443.65 602.75 Td (control, ) Tj ET Q q 0 0 0 rg BT 482.39 602.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 524.46 602.75 Td (and ) Tj ET Q q 0 0 0 rg BT 547.09 602.75 Td (capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 589.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 118.04 589.75 Td (and ) Tj ET Q q 0 0 0 rg BT 137.62 589.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 153.85 589.75 Td (as ) Tj ET Q q 0 0 0 rg BT 167.31 589.75 Td (well ) Tj ET Q q 0 0 0 rg BT 187.43 589.75 Td (as ) Tj ET Q q 0 0 0 rg BT 200.88 589.75 Td (investor ) Tj ET Q q 0 0 0 rg BT 238.79 589.75 Td (relations ) Tj ET Q q 0 0 0 rg BT 279.48 589.75 Td (and ) Tj ET Q q 0 0 0 rg BT 299.06 589.75 Td (IT) Tj ET Q q 0 0 0 rg BT 306.84 589.75 Td (. ) Tj ET Q q 0 0 0 rg BT 312.51 589.75 Td ( ) Tj ET Q q 0 0 0 rg BT 315.40 589.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 326.51 589.75 Td (. ) Tj ET Q q 0 0 0 rg BT 332.18 589.75 Td (Babcock ) Tj ET Q q 0 0 0 rg BT 373.43 589.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 403.02 589.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 451.49 589.75 Td (in ) Tj ET Q q 0 0 0 rg BT 461.59 589.75 Td (August ) Tj ET Q q 0 0 0 rg BT 495.61 589.75 Td (2008. ) Tj ET Q q 0 0 0 rg BT 523.53 589.75 Td ( ) Tj ET Q q 0 0 0 rg BT 526.43 589.75 Td (He ) Tj ET Q q 0 0 0 rg BT 542.10 589.75 Td (brought ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 576.75 Td (20 ) Tj ET Q q 0 0 0 rg BT 69.02 576.75 Td (years ) Tj ET Q q 0 0 0 rg BT 97.36 576.75 Td (of ) Tj ET Q q 0 0 0 rg BT 109.59 576.75 Td (professional ) Tj ET Q q 0 0 0 rg BT 167.41 576.75 Td (experience, ) Tj ET Q q 0 0 0 rg BT 223.00 576.75 Td (both ) Tj ET Q q 0 0 0 rg BT 246.35 576.75 Td (in ) Tj ET Q q 0 0 0 rg BT 258.03 576.75 Td (public ) Tj ET Q q 0 0 0 rg BT 288.05 576.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 340.31 576.75 Td (and ) Tj ET Q q 0 0 0 rg BT 360.88 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 378.68 576.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 434.82 576.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 473.73 576.75 Td (most ) Tj ET Q q 0 0 0 rg BT 499.29 576.75 Td (recently ) Tj ET Q q 0 0 0 rg BT 538.20 576.75 Td (as ) Tj ET Q q 0 0 0 rg BT 552.65 576.75 Td (Chief ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 563.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 105.80 563.75 Td (Of) Tj ET Q q 0 0 0 rg BT 116.18 563.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 137.40 563.75 Td (and ) Tj ET Q q 0 0 0 rg BT 156.41 563.75 Td (Director ) Tj ET Q q 0 0 0 rg BT 193.74 563.75 Td (of ) Tj ET Q q 0 0 0 rg BT 204.40 563.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 246.75 563.75 Td (Operations ) Tj ET Q q 0 0 0 rg BT 297.99 563.75 Td (at ) Tj ET Q q 0 0 0 rg BT 308.65 563.75 Td (Endurance ) Tj ET Q q 0 0 0 rg BT 359.35 563.75 Td (Specialty ) Tj ET Q q 0 0 0 rg BT 402.25 563.75 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 443.48 563.75 Td (Ltd ) Tj ET Q q 0 0 0 rg BT 459.71 563.75 Td (and ) Tj ET Q q 0 0 0 rg BT 478.72 563.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 504.39 563.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 546.73 563.75 Td (Of) Tj ET Q q 0 0 0 rg BT 557.11 563.75 Td (ficer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 550.75 Td (of ) Tj ET Q q 0 0 0 rg BT 65.06 550.75 Td (Endurance ) Tj ET Q q 0 0 0 rg BT 116.15 550.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 175.01 550.75 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 202.19 550.75 Td (of ) Tj ET Q q 0 0 0 rg BT 212.71 550.75 Td (America ) Tj ET Q q 0 0 0 rg BT 252.10 550.75 Td (from ) Tj ET Q q 0 0 0 rg BT 274.82 550.75 Td (2002 ) Tj ET Q q 0 0 0 rg BT 299.79 550.75 Td (through ) Tj ET Q q 0 0 0 rg BT 336.42 550.75 Td (2007. ) Tj ET Q q 0 0 0 rg BT 364.17 550.75 Td ( ) Tj ET Q q 0 0 0 rg BT 366.89 550.75 Td (Before ) Tj ET Q q 0 0 0 rg BT 399.07 550.75 Td (that, ) Tj ET Q q 0 0 0 rg BT 421.25 550.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 432.36 550.75 Td (. ) Tj ET Q q 0 0 0 rg BT 437.86 550.75 Td (Babcock ) Tj ET Q q 0 0 0 rg BT 478.93 550.75 Td (was ) Tj ET Q q 0 0 0 rg BT 499.43 550.75 Td (an ) Tj ET Q q 0 0 0 rg BT 513.28 550.75 Td (Underwriter ) Tj ET Q q 0 0 0 rg BT 567.68 550.75 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 537.75 Td (Converium ) Tj ET Q q 0 0 0 rg BT 105.03 537.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 163.86 537.75 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 190.99 537.75 Td (of ) Tj ET Q q 0 0 0 rg BT 201.48 537.75 Td (America ) Tj ET Q q 0 0 0 rg BT 240.84 537.75 Td (from ) Tj ET Q q 0 0 0 rg BT 263.52 537.75 Td (1998 ) Tj ET Q q 0 0 0 rg BT 288.45 537.75 Td (through ) Tj ET Q q 0 0 0 rg BT 325.05 537.75 Td (2002 ) Tj ET Q q 0 0 0 rg BT 349.97 537.75 Td (and ) Tj ET Q q 0 0 0 rg BT 369.34 537.75 Td (a ) Tj ET Q q 0 0 0 rg BT 377.58 537.75 Td (Senior ) Tj ET Q q 0 0 0 rg BT 409.17 537.75 Td (Manager ) Tj ET Q q 0 0 0 rg BT 451.32 537.75 Td (at ) Tj ET Q q 0 0 0 rg BT 462.35 537.75 Td (KPMG ) Tj ET Q q 0 0 0 rg BT 494.48 537.75 Td (from ) Tj ET Q q 0 0 0 rg BT 517.16 537.75 Td (1990 ) Tj ET Q q 0 0 0 rg BT 542.09 537.75 Td (through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 524.75 Td (1998. ) Tj ET Q q 0 0 0 rg BT 81.80 524.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 92.91 524.75 Td (. ) Tj ET Q q 0 0 0 rg BT 98.47 524.75 Td (Babcock ) Tj ET Q q 0 0 0 rg BT 139.60 524.75 Td (holds ) Tj ET Q q 0 0 0 rg BT 166.29 524.75 Td (a ) Tj ET Q q 0 0 0 rg BT 174.63 524.75 Td (B.S.C. ) Tj ET Q q 0 0 0 rg BT 205.75 524.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 258.00 524.75 Td (from ) Tj ET Q q 0 0 0 rg BT 280.78 524.75 Td (W) Tj ET Q q 0 0 0 rg BT 289.85 524.75 Td (ake ) Tj ET Q q 0 0 0 rg BT 308.75 524.75 Td (Forest ) Tj ET Q q 0 0 0 rg BT 339.87 524.75 Td (University ) Tj ET Q q 0 0 0 rg BT 386.54 524.75 Td (and ) Tj ET Q q 0 0 0 rg BT 406.01 524.75 Td (is ) Tj ET Q q 0 0 0 rg BT 416.01 524.75 Td (a ) Tj ET Q q 0 0 0 rg BT 424.35 524.75 Td (CP) Tj ET Q q 0 0 0 rg BT 437.50 524.75 Td (A.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 498.75 Td (Mario ) Tj ET Q q 0 0 0 rg BT 83.45 498.75 Td (Bonaccorso ) Tj ET Q q 0 0 0 rg BT 144.02 498.75 Td (- ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.13 498.75 Td (Director ) Tj ET Q q 0 0 0 rg BT 187.91 498.75 Td (of ) Tj ET Q q 0 0 0 rg BT 199.03 498.75 Td (ef) Tj ET Q q 0 0 0 rg BT 207.19 498.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 238.32 498.75 Td (April ) Tj ET Q q 0 0 0 rg BT 261.10 498.75 Td (4, ) Tj ET Q q 0 0 0 rg BT 272.22 498.75 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 485.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 65.11 485.75 Td (. ) Tj ET Q q 0 0 0 rg BT 71.19 485.75 Td (Bonaccorso ) Tj ET Q q 0 0 0 rg BT 127.30 485.75 Td (is ) Tj ET Q q 0 0 0 rg BT 137.82 485.75 Td (a ) Tj ET Q q 0 0 0 rg BT 146.68 485.75 Td (member ) Tj ET Q q 0 0 0 rg BT 186.66 485.75 Td (of ) Tj ET Q q 0 0 0 rg BT 198.30 485.75 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 245.91 485.75 Td (s ) Tj ET Q q 0 0 0 rg BT 254.21 485.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 285.31 485.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 331.96 485.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 383.61 485.75 Td (and ) Tj ET Q q 0 0 0 rg BT 403.59 485.75 Td (is ) Tj ET Q q 0 0 0 rg BT 414.12 485.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 468.56 485.75 Td (for ) Tj ET Q q 0 0 0 rg BT 483.53 485.75 Td (PartnerRe's ) Tj ET Q q 0 0 0 rg BT 539.32 485.75 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 472.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 108.84 472.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 132.54 472.75 Td (to ) Tj ET Q q 0 0 0 rg BT 143.47 472.75 Td (joining ) Tj ET Q q 0 0 0 rg BT 174.97 472.75 Td (PartnerRe, ) Tj ET Q q 0 0 0 rg BT 225.91 472.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 237.02 472.75 Td (. ) Tj ET Q q 0 0 0 rg BT 242.38 472.75 Td (Bonaccorso ) Tj ET Q q 0 0 0 rg BT 297.78 472.75 Td (served ) Tj ET Q q 0 0 0 rg BT 330.38 472.75 Td (as ) Tj ET Q q 0 0 0 rg BT 343.53 472.75 Td (Managing ) Tj ET Q q 0 0 0 rg BT 390.04 472.75 Td (Director ) Tj ET Q q 0 0 0 rg BT 427.63 472.75 Td (of ) Tj ET Q q 0 0 0 rg BT 438.55 472.75 Td (EXOR ) Tj ET Q q 0 0 0 rg BT 469.48 472.75 Td (for ) Tj ET Q q 0 0 0 rg BT 483.74 472.75 Td (eight ) Tj ET Q q 0 0 0 rg BT 508.01 472.75 Td (years ) Tj ET Q q 0 0 0 rg BT 535.05 472.75 Td (where ) Tj ET Q q 0 0 0 rg BT 564.87 472.75 Td (he ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 459.75 Td (was ) Tj ET Q q 0 0 0 rg BT 75.10 459.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 129.56 459.75 Td (for ) Tj ET Q q 0 0 0 rg BT 144.55 459.75 Td (Investments ) Tj ET Q q 0 0 0 rg BT 201.77 459.75 Td (and ) Tj ET Q q 0 0 0 rg BT 221.78 459.75 Td (for ) Tj ET Q q 0 0 0 rg BT 236.76 459.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.98 459.75 Td (management ) Tj ET Q q 0 0 0 rg BT 315.67 459.75 Td (of ) Tj ET Q q 0 0 0 rg BT 327.32 459.75 Td (EXOR) Tj ET Q q 0 0 0 rg BT 357.70 459.75 Td (s ) Tj ET Q q 0 0 0 rg BT 366.02 459.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 404.91 459.75 Td (companies. ) Tj ET Q q 0 0 0 rg BT 459.37 459.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 483.80 459.75 Td (to ) Tj ET Q q 0 0 0 rg BT 495.46 459.75 Td (joining ) Tj ET Q q 0 0 0 rg BT 527.68 459.75 Td (EXOR, ) Tj ET Q q 0 0 0 rg BT 562.12 459.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 573.23 459.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 446.75 Td (Bonaccorso ) Tj ET Q q 0 0 0 rg BT 109.01 446.75 Td (worked ) Tj ET Q q 0 0 0 rg BT 143.44 446.75 Td (as ) Tj ET Q q 0 0 0 rg BT 156.20 446.75 Td (a ) Tj ET Q q 0 0 0 rg BT 163.96 446.75 Td (Research ) Tj ET Q q 0 0 0 rg BT 208.96 446.75 Td (and ) Tj ET Q q 0 0 0 rg BT 227.84 446.75 Td (Development ) Tj ET Q q 0 0 0 rg BT 288.82 446.75 Td (T) Tj ET Q q 0 0 0 rg BT 293.82 446.75 Td (elecom ) Tj ET Q q 0 0 0 rg BT 328.26 446.75 Td (Engineer ) Tj ET Q q 0 0 0 rg BT 370.49 446.75 Td (at ) Tj ET Q q 0 0 0 rg BT 381.02 446.75 Td (Qualcomm ) Tj ET Q q 0 0 0 rg BT 431.57 446.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 452.66 446.75 Td (as ) Tj ET Q q 0 0 0 rg BT 465.43 446.75 Td (an ) Tj ET Q q 0 0 0 rg BT 478.75 446.75 Td (engagement ) Tj ET Q q 0 0 0 rg BT 536.55 446.75 Td (manager ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 433.75 Td (at ) Tj ET Q q 0 0 0 rg BT 64.64 433.75 Td (McKinsey&Co. ) Tj ET Q q 0 0 0 rg BT 132.51 433.75 Td (and ) Tj ET Q q 0 0 0 rg BT 151.49 433.75 Td (as ) Tj ET Q q 0 0 0 rg BT 164.34 433.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 189.98 433.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 241.19 433.75 Td (Of) Tj ET Q q 0 0 0 rg BT 251.57 433.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 272.75 433.75 Td (of ) Tj ET Q q 0 0 0 rg BT 283.39 433.75 Td (Jupiter ) Tj ET Q q 0 0 0 rg BT 315.70 433.75 Td (Finance. ) Tj ET Q q 0 0 0 rg BT 356.35 433.75 Td (Born ) Tj ET Q q 0 0 0 rg BT 379.77 433.75 Td (in ) Tj ET Q q 0 0 0 rg BT 389.85 433.75 Td (Italy ) Tj ET Q q 0 0 0 rg BT 410.48 433.75 Td (in ) Tj ET Q q 0 0 0 rg BT 420.56 433.75 Td (1976, ) Tj ET Q q 0 0 0 rg BT 447.88 433.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 458.99 433.75 Td (. ) Tj ET Q q 0 0 0 rg BT 464.06 433.75 Td (Bonaccorso ) Tj ET Q q 0 0 0 rg BT 519.16 433.75 Td (has ) Tj ET Q q 0 0 0 rg BT 537.58 433.75 Td (a ) Tj ET Q q 0 0 0 rg BT 545.44 433.75 Td (Master ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 420.75 Td (of ) Tj ET Q q 0 0 0 rg BT 65.50 420.75 Td (Science ) Tj ET Q q 0 0 0 rg BT 104.23 420.75 Td (cum ) Tj ET Q q 0 0 0 rg BT 126.27 420.75 Td (laude ) Tj ET Q q 0 0 0 rg BT 153.90 420.75 Td (in ) Tj ET Q q 0 0 0 rg BT 164.63 420.75 Td (T) Tj ET Q q 0 0 0 rg BT 169.63 420.75 Td (elecommunications ) Tj ET Q q 0 0 0 rg BT 258.38 420.75 Td (Engineering ) Tj ET Q q 0 0 0 rg BT 314.91 420.75 Td (at ) Tj ET Q q 0 0 0 rg BT 326.41 420.75 Td (Politecnico ) Tj ET Q q 0 0 0 rg BT 377.92 420.75 Td (di ) Tj ET Q q 0 0 0 rg BT 388.65 420.75 Td (T) Tj ET Q q 0 0 0 rg BT 393.65 420.75 Td (orino ) Tj ET Q q 0 0 0 rg BT 419.04 420.75 Td (University ) Tj ET Q q 0 0 0 rg BT 466.10 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 485.94 420.75 Td (an ) Tj ET Q q 0 0 0 rg BT 500.21 420.75 Td (MBA) Tj ET Q q 0 0 0 rg BT 521.33 420.75 Td ( ) Tj ET Q q 0 0 0 rg BT 524.49 420.75 Td (with ) Tj ET Q q 0 0 0 rg BT 545.43 420.75 Td (honors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 407.75 Td (from ) Tj ET Q q 0 0 0 rg BT 75.96 407.75 Td (INSEAD. ) Tj ET Q q 0 0 0 rg BT 117.92 407.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 129.03 407.75 Td (. ) Tj ET Q q 0 0 0 rg BT 133.76 407.75 Td (Bonaccorso ) Tj ET Q q 0 0 0 rg BT 188.52 407.75 Td (has ) Tj ET Q q 0 0 0 rg BT 206.60 407.75 Td (served ) Tj ET Q q 0 0 0 rg BT 238.57 407.75 Td (on ) Tj ET Q q 0 0 0 rg BT 251.65 407.75 Td (behalf ) Tj ET Q q 0 0 0 rg BT 280.85 407.75 Td (of ) Tj ET Q q 0 0 0 rg BT 291.15 407.75 Td (EXOR ) Tj ET Q q 0 0 0 rg BT 321.44 407.75 Td (on ) Tj ET Q q 0 0 0 rg BT 334.52 407.75 Td (the ) Tj ET Q q 0 0 0 rg BT 350.38 407.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 379.02 407.75 Td (of ) Tj ET Q q 0 0 0 rg BT 389.31 407.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 431.27 407.75 Td (of ) Tj ET Q q 0 0 0 rg BT 441.57 407.75 Td (Cushman ) Tj ET Q q 0 0 0 rg BT 486.32 407.75 Td (& ) Tj ET Q q 0 0 0 rg BT 494.94 407.75 Td (W) Tj ET Q q 0 0 0 rg BT 504.01 407.75 Td (akefield, ) Tj ET Q q 0 0 0 rg BT 543.21 407.75 Td (Banijay ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 394.75 Td (Holding ) Tj ET Q q 0 0 0 rg BT 90.69 394.75 Td (and ) Tj ET Q q 0 0 0 rg BT 110.15 394.75 Td (Banca ) Tj ET Q q 0 0 0 rg BT 141.29 394.75 Td (Leonardo ) Tj ET Q q 0 0 0 rg BT 186.32 394.75 Td (and ) Tj ET Q q 0 0 0 rg BT 205.79 394.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 246.91 394.75 Td (serves ) Tj ET Q q 0 0 0 rg BT 279.14 394.75 Td (as ) Tj ET Q q 0 0 0 rg BT 292.48 394.75 Td (a ) Tj ET Q q 0 0 0 rg BT 300.82 394.75 Td (director ) Tj ET Q q 0 0 0 rg BT 336.94 394.75 Td (of ) Tj ET Q q 0 0 0 rg BT 348.06 394.75 Td (EXOR ) Tj ET Q q 0 0 0 rg BT 379.18 394.75 Td (SA.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 368.75 Td (Jose Lopez) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.46 368.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 355.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 65.11 355.75 Td (. ) Tj ET Q q 0 0 0 rg BT 69.34 355.75 Td (Lopez ) Tj ET Q q 0 0 0 rg BT 98.04 355.75 Td (is ) Tj ET Q q 0 0 0 rg BT 106.71 355.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 159.30 355.75 Td (for ) Tj ET Q q 0 0 0 rg BT 172.43 355.75 Td (management ) Tj ET Q q 0 0 0 rg BT 232.25 355.75 Td (and ) Tj ET Q q 0 0 0 rg BT 250.38 355.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 292.41 355.75 Td (of ) Tj ET Q q 0 0 0 rg BT 302.20 355.75 Td (the ) Tj ET Q q 0 0 0 rg BT 317.55 355.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 355.70 355.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 396.62 355.75 Td (and ) Tj ET Q q 0 0 0 rg BT 414.75 355.75 Td (control ) Tj ET Q q 0 0 0 rg BT 446.22 355.75 Td (environment ) Tj ET Q q 0 0 0 rg BT 502.70 355.75 Td (for ) Tj ET Q q 0 0 0 rg BT 515.82 355.75 Td (the ) Tj ET Q q 0 0 0 rg BT 531.17 355.75 Td (Company) Tj ET Q q 0 0 0 rg BT 573.23 355.75 Td (. ) Tj ET Q q 0 0 0 rg BT 578.79 355.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 342.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 77.26 342.75 Td (to ) Tj ET Q q 0 0 0 rg BT 87.75 342.75 Td (re-joining ) Tj ET Q q 0 0 0 rg BT 131.04 342.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 178.76 342.75 Td (in ) Tj ET Q q 0 0 0 rg BT 188.70 342.75 Td (May ) Tj ET Q q 0 0 0 rg BT 209.74 342.75 Td (2009, ) Tj ET Q q 0 0 0 rg BT 236.91 342.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 248.02 342.75 Td (. ) Tj ET Q q 0 0 0 rg BT 252.95 342.75 Td (Lopez ) Tj ET Q q 0 0 0 rg BT 282.35 342.75 Td (was ) Tj ET Q q 0 0 0 rg BT 302.28 342.75 Td (V) Tj ET Q q 0 0 0 rg BT 308.77 342.75 Td (ice ) Tj ET Q q 0 0 0 rg BT 323.70 342.75 Td (President ) Tj ET Q q 0 0 0 rg BT 368.10 342.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 410.27 342.75 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 455.78 342.75 Td (and ) Tj ET Q q 0 0 0 rg BT 474.62 342.75 Td (V) Tj ET Q q 0 0 0 rg BT 481.10 342.75 Td (ice ) Tj ET Q q 0 0 0 rg BT 496.04 342.75 Td (President ) Tj ET Q q 0 0 0 rg BT 540.43 342.75 Td (Investor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 329.75 Td (Relations ) Tj ET Q q 0 0 0 rg BT 98.63 329.75 Td (with ) Tj ET Q q 0 0 0 rg BT 119.35 329.75 Td (XL) Tj ET Q q 0 0 0 rg BT 131.21 329.75 Td ( ) Tj ET Q q 0 0 0 rg BT 134.14 329.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 168.21 329.75 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 187.83 329.75 Td (from ) Tj ET Q q 0 0 0 rg BT 210.76 329.75 Td (2004 ) Tj ET Q q 0 0 0 rg BT 235.95 329.75 Td (through ) Tj ET Q q 0 0 0 rg BT 272.80 329.75 Td (2009. ) Tj ET Q q 0 0 0 rg BT 300.76 329.75 Td ( ) Tj ET Q q 0 0 0 rg BT 303.70 329.75 Td (From ) Tj ET Q q 0 0 0 rg BT 329.96 329.75 Td (2001 ) Tj ET Q q 0 0 0 rg BT 355.15 329.75 Td (through ) Tj ET Q q 0 0 0 rg BT 392.00 329.75 Td (2004 ) Tj ET Q q 0 0 0 rg BT 417.18 329.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 428.29 329.75 Td (. ) Tj ET Q q 0 0 0 rg BT 434.01 329.75 Td (Lopez ) Tj ET Q q 0 0 0 rg BT 464.19 329.75 Td (was ) Tj ET Q q 0 0 0 rg BT 484.91 329.75 Td (a ) Tj ET Q q 0 0 0 rg BT 493.41 329.75 Td (Senior ) Tj ET Q q 0 0 0 rg BT 525.25 329.75 Td (Manager ) Tj ET Q q 0 0 0 rg BT 567.66 329.75 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 316.75 Td (External ) Tj ET Q q 0 0 0 rg BT 92.15 316.75 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 136.97 316.75 Td (at ) Tj ET Q q 0 0 0 rg BT 146.78 316.75 Td (Bacardi ) Tj ET Q q 0 0 0 rg BT 182.15 316.75 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 200.29 316.75 Td ( ) Tj ET Q q 0 0 0 rg BT 201.75 316.75 Td (Before ) Tj ET Q q 0 0 0 rg BT 232.68 316.75 Td (that ) Tj ET Q q 0 0 0 rg BT 250.82 316.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 261.93 316.75 Td (. ) Tj ET Q q 0 0 0 rg BT 266.17 316.75 Td (Lopez ) Tj ET Q q 0 0 0 rg BT 294.88 316.75 Td (was ) Tj ET Q q 0 0 0 rg BT 314.13 316.75 Td (with ) Tj ET Q q 0 0 0 rg BT 333.38 316.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 380.42 316.75 Td (from ) Tj ET Q q 0 0 0 rg BT 401.88 316.75 Td (1996 ) Tj ET Q q 0 0 0 rg BT 425.59 316.75 Td (through ) Tj ET Q q 0 0 0 rg BT 460.97 316.75 Td (2001 ) Tj ET Q q 0 0 0 rg BT 484.68 316.75 Td (where ) Tj ET Q q 0 0 0 rg BT 513.38 316.75 Td (he ) Tj ET Q q 0 0 0 rg BT 525.97 316.75 Td (progressed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 303.75 Td (from ) Tj ET Q q 0 0 0 rg BT 76.72 303.75 Td (a ) Tj ET Q q 0 0 0 rg BT 85.00 303.75 Td (Senior ) Tj ET Q q 0 0 0 rg BT 116.63 303.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 158.83 303.75 Td (Accountant ) Tj ET Q q 0 0 0 rg BT 211.58 303.75 Td (to ) Tj ET Q q 0 0 0 rg BT 222.10 303.75 Td (Assistant ) Tj ET Q q 0 0 0 rg BT 265.39 303.75 Td (Controller ) Tj ET Q q 0 0 0 rg BT 311.46 303.75 Td (Investments. ) Tj ET Q q 0 0 0 rg BT 370.87 303.75 Td ( ) Tj ET Q q 0 0 0 rg BT 373.59 303.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 384.70 303.75 Td (. ) Tj ET Q q 0 0 0 rg BT 390.20 303.75 Td (Lopez ) Tj ET Q q 0 0 0 rg BT 420.17 303.75 Td (has ) Tj ET Q q 0 0 0 rg BT 439.01 303.75 Td (a ) Tj ET Q q 0 0 0 rg BT 447.29 303.75 Td (BS ) Tj ET Q q 0 0 0 rg BT 463.35 303.75 Td (in ) Tj ET Q q 0 0 0 rg BT 473.31 303.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 525.51 303.75 Td (from ) Tj ET Q q 0 0 0 rg BT 548.23 303.75 Td (Illinois ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 290.75 Td (State ) Tj ET Q q 0 0 0 rg BT 80.13 290.75 Td (University ) Tj ET Q q 0 0 0 rg BT 126.80 290.75 Td (and ) Tj ET Q q 0 0 0 rg BT 146.27 290.75 Td (is ) Tj ET Q q 0 0 0 rg BT 156.27 290.75 Td (a ) Tj ET Q q 0 0 0 rg BT 164.61 290.75 Td (CP) Tj ET Q q 0 0 0 rg BT 177.75 290.75 Td (A.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 264.75 Td (Joe ) Tj ET Q q 0 0 0 rg BT 74.01 264.75 Td (Barbosa ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.80 264.75 Td (- ) Tj ET Q q 0 0 0 rg BT 122.91 264.75 Td (Resigned ) Tj ET Q q 0 0 0 rg BT 167.94 264.75 Td (as ) Tj ET Q q 0 0 0 rg BT 181.28 264.75 Td (a ) Tj ET Q q 0 0 0 rg BT 189.62 264.75 Td (director ) Tj ET Q q 0 0 0 rg BT 225.74 264.75 Td (ef) Tj ET Q q 0 0 0 rg BT 233.90 264.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 265.03 264.75 Td (April ) Tj ET Q q 0 0 0 rg BT 287.81 264.75 Td (27, ) Tj ET Q q 0 0 0 rg BT 304.49 264.75 Td (2016 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 251.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 65.11 251.75 Td (. ) Tj ET Q q 0 0 0 rg BT 71.76 251.75 Td (Barbosa ) Tj ET Q q 0 0 0 rg BT 112.88 251.75 Td (was ) Tj ET Q q 0 0 0 rg BT 134.53 251.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 189.54 251.75 Td (for ) Tj ET Q q 0 0 0 rg BT 205.09 251.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 254.53 251.75 Td (Group) Tj ET Q q 0 0 0 rg BT 284.37 251.75 Td (s ) Tj ET Q q 0 0 0 rg BT 293.24 251.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 333.23 251.75 Td (and ) Tj ET Q q 0 0 0 rg BT 353.79 251.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 378.79 251.75 Td (management ) Tj ET Q q 0 0 0 rg BT 441.03 251.75 Td (functions ) Tj ET Q q 0 0 0 rg BT 484.92 251.75 Td (as ) Tj ET Q q 0 0 0 rg BT 499.35 251.75 Td (well ) Tj ET Q q 0 0 0 rg BT 520.45 251.75 Td (as ) Tj ET Q q 0 0 0 rg BT 534.89 251.75 Td (acting ) Tj ET Q q 0 0 0 rg BT 565.44 251.75 Td (as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 238.75 Td (T) Tj ET Q q 0 0 0 rg BT 59.74 238.75 Td (reasurer ) Tj ET Q q 0 0 0 rg BT 98.50 238.75 Td (of ) Tj ET Q q 0 0 0 rg BT 108.37 238.75 Td (the ) Tj ET Q q 0 0 0 rg BT 123.80 238.75 Td (Company) Tj ET Q q 0 0 0 rg BT 165.86 238.75 Td (. ) Tj ET Q q 0 0 0 rg BT 170.16 238.75 Td ( ) Tj ET Q q 0 0 0 rg BT 171.69 238.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 182.80 238.75 Td (. ) Tj ET Q q 0 0 0 rg BT 187.11 238.75 Td (Barbosa ) Tj ET Q q 0 0 0 rg BT 225.88 238.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 254.10 238.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 301.21 238.75 Td (in ) Tj ET Q q 0 0 0 rg BT 310.52 238.75 Td (October ) Tj ET Q q 0 0 0 rg BT 347.62 238.75 Td (2001 ) Tj ET Q q 0 0 0 rg BT 371.39 238.75 Td (as ) Tj ET Q q 0 0 0 rg BT 383.18 238.75 Td (Assistant ) Tj ET Q q 0 0 0 rg BT 425.28 238.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 454.50 238.75 Td (T) Tj ET Q q 0 0 0 rg BT 460.24 238.75 Td (reasurer; ) Tj ET Q q 0 0 0 rg BT 501.78 238.75 Td (he ) Tj ET Q q 0 0 0 rg BT 514.44 238.75 Td (was ) Tj ET Q q 0 0 0 rg BT 533.75 238.75 Td (promoted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 225.75 Td (to ) Tj ET Q q 0 0 0 rg BT 64.45 225.75 Td (T) Tj ET Q q 0 0 0 rg BT 70.18 225.75 Td (reasurer ) Tj ET Q q 0 0 0 rg BT 109.67 225.75 Td (in ) Tj ET Q q 0 0 0 rg BT 119.71 225.75 Td (2003. ) Tj ET Q q 0 0 0 rg BT 146.99 225.75 Td ( ) Tj ET Q q 0 0 0 rg BT 149.24 225.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 172.61 225.75 Td (to ) Tj ET Q q 0 0 0 rg BT 183.20 225.75 Td (joining ) Tj ET Q q 0 0 0 rg BT 214.37 225.75 Td (PartnerRe, ) Tj ET Q q 0 0 0 rg BT 264.97 225.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 276.08 225.75 Td (. ) Tj ET Q q 0 0 0 rg BT 281.11 225.75 Td (Barbosa ) Tj ET Q q 0 0 0 rg BT 320.61 225.75 Td (was ) Tj ET Q q 0 0 0 rg BT 340.65 225.75 Td (with ) Tj ET Q q 0 0 0 rg BT 360.69 225.75 Td (Fidelity ) Tj ET Q q 0 0 0 rg BT 394.62 225.75 Td (International ) Tj ET Q q 0 0 0 rg BT 451.91 225.75 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 470.84 225.75 Td (from ) Tj ET Q q 0 0 0 rg BT 493.09 225.75 Td (1996 ) Tj ET Q q 0 0 0 rg BT 517.59 225.75 Td (through ) Tj ET Q q 0 0 0 rg BT 553.76 225.75 Td (2001 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 212.75 Td (where ) Tj ET Q q 0 0 0 rg BT 85.14 212.75 Td (he ) Tj ET Q q 0 0 0 rg BT 100.17 212.75 Td (was ) Tj ET Q q 0 0 0 rg BT 121.86 212.75 Td (Controller ) Tj ET Q q 0 0 0 rg BT 169.11 212.75 Td (and ) Tj ET Q q 0 0 0 rg BT 189.70 212.75 Td (progressed ) Tj ET Q q 0 0 0 rg BT 243.63 212.75 Td (to ) Tj ET Q q 0 0 0 rg BT 255.88 212.75 Td (Senior ) Tj ET Q q 0 0 0 rg BT 288.69 212.75 Td (Manager) Tj ET Q q 0 0 0 rg BT 327.60 212.75 Td (. ) Tj ET Q q 0 0 0 rg BT 334.29 212.75 Td ( ) Tj ET Q q 0 0 0 rg BT 338.19 212.75 Td (From ) Tj ET Q q 0 0 0 rg BT 365.42 212.75 Td (1993 ) Tj ET Q q 0 0 0 rg BT 391.57 212.75 Td (through ) Tj ET Q q 0 0 0 rg BT 429.39 212.75 Td (1996, ) Tj ET Q q 0 0 0 rg BT 458.32 212.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 469.43 212.75 Td (. ) Tj ET Q q 0 0 0 rg BT 476.11 212.75 Td (Barbosa ) Tj ET Q q 0 0 0 rg BT 517.26 212.75 Td (was ) Tj ET Q q 0 0 0 rg BT 538.95 212.75 Td (an ) Tj ET Q q 0 0 0 rg BT 553.20 212.75 Td (Audit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 199.75 Td (Manager ) Tj ET Q q 0 0 0 rg BT 95.34 199.75 Td (with ) Tj ET Q q 0 0 0 rg BT 115.00 199.75 Td (the ) Tj ET Q q 0 0 0 rg BT 130.78 199.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 173.23 199.75 Td (government, ) Tj ET Q q 0 0 0 rg BT 230.69 199.75 Td (Of) Tj ET Q q 0 0 0 rg BT 241.07 199.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 258.50 199.75 Td (of ) Tj ET Q q 0 0 0 rg BT 268.72 199.75 Td (the ) Tj ET Q q 0 0 0 rg BT 284.12 199.75 Td (Auditor ) Tj ET Q q 0 0 0 rg BT 317.68 199.75 Td (General. ) Tj ET Q q 0 0 0 rg BT 357.91 199.75 Td ( ) Tj ET Q q 0 0 0 rg BT 359.78 199.75 Td (Before ) Tj ET Q q 0 0 0 rg BT 391.12 199.75 Td (that ) Tj ET Q q 0 0 0 rg BT 409.68 199.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 420.79 199.75 Td (. ) Tj ET Q q 0 0 0 rg BT 425.44 199.75 Td (Barbosa ) Tj ET Q q 0 0 0 rg BT 464.56 199.75 Td (was ) Tj ET Q q 0 0 0 rg BT 484.22 199.75 Td (a ) Tj ET Q q 0 0 0 rg BT 491.65 199.75 Td (Senior ) Tj ET Q q 0 0 0 rg BT 522.44 199.75 Td (Staf) Tj ET Q q 0 0 0 rg BT 540.04 199.75 Td (f ) Tj ET Q q 0 0 0 rg BT 544.32 199.75 Td (Auditor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 186.75 Td (with ) Tj ET Q q 0 0 0 rg BT 74.20 186.75 Td (Deloitte ) Tj ET Q q 0 0 0 rg BT 110.52 186.75 Td (& ) Tj ET Q q 0 0 0 rg BT 119.45 186.75 Td (T) Tj ET Q q 0 0 0 rg BT 124.45 186.75 Td (ouche ) Tj ET Q q 0 0 0 rg BT 154.12 186.75 Td (from ) Tj ET Q q 0 0 0 rg BT 176.54 186.75 Td (1990 ) Tj ET Q q 0 0 0 rg BT 201.20 186.75 Td (through ) Tj ET Q q 0 0 0 rg BT 237.53 186.75 Td (1993. ) Tj ET Q q 0 0 0 rg BT 264.97 186.75 Td ( ) Tj ET Q q 0 0 0 rg BT 267.39 186.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 278.50 186.75 Td (. ) Tj ET Q q 0 0 0 rg BT 283.70 186.75 Td (Barbosa ) Tj ET Q q 0 0 0 rg BT 323.36 186.75 Td (has ) Tj ET Q q 0 0 0 rg BT 341.90 186.75 Td (a ) Tj ET Q q 0 0 0 rg BT 349.88 186.75 Td (BBA) Tj ET Q q 0 0 0 rg BT 369.34 186.75 Td ( ) Tj ET Q q 0 0 0 rg BT 371.75 186.75 Td (\(Hons\) ) Tj ET Q q 0 0 0 rg BT 404.18 186.75 Td (from ) Tj ET Q q 0 0 0 rg BT 426.44 186.75 Td (Y) Tj ET Q q 0 0 0 rg BT 432.19 186.75 Td (ork ) Tj ET Q q 0 0 0 rg BT 448.50 186.75 Td (University ) Tj ET Q q 0 0 0 rg BT 494.81 186.75 Td (and ) Tj ET Q q 0 0 0 rg BT 513.91 186.75 Td (is ) Tj ET Q q 0 0 0 rg BT 523.55 186.75 Td (a ) Tj ET Q q 0 0 0 rg BT 531.53 186.75 Td (Chartered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 173.75 Td (Accountant ) Tj ET Q q 0 0 0 rg BT 106.82 173.75 Td (and ) Tj ET Q q 0 0 0 rg BT 126.28 173.75 Td (Chartered ) Tj ET Q q 0 0 0 rg BT 173.53 173.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 215.78 173.75 Td (Analyst. ) Tj ET Q q 0 0 0 rg BT 254.14 173.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 265.24 173.75 Td (. ) Tj ET Q q 0 0 0 rg BT 270.81 173.75 Td (Barbosa ) Tj ET Q q 0 0 0 rg BT 310.83 173.75 Td (has ) Tj ET Q q 0 0 0 rg BT 329.74 173.75 Td (resigned ) Tj ET Q q 0 0 0 rg BT 370.88 173.75 Td (from ) Tj ET Q q 0 0 0 rg BT 393.66 173.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 442.02 173.75 Td (and ) Tj ET Q q 0 0 0 rg BT 461.49 173.75 Td (the ) Tj ET Q q 0 0 0 rg BT 478.17 173.75 Td (role ) Tj ET Q q 0 0 0 rg BT 497.63 173.75 Td (of ) Tj ET Q q 0 0 0 rg BT 508.57 173.75 Td (T) Tj ET Q q 0 0 0 rg BT 514.31 173.75 Td (reasurer ) Tj ET Q q 0 0 0 rg BT 554.33 173.75 Td (as ) Tj ET Q q 0 0 0 rg BT 567.67 173.75 Td 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 134.75 Td (Ryan ) Tj ET Q q 0 0 0 rg BT 81.23 134.75 Td (Lipschutz ) Tj ET Q q 0 0 0 rg BT 130.67 134.75 Td (- ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.78 134.75 Td (Director ) Tj ET Q q 0 0 0 rg BT 174.57 134.75 Td (ef) Tj ET Q q 0 0 0 rg BT 182.73 134.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 213.85 134.75 Td (April ) Tj ET Q q 0 0 0 rg BT 236.64 134.75 Td (27, ) Tj ET Q q 0 0 0 rg BT 253.32 134.75 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 121.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 65.11 121.75 Td (. ) Tj ET Q q 0 0 0 rg BT 70.68 121.75 Td (Lipschutz ) Tj ET Q q 0 0 0 rg BT 115.72 121.75 Td (is ) Tj ET Q q 0 0 0 rg BT 125.73 121.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 179.67 121.75 Td (for ) Tj ET Q q 0 0 0 rg BT 194.13 121.75 Td (the ) Tj ET Q q 0 0 0 rg BT 210.83 121.75 Td (Group) Tj ET Q q 0 0 0 rg BT 240.66 121.75 Td (s ) Tj ET Q q 0 0 0 rg BT 248.46 121.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 281.83 121.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 322.96 121.75 Td (and ) Tj ET Q q 0 0 0 rg BT 342.44 121.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 385.26 121.75 Td (management ) Tj ET Q q 0 0 0 rg BT 446.42 121.75 Td (functions ) Tj ET Q q 0 0 0 rg BT 489.24 121.75 Td (as ) Tj ET Q q 0 0 0 rg BT 502.59 121.75 Td (well ) Tj ET Q q 0 0 0 rg BT 522.61 121.75 Td (as ) Tj ET Q q 0 0 0 rg BT 535.97 121.75 Td (acting ) Tj ET Q q 0 0 0 rg BT 565.44 121.75 Td (as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 108.75 Td (T) Tj ET Q q 0 0 0 rg BT 59.74 108.75 Td (reasury ) Tj ET Q q 0 0 0 rg BT 96.10 108.75 Td (Director ) Tj ET Q q 0 0 0 rg BT 134.12 108.75 Td (of ) Tj ET Q q 0 0 0 rg BT 145.47 108.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.38 108.75 Td (Company) Tj ET Q q 0 0 0 rg BT 204.44 108.75 Td (. ) Tj ET Q q 0 0 0 rg BT 213.01 108.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 224.12 108.75 Td (. ) Tj ET Q q 0 0 0 rg BT 229.91 108.75 Td (Lipschutz ) Tj ET Q q 0 0 0 rg BT 275.17 108.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 304.88 108.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 353.47 108.75 Td (in ) Tj ET Q q 0 0 0 rg BT 363.67 108.75 Td (April ) Tj ET Q q 0 0 0 rg BT 386.68 108.75 Td (2003 ) Tj ET Q q 0 0 0 rg BT 411.94 108.75 Td (and ) Tj ET Q q 0 0 0 rg BT 431.64 108.75 Td (has ) Tj ET Q q 0 0 0 rg BT 450.78 108.75 Td (held ) Tj ET Q q 0 0 0 rg BT 472.70 108.75 Td (various ) Tj ET Q q 0 0 0 rg BT 507.95 108.75 Td (positions ) Tj ET Q q 0 0 0 rg BT 550.43 108.75 Td (within ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 95.75 Td (the ) Tj ET Q q 0 0 0 rg BT 70.28 95.75 Td (T) Tj ET Q q 0 0 0 rg BT 76.02 95.75 Td (reasury ) Tj ET Q q 0 0 0 rg BT 111.91 95.75 Td (function ) Tj ET Q q 0 0 0 rg BT 149.48 95.75 Td (including ) Tj ET Q q 0 0 0 rg BT 190.99 95.75 Td (Assistant ) Tj ET Q q 0 0 0 rg BT 233.94 95.75 Td (T) Tj ET Q q 0 0 0 rg BT 239.68 95.75 Td (reasurer ) Tj ET Q q 0 0 0 rg BT 279.46 95.75 Td (and ) Tj ET Q q 0 0 0 rg BT 298.69 95.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 350.14 95.75 Td (& ) Tj ET Q q 0 0 0 rg BT 359.19 95.75 Td (T) Tj ET Q q 0 0 0 rg BT 364.93 95.75 Td (reasury ) Tj ET Q q 0 0 0 rg BT 400.31 95.75 Td (Analyst. ) Tj ET Q q 0 0 0 rg BT 441.21 95.75 Td (He ) Tj ET Q q 0 0 0 rg BT 456.54 95.75 Td (has ) Tj ET Q q 0 0 0 rg BT 475.21 95.75 Td (been ) Tj ET Q q 0 0 0 rg BT 500.00 95.75 Td (in ) Tj ET Q q 0 0 0 rg BT 510.32 95.75 Td (his ) Tj ET Q q 0 0 0 rg BT 525.65 95.75 Td (current ) Tj ET Q q 0 0 0 rg BT 559.32 95.75 Td (role ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 82.75 Td (since ) Tj ET Q q 0 0 0 rg BT 79.96 82.75 Td (2010. ) Tj ET Q q 0 0 0 rg BT 107.59 82.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 131.32 82.75 Td (to ) Tj ET Q q 0 0 0 rg BT 142.27 82.75 Td (joining ) Tj ET Q q 0 0 0 rg BT 173.79 82.75 Td (PartnerRe, ) Tj ET Q q 0 0 0 rg BT 224.76 82.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 235.86 82.75 Td (. ) Tj ET Q q 0 0 0 rg BT 241.25 82.75 Td (Lipschutz ) Tj ET Q q 0 0 0 rg BT 286.11 82.75 Td (was ) Tj ET Q q 0 0 0 rg BT 306.51 82.75 Td (an ) Tj ET Q q 0 0 0 rg BT 320.24 82.75 Td (accountant ) Tj ET Q q 0 0 0 rg BT 371.78 82.75 Td (with ) Tj ET Q q 0 0 0 rg BT 392.00 82.75 Td (T) Tj ET Q q 0 0 0 rg BT 397.00 82.75 Td (ewksbury ) Tj ET Q q 0 0 0 rg BT 441.85 82.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 475.59 82.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 536.57 82.75 Td (\(formerly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 69.75 Td (T) Tj ET Q q 0 0 0 rg BT 59.74 69.75 Td (rout ) Tj ET Q q 0 0 0 rg BT 80.38 69.75 Td (T) Tj ET Q q 0 0 0 rg BT 86.11 69.75 Td (rading ) Tj ET Q q 0 0 0 rg BT 117.55 69.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 179.57 69.75 Td (Company\) ) Tj ET Q q 0 0 0 rg BT 229.34 69.75 Td (from ) Tj ET Q q 0 0 0 rg BT 252.98 69.75 Td (1998 ) Tj ET Q q 0 0 0 rg BT 278.87 69.75 Td (through ) Tj ET Q q 0 0 0 rg BT 316.43 69.75 Td (2003. ) Tj ET Q q 0 0 0 rg BT 345.10 69.75 Td (While ) Tj ET Q q 0 0 0 rg BT 376.53 69.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 387.64 69.75 Td (. ) Tj ET Q q 0 0 0 rg BT 394.06 69.75 Td (Lipschutz ) Tj ET Q q 0 0 0 rg BT 439.95 69.75 Td (was ) Tj ET Q q 0 0 0 rg BT 461.38 69.75 Td (an ) Tj ET Q q 0 0 0 rg BT 476.15 69.75 Td (auditor ) Tj ET Q q 0 0 0 rg BT 510.37 69.75 Td (with ) Tj ET Q q 0 0 0 rg BT 531.79 69.75 Td (Deloitte ) Tj ET Q q 0 0 0 rg BT 569.34 69.75 Td (& ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 56.75 Td (T) Tj ET Q q 0 0 0 rg BT 59.00 56.75 Td (ouche ) Tj ET Q q 0 0 0 rg BT 89.27 56.75 Td (from ) Tj ET Q q 0 0 0 rg BT 112.30 56.75 Td (1993 ) Tj ET Q q 0 0 0 rg BT 137.58 56.75 Td (through ) Tj ET Q q 0 0 0 rg BT 174.52 56.75 Td (1998, ) Tj ET Q q 0 0 0 rg BT 202.57 56.75 Td (he ) Tj ET Q q 0 0 0 rg BT 216.72 56.75 Td (successfully ) Tj ET Q q 0 0 0 rg BT 273.66 56.75 Td (passed ) Tj ET Q q 0 0 0 rg BT 308.93 56.75 Td (the ) Tj ET Q q 0 0 0 rg BT 325.86 56.75 Td (Certified ) Tj ET Q q 0 0 0 rg BT 366.12 56.75 Td (Public ) Tj ET Q q 0 0 0 rg BT 395.79 56.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 448.29 56.75 Td (exam. ) Tj ET Q q 0 0 0 rg BT 481.33 56.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 492.44 56.75 Td (. ) Tj ET Q q 0 0 0 rg BT 498.24 56.75 Td (Lipschutz ) Tj ET Q q 0 0 0 rg BT 543.52 56.75 Td (holds ) Tj ET Q q 0 0 0 rg BT 570.45 56.75 Td (a ) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 712.75 Td (B.A) Tj ET Q q 0 0 0 rg BT 69.57 712.75 Td ( ) Tj ET Q q 0 0 0 rg BT 72.95 712.75 Td (from ) Tj ET Q q 0 0 0 rg BT 96.33 712.75 Td (Muhlenberg ) Tj ET Q q 0 0 0 rg BT 152.53 712.75 Td (College ) Tj ET Q q 0 0 0 rg BT 189.82 712.75 Td (and ) Tj ET Q q 0 0 0 rg BT 209.89 712.75 Td (is ) Tj ET Q q 0 0 0 rg BT 220.50 712.75 Td (Chartered ) Tj ET Q q 0 0 0 rg BT 268.35 712.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 311.08 712.75 Td (Analyst. ) Tj ET Q q 0 0 0 rg BT 350.03 712.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 361.14 712.75 Td (. ) Tj ET Q q 0 0 0 rg BT 367.30 712.75 Td (Lipschutz ) Tj ET Q q 0 0 0 rg BT 412.93 712.75 Td (has ) Tj ET Q q 0 0 0 rg BT 432.44 712.75 Td (been ) Tj ET Q q 0 0 0 rg BT 457.85 712.75 Td (T) Tj ET Q q 0 0 0 rg BT 463.59 712.75 Td (reasurer ) Tj ET Q q 0 0 0 rg BT 504.21 712.75 Td (of ) Tj ET Q q 0 0 0 rg BT 515.93 712.75 Td (the ) Tj ET Q q 0 0 0 rg BT 533.21 712.75 Td (Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 699.75 Td (April ) Tj ET Q q 0 0 0 rg BT 76.78 699.75 Td (27, ) Tj ET Q q 0 0 0 rg BT 93.46 699.75 Td (2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 673.75 Td (Gemma ) Tj ET Q q 0 0 0 rg BT 93.46 673.75 Td (Carreiro ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 660.75 Td (Mrs. ) Tj ET Q q 0 0 0 rg BT 77.07 660.75 Td (Carreiro ) Tj ET Q q 0 0 0 rg BT 116.81 660.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 147.13 660.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 196.34 660.75 Td (in ) Tj ET Q q 0 0 0 rg BT 207.75 660.75 Td (March ) Tj ET Q q 0 0 0 rg BT 239.16 660.75 Td (2014 ) Tj ET Q q 0 0 0 rg BT 265.04 660.75 Td (as ) Tj ET Q q 0 0 0 rg BT 278.51 660.75 Td (Associate ) Tj ET Q q 0 0 0 rg BT 325.49 660.75 Td (General ) Tj ET Q q 0 0 0 rg BT 364.70 660.75 Td (Counsel ) Tj ET Q q 0 0 0 rg BT 405.01 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 416.98 660.75 Td (Partner ) Tj ET Q q 0 0 0 rg BT 453.40 660.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 513.18 660.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 559.60 660.75 Td (Ltd) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 660.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 647.75 Td (\(PRCL\). ) Tj ET Q q 0 0 0 rg BT 99.55 647.75 Td (In ) Tj ET Q q 0 0 0 rg BT 110.12 647.75 Td (August ) Tj ET Q q 0 0 0 rg BT 144.03 647.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 171.83 647.75 Td (she ) Tj ET Q q 0 0 0 rg BT 190.73 647.75 Td (was ) Tj ET Q q 0 0 0 rg BT 211.29 647.75 Td (promoted ) Tj ET Q q 0 0 0 rg BT 256.32 647.75 Td (to ) Tj ET Q q 0 0 0 rg BT 267.44 647.75 Td (General ) Tj ET Q q 0 0 0 rg BT 305.79 647.75 Td (Counsel ) Tj ET Q q 0 0 0 rg BT 345.26 647.75 Td (of ) Tj ET Q q 0 0 0 rg BT 356.38 647.75 Td (PRCL) Tj ET Q q 0 0 0 rg BT 382.68 647.75 Td ( ) Tj ET Q q 0 0 0 rg BT 385.46 647.75 Td (and ) Tj ET Q q 0 0 0 rg BT 404.92 647.75 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 450.49 647.75 Td (to ) Tj ET Q q 0 0 0 rg BT 461.61 647.75 Td (the ) Tj ET Q q 0 0 0 rg BT 478.29 647.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 507.75 647.75 Td (of ) Tj ET Q q 0 0 0 rg BT 518.87 647.75 Td (PartnerRe. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 634.75 Td (Mrs. ) Tj ET Q q 0 0 0 rg BT 76.72 634.75 Td (Carreiro ) Tj ET Q q 0 0 0 rg BT 116.11 634.75 Td (started ) Tj ET Q q 0 0 0 rg BT 149.96 634.75 Td (her ) Tj ET Q q 0 0 0 rg BT 167.69 634.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 192.10 634.75 Td (career ) Tj ET Q q 0 0 0 rg BT 223.72 634.75 Td (with ) Tj ET Q q 0 0 0 rg BT 244.78 634.75 Td (Cox ) Tj ET Q q 0 0 0 rg BT 265.84 634.75 Td (Hallett ) Tj ET Q q 0 0 0 rg BT 297.46 634.75 Td (Wilkinson ) Tj ET Q q 0 0 0 rg BT 343.53 634.75 Td (in ) Tj ET Q q 0 0 0 rg BT 354.59 634.75 Td (2004 ) Tj ET Q q 0 0 0 rg BT 380.11 634.75 Td (where ) Tj ET Q q 0 0 0 rg BT 410.62 634.75 Td (she ) Tj ET Q q 0 0 0 rg BT 430.02 634.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 479.44 634.75 Td (her ) Tj ET Q q 0 0 0 rg BT 497.17 634.75 Td (pupilage ) Tj ET Q q 0 0 0 rg BT 538.26 634.75 Td (and ) Tj ET Q q 0 0 0 rg BT 558.22 634.75 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 621.75 Td (promoted ) Tj ET Q q 0 0 0 rg BT 99.31 621.75 Td (to ) Tj ET Q q 0 0 0 rg BT 110.10 621.75 Td (Associate ) Tj ET Q q 0 0 0 rg BT 156.52 621.75 Td (in ) Tj ET Q q 0 0 0 rg BT 167.37 621.75 Td (2005. ) Tj ET Q q 0 0 0 rg BT 195.46 621.75 Td (In ) Tj ET Q q 0 0 0 rg BT 206.86 621.75 Td (2007, ) Tj ET Q q 0 0 0 rg BT 234.95 621.75 Td (Mrs. ) Tj ET Q q 0 0 0 rg BT 257.45 621.75 Td (Carreiro ) Tj ET Q q 0 0 0 rg BT 296.63 621.75 Td (took ) Tj ET Q q 0 0 0 rg BT 318.59 621.75 Td (up ) Tj ET Q q 0 0 0 rg BT 332.78 621.75 Td (a ) Tj ET Q q 0 0 0 rg BT 341.40 621.75 Td (position ) Tj ET Q q 0 0 0 rg BT 378.93 621.75 Td (with ) Tj ET Q q 0 0 0 rg BT 399.78 621.75 Td (Conyers ) Tj ET Q q 0 0 0 rg BT 440.08 621.75 Td (Dill ) Tj ET Q q 0 0 0 rg BT 457.03 621.75 Td (& ) Tj ET Q q 0 0 0 rg BT 466.76 621.75 Td (Pearman ) Tj ET Q q 0 0 0 rg BT 510.40 621.75 Td (Limited ) Tj ET Q q 0 0 0 rg BT 545.70 621.75 Td (in ) Tj ET Q q 0 0 0 rg BT 556.55 621.75 Td (their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 608.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 101.58 608.75 Td (/ ) Tj ET Q q 0 0 0 rg BT 107.48 608.75 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 154.51 608.75 Td (department ) Tj ET Q q 0 0 0 rg BT 208.21 608.75 Td (and ) Tj ET Q q 0 0 0 rg BT 228.01 608.75 Td (was ) Tj ET Q q 0 0 0 rg BT 248.90 608.75 Td (promoted ) Tj ET Q q 0 0 0 rg BT 294.27 608.75 Td (to ) Tj ET Q q 0 0 0 rg BT 305.72 608.75 Td (Senior ) Tj ET Q q 0 0 0 rg BT 337.12 608.75 Td (Associate. ) Tj ET Q q 0 0 0 rg BT 386.37 608.75 Td (Mrs. ) Tj ET Q q 0 0 0 rg BT 408.92 608.75 Td (Carreiro ) Tj ET Q q 0 0 0 rg BT 448.16 608.75 Td (holds ) Tj ET Q q 0 0 0 rg BT 475.18 608.75 Td (a ) Tj ET Q q 0 0 0 rg BT 483.85 608.75 Td (BA) Tj ET Q q 0 0 0 rg BT 496.64 608.75 Td ( ) Tj ET Q q 0 0 0 rg BT 499.76 608.75 Td (Law ) Tj ET Q q 0 0 0 rg BT 521.22 608.75 Td (\(Scots\) ) Tj ET Q q 0 0 0 rg BT 556.00 608.75 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 595.75 Td (Napier ) Tj ET Q q 0 0 0 rg BT 86.59 595.75 Td (University) Tj ET Q q 0 0 0 rg BT 129.74 595.75 Td (, ) Tj ET Q q 0 0 0 rg BT 135.66 595.75 Td (a ) Tj ET Q q 0 0 0 rg BT 144.35 595.75 Td (Post-Graduate ) Tj ET Q q 0 0 0 rg BT 212.52 595.75 Td (Degree ) Tj ET Q q 0 0 0 rg BT 248.45 595.75 Td (in ) Tj ET Q q 0 0 0 rg BT 259.36 595.75 Td (Law ) Tj ET Q q 0 0 0 rg BT 280.84 595.75 Td (and ) Tj ET Q q 0 0 0 rg BT 300.66 595.75 Td (a ) Tj ET Q q 0 0 0 rg BT 309.35 595.75 Td (Legal ) Tj ET Q q 0 0 0 rg BT 336.95 595.75 Td (Practice ) Tj ET Q q 0 0 0 rg BT 376.20 595.75 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 424.35 595.75 Td (from ) Tj ET Q q 0 0 0 rg BT 447.48 595.75 Td (the ) Tj ET Q q 0 0 0 rg BT 464.52 595.75 Td (College ) Tj ET Q q 0 0 0 rg BT 501.56 595.75 Td (of ) Tj ET Q q 0 0 0 rg BT 513.03 595.75 Td (Law) Tj ET Q q 0 0 0 rg BT 530.83 595.75 Td (, ) Tj ET Q q 0 0 0 rg BT 536.53 595.75 Td (Y) Tj ET Q q 0 0 0 rg BT 542.29 595.75 Td (ork ) Tj ET Q q 0 0 0 rg BT 559.31 595.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 582.75 Td (was ) Tj ET 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(Association.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 543.75 Td (David ) Tj ET Q q 0 0 0 rg BT 84.01 543.75 Td (Outtrim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.90 543.75 Td (-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.23 543.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.00 543.75 Td (Resigned ) Tj ET Q q 0 0 0 rg BT 174.03 543.75 Td (as ) Tj ET Q q 0 0 0 rg BT 187.37 543.75 Td (a ) Tj ET Q q 0 0 0 rg BT 195.71 543.75 Td (director ) Tj ET Q q 0 0 0 rg BT 231.84 543.75 Td (ef) Tj ET Q q 0 0 0 rg BT 240.00 543.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 271.68 543.75 Td (February ) Tj ET Q q 0 0 0 rg BT 314.47 543.75 Td (6, ) Tj ET Q q 0 0 0 rg BT 325.59 543.75 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 530.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 65.11 530.75 Td (. ) Tj ET Q q 0 0 0 rg BT 70.52 530.75 Td (Outtrim ) Tj ET Q q 0 0 0 rg BT 105.93 530.75 Td (was ) Tj ET Q q 0 0 0 rg BT 126.34 530.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 180.11 530.75 Td (for ) Tj ET Q q 0 0 0 rg BT 194.41 530.75 Td (the ) Tj ET Q q 0 0 0 rg BT 210.94 530.75 Td (management ) Tj ET Q q 0 0 0 rg BT 271.94 530.75 Td (of ) Tj ET Q q 0 0 0 rg BT 282.91 530.75 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 330.53 530.75 Td (s ) Tj ET Q q 0 0 0 rg BT 338.16 530.75 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 385.25 530.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 420.13 530.75 Td (team, ) Tj ET Q q 0 0 0 rg BT 447.77 530.75 Td (the ) Tj ET Q q 0 0 0 rg BT 464.30 530.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 507.51 530.75 Td (of ) Tj ET Q q 0 0 0 rg BT 518.48 530.75 Td (all ) Tj ET Q q 0 0 0 rg BT 531.12 530.75 Td (group ) Tj ET Q q 0 0 0 rg BT 559.32 530.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 517.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 77.18 517.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 103.13 517.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 141.86 517.75 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 186.16 517.75 Td (planning ) Tj ET Q q 0 0 0 rg BT 226.02 517.75 Td (and ) Tj ET Q q 0 0 0 rg BT 244.75 517.75 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 285.71 517.75 Td (and ) Tj ET Q q 0 0 0 rg BT 304.44 517.75 Td (the ) Tj ET Q q 0 0 0 rg BT 320.39 517.75 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 379.70 517.75 Td (of ) Tj ET Q q 0 0 0 rg BT 390.09 517.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 440.50 517.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 475.90 517.75 Td (and ) Tj ET Q q 0 0 0 rg BT 494.63 517.75 Td (controls. ) Tj ET Q q 0 0 0 rg BT 534.48 517.75 Td (He ) Tj ET Q q 0 0 0 rg BT 549.31 517.75 Td (joined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 504.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 101.89 504.75 Td (in ) Tj ET Q q 0 0 0 rg BT 111.99 504.75 Td (January ) Tj ET Q q 0 0 0 rg BT 149.87 504.75 Td (2007 ) Tj ET Q q 0 0 0 rg BT 174.43 504.75 Td (as ) Tj ET Q q 0 0 0 rg BT 187.31 504.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 217.41 504.75 Td (Controller ) Tj ET Q q 0 0 0 rg BT 263.08 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 282.07 504.75 Td (was ) Tj ET Q q 0 0 0 rg BT 302.17 504.75 Td (promoted ) Tj ET Q q 0 0 0 rg BT 346.73 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 357.38 504.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 382.58 504.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 434.37 504.75 Td (Of) Tj ET Q q 0 0 0 rg BT 444.75 504.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 465.95 504.75 Td (in ) Tj ET Q q 0 0 0 rg BT 475.59 504.75 Td (April ) Tj ET Q q 0 0 0 rg BT 497.91 504.75 Td (2010. ) Tj ET Q q 0 0 0 rg BT 525.24 504.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 548.67 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 559.32 504.75 Td (that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 491.75 Td (he ) Tj ET Q q 0 0 0 rg BT 68.74 491.75 Td (served ) Tj ET Q q 0 0 0 rg BT 102.37 491.75 Td (as ) Tj ET Q q 0 0 0 rg BT 116.54 491.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 160.17 491.75 Td (Controller ) Tj ET Q q 0 0 0 rg BT 207.14 491.75 Td (of ) Tj ET Q q 0 0 0 rg BT 219.09 491.75 Td (Quanta ) Tj ET Q q 0 0 0 rg BT 255.51 491.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 290.25 491.75 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 332.77 491.75 Td (Ltd ) Tj ET Q q 0 0 0 rg BT 350.29 491.75 Td (from ) Tj ET Q q 0 0 0 rg BT 373.90 491.75 Td (2004 ) Tj ET Q q 0 0 0 rg BT 399.76 491.75 Td (through ) Tj ET Q q 0 0 0 rg BT 437.29 491.75 Td (2006. ) Tj ET Q q 0 0 0 rg BT 468.71 491.75 Td (From ) Tj ET Q q 0 0 0 rg BT 495.65 491.75 Td (1996 ) Tj ET Q q 0 0 0 rg BT 521.51 491.75 Td (to ) Tj ET Q q 0 0 0 rg BT 533.47 491.75 Td (2004, ) Tj ET Q q 0 0 0 rg BT 562.10 491.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 573.21 491.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 478.75 Td (Outtrim ) Tj ET Q q 0 0 0 rg BT 89.03 478.75 Td (worked ) Tj ET Q q 0 0 0 rg BT 123.52 478.75 Td (for ) Tj ET Q q 0 0 0 rg BT 137.44 478.75 Td (the ) Tj ET Q q 0 0 0 rg BT 153.59 478.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 177.52 478.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 196.43 478.75 Td (of ) Tj ET Q q 0 0 0 rg BT 207.02 478.75 Td (KPMG ) Tj ET Q q 0 0 0 rg BT 238.72 478.75 Td (where ) Tj ET Q q 0 0 0 rg BT 268.21 478.75 Td (he ) Tj ET Q q 0 0 0 rg BT 281.58 478.75 Td (progressed ) Tj ET Q q 0 0 0 rg BT 333.86 478.75 Td (from ) Tj ET Q q 0 0 0 rg BT 355.67 478.75 Td (Auditor ) Tj ET Q q 0 0 0 rg BT 389.60 478.75 Td (to ) Tj ET Q q 0 0 0 rg BT 400.19 478.75 Td (Senior ) Tj ET Q q 0 0 0 rg BT 431.35 478.75 Td (Manager) Tj ET Q q 0 0 0 rg BT 470.26 478.75 Td (, ) Tj ET Q q 0 0 0 rg BT 475.29 478.75 Td (working ) Tj ET Q q 0 0 0 rg BT 512.00 478.75 Td (both ) Tj ET Q q 0 0 0 rg BT 533.72 478.75 Td (in ) Tj ET Q q 0 0 0 rg BT 543.75 478.75 Td (Europe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 465.75 Td (and ) Tj ET Q q 0 0 0 rg BT 73.39 465.75 Td (Bermuda. ) Tj ET Q q 0 0 0 rg BT 122.23 465.75 Td (From ) Tj ET Q q 0 0 0 rg BT 148.27 465.75 Td (1993 ) Tj ET Q q 0 0 0 rg BT 173.22 465.75 Td (to ) Tj ET Q q 0 0 0 rg BT 184.27 465.75 Td (1996, ) Tj ET Q q 0 0 0 rg BT 212.00 465.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 223.11 465.75 Td (. ) Tj ET Q q 0 0 0 rg BT 228.59 465.75 Td (Outtrim ) Tj ET Q q 0 0 0 rg BT 264.08 465.75 Td (worked ) Tj ET Q q 0 0 0 rg BT 299.02 465.75 Td (for ) Tj ET Q q 0 0 0 rg BT 313.39 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 330.00 465.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 354.39 465.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 373.76 465.75 Td (of ) Tj ET Q q 0 0 0 rg BT 384.81 465.75 Td (BDO ) Tj ET Q q 0 0 0 rg BT 409.18 465.75 Td (in ) Tj ET Q q 0 0 0 rg BT 419.67 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 436.28 465.75 Td (United ) Tj ET Q q 0 0 0 rg BT 467.89 465.75 Td (Kingdom. ) Tj ET Q q 0 0 0 rg BT 512.85 465.75 Td (He ) Tj ET Q q 0 0 0 rg BT 528.34 465.75 Td (holds ) Tj ET Q q 0 0 0 rg BT 554.95 465.75 Td (a ) Tj ET Q q 0 0 0 rg BT 563.22 465.75 Td (BA) Tj ET Q q 0 0 0 rg BT 576.00 465.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 452.75 Td (in ) Tj ET Q q 0 0 0 rg BT 64.26 452.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 116.82 452.75 Td (and ) Tj ET Q q 0 0 0 rg BT 136.59 452.75 Td (Finance ) Tj ET Q q 0 0 0 rg BT 175.25 452.75 Td (from ) Tj ET Q q 0 0 0 rg BT 198.33 452.75 Td (Nottingham ) Tj ET Q q 0 0 0 rg BT 252.36 452.75 Td (T) Tj ET Q q 0 0 0 rg BT 258.09 452.75 Td (rent ) Tj ET Q q 0 0 0 rg BT 278.41 452.75 Td (University ) Tj ET Q q 0 0 0 rg BT 325.39 452.75 Td (and ) Tj ET Q q 0 0 0 rg BT 345.16 452.75 Td (is ) Tj ET Q q 0 0 0 rg BT 355.47 452.75 Td (a ) Tj ET Q q 0 0 0 rg BT 364.11 452.75 Td (Fellow ) Tj ET Q q 0 0 0 rg BT 396.09 452.75 Td (of ) Tj ET Q q 0 0 0 rg BT 407.52 452.75 Td (the ) Tj ET Q q 0 0 0 rg BT 424.51 452.75 Td (Institute ) Tj ET Q q 0 0 0 rg BT 462.61 452.75 Td (of ) Tj ET Q q 0 0 0 rg BT 474.04 452.75 Td (Chartered ) Tj ET Q q 0 0 0 rg BT 520.98 452.75 Td (Accountants ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 439.75 Td (in ) Tj ET Q q 0 0 0 rg BT 64.56 439.75 Td (England ) Tj ET Q q 0 0 0 rg BT 104.04 439.75 Td (and ) Tj ET Q q 0 0 0 rg BT 123.50 439.75 Td (W) Tj ET Q q 0 0 0 rg BT 132.57 439.75 Td (ales.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 400.75 Td (Biographies ) Tj ET Q q 0 0 0 rg BT 114.57 400.75 Td (of ) Tj ET Q q 0 0 0 rg BT 126.78 400.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 176.26 400.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 240.16 400.75 Td (of ) Tj ET Q q 0 0 0 rg BT 252.37 400.75 Td (the ) Tj ET Q q 0 0 0 rg BT 270.15 400.75 Td (Company:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 375.75 Td (W) Tj ET Q q 0 0 0 rg BT 63.07 375.75 Td (anda ) Tj ET Q q 0 0 0 rg BT 89.19 375.75 Td (Mwaura ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.20 375.75 Td (- ) Tj ET Q q 0 0 0 rg BT 135.30 375.75 Td (Principal ) Tj ET Q q 0 0 0 rg BT 176.43 375.75 Td (Representative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 363.75 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 74.26 363.75 Td (Mwaura ) Tj ET Q q 0 0 0 rg BT 113.97 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 125.35 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 143.40 363.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 170.07 363.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 223.70 363.75 Td (Of) Tj ET Q q 0 0 0 rg BT 234.07 363.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 257.11 363.75 Td (for ) Tj ET Q q 0 0 0 rg BT 272.93 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 290.98 363.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 340.71 363.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 372.65 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 393.49 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 404.86 363.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 460.15 363.75 Td (for ) Tj ET Q q 0 0 0 rg BT 475.97 363.75 Td (external ) Tj ET Q q 0 0 0 rg BT 515.70 363.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 559.31 363.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 351.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 105.25 351.75 Td (policy ) Tj ET Q q 0 0 0 rg BT 133.71 351.75 Td (for ) Tj ET Q q 0 0 0 rg BT 148.26 351.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 171.71 351.75 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 216.84 351.75 Td (US ) Tj ET Q q 0 0 0 rg BT 233.62 351.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 261.22 351.75 Td ( ) Tj ET Q q 0 0 0 rg BT 264.11 351.75 Td (and ) Tj ET Q q 0 0 0 rg BT 283.68 351.75 Td (IFRS. ) Tj ET Q q 0 0 0 rg BT 312.12 351.75 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 331.11 351.75 Td (Mwaura ) Tj ET Q q 0 0 0 rg BT 369.57 351.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 399.14 351.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 447.60 351.75 Td (in ) Tj ET Q q 0 0 0 rg BT 458.27 351.75 Td (October ) Tj ET Q q 0 0 0 rg BT 496.73 351.75 Td (2013 ) Tj ET Q q 0 0 0 rg BT 521.86 351.75 Td (as ) Tj ET Q q 0 0 0 rg BT 535.31 351.75 Td (the ) Tj ET Q q 0 0 0 rg BT 552.09 351.75 Td (Head ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 339.75 Td (of ) Tj ET Q q 0 0 0 rg BT 64.95 339.75 Td (External ) Tj ET Q q 0 0 0 rg BT 104.25 339.75 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 150.22 339.75 Td (and ) Tj ET Q q 0 0 0 rg BT 169.00 339.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 221.09 339.75 Td (Policy) Tj ET Q q 0 0 0 rg BT 247.02 339.75 Td (. ) Tj ET Q q 0 0 0 rg BT 252.41 339.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 276.14 339.75 Td (to ) Tj ET Q q 0 0 0 rg BT 287.09 339.75 Td (that ) Tj ET Q q 0 0 0 rg BT 306.39 339.75 Td (she ) Tj ET Q q 0 0 0 rg BT 325.12 339.75 Td (was ) Tj ET Q q 0 0 0 rg BT 345.52 339.75 Td (an ) Tj ET Q q 0 0 0 rg BT 358.73 339.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 384.14 339.75 Td (Partner ) Tj ET Q q 0 0 0 rg BT 419.55 339.75 Td (in ) Tj ET Q q 0 0 0 rg BT 429.94 339.75 Td (the ) Tj ET Q q 0 0 0 rg BT 446.46 339.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 489.09 339.75 Td (Services ) Tj ET Q q 0 0 0 rg BT 530.05 339.75 Td (practice ) Tj ET Q q 0 0 0 rg BT 567.67 339.75 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 327.75 Td (Ernst ) Tj ET Q q 0 0 0 rg BT 80.62 327.75 Td (& ) Tj ET Q q 0 0 0 rg BT 90.35 327.75 Td (Y) Tj ET Q q 0 0 0 rg BT 96.10 327.75 Td (oung ) Tj ET Q q 0 0 0 rg BT 121.63 327.75 Td (Bermuda, ) Tj ET Q q 0 0 0 rg BT 168.26 327.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 209.31 327.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 263.73 327.75 Td (for ) Tj ET Q q 0 0 0 rg BT 278.68 327.75 Td (audits ) Tj ET Q q 0 0 0 rg BT 308.64 327.75 Td (of ) Tj ET Q q 0 0 0 rg BT 320.26 327.75 Td (\(re\)insurance ) Tj ET Q q 0 0 0 rg BT 382.45 327.75 Td (entities. ) Tj ET Q q 0 0 0 rg BT 420.19 327.75 Td ( ) Tj ET Q q 0 0 0 rg BT 423.47 327.75 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 442.85 327.75 Td (Mwaura ) Tj ET Q q 0 0 0 rg BT 481.70 327.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 511.66 327.75 Td (Ernst ) Tj ET Q q 0 0 0 rg BT 538.28 327.75 Td (& ) Tj ET Q q 0 0 0 rg BT 548.01 327.75 Td (Y) Tj ET Q q 0 0 0 rg BT 553.77 327.75 Td (oung ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 315.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 96.52 315.75 Td (in ) Tj ET Q q 0 0 0 rg BT 106.25 315.75 Td (January ) Tj ET Q q 0 0 0 rg BT 143.78 315.75 Td (1996 ) Tj ET Q q 0 0 0 rg BT 167.97 315.75 Td (as ) Tj ET Q q 0 0 0 rg BT 180.48 315.75 Td (a ) Tj ET Q q 0 0 0 rg BT 187.99 315.75 Td (Staf) Tj ET Q q 0 0 0 rg BT 205.59 315.75 Td (f ) Tj ET Q q 0 0 0 rg BT 209.93 315.75 Td (Accountant ) Tj ET Q q 0 0 0 rg BT 261.91 315.75 Td (and ) Tj ET Q q 0 0 0 rg BT 280.54 315.75 Td (over ) Tj ET Q q 0 0 0 rg BT 301.94 315.75 Td (the ) Tj ET Q q 0 0 0 rg BT 317.79 315.75 Td (years ) Tj ET Q q 0 0 0 rg BT 344.19 315.75 Td (was ) Tj ET Q q 0 0 0 rg BT 363.92 315.75 Td (promoted ) Tj ET Q q 0 0 0 rg BT 408.11 315.75 Td (to ) Tj ET Q q 0 0 0 rg BT 418.40 315.75 Td (Senior) Tj ET Q q 0 0 0 rg BT 446.76 315.75 Td (, ) Tj ET Q q 0 0 0 rg BT 451.48 315.75 Td (Supervisor) Tj ET Q q 0 0 0 rg BT 498.73 315.75 Td (, ) Tj ET Q q 0 0 0 rg BT 503.45 315.75 Td (Manager) Tj ET Q q 0 0 0 rg BT 542.37 315.75 Td (, ) Tj ET Q q 0 0 0 rg BT 547.09 315.75 Td (Senior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 303.75 Td (Manager ) Tj ET Q q 0 0 0 rg BT 95.34 303.75 Td (and ) Tj ET Q q 0 0 0 rg BT 113.90 303.75 Td (Partner) Tj ET Q q 0 0 0 rg BT 146.15 303.75 Td (. ) Tj ET Q q 0 0 0 rg BT 150.80 303.75 Td (During ) Tj ET Q q 0 0 0 rg BT 182.13 303.75 Td (her ) Tj ET Q q 0 0 0 rg BT 198.46 303.75 Td (career ) Tj ET Q q 0 0 0 rg BT 228.68 303.75 Td (at ) Tj ET Q q 0 0 0 rg BT 238.90 303.75 Td (EY) Tj ET Q q 0 0 0 rg BT 250.95 303.75 Td (, ) Tj ET Q q 0 0 0 rg BT 255.60 303.75 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 273.59 303.75 Td (Mwaura ) Tj ET Q q 0 0 0 rg BT 311.03 303.75 Td (led ) Tj ET Q q 0 0 0 rg BT 326.25 303.75 Td (the ) Tj ET Q q 0 0 0 rg BT 342.03 303.75 Td (audits ) Tj ET Q q 0 0 0 rg BT 370.59 303.75 Td (and ) Tj ET Q q 0 0 0 rg BT 389.15 303.75 Td (consulting ) Tj ET Q q 0 0 0 rg BT 436.06 303.75 Td (engagements ) Tj ET Q q 0 0 0 rg BT 498.53 303.75 Td (\(including ) Tj ET Q q 0 0 0 rg BT 543.21 303.75 Td (internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 291.75 Td (audit, ) Tj ET Q q 0 0 0 rg BT 81.65 291.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 117.64 291.75 Td (control ) Tj ET Q q 0 0 0 rg BT 150.85 291.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 204.62 291.75 Td (and ) Tj ET Q q 0 0 0 rg BT 224.50 291.75 Td (other ) Tj ET Q q 0 0 0 rg BT 250.48 291.75 Td (special ) Tj ET Q q 0 0 0 rg BT 284.80 291.75 Td (projects\) ) Tj ET Q q 0 0 0 rg BT 326.33 291.75 Td (for ) Tj ET Q q 0 0 0 rg BT 341.19 291.75 Td (many ) Tj ET Q q 0 0 0 rg BT 368.84 291.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 415.39 291.75 Td (captives, ) Tj ET Q q 0 0 0 rg BT 458.04 291.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 481.80 291.75 Td (registrants ) Tj ET Q q 0 0 0 rg BT 531.67 291.75 Td (and ) Tj ET Q q 0 0 0 rg BT 551.55 291.75 Td (many ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 279.75 Td (other ) Tj ET Q q 0 0 0 rg BT 79.69 279.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 134.83 279.75 Td (and ) Tj ET Q q 0 0 0 rg BT 154.41 279.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 181.20 279.75 Td (management ) Tj ET Q q 0 0 0 rg BT 242.47 279.75 Td (clients. ) Tj ET Q q 0 0 0 rg BT 276.48 279.75 Td ( ) Tj ET Q q 0 0 0 rg BT 279.38 279.75 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 298.38 279.75 Td (Mwaura ) Tj ET Q q 0 0 0 rg BT 336.84 279.75 Td (has ) Tj ET Q q 0 0 0 rg BT 355.86 279.75 Td (participated ) Tj ET Q q 0 0 0 rg BT 410.45 279.75 Td (on ) Tj ET Q q 0 0 0 rg BT 424.46 279.75 Td (numerous ) Tj ET Q q 0 0 0 rg BT 471.83 279.75 Td (boards ) Tj ET Q q 0 0 0 rg BT 505.30 279.75 Td (and ) Tj ET Q q 0 0 0 rg BT 524.87 279.75 Td (committees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 267.75 Td (over ) Tj ET Q q 0 0 0 rg BT 76.63 267.75 Td (the ) Tj ET Q q 0 0 0 rg BT 93.70 267.75 Td (years, ) Tj ET Q q 0 0 0 rg BT 124.10 267.75 Td (including ) Tj ET Q q 0 0 0 rg BT 166.75 267.75 Td (the ) Tj ET Q q 0 0 0 rg BT 183.82 267.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 227.57 267.75 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 274.66 267.75 Td (Institute, ) Tj ET Q q 0 0 0 rg BT 315.42 267.75 Td (The ) Tj ET Q q 0 0 0 rg BT 335.82 267.75 Td (Institute ) Tj ET Q q 0 0 0 rg BT 374.01 267.75 Td (of ) Tj ET Q q 0 0 0 rg BT 385.52 267.75 Td (Chartered ) Tj ET Q q 0 0 0 rg BT 432.53 267.75 Td (Accountants ) Tj ET Q q 0 0 0 rg BT 490.74 267.75 Td (of ) Tj ET Q q 0 0 0 rg BT 502.25 267.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 546.00 267.75 Td (\(ICAB\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 255.75 Td (and ) Tj ET Q q 0 0 0 rg BT 72.61 255.75 Td (the ) Tj ET Q q 0 0 0 rg BT 88.05 255.75 Td (Atlantic ) Tj ET Q q 0 0 0 rg BT 122.76 255.75 Td (School ) Tj ET Q q 0 0 0 rg BT 155.26 255.75 Td (of ) Tj ET Q q 0 0 0 rg BT 165.52 255.75 Td (Chartered ) Tj ET Q q 0 0 0 rg BT 211.53 255.75 Td (Accountants. ) Tj ET Q q 0 0 0 rg BT 271.27 255.75 Td ( ) Tj ET Q q 0 0 0 rg BT 273.19 255.75 Td (She ) Tj ET Q q 0 0 0 rg BT 292.91 255.75 Td (holds ) Tj ET Q q 0 0 0 rg BT 318.73 255.75 Td (a ) Tj ET Q q 0 0 0 rg BT 326.22 255.75 Td (Bachelor ) Tj ET Q q 0 0 0 rg BT 367.61 255.75 Td (of ) Tj ET Q q 0 0 0 rg BT 377.87 255.75 Td (Commerce ) Tj ET Q q 0 0 0 rg BT 428.69 255.75 Td (degree ) Tj ET Q q 0 0 0 rg BT 461.75 255.75 Td (from ) Tj ET Q q 0 0 0 rg BT 483.67 255.75 Td (Dalhousie ) Tj ET Q q 0 0 0 rg BT 530.07 255.75 Td (University) Tj ET Q q 0 0 0 rg BT 573.22 255.75 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 243.75 Td (is ) Tj ET Q q 0 0 0 rg BT 64.00 243.75 Td (a ) Tj ET Q q 0 0 0 rg BT 72.34 243.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 117.93 243.75 Td (CP) Tj ET Q q 0 0 0 rg BT 131.08 243.75 Td (A, ) Tj ET Q q 0 0 0 rg BT 143.31 243.75 Td (CP) Tj ET Q q 0 0 0 rg BT 156.46 243.75 Td (A) Tj ET Q q 0 0 0 rg BT 162.57 243.75 Td ( ) Tj ET Q q 0 0 0 rg BT 165.35 243.75 Td (\(State ) Tj ET Q q 0 0 0 rg BT 194.81 243.75 Td (of ) Tj ET Q q 0 0 0 rg BT 205.93 243.75 Td (Maine\), ) Tj ET Q q 0 0 0 rg BT 242.05 243.75 Td (and ) Tj ET Q q 0 0 0 rg BT 261.51 243.75 Td (is ) Tj ET Q q 0 0 0 rg BT 271.51 243.75 Td (a ) Tj ET Q q 0 0 0 rg BT 279.85 243.75 Td (member ) Tj ET Q q 0 0 0 rg BT 319.31 243.75 Td (of ) Tj ET Q q 0 0 0 rg BT 330.43 243.75 Td (CP) Tj ET Q q 0 0 0 rg BT 343.58 243.75 Td (A) Tj ET Q q 0 0 0 rg BT 349.69 243.75 Td ( ) Tj ET Q q 0 0 0 rg BT 352.47 243.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 395.83 243.75 Td (\(formerly ) Tj ET Q q 0 0 0 rg BT 438.05 243.75 Td (ICAB\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 219.75 Td (Romain ) Tj ET Q q 0 0 0 rg BT 93.45 219.75 Td (Bridet ) Tj ET Q q 0 0 0 rg BT 125.12 219.75 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.45 219.75 Td ( ) Tj ET Q q 0 0 0 rg BT 131.23 219.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 156.80 219.75 Td (Actuarial ) Tj ET Q q 0 0 0 rg BT 198.48 219.75 Td (Of) Tj ET Q q 0 0 0 rg BT 208.86 219.75 Td (ficer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 207.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 65.11 207.75 Td (. ) Tj ET Q q 0 0 0 rg BT 69.50 207.75 Td (Bridet ) Tj ET Q q 0 0 0 rg BT 97.23 207.75 Td (is ) Tj ET Q q 0 0 0 rg BT 106.06 207.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 158.81 207.75 Td (for ) Tj ET Q q 0 0 0 rg BT 172.09 207.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.60 207.75 Td (management ) Tj ET Q q 0 0 0 rg BT 247.58 207.75 Td (and ) Tj ET Q q 0 0 0 rg BT 265.87 207.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 308.06 207.75 Td (of ) Tj ET Q q 0 0 0 rg BT 318.00 207.75 Td (the ) Tj ET Q q 0 0 0 rg BT 333.51 207.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 374.03 207.75 Td (reserve ) Tj ET Q q 0 0 0 rg BT 408.98 207.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 456.17 207.75 Td (and ) Tj ET Q q 0 0 0 rg BT 474.46 207.75 Td (peer ) Tj ET Q q 0 0 0 rg BT 496.08 207.75 Td (review ) Tj ET Q q 0 0 0 rg BT 526.59 207.75 Td (of ) Tj ET Q q 0 0 0 rg BT 536.54 207.75 Td (business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 195.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 73.21 195.75 Td (reserve ) Tj ET Q q 0 0 0 rg BT 109.65 195.75 Td (studies. ) Tj ET Q q 0 0 0 rg BT 147.20 195.75 Td (He ) Tj ET Q q 0 0 0 rg BT 163.07 195.75 Td (has ) Tj ET Q q 0 0 0 rg BT 182.28 195.75 Td (over ) Tj ET Q q 0 0 0 rg BT 204.82 195.75 Td (10 ) Tj ET Q q 0 0 0 rg BT 219.04 195.75 Td (years ) Tj ET Q q 0 0 0 rg BT 246.58 195.75 Td (experience ) Tj ET Q q 0 0 0 rg BT 298.59 195.75 Td (in ) Tj ET Q q 0 0 0 rg BT 309.46 195.75 Td (the ) Tj ET Q q 0 0 0 rg BT 326.45 195.75 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 367.34 195.75 Td (field ) Tj ET Q q 0 0 0 rg BT 388.77 195.75 Td (and ) Tj ET Q q 0 0 0 rg BT 408.54 195.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 438.32 195.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 486.99 195.75 Td (in ) Tj ET Q q 0 0 0 rg BT 497.25 195.75 Td (August ) Tj ET Q q 0 0 0 rg BT 531.47 195.75 Td (2004 ) Tj ET Q q 0 0 0 rg BT 556.80 195.75 Td (as ) Tj ET Q q 0 0 0 rg BT 570.45 195.75 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 183.75 Td (life ) Tj ET Q q 0 0 0 rg BT 69.41 183.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 101.49 183.75 Td (actuary) Tj ET Q q 0 0 0 rg BT 133.54 183.75 Td (, ) Tj ET Q q 0 0 0 rg BT 138.94 183.75 Td (he ) Tj ET Q q 0 0 0 rg BT 152.69 183.75 Td (was ) Tj ET Q q 0 0 0 rg BT 173.09 183.75 Td (promoted ) Tj ET Q q 0 0 0 rg BT 217.96 183.75 Td (to ) Tj ET Q q 0 0 0 rg BT 228.76 183.75 Td (T) Tj ET Q q 0 0 0 rg BT 233.76 183.75 Td (eam ) Tj ET Q q 0 0 0 rg BT 255.83 183.75 Td (Leader ) Tj ET Q q 0 0 0 rg BT 289.59 183.75 Td (of ) Tj ET Q q 0 0 0 rg BT 300.56 183.75 Td (Life ) Tj ET Q q 0 0 0 rg BT 319.30 183.75 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 352.49 183.75 Td (and ) Tj ET Q q 0 0 0 rg BT 371.80 183.75 Td (Solution ) Tj ET Q q 0 0 0 rg BT 410.56 183.75 Td (in ) Tj ET Q q 0 0 0 rg BT 420.97 183.75 Td (September ) Tj ET Q q 0 0 0 rg BT 472.51 183.75 Td (2008 ) Tj ET Q q 0 0 0 rg BT 497.38 183.75 Td (and ) Tj ET Q q 0 0 0 rg BT 516.69 183.75 Td (in ) Tj ET Q q 0 0 0 rg BT 527.09 183.75 Td (September ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 171.75 Td (201) Tj ET Q q 0 0 0 rg BT 69.94 171.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 77.88 171.75 Td (he ) Tj ET Q q 0 0 0 rg BT 91.38 171.75 Td (transitioned ) Tj ET Q q 0 0 0 rg BT 145.45 171.75 Td (into ) Tj ET Q q 0 0 0 rg BT 163.95 171.75 Td (Life ) Tj ET Q q 0 0 0 rg BT 182.45 171.75 Td (reserving ) Tj ET Q q 0 0 0 rg BT 225.95 171.75 Td (and ) Tj ET Q q 0 0 0 rg BT 245.01 171.75 Td (became ) Tj ET Q q 0 0 0 rg BT 282.81 171.75 Td (T) Tj ET Q q 0 0 0 rg BT 287.81 171.75 Td (eam ) 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159.75 Td (Bridet ) Tj ET Q q 0 0 0 rg BT 312.22 159.75 Td (is ) Tj ET Q q 0 0 0 rg BT 321.85 159.75 Td (a ) Tj ET Q q 0 0 0 rg BT 329.83 159.75 Td (Member ) Tj ET Q q 0 0 0 rg BT 368.92 159.75 Td (of ) Tj ET Q q 0 0 0 rg BT 379.67 159.75 Td (the ) Tj ET Q q 0 0 0 rg BT 395.98 159.75 Td (French ) Tj ET Q q 0 0 0 rg BT 429.52 159.75 Td (Institute ) Tj ET Q q 0 0 0 rg BT 466.95 159.75 Td (of ) Tj ET Q q 0 0 0 rg BT 477.23 159.75 Td (Actuaries ) Tj ET Q q 0 0 0 rg BT 521.33 159.75 Td (and ) Tj ET Q q 0 0 0 rg BT 540.42 159.75 Td (became ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 147.75 Td (a ) Tj ET Q q 0 0 0 rg BT 62.34 147.75 Td (Certified ) Tj ET Q q 0 0 0 rg BT 102.35 147.75 Td (Enterprise ) Tj ET Q q 0 0 0 rg BT 150.71 147.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 172.38 147.75 Td (Actuary ) Tj ET Q q 0 0 0 rg BT 209.06 147.75 Td (in ) Tj ET Q q 0 0 0 rg BT 219.62 147.75 Td (2010.) 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0 rg BT 404.00 111.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 451.69 111.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 481.60 111.75 Td (including ) Tj ET Q q 0 0 0 rg BT 523.19 111.75 Td (aggregation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 99.75 Td (and ) Tj ET Q q 0 0 0 rg BT 72.85 99.75 Td (exposure ) Tj ET Q q 0 0 0 rg BT 116.16 99.75 Td (control ) Tj ET Q q 0 0 0 rg BT 148.34 99.75 Td (and ) Tj ET Q q 0 0 0 rg BT 167.19 99.75 Td (the ) Tj ET Q q 0 0 0 rg BT 183.26 99.75 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 232.12 99.75 Td (and ) Tj ET Q q 0 0 0 rg BT 250.97 99.75 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 310.40 99.75 Td (of ) Tj ET Q q 0 0 0 rg BT 320.91 99.75 Td (the ) Tj ET Q q 0 0 0 rg BT 336.98 99.75 Td (group) Tj ET Q q 0 0 0 rg BT 364.60 99.75 Td (s ) Tj ET Q q 0 0 0 rg BT 371.76 99.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 389.48 99.75 Td (management ) Tj ET Q q 0 0 0 rg BT 450.02 99.75 Td (framework. ) Tj ET Q q 0 0 0 rg BT 501.64 99.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 512.75 99.75 Td (. ) Tj ET Q q 0 0 0 rg BT 517.70 99.75 Td (Durbin ) Tj ET Q q 0 0 0 rg BT 549.32 99.75 Td (joined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 87.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 101.71 87.75 Td (in ) Tj ET Q q 0 0 0 rg BT 111.63 87.75 Td (July ) Tj ET Q q 0 0 0 rg BT 131.54 87.75 Td (2006. ) Tj ET Q q 0 0 0 rg BT 158.70 87.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 181.94 87.75 Td (to ) Tj ET Q q 0 0 0 rg BT 192.42 87.75 Td (joining ) Tj ET Q q 0 0 0 rg BT 223.46 87.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 271.17 87.75 Td (he ) Tj ET Q q 0 0 0 rg BT 284.43 87.75 Td (worked ) Tj ET Q q 0 0 0 rg BT 318.79 87.75 Td (for ) Tj ET Q q 0 0 0 rg BT 332.60 87.75 Td (Swiss ) Tj ET Q q 0 0 0 rg BT 360.84 87.75 Td (Re ) Tj ET Q q 0 0 0 rg BT 375.76 87.75 Td (Group, ) Tj ET Q q 0 0 0 rg BT 408.04 87.75 Td (Armonk ) Tj ET Q q 0 0 0 rg BT 444.63 87.75 Td (from ) Tj ET Q q 0 0 0 rg BT 466.76 87.75 Td (1997 ) Tj ET Q q 0 0 0 rg BT 491.14 87.75 Td (through ) Tj ET Q q 0 0 0 rg BT 527.19 87.75 Td (2006, ) Tj ET Q q 0 0 0 rg BT 554.34 87.75 Td (most ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 75.75 Td (recently ) Tj ET Q q 0 0 0 rg BT 92.61 75.75 Td (as ) Tj ET Q q 0 0 0 rg BT 106.76 75.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 153.71 75.75 Td (V) Tj ET Q q 0 0 0 rg BT 160.20 75.75 Td (ice ) Tj ET Q q 0 0 0 rg BT 176.58 75.75 Td (President ) Tj ET Q q 0 0 0 rg BT 222.42 75.75 Td (and ) Tj ET Q q 0 0 0 rg BT 242.70 75.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 275.20 75.75 Td (Head ) Tj ET Q q 0 0 0 rg BT 302.70 75.75 Td (of ) Tj ET Q q 0 0 0 rg BT 314.63 75.75 Td (Marine, ) Tj ET Q q 0 0 0 rg BT 351.57 75.75 Td (Engineering, ) Tj ET Q q 0 0 0 rg BT 410.60 75.75 Td (A) Tj ET Q q 0 0 0 rg BT 417.09 75.75 Td (viation ) Tj ET Q q 0 0 0 rg BT 449.59 75.75 Td (and ) Tj ET Q q 0 0 0 rg BT 469.87 75.75 Td (Special ) Tj ET Q q 0 0 0 rg BT 506.26 75.75 Td (Lines ) Tj ET Q q 0 0 0 rg BT 533.76 75.75 Td (Products. ) Tj ET Q q 0 0 0 rg BT 578.78 75.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 63.75 Td (From ) Tj ET Q q 0 0 0 rg BT 79.69 63.75 Td (1991 ) Tj ET Q q 0 0 0 rg BT 104.29 63.75 Td (through ) Tj ET Q q 0 0 0 rg BT 140.56 63.75 Td (1997 ) Tj ET Q q 0 0 0 rg BT 165.16 63.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 176.27 63.75 Td (. ) Tj ET Q q 0 0 0 rg BT 181.41 63.75 Td (Durbin ) Tj ET Q q 0 0 0 rg BT 213.22 63.75 Td (was ) Tj ET Q q 0 0 0 rg BT 233.36 63.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 259.06 63.75 Td (Economist ) Tj ET Q q 0 0 0 rg BT 308.10 63.75 Td (and ) Tj ET Q q 0 0 0 rg BT 327.14 63.75 Td (Head ) Tj ET Q q 0 0 0 rg BT 353.41 63.75 Td (of ) Tj ET Q q 0 0 0 rg BT 364.10 63.75 Td (Research ) Tj ET Q q 0 0 0 rg BT 409.26 63.75 Td (and ) Tj ET Q q 0 0 0 rg BT 428.30 63.75 Td (Development ) Tj ET Q q 0 0 0 rg BT 489.58 63.75 Td (for ) Tj ET Q q 0 0 0 rg BT 503.60 63.75 Td (National ) Tj ET Q q 0 0 0 rg BT 542.65 63.75 Td (Council ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q 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351.40 700.75 Td (of ) Tj ET Q q 0 0 0 rg BT 362.69 700.75 Td (Rutgers ) Tj ET Q q 0 0 0 rg BT 400.65 700.75 Td (University) Tj ET Q q 0 0 0 rg BT 443.80 700.75 Td (. ) Tj ET Q q 0 0 0 rg BT 449.53 700.75 Td (He ) Tj ET Q q 0 0 0 rg BT 465.26 700.75 Td (holds ) Tj ET Q q 0 0 0 rg BT 492.12 700.75 Td (a ) Tj ET Q q 0 0 0 rg BT 500.63 700.75 Td (BA) Tj ET Q q 0 0 0 rg BT 513.42 700.75 Td ( ) Tj ET Q q 0 0 0 rg BT 516.37 700.75 Td (in ) Tj ET Q q 0 0 0 rg BT 527.10 700.75 Td (Economics ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 688.75 Td (from ) Tj ET Q q 0 0 0 rg BT 76.47 688.75 Td (Union ) Tj ET Q q 0 0 0 rg BT 105.07 688.75 Td (College, ) Tj ET Q q 0 0 0 rg BT 144.23 688.75 Td (Schenectady) Tj ET Q q 0 0 0 rg BT 201.31 688.75 Td (, ) Tj ET Q q 0 0 0 rg BT 206.56 688.75 Td (an ) Tj ET Q q 0 0 0 rg BT 220.15 688.75 Td (MA) Tj ET Q q 0 0 0 rg BT 234.60 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 237.07 688.75 Td (in ) Tj ET Q q 0 0 0 rg BT 247.33 688.75 Td (Economics ) Tj ET Q q 0 0 0 rg BT 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 652.75 Td (Peter ) Tj ET Q q 0 0 0 rg BT 81.42 652.75 Td (Antal ) Tj ET Q q 0 0 0 rg BT 109.20 652.75 Td (- ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.31 652.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 141.43 652.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 163.65 652.75 Td (Of) Tj ET Q q 0 0 0 rg BT 174.03 652.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 195.70 652.75 Td (-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 199.03 652.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.81 652.75 Td (Appointed ) Tj ET Q q 0 0 0 rg BT 249.63 652.75 Td (February ) Tj ET Q q 0 0 0 rg BT 292.42 652.75 Td (13, ) Tj ET Q q 0 0 0 rg BT 309.10 652.75 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 640.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 65.11 640.75 Td (. ) Tj ET Q q 0 0 0 rg BT 70.11 640.75 Td (Antal joined PartnerRe in November 2016 as Head of Capital and Risk. Prior to joining PartnerRe, Mr) Tj ET Q q 0 0 0 rg BT 516.45 640.75 Td (. ) Tj ET Q q 0 0 0 rg BT 521.46 640.75 Td (Antal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 628.75 Td (worked with Swiss Re for over 20 years as a member of the ) Tj ET Q q 0 0 0 rg BT 320.22 628.75 Td (Actuarial team culminating in his appointment as Chief ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 616.75 Td (Actuary of the Financial Services Business Group \(Managing Director\) and Head of the ) Tj ET Q q 0 0 0 rg BT 440.86 616.75 Td (Actuarial Department. He was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 604.75 Td (then promoted to Head of Product Strategy and finally held the title of Head of Risk Modeling for six years prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 592.75 Td (leaving to take up the role at PartnerRe. Mr) Tj ET Q q 0 0 0 rg BT 244.66 592.75 Td (. ) Tj ET Q q 0 0 0 rg BT 249.66 592.75 Td (Antal has a PhD in Mathematics from ETH \(Swiss Federal Institute of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 580.75 Td (T) Tj ET Q q 0 0 0 rg BT 59.00 580.75 Td (echnology) Tj ET Q q 0 0 0 rg BT 103.85 580.75 Td (, Zurich\), is a Chartered Financial ) Tj ET Q q 0 0 0 rg BT 253.91 580.75 Td (Analyst and a Fellow of the Swiss ) Tj ET Q q 0 0 0 rg BT 405.09 580.75 Td (Actuarial Society) Tj ET Q q 0 0 0 rg BT 478.83 580.75 Td (. He acts as an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 568.75 Td (expert for the IMF and has lead several technical assistance missions in the Caribbean region and is fluent in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 556.75 Td (German, English, French and Hungarian. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 532.75 Td (Greg Haft - ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.45 532.75 Td (Chief Underwriting Of) Tj ET Q q 0 0 0 rg BT 203.86 532.75 Td (ficer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 520.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 65.11 520.75 Td (. ) Tj ET Q q 0 0 0 rg BT 70.06 520.75 Td (Haft ) Tj ET Q q 0 0 0 rg BT 90.57 520.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 119.43 520.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 167.17 520.75 Td (in ) Tj ET Q q 0 0 0 rg BT 177.13 520.75 Td (June ) Tj ET Q q 0 0 0 rg BT 200.98 520.75 Td (2013 ) Tj ET Q q 0 0 0 rg BT 225.40 520.75 Td (and ) Tj ET Q q 0 0 0 rg BT 244.25 520.75 Td (is ) Tj ET Q q 0 0 0 rg BT 253.65 520.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 306.96 520.75 Td (for ) Tj ET Q q 0 0 0 rg BT 320.80 520.75 Td (the ) Tj ET Q q 0 0 0 rg BT 336.87 520.75 Td (ef) Tj ET Q q 0 0 0 rg BT 345.03 520.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 376.10 520.75 Td (management ) Tj ET Q q 0 0 0 rg BT 436.64 520.75 Td (of ) Tj ET Q q 0 0 0 rg BT 447.15 520.75 Td (the ) Tj ET Q q 0 0 0 rg BT 463.22 520.75 Td (Catastrophe ) Tj ET Q q 0 0 0 rg BT 519.87 520.75 Td (Underwriting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 508.75 Td (function ) Tj ET Q q 0 0 0 rg BT 91.11 508.75 Td (in ) Tj ET Q q 0 0 0 rg BT 100.98 508.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 143.64 508.75 Td (to ) Tj ET Q q 0 0 0 rg BT 154.07 508.75 Td (successfully ) Tj ET Q q 0 0 0 rg BT 210.06 508.75 Td (deliver ) Tj ET Q q 0 0 0 rg BT 241.61 508.75 Td (agreed ) Tj ET Q q 0 0 0 rg BT 274.83 508.75 Td (objectives ) Tj ET Q q 0 0 0 rg BT 321.38 508.75 Td (as ) Tj ET Q q 0 0 0 rg BT 334.03 508.75 Td (identified ) Tj ET Q q 0 0 0 rg BT 376.15 508.75 Td (in ) Tj ET Q q 0 0 0 rg BT 386.02 508.75 Td (the ) Tj ET Q q 0 0 0 rg BT 402.01 508.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 434.12 508.75 Td (Catastrophe ) Tj ET Q q 0 0 0 rg BT 490.69 508.75 Td (Business ) Tj ET Q q 0 0 0 rg BT 533.35 508.75 Td (Unit ) Tj ET Q q 0 0 0 rg BT 553.22 508.75 Td (Plan. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 496.75 Td (He ) Tj ET Q q 0 0 0 rg BT 69.35 496.75 Td (is ) Tj ET Q q 0 0 0 rg BT 79.14 496.75 Td (a ) Tj ET Q q 0 0 0 rg BT 87.27 496.75 Td (member ) Tj ET Q q 0 0 0 rg BT 126.51 496.75 Td (of ) Tj ET Q q 0 0 0 rg BT 137.42 496.75 Td (the ) Tj ET Q q 0 0 0 rg BT 153.89 496.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 185.36 496.75 Td (Business ) Tj ET Q q 0 0 0 rg BT 228.51 496.75 Td (Unit ) Tj ET Q q 0 0 0 rg BT 248.86 496.75 Td (Catastrophe ) Tj ET Q q 0 0 0 rg BT 305.90 496.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 335.71 496.75 Td (management ) Tj ET Q q 0 0 0 rg BT 396.65 496.75 Td (team. ) Tj ET Q q 0 0 0 rg BT 424.22 496.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 447.90 496.75 Td (to ) Tj ET Q q 0 0 0 rg BT 458.81 496.75 Td (joining ) Tj ET Q q 0 0 0 rg BT 490.29 496.75 Td (PartnerRe, ) Tj ET Q q 0 0 0 rg BT 541.21 496.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 552.32 496.75 Td (. ) Tj ET Q q 0 0 0 rg BT 557.67 496.75 Td (Haft ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 484.75 Td (was ) Tj ET Q q 0 0 0 rg BT 74.07 484.75 Td (a ) Tj ET Q q 0 0 0 rg BT 81.92 484.75 Td (Managing ) Tj ET Q q 0 0 0 rg BT 128.12 484.75 Td (Director) Tj ET Q q 0 0 0 rg BT 162.58 484.75 Td (, ) Tj ET Q q 0 0 0 rg BT 167.64 484.75 Td (US ) Tj ET Q q 0 0 0 rg BT 183.82 484.75 Td (Cat ) Tj ET Q q 0 0 0 rg BT 201.66 484.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 260.09 484.75 Td (and ) Tj ET Q q 0 0 0 rg BT 279.06 484.75 Td (Outwards ) Tj ET Q q 0 0 0 rg BT 324.14 484.75 Td (Re ) Tj ET Q q 0 0 0 rg BT 339.21 484.75 Td (with ) Tj ET Q q 0 0 0 rg BT 358.83 484.75 Td (Alterra ) Tj ET Q q 0 0 0 rg BT 390.56 484.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 433.43 484.75 Td (Limited ) Tj ET Q q 0 0 0 rg BT 467.95 484.75 Td (from ) Tj ET Q q 0 0 0 rg BT 490.23 484.75 Td (2010 ) Tj ET Q q 0 0 0 rg BT 514.77 484.75 Td (through ) Tj ET Q q 0 0 0 rg BT 550.97 484.75 Td (2013; 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 412.75 Td (Jose ) Tj ET Q q 0 0 0 rg BT 79.57 412.75 Td (Lopez) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.46 412.75 Td ( ) Tj ET Q q 0 0 0 rg BT 111.24 412.75 Td (- ) Tj ET Q q 0 0 0 rg BT 117.34 412.75 Td (Controller) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 400.75 Td (See ) Tj ET Q q 0 0 0 rg BT 74.57 400.75 Td (biography ) Tj ET Q q 0 0 0 rg BT 121.27 400.75 Td (details ) Tj ET Q q 0 0 0 rg BT 152.96 400.75 Td (above.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 376.75 Td (Joe ) Tj ET Q q 0 0 0 rg BT 74.01 376.75 Td (Barbosa) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.02 376.75 Td ( ) Tj ET Q q 0 0 0 rg BT 116.80 376.75 Td (- ) Tj ET Q q 0 0 0 rg BT 122.91 376.75 Td (Resigned ) Tj ET Q q 0 0 0 rg BT 167.94 376.75 Td (as ) Tj ET Q q 0 0 0 rg BT 181.10 376.75 Td (T) Tj ET Q q 0 0 0 rg BT 186.84 376.75 Td (reasurer ) Tj ET Q q 0 0 0 rg BT 226.85 376.75 Td (ef) Tj ET Q q 0 0 0 rg BT 235.01 376.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 266.14 376.75 Td (April ) Tj ET Q q 0 0 0 rg BT 288.92 376.75 Td (27, ) Tj ET Q q 0 0 0 rg BT 305.60 376.75 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 364.75 Td (See ) Tj ET Q q 0 0 0 rg BT 74.57 364.75 Td (biography ) Tj ET Q q 0 0 0 rg BT 121.27 364.75 Td (details ) Tj ET Q q 0 0 0 rg BT 152.96 364.75 Td (above.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 340.75 Td (Ryan ) Tj ET Q q 0 0 0 rg BT 81.23 340.75 Td (Lipshutz) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.33 340.75 Td ( ) Tj ET Q q 0 0 0 rg BT 125.11 340.75 Td (- ) Tj ET Q q 0 0 0 rg BT 131.04 340.75 Td (T) Tj ET Q q 0 0 0 rg BT 136.78 340.75 Td (reasurer ) Tj ET Q q 0 0 0 rg BT 176.79 340.75 Td (ef) Tj ET Q q 0 0 0 rg BT 184.95 340.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 216.08 340.75 Td (April ) Tj ET Q q 0 0 0 rg BT 238.86 340.75 Td (27, ) Tj ET Q q 0 0 0 rg BT 255.54 340.75 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 328.75 Td (See ) Tj ET Q q 0 0 0 rg BT 74.57 328.75 Td (biography ) Tj ET Q q 0 0 0 rg BT 121.27 328.75 Td (details ) Tj ET Q q 0 0 0 rg BT 152.96 328.75 Td (above.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 304.75 Td (Samantha ) Tj ET Q q 0 0 0 rg BT 104.57 304.75 Td (Kyme ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.59 304.75 Td (- ) Tj ET Q q 0 0 0 rg BT 140.69 304.75 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 186.27 304.75 Td (& ) Tj ET Q q 0 0 0 rg BT 195.71 304.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 242.96 304.75 Td (Counsel ) Tj ET Q q 0 0 0 rg BT 282.43 304.75 Td (- ) Tj ET Q q 0 0 0 rg BT 288.54 304.75 Td (Resigned ) Tj ET Q q 0 0 0 rg BT 333.57 304.75 Td (September ) Tj ET Q q 0 0 0 rg BT 385.26 304.75 Td (30, ) Tj ET Q q 0 0 0 rg BT 401.94 304.75 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 292.75 Td (Mrs. ) Tj ET Q q 0 0 0 rg BT 76.47 292.75 Td (Kyme ) Tj ET Q q 0 0 0 rg BT 105.06 292.75 Td (was ) Tj ET Q q 0 0 0 rg BT 125.88 292.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 180.05 292.75 Td (for ) Tj ET Q q 0 0 0 rg BT 194.75 292.75 Td (the ) Tj ET Q q 0 0 0 rg BT 211.68 292.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 235.84 292.75 Td (and ) Tj ET Q q 0 0 0 rg BT 255.56 292.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 303.05 292.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 356.67 292.75 Td (function ) Tj ET Q q 0 0 0 rg BT 394.72 292.75 Td (of ) Tj ET Q q 0 0 0 rg BT 406.09 292.75 Td (PRE ) Tj ET Q q 0 0 0 rg BT 429.68 292.75 Td (Life ) Tj ET Q q 0 0 0 rg BT 448.84 292.75 Td (Bermuda. ) Tj ET Q q 0 0 0 rg BT 495.22 292.75 Td ( ) Tj ET Q q 0 0 0 rg BT 498.25 292.75 Td (Mrs. ) Tj ET Q q 0 0 0 rg BT 520.72 292.75 Td (Kyme ) Tj ET Q q 0 0 0 rg BT 549.32 292.75 Td (joined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 280.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 101.67 280.75 Td (in ) Tj ET Q q 0 0 0 rg BT 111.54 280.75 Td (February ) Tj ET Q q 0 0 0 rg BT 153.64 280.75 Td (2008 ) Tj ET Q q 0 0 0 rg BT 177.98 280.75 Td (as ) Tj ET Q q 0 0 0 rg BT 190.63 280.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 237.19 280.75 Td (Counsel. ) Tj ET Q q 0 0 0 rg BT 278.74 280.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 301.95 280.75 Td (to ) Tj ET Q q 0 0 0 rg BT 312.37 280.75 Td (joining ) Tj ET Q q 0 0 0 rg BT 343.38 280.75 Td (PartnerRe, ) Tj ET Q q 0 0 0 rg BT 393.82 280.75 Td (Mrs. ) Tj ET Q q 0 0 0 rg BT 415.35 280.75 Td (Kyme ) Tj ET Q q 0 0 0 rg BT 443.00 280.75 Td (was ) Tj ET Q q 0 0 0 rg BT 462.87 280.75 Td (an ) Tj ET Q q 0 0 0 rg BT 476.08 280.75 Td (associate ) Tj ET Q q 0 0 0 rg BT 520.42 280.75 Td (with ) Tj ET Q q 0 0 0 rg BT 539.88 280.75 Td (Appleby ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 268.75 Td (from ) Tj ET Q q 0 0 0 rg BT 77.17 268.75 Td (2006 ) Tj ET Q q 0 0 0 rg BT 102.59 268.75 Td (through ) Tj ET Q q 0 0 0 rg BT 139.69 268.75 Td (2008. ) Tj ET Q q 0 0 0 rg BT 167.88 268.75 Td (Mrs. ) Tj ET Q q 0 0 0 rg BT 190.50 268.75 Td (Kyme ) Tj ET Q q 0 0 0 rg BT 219.23 268.75 Td (holds ) Tj ET Q q 0 0 0 rg BT 246.31 268.75 Td (a ) Tj ET Q q 0 0 0 rg BT 255.05 268.75 Td (BA) Tj ET Q q 0 0 0 rg BT 267.84 268.75 Td ( ) Tj ET Q q 0 0 0 rg BT 271.01 268.75 Td (from ) Tj ET Q q 0 0 0 rg BT 294.19 268.75 Td (Dalhousie ) Tj ET Q q 0 0 0 rg BT 341.83 268.75 Td (University) Tj ET Q q 0 0 0 rg BT 384.99 268.75 Td (, ) Tj ET Q q 0 0 0 rg BT 390.94 268.75 Td (a ) Tj ET Q q 0 0 0 rg BT 399.68 268.75 Td (LLB ) Tj ET Q q 0 0 0 rg BT 420.64 268.75 Td (\(Hons\) ) Tj ET Q q 0 0 0 rg BT 453.82 268.75 Td (from ) Tj ET Q q 0 0 0 rg BT 477.00 268.75 Td (the ) Tj ET Q q 0 0 0 rg BT 494.07 268.75 Td (University ) Tj ET Q q 0 0 0 rg BT 541.14 268.75 Td (of ) Tj ET Q q 0 0 0 rg BT 552.66 268.75 Td (Kent, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 256.75 Td (UK, ) Tj ET Q q 0 0 0 rg BT 73.16 256.75 Td (and ) Tj ET Q q 0 0 0 rg BT 92.33 256.75 Td (obtained ) Tj ET Q q 0 0 0 rg BT 133.19 256.75 Td (her ) Tj ET Q q 0 0 0 rg BT 150.13 256.75 Td (Legal ) Tj ET Q q 0 0 0 rg BT 177.08 256.75 Td (Practice ) Tj ET Q q 0 0 0 rg BT 215.69 256.75 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 263.20 256.75 Td (from ) Tj ET Q q 0 0 0 rg BT 285.68 256.75 Td (the ) Tj ET Q q 0 0 0 rg BT 302.07 256.75 Td (University ) Tj ET Q q 0 0 0 rg BT 348.46 256.75 Td (of ) Tj ET Q q 0 0 0 rg BT 359.29 256.75 Td (the ) Tj ET Q q 0 0 0 rg BT 375.67 256.75 Td (W) Tj ET Q q 0 0 0 rg BT 384.93 256.75 Td (est ) Tj ET Q q 0 0 0 rg BT 400.76 256.75 Td (of ) Tj ET Q q 0 0 0 rg BT 411.59 256.75 Td (England, ) Tj ET Q q 0 0 0 rg BT 453.55 256.75 Td (Bristol, ) Tj ET Q q 0 0 0 rg BT 486.60 256.75 Td (UK. ) Tj ET Q q 0 0 0 rg BT 505.76 256.75 Td ( ) Tj ET Q q 0 0 0 rg BT 508.25 256.75 Td (Mrs. ) Tj ET Q q 0 0 0 rg BT 530.17 256.75 Td (Kyme ) Tj ET Q q 0 0 0 rg BT 558.22 256.75 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 244.75 Td (called ) Tj ET Q q 0 0 0 rg BT 82.91 244.75 Td (to ) Tj ET Q q 0 0 0 rg BT 94.02 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 110.70 244.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 154.06 244.75 Td (Bar ) Tj ET Q q 0 0 0 rg BT 172.40 244.75 Td (in ) Tj ET Q q 0 0 0 rg BT 182.96 244.75 Td (2006.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 220.75 Td (Gemma ) Tj ET Q q 0 0 0 rg BT 93.46 220.75 Td (Carreiro ) Tj ET Q q 0 0 0 rg BT 135.15 220.75 Td (- ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.26 220.75 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 186.83 220.75 Td (& ) Tj ET Q q 0 0 0 rg BT 195.72 220.75 Td (Associate ) Tj ET Q q 0 0 0 rg BT 241.86 220.75 Td (General ) Tj ET Q q 0 0 0 rg BT 280.21 220.75 Td (Counsel) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 208.75 Td (See ) Tj ET Q q 0 0 0 rg BT 74.57 208.75 Td (biography ) Tj ET Q q 0 0 0 rg BT 121.27 208.75 Td (details ) Tj ET Q q 0 0 0 rg BT 152.96 208.75 Td (above.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 171.75 Td (3.3 ) Tj ET Q q 0 0 0 rg BT 70.68 171.75 Td (RISK ) Tj ET Q q 0 0 0 rg BT 97.35 171.75 Td (MANAGEMENT ) Tj ET Q q 0 0 0 rg BT 172.53 171.75 Td (AND ) Tj ET Q q 0 0 0 rg BT 196.97 171.75 Td (SOL) Tj ET Q q 0 0 0 rg BT 216.79 171.75 Td (VENCY) Tj ET Q q 0 0 0 rg BT 251.06 171.75 Td ( ) Tj ET Q q 0 0 0 rg BT 253.47 171.75 Td (ASSESSMENT) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 145.75 Td (PartnerRe's ) Tj ET Q q 0 0 0 rg BT 109.34 145.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 139.99 145.75 Td (Enterprise ) Tj ET Q q 0 0 0 rg BT 188.43 145.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 210.73 145.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 271.95 145.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 321.48 145.75 Td (outlines ) Tj ET Q q 0 0 0 rg BT 358.81 145.75 Td (group-wide ) Tj ET Q q 0 0 0 rg BT 411.14 145.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 447.34 145.75 Td (and ) Tj ET Q q 0 0 0 rg BT 466.89 145.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 519.77 145.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 567.66 145.75 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 132.75 Td (the ) Tj ET Q q 0 0 0 rg BT 70.44 132.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 100.77 132.75 Td (and ) Tj ET Q q 0 0 0 rg BT 120.00 132.75 Td (are ) Tj ET Q q 0 0 0 rg BT 136.99 132.75 Td (cascaded ) Tj ET Q q 0 0 0 rg BT 182.34 132.75 Td (down ) Tj ET Q q 0 0 0 rg BT 208.78 132.75 Td (to ) Tj ET Q q 0 0 0 rg BT 219.66 132.75 Td (its ) Tj ET Q q 0 0 0 rg BT 232.20 132.75 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 290.32 132.75 Td (including ) Tj ET Q q 0 0 0 rg BT 332.33 132.75 Td (the ) Tj ET Q q 0 0 0 rg BT 348.78 132.75 Td (Company) Tj ET Q q 0 0 0 rg BT 390.83 132.75 Td (. ) Tj ET Q q 0 0 0 rg BT 396.15 132.75 Td ( ) Tj ET Q q 0 0 0 rg BT 398.52 132.75 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 447.20 132.75 Td (the ) Tj ET Q q 0 0 0 rg BT 463.64 132.75 Td (following ) Tj ET Q q 0 0 0 rg BT 505.09 132.75 Td (sections ) Tj ET Q q 0 0 0 rg BT 544.31 132.75 Td (include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 119.75 Td (a ) Tj ET Q q 0 0 0 rg BT 62.34 119.75 Td (description ) Tj ET Q q 0 0 0 rg BT 113.48 119.75 Td (of ) Tj ET Q q 0 0 0 rg BT 124.60 119.75 Td (what ) Tj ET Q q 0 0 0 rg BT 148.50 119.75 Td (occurs ) Tj ET Q q 0 0 0 rg BT 180.73 119.75 Td (at ) Tj ET Q q 0 0 0 rg BT 191.85 119.75 Td (the ) Tj ET Q q 0 0 0 rg BT 208.53 119.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 239.10 119.75 Td (level.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (15) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 699.75 Td (3.3.1 ) Tj ET Q q 0 0 0 rg BT 79.02 699.75 Td (RISK ) Tj ET Q q 0 0 0 rg BT 105.69 699.75 Td (MANAGEMENT ) Tj ET Q q 0 0 0 rg BT 181.24 699.75 Td (PROCESSES ) Tj ET Q q 0 0 0 rg BT 245.89 699.75 Td (AND ) Tj ET Q q 0 0 0 rg BT 270.33 699.75 Td (PROCEDURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 673.75 Td (In ) Tj ET Q q 0 0 0 rg BT 64.98 673.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.53 673.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 136.42 673.75 Td (industry) Tj ET Q q 0 0 0 rg BT 170.69 673.75 Td (, ) Tj ET Q q 0 0 0 rg BT 176.11 673.75 Td (the ) Tj ET Q q 0 0 0 rg BT 192.66 673.75 Td (core ) Tj ET Q q 0 0 0 rg BT 214.75 673.75 Td (of ) Tj ET Q q 0 0 0 rg BT 225.74 673.75 Td (the ) Tj ET Q q 0 0 0 rg BT 242.28 673.75 Td (business ) Tj ET Q q 0 0 0 rg BT 284.39 673.75 Td (model ) Tj ET Q q 0 0 0 rg BT 314.27 673.75 Td (is ) Tj ET Q q 0 0 0 rg BT 324.13 673.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.68 673.75 Td (assumption ) Tj ET Q q 0 0 0 rg BT 394.46 673.75 Td (and ) Tj ET Q q 0 0 0 rg BT 413.78 673.75 Td (management ) Tj ET Q q 0 0 0 rg BT 474.80 673.75 Td (of ) Tj ET Q q 0 0 0 rg BT 485.78 673.75 Td (risk. ) Tj ET Q q 0 0 0 rg BT 506.23 673.75 Td (A) Tj ET Q q 0 0 0 rg BT 512.34 673.75 Td ( ) Tj ET Q q 0 0 0 rg BT 514.99 673.75 Td (key ) Tj ET Q q 0 0 0 rg BT 533.19 673.75 Td (challenge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 660.75 Td (is ) Tj ET Q q 0 0 0 rg BT 63.76 660.75 Td (to ) Tj ET Q q 0 0 0 rg BT 74.63 660.75 Td (create ) Tj ET Q q 0 0 0 rg BT 104.96 660.75 Td (total ) Tj ET Q q 0 0 0 rg BT 126.40 660.75 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 181.75 660.75 Td (value ) Tj ET Q q 0 0 0 rg BT 208.19 660.75 Td (through ) Tj ET Q q 0 0 0 rg BT 244.64 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 261.08 660.75 Td (intelligent ) Tj ET Q q 0 0 0 rg BT 305.86 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 325.08 660.75 Td (optimal ) Tj ET Q q 0 0 0 rg BT 359.86 660.75 Td (assumption ) Tj ET Q q 0 0 0 rg BT 413.53 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 432.75 660.75 Td (management ) Tj ET Q q 0 0 0 rg BT 493.65 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 504.53 660.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 559.32 660.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 647.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 104.64 647.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 127.49 647.75 Td (while ) Tj ET Q q 0 0 0 rg BT 152.56 647.75 Td (limiting ) Tj ET Q q 0 0 0 rg BT 185.97 647.75 Td (and ) Tj ET Q q 0 0 0 rg BT 204.95 647.75 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 250.04 647.75 Td (those ) Tj ET Q q 0 0 0 rg BT 276.79 647.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 299.63 647.75 Td (that ) Tj ET Q q 0 0 0 rg BT 318.60 647.75 Td (can ) Tj ET Q q 0 0 0 rg BT 337.01 647.75 Td (destroy ) Tj ET Q q 0 0 0 rg BT 372.10 647.75 Td (tangible ) Tj ET Q q 0 0 0 rg BT 409.42 647.75 Td (as ) Tj ET Q q 0 0 0 rg BT 422.27 647.75 Td (well ) Tj ET Q q 0 0 0 rg BT 441.78 647.75 Td (as ) Tj ET Q q 0 0 0 rg BT 454.63 647.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 499.74 647.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 528.71 647.75 Td (those ) Tj ET Q q 0 0 0 rg BT 555.46 647.75 Td (risks ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 634.75 Td (for ) Tj ET Q q 0 0 0 rg BT 68.26 634.75 Td (which ) Tj ET Q q 0 0 0 rg BT 96.41 634.75 Td (the ) Tj ET Q q 0 0 0 rg BT 112.89 634.75 Td (organization ) Tj ET Q q 0 0 0 rg BT 169.96 634.75 Td (is ) Tj ET Q q 0 0 0 rg BT 179.77 634.75 Td (not ) Tj ET Q q 0 0 0 rg BT 196.26 634.75 Td (suf) Tj ET Q q 0 0 0 rg BT 209.42 634.75 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 245.35 634.75 Td (compensated, ) Tj ET Q q 0 0 0 rg BT 310.75 634.75 Td (and ) Tj ET Q q 0 0 0 rg BT 330.02 634.75 Td (those ) Tj ET Q q 0 0 0 rg BT 357.07 634.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 380.20 634.75 Td (that ) Tj ET Q q 0 0 0 rg BT 399.47 634.75 Td (could ) Tj ET Q q 0 0 0 rg BT 425.96 634.75 Td (threaten ) Tj ET Q q 0 0 0 rg BT 465.24 634.75 Td (the ) Tj ET Q q 0 0 0 rg BT 481.73 634.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 509.88 634.75 Td (of ) Tj ET Q q 0 0 0 rg BT 520.80 634.75 Td (the ) Tj ET Q q 0 0 0 rg BT 537.29 634.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 567.67 634.75 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 621.75 Td (achieve ) Tj ET Q q 0 0 0 rg BT 90.79 621.75 Td (its ) Tj ET Q q 0 0 0 rg BT 103.11 621.75 Td (objectives. ) Tj ET Q q 0 0 0 rg BT 152.67 621.75 Td (While ) Tj ET Q q 0 0 0 rg BT 180.00 621.75 Td (many ) Tj ET Q q 0 0 0 rg BT 206.77 621.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 257.45 621.75 Td (start ) Tj ET Q q 0 0 0 rg BT 279.22 621.75 Td (with ) Tj ET Q q 0 0 0 rg BT 299.32 621.75 Td (a ) Tj ET Q q 0 0 0 rg BT 307.20 621.75 Td (return ) Tj ET Q q 0 0 0 rg BT 335.65 621.75 Td (goal, ) Tj ET Q q 0 0 0 rg BT 359.65 621.75 Td (the ) Tj ET Q q 0 0 0 rg BT 375.87 621.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 405.98 621.75 Td (starts ) Tj ET Q q 0 0 0 rg BT 432.75 621.75 Td (with ) Tj ET Q q 0 0 0 rg BT 452.85 621.75 Td (a ) Tj ET Q q 0 0 0 rg BT 460.74 621.75 Td (capital-based ) Tj ET Q q 0 0 0 rg BT 522.54 621.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 540.41 621.75 Td (appetite ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 608.75 Td (and ) Tj ET Q q 0 0 0 rg BT 72.76 608.75 Td (then ) Tj ET Q q 0 0 0 rg BT 94.30 608.75 Td (looks ) Tj ET Q q 0 0 0 rg BT 119.71 608.75 Td (for ) Tj ET Q q 0 0 0 rg BT 133.46 608.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 156.08 608.75 Td (that ) Tj ET Q q 0 0 0 rg BT 174.84 608.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 199.14 608.75 Td (its ) Tj ET Q q 0 0 0 rg BT 211.22 608.75 Td (return ) Tj ET Q q 0 0 0 rg BT 239.42 608.75 Td (targets ) Tj ET Q q 0 0 0 rg BT 272.06 608.75 Td (within ) Tj ET Q q 0 0 0 rg BT 299.70 608.75 Td (that ) Tj ET Q q 0 0 0 rg BT 318.46 608.75 Td (framework. ) Tj ET Q q 0 0 0 rg BT 369.98 608.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 430.43 608.75 Td (believes ) Tj ET Q q 0 0 0 rg BT 469.19 608.75 Td (that ) Tj ET Q q 0 0 0 rg BT 487.94 608.75 Td (this ) Tj ET Q q 0 0 0 rg BT 505.58 608.75 Td (construct ) Tj ET Q q 0 0 0 rg BT 548.23 608.75 Td (allows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 595.75 Td (the ) Tj ET Q q 0 0 0 rg BT 70.96 595.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 101.80 595.75 Td (to ) Tj ET Q q 0 0 0 rg BT 113.20 595.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 151.28 595.75 Td (the ) Tj ET Q q 0 0 0 rg BT 168.23 595.75 Td (cedants) Tj ET Q q 0 0 0 rg BT 205.11 595.75 Td ( ) Tj ET Q q 0 0 0 rg BT 208.16 595.75 Td (need ) Tj ET Q q 0 0 0 rg BT 233.46 595.75 Td (for ) Tj ET Q q 0 0 0 rg BT 248.19 595.75 Td (certainty ) Tj ET Q q 0 0 0 rg BT 289.03 595.75 Td (of ) Tj ET Q q 0 0 0 rg BT 300.43 595.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 331.81 595.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 373.22 595.75 Td (with ) Tj ET Q q 0 0 0 rg BT 394.06 595.75 Td (the ) Tj ET Q q 0 0 0 rg BT 411.01 595.75 Td (common ) Tj ET Q q 0 0 0 rg BT 452.41 595.75 Td (shareholder) Tj ET Q q 0 0 0 rg BT 505.60 595.75 Td () Tj ET Q q 0 0 0 rg BT 507.64 595.75 Td (s ) Tj ET Q q 0 0 0 rg BT 515.69 595.75 Td (and ) Tj ET Q q 0 0 0 rg BT 535.43 595.75 Td (preferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 582.75 Td (shareholders) Tj ET Q q 0 0 0 rg BT 113.66 582.75 Td ( ) Tj ET Q q 0 0 0 rg BT 116.44 582.75 Td (need ) Tj ET Q q 0 0 0 rg BT 141.47 582.75 Td (for ) Tj ET Q q 0 0 0 rg BT 155.91 582.75 Td (an ) Tj ET Q q 0 0 0 rg BT 169.82 582.75 Td (adequate ) Tj ET Q q 0 0 0 rg BT 214.30 582.75 Td (total ) Tj ET Q q 0 0 0 rg BT 235.98 582.75 Td (return. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 556.75 Td (All ) Tj ET Q q 0 0 0 rg BT 67.27 556.75 Td (business ) Tj ET Q q 0 0 0 rg BT 108.89 556.75 Td (decisions ) Tj ET Q q 0 0 0 rg BT 152.73 556.75 Td (entail ) Tj ET Q q 0 0 0 rg BT 178.79 556.75 Td (a ) Tj ET Q q 0 0 0 rg BT 186.50 556.75 Td (risk/return ) Tj ET Q q 0 0 0 rg BT 233.11 556.75 Td (trade-of) Tj ET Q q 0 0 0 rg BT 267.39 556.75 Td (f, ) Tj ET Q q 0 0 0 rg BT 275.10 556.75 Td (and ) Tj ET Q q 0 0 0 rg BT 293.94 556.75 Td (these ) Tj ET Q q 0 0 0 rg BT 320.55 556.75 Td (decisions ) Tj ET Q q 0 0 0 rg BT 364.40 556.75 Td (are ) Tj ET Q q 0 0 0 rg BT 381.00 556.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 428.19 556.75 Td (to ) Tj ET Q q 0 0 0 rg BT 438.68 556.75 Td (the ) Tj ET Q q 0 0 0 rg BT 454.74 556.75 Td (Group) Tj ET Q q 0 0 0 rg BT 484.57 556.75 Td (s ) Tj ET Q q 0 0 0 rg BT 491.72 556.75 Td (risks. ) Tj ET Q q 0 0 0 rg BT 517.21 556.75 Td (In ) Tj ET Q q 0 0 0 rg BT 527.70 556.75 Td (the ) Tj ET Q q 0 0 0 rg BT 543.75 556.75 Td (context ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 543.75 Td (of ) Tj ET Q q 0 0 0 rg BT 66.05 543.75 Td (assumed ) Tj ET Q q 0 0 0 rg BT 110.33 543.75 Td (business ) Tj ET Q q 0 0 0 rg BT 153.51 543.75 Td (risks, ) Tj ET Q q 0 0 0 rg BT 180.54 543.75 Td (this ) Tj ET Q q 0 0 0 rg BT 199.81 543.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 239.65 543.75 Td (an ) Tj ET Q q 0 0 0 rg BT 254.48 543.75 Td (accurate ) Tj ET Q q 0 0 0 rg BT 296.54 543.75 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 345.84 543.75 Td (of ) Tj ET Q q 0 0 0 rg BT 357.89 543.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 382.15 543.75 Td (to ) Tj ET Q q 0 0 0 rg BT 394.19 543.75 Td (be ) Tj ET Q q 0 0 0 rg BT 409.02 543.75 Td (assumed, ) Tj ET Q q 0 0 0 rg BT 456.09 543.75 Td (and ) Tj ET Q q 0 0 0 rg BT 476.48 543.75 Td (a ) Tj ET Q q 0 0 0 rg BT 485.75 543.75 Td (determination ) Tj ET Q q 0 0 0 rg BT 550.05 543.75 Td (of ) Tj ET Q q 0 0 0 rg BT 562.09 543.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 530.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 106.20 530.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 150.60 530.75 Td (returns ) Tj ET Q q 0 0 0 rg BT 183.33 530.75 Td (required ) Tj ET Q q 0 0 0 rg BT 221.62 530.75 Td (as ) Tj ET Q q 0 0 0 rg BT 233.79 530.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 249.28 530.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 313.15 530.75 Td (for ) Tj ET Q q 0 0 0 rg BT 326.42 530.75 Td (such ) Tj ET Q q 0 0 0 rg BT 349.15 530.75 Td (risks. ) Tj ET Q q 0 0 0 rg BT 374.09 530.75 Td (In ) Tj ET Q q 0 0 0 rg BT 384.03 530.75 Td (the ) Tj ET Q q 0 0 0 rg BT 399.54 530.75 Td (context ) Tj ET Q q 0 0 0 rg BT 433.39 530.75 Td (of ) Tj ET Q q 0 0 0 rg BT 443.33 530.75 Td (other ) Tj ET Q q 0 0 0 rg BT 467.73 530.75 Td (than ) Tj ET Q q 0 0 0 rg BT 488.80 530.75 Td (voluntarily ) Tj ET Q q 0 0 0 rg BT 535.42 530.75 Td (assumed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 517.75 Td (business ) Tj ET Q q 0 0 0 rg BT 96.34 517.75 Td (risks, ) Tj ET Q q 0 0 0 rg BT 122.55 517.75 Td (the ) Tj ET Q q 0 0 0 rg BT 139.32 517.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 178.89 517.75 Td (relates ) Tj ET Q q 0 0 0 rg BT 211.78 517.75 Td (to ) Tj ET Q q 0 0 0 rg BT 222.99 517.75 Td (comparing ) Tj ET Q q 0 0 0 rg BT 272.55 517.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.33 517.75 Td (probability ) Tj ET Q q 0 0 0 rg BT 337.79 517.75 Td (and ) Tj ET Q q 0 0 0 rg BT 357.34 517.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 398.03 517.75 Td (severity ) Tj ET Q q 0 0 0 rg BT 435.35 517.75 Td (of ) Tj ET Q q 0 0 0 rg BT 446.57 517.75 Td (a ) Tj ET Q q 0 0 0 rg BT 455.00 517.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 473.43 517.75 Td (event ) Tj ET Q q 0 0 0 rg BT 500.77 517.75 Td (against ) Tj ET Q q 0 0 0 rg BT 535.89 517.75 Td (the ) Tj ET Q q 0 0 0 rg BT 552.67 517.75 Td (costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 504.75 Td (of ) Tj ET Q q 0 0 0 rg BT 64.65 504.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 82.50 504.75 Td (mitigation ) Tj ET Q q 0 0 0 rg BT 127.61 504.75 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 176.05 504.75 Td (In ) Tj ET Q q 0 0 0 rg BT 186.69 504.75 Td (many ) Tj ET Q q 0 0 0 rg BT 213.45 504.75 Td (cases, ) Tj ET Q q 0 0 0 rg BT 244.66 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 260.87 504.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 300.98 504.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 332.74 504.75 Td (of ) Tj ET Q q 0 0 0 rg BT 343.39 504.75 Td (a ) Tj ET Q q 0 0 0 rg BT 351.25 504.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 369.11 504.75 Td (event ) Tj ET Q q 0 0 0 rg BT 395.88 504.75 Td (is ) Tj ET Q q 0 0 0 rg BT 405.41 504.75 Td (so ) Tj ET Q q 0 0 0 rg BT 418.28 504.75 Td (severe ) Tj ET Q q 0 0 0 rg BT 450.60 504.75 Td (as ) Tj ET Q q 0 0 0 rg BT 463.46 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 474.11 504.75 Td (warrant ) Tj ET Q q 0 0 0 rg BT 509.76 504.75 Td (significant, ) Tj ET Q q 0 0 0 rg BT 559.31 504.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 491.75 Td (potentially ) Tj ET Q q 0 0 0 rg BT 102.04 491.75 Td (expensive, ) Tj ET Q q 0 0 0 rg BT 152.86 491.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 171.42 491.75 Td (mitigation ) Tj ET Q q 0 0 0 rg BT 217.23 491.75 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 266.37 491.75 Td (In ) Tj ET Q q 0 0 0 rg BT 277.72 491.75 Td (other ) Tj ET Q q 0 0 0 rg BT 303.52 491.75 Td (cases, ) Tj ET Q q 0 0 0 rg BT 335.44 491.75 Td (the ) Tj ET Q q 0 0 0 rg BT 352.35 491.75 Td (probability ) Tj ET Q q 0 0 0 rg BT 400.94 491.75 Td (and ) Tj ET Q q 0 0 0 rg BT 420.63 491.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 461.45 491.75 Td (severity ) Tj ET Q q 0 0 0 rg BT 498.91 491.75 Td (of ) Tj ET Q q 0 0 0 rg BT 510.26 491.75 Td (a ) Tj ET Q q 0 0 0 rg BT 518.84 491.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 537.40 491.75 Td (does ) Tj ET Q q 0 0 0 rg BT 562.09 491.75 Td (not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 478.75 Td (warrant ) Tj ET Q q 0 0 0 rg BT 90.12 478.75 Td (extensive ) Tj ET Q q 0 0 0 rg BT 135.15 478.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 153.48 478.75 Td (mitigation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 452.75 Td (Successful ) Tj ET Q q 0 0 0 rg BT 105.31 452.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 123.82 452.75 Td (management ) Tj ET Q q 0 0 0 rg BT 185.15 452.75 Td (is ) Tj ET Q q 0 0 0 rg BT 195.33 452.75 Td (the ) Tj ET Q q 0 0 0 rg BT 212.19 452.75 Td (foundation ) Tj ET Q q 0 0 0 rg BT 261.85 452.75 Td (of ) Tj ET Q q 0 0 0 rg BT 273.15 452.75 Td (the ) Tj ET Q q 0 0 0 rg BT 290.01 452.75 Td (Group) Tj ET Q q 0 0 0 rg BT 319.84 452.75 Td (s ) Tj ET Q q 0 0 0 rg BT 327.80 452.75 Td (value ) Tj ET Q q 0 0 0 rg BT 354.66 452.75 Td (proposition, ) Tj ET Q q 0 0 0 rg BT 409.32 452.75 Td (with ) Tj ET Q q 0 0 0 rg BT 430.06 452.75 Td (diversification ) Tj ET Q q 0 0 0 rg BT 493.60 452.75 Td (of ) Tj ET Q q 0 0 0 rg BT 504.90 452.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 528.41 452.75 Td (at ) Tj ET Q q 0 0 0 rg BT 539.70 452.75 Td (the ) Tj ET Q q 0 0 0 rg BT 556.56 452.75 Td (core ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 439.75 Td (of ) Tj ET Q q 0 0 0 rg BT 63.84 439.75 Td (its ) Tj ET Q q 0 0 0 rg BT 75.34 439.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 92.40 439.75 Td (management ) Tj ET Q q 0 0 0 rg BT 152.27 439.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 187.10 439.75 Td (. ) Tj ET Q q 0 0 0 rg BT 191.28 439.75 Td (The ) Tj ET Q q 0 0 0 rg BT 210.01 439.75 Td (Group) Tj ET Q q 0 0 0 rg BT 239.85 439.75 Td (s ) Tj ET Q q 0 0 0 rg BT 246.35 439.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 273.42 439.75 Td (to ) Tj ET Q q 0 0 0 rg BT 283.26 439.75 Td (succeed ) Tj ET Q q 0 0 0 rg BT 322.01 439.75 Td (in ) Tj ET Q q 0 0 0 rg BT 331.29 439.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 348.35 439.75 Td (assumption ) Tj ET Q q 0 0 0 rg BT 400.99 439.75 Td (and ) Tj ET Q q 0 0 0 rg BT 419.17 439.75 Td (business ) Tj ET Q q 0 0 0 rg BT 460.14 439.75 Td (management ) Tj ET Q q 0 0 0 rg BT 520.01 439.75 Td (is ) Tj ET Q q 0 0 0 rg BT 528.74 439.75 Td (dependent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 426.75 Td (on ) Tj ET Q q 0 0 0 rg BT 68.18 426.75 Td (its ) Tj ET Q q 0 0 0 rg BT 81.24 426.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 109.87 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 121.27 426.75 Td (accurately ) Tj ET Q q 0 0 0 rg BT 169.90 426.75 Td (analyze ) Tj ET Q q 0 0 0 rg BT 207.43 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 227.17 426.75 Td (quantify ) Tj ET Q q 0 0 0 rg BT 265.25 426.75 Td (risk, ) Tj ET Q q 0 0 0 rg BT 286.64 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 298.04 426.75 Td (understand ) Tj ET Q q 0 0 0 rg BT 351.14 426.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 389.77 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 409.51 426.75 Td (how ) Tj ET Q q 0 0 0 rg BT 430.91 426.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 454.52 426.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 502.62 426.75 Td (or ) Tj ET Q q 0 0 0 rg BT 514.57 426.75 Td (correlate, ) Tj ET Q q 0 0 0 rg BT 559.32 426.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 413.75 Td (to ) Tj ET Q q 0 0 0 rg BT 64.40 413.75 Td (establish ) Tj ET Q q 0 0 0 rg BT 105.92 413.75 Td (the ) Tj ET Q q 0 0 0 rg BT 121.88 413.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 174.53 413.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 205.49 413.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 265.91 413.75 Td (and ) Tj ET Q q 0 0 0 rg BT 284.65 413.75 Td (limits ) Tj ET Q q 0 0 0 rg BT 309.48 413.75 Td (for ) Tj ET Q q 0 0 0 rg BT 323.20 413.75 Td (the ) Tj ET Q q 0 0 0 rg BT 339.16 413.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 361.77 413.75 Td (assumed. ) Tj ET Q q 0 0 0 rg BT 406.77 413.75 Td (All ) Tj ET Q q 0 0 0 rg BT 419.94 413.75 Td (risks, ) Tj ET Q q 0 0 0 rg BT 445.33 413.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 482.96 413.75 Td (they ) Tj ET Q q 0 0 0 rg BT 503.92 413.75 Td (are ) Tj ET Q q 0 0 0 rg BT 520.43 413.75 Td (reinsurance-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 400.75 Td (related ) Tj ET Q q 0 0 0 rg BT 86.74 400.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 109.46 400.75 Td (or ) Tj ET Q q 0 0 0 rg BT 120.52 400.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 151.59 400.75 Td (market ) Tj ET Q q 0 0 0 rg BT 184.32 400.75 Td (risks, ) Tj ET Q q 0 0 0 rg BT 209.82 400.75 Td (are ) Tj ET Q q 0 0 0 rg BT 226.44 400.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 270.30 400.75 Td (by ) Tj ET Q q 0 0 0 rg BT 283.03 400.75 Td (the ) Tj ET Q q 0 0 0 rg BT 299.10 400.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 329.06 400.75 Td (within ) Tj ET Q q 0 0 0 rg BT 356.79 400.75 Td (an ) Tj ET Q q 0 0 0 rg BT 370.08 400.75 Td (integrated ) Tj ET Q q 0 0 0 rg BT 416.72 400.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 465.56 400.75 Td (of ) Tj ET Q q 0 0 0 rg BT 476.07 400.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 511.59 400.75 Td (and ) Tj ET Q q 0 0 0 rg BT 530.44 400.75 Td (processes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 387.75 Td (to ) Tj ET Q q 0 0 0 rg BT 65.18 387.75 Td (ensure ) Tj ET Q q 0 0 0 rg BT 98.61 387.75 Td (the ) Tj ET Q q 0 0 0 rg BT 115.35 387.75 Td (intelligent ) Tj ET Q q 0 0 0 rg BT 160.45 387.75 Td (and ) Tj ET Q q 0 0 0 rg BT 179.98 387.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 227.85 387.75 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 276.28 387.75 Td (and ) Tj ET Q q 0 0 0 rg BT 295.81 387.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 338.68 387.75 Td (of ) Tj ET Q q 0 0 0 rg BT 349.87 387.75 Td (risk, ) Tj ET Q q 0 0 0 rg BT 371.04 387.75 Td (and ) Tj ET Q q 0 0 0 rg BT 390.57 387.75 Td (to ) Tj ET Q q 0 0 0 rg BT 401.76 387.75 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 446.84 387.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 482.48 387.75 Td (an ) Tj ET Q q 0 0 0 rg BT 496.45 387.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 549.88 387.75 Td (return ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 374.75 Td (to ) Tj ET Q q 0 0 0 rg BT 65.12 374.75 Td (shareholders. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 348.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.31 348.75 Td (Group) Tj ET Q q 0 0 0 rg BT 104.14 348.75 Td (s ) Tj ET Q q 0 0 0 rg BT 112.21 348.75 Td (results ) Tj ET Q q 0 0 0 rg BT 144.74 348.75 Td (are ) Tj ET Q q 0 0 0 rg BT 162.27 348.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 203.12 348.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 256.22 348.75 Td (by ) Tj ET Q q 0 0 0 rg BT 269.86 348.75 Td (how ) Tj ET Q q 0 0 0 rg BT 291.28 348.75 Td (well ) Tj ET Q q 0 0 0 rg BT 311.58 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 328.56 348.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 359.42 348.75 Td (understands, ) Tj ET Q q 0 0 0 rg BT 420.31 348.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 450.06 348.75 Td (and ) Tj ET Q q 0 0 0 rg BT 469.82 348.75 Td (manages ) Tj ET Q q 0 0 0 rg BT 514.03 348.75 Td (assumed ) Tj ET Q q 0 0 0 rg BT 557.68 348.75 Td (risk. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 335.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 114.48 335.75 Td (also ) Tj ET Q q 0 0 0 rg BT 134.93 335.75 Td (believes ) Tj ET Q q 0 0 0 rg BT 173.72 335.75 Td (that ) Tj ET Q q 0 0 0 rg BT 192.51 335.75 Td (every ) Tj ET Q q 0 0 0 rg BT 219.07 335.75 Td (organization ) Tj ET Q q 0 0 0 rg BT 275.66 335.75 Td (faces ) Tj ET Q q 0 0 0 rg BT 301.67 335.75 Td (numerous ) Tj ET Q q 0 0 0 rg BT 348.24 335.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 370.90 335.75 Td (that ) Tj ET Q q 0 0 0 rg BT 389.69 335.75 Td (could ) Tj ET Q q 0 0 0 rg BT 415.70 335.75 Td (threaten ) Tj ET Q q 0 0 0 rg BT 454.50 335.75 Td (the ) Tj ET Q q 0 0 0 rg BT 470.51 335.75 Td (successful ) Tj ET Q q 0 0 0 rg BT 519.30 335.75 Td (achievement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 322.75 Td (of ) Tj ET Q q 0 0 0 rg BT 66.10 322.75 Td (a ) Tj ET Q q 0 0 0 rg BT 75.43 322.75 Td (company) Tj ET Q q 0 0 0 rg BT 118.04 322.75 Td (s ) Tj ET Q q 0 0 0 rg BT 126.81 322.75 Td (goals ) Tj ET Q q 0 0 0 rg BT 154.48 322.75 Td (and ) Tj ET Q q 0 0 0 rg BT 174.93 322.75 Td (objectives. ) Tj ET Q q 0 0 0 rg BT 225.69 322.75 Td (These ) Tj ET Q q 0 0 0 rg BT 257.25 322.75 Td (include ) Tj ET Q q 0 0 0 rg BT 292.70 322.75 Td (all ) Tj ET Q q 0 0 0 rg BT 306.47 322.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 340.24 322.75 Td (which ) Tj ET Q q 0 0 0 rg BT 369.57 322.75 Td (can ) Tj ET Q q 0 0 0 rg BT 389.46 322.75 Td (be ) Tj ET Q q 0 0 0 rg BT 404.34 322.75 Td (viewed ) Tj ET Q q 0 0 0 rg BT 439.23 322.75 Td (as ) Tj ET Q q 0 0 0 rg BT 453.56 322.75 Td (either ) Tj ET Q q 0 0 0 rg BT 482.34 322.75 Td (strategic, ) Tj ET Q q 0 0 0 rg BT 526.67 322.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 567.12 322.75 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 309.75 Td (operational ) Tj ET Q q 0 0 0 rg BT 107.16 309.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 131.39 309.75 Td (that ) Tj ET Q q 0 0 0 rg BT 151.74 309.75 Td (are ) Tj ET Q q 0 0 0 rg BT 169.87 309.75 Td (common ) Tj ET Q q 0 0 0 rg BT 211.89 309.75 Td (to ) Tj ET Q q 0 0 0 rg BT 223.91 309.75 Td (any ) Tj ET Q q 0 0 0 rg BT 243.71 309.75 Td (industry) Tj ET Q q 0 0 0 rg BT 277.98 309.75 Td (, ) Tj ET Q q 0 0 0 rg BT 284.44 309.75 Td (such ) Tj ET Q q 0 0 0 rg BT 309.23 309.75 Td (as ) Tj ET Q q 0 0 0 rg BT 323.47 309.75 Td (choice ) Tj ET Q q 0 0 0 rg BT 356.06 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 368.07 309.75 Td (strategy ) Tj ET Q q 0 0 0 rg BT 407.32 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 427.68 309.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 469.70 309.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 516.17 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 536.53 309.75 Td (business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 296.75 Td (cycles, ) Tj ET Q q 0 0 0 rg BT 88.68 296.75 Td (competition, ) Tj ET Q q 0 0 0 rg BT 146.72 296.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 188.65 296.75 Td (in ) Tj ET Q q 0 0 0 rg BT 200.55 296.75 Td (regulation, ) Tj ET Q q 0 0 0 rg BT 251.38 296.75 Td (data ) Tj ET Q q 0 0 0 rg BT 274.96 296.75 Td (quality ) Tj ET Q q 0 0 0 rg BT 307.99 296.75 Td (and ) Tj ET Q q 0 0 0 rg BT 328.79 296.75 Td (security) Tj ET Q q 0 0 0 rg BT 362.50 296.75 Td (, ) Tj ET Q q 0 0 0 rg BT 369.40 296.75 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 399.10 296.75 Td (business ) Tj ET Q q 0 0 0 rg BT 442.69 296.75 Td (interruption ) Tj ET Q q 0 0 0 rg BT 496.84 296.75 Td (and ) Tj ET Q q 0 0 0 rg BT 517.64 296.75 Td (management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 283.75 Td (continuity) Tj ET Q q 0 0 0 rg BT 95.50 283.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 257.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.77 257.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 104.10 257.75 Td (has ) Tj ET Q q 0 0 0 rg BT 122.76 257.75 Td (a ) Tj ET Q q 0 0 0 rg BT 130.86 257.75 Td (clearly ) Tj ET Q q 0 0 0 rg BT 162.30 257.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 197.64 257.75 Td (governance ) Tj ET Q q 0 0 0 rg BT 252.44 257.75 Td (structure ) Tj ET Q q 0 0 0 rg BT 293.88 257.75 Td (for ) Tj ET Q q 0 0 0 rg BT 308.09 257.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 326.18 257.75 Td (management. ) Tj ET Q q 0 0 0 rg BT 389.86 257.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 435.76 257.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 496.66 257.75 Td (and ) Tj ET Q q 0 0 0 rg BT 515.89 257.75 Td (the ) Tj ET Q q 0 0 0 rg BT 532.33 257.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 561.55 257.75 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 244.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 108.89 244.75 Td (for ) Tj ET Q q 0 0 0 rg BT 124.31 244.75 Td (setting ) Tj ET Q q 0 0 0 rg BT 157.52 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 175.17 244.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 208.38 244.75 Td (vision ) Tj ET Q q 0 0 0 rg BT 237.69 244.75 Td (and ) Tj ET Q q 0 0 0 rg BT 258.12 244.75 Td (goals ) Tj ET Q q 0 0 0 rg BT 285.78 244.75 Td (of ) Tj ET Q q 0 0 0 rg BT 297.86 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.51 244.75 Td (Group, ) Tj ET Q q 0 0 0 rg BT 349.83 244.75 Td (which ) Tj ET Q q 0 0 0 rg BT 379.15 244.75 Td (include ) Tj ET Q q 0 0 0 rg BT 414.58 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 432.23 244.75 Td (Group) Tj ET Q q 0 0 0 rg BT 462.07 244.75 Td (s ) Tj ET Q q 0 0 0 rg BT 470.82 244.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 490.12 244.75 Td (appetite ) Tj ET Q q 0 0 0 rg BT 529.45 244.75 Td (and ) Tj ET Q q 0 0 0 rg BT 549.88 244.75 Td (return ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 231.75 Td (expectations. ) Tj ET Q q 0 0 0 rg BT 115.56 231.75 Td (The ) Tj ET Q q 0 0 0 rg BT 135.60 231.75 Td (Group) Tj ET Q q 0 0 0 rg BT 165.43 231.75 Td (s ) Tj ET Q q 0 0 0 rg BT 173.24 231.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 191.61 231.75 Td (framework, ) Tj ET Q q 0 0 0 rg BT 243.87 231.75 Td (including ) Tj ET Q q 0 0 0 rg BT 286.16 231.75 Td (key ) Tj ET Q q 0 0 0 rg BT 304.53 231.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 322.90 231.75 Td (policies, ) Tj ET Q q 0 0 0 rg BT 361.84 231.75 Td (is ) Tj ET Q q 0 0 0 rg BT 371.87 231.75 Td (recommended ) Tj ET Q q 0 0 0 rg BT 438.60 231.75 Td (by ) Tj ET Q q 0 0 0 rg BT 451.98 231.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 498.14 231.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 559.32 231.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 218.75 Td (approved ) Tj ET Q q 0 0 0 rg BT 98.59 218.75 Td (by ) Tj ET Q q 0 0 0 rg BT 112.04 218.75 Td (the ) Tj ET Q q 0 0 0 rg BT 128.83 218.75 Td (Board. ) Tj ET Q q 0 0 0 rg BT 161.18 218.75 Td (Each ) Tj ET Q q 0 0 0 rg BT 186.86 218.75 Td (of ) Tj ET Q q 0 0 0 rg BT 198.09 218.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.88 218.75 Td (Group) Tj ET Q q 0 0 0 rg BT 244.71 218.75 Td (s ) Tj ET Q q 0 0 0 rg BT 252.60 218.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 271.04 218.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 307.28 218.75 Td (relates ) Tj ET Q q 0 0 0 rg BT 340.18 218.75 Td (to ) Tj ET Q q 0 0 0 rg BT 351.41 218.75 Td (a ) Tj ET Q q 0 0 0 rg BT 359.86 218.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 396.09 218.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 414.53 218.75 Td (and ) Tj ET Q q 0 0 0 rg BT 434.10 218.75 Td (describes ) Tj ET Q q 0 0 0 rg BT 479.79 218.75 Td (the ) Tj ET Q q 0 0 0 rg BT 496.58 218.75 Td (Group) Tj ET Q q 0 0 0 rg BT 526.41 218.75 Td (s ) Tj ET Q q 0 0 0 rg BT 534.30 218.75 Td (approach ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 205.75 Td (to ) Tj ET Q q 0 0 0 rg BT 65.16 205.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 83.53 205.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 147.50 205.75 Td (defines ) Tj ET Q q 0 0 0 rg BT 182.57 205.75 Td (roles ) Tj ET Q q 0 0 0 rg BT 207.06 205.75 Td (and ) Tj ET Q q 0 0 0 rg BT 226.57 205.75 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 294.97 205.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 330.59 205.75 Td (to ) Tj ET Q q 0 0 0 rg BT 341.75 205.75 Td (the ) Tj ET Q q 0 0 0 rg BT 358.47 205.75 Td (assumption, ) Tj ET Q q 0 0 0 rg BT 415.21 205.75 Td (mitigation, ) Tj ET Q q 0 0 0 rg BT 463.61 205.75 Td (and ) Tj ET Q q 0 0 0 rg BT 483.11 205.75 Td (control ) Tj ET Q q 0 0 0 rg BT 515.95 205.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 564.34 205.75 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 192.75 Td (that ) Tj ET Q q 0 0 0 rg BT 73.77 192.75 Td (risk, ) Tj ET Q q 0 0 0 rg BT 95.19 192.75 Td (and ) Tj ET Q q 0 0 0 rg BT 114.96 192.75 Td (an ) Tj ET Q q 0 0 0 rg BT 129.17 192.75 Td (escalation ) Tj ET Q q 0 0 0 rg BT 177.29 192.75 Td (process ) Tj ET Q q 0 0 0 rg BT 215.39 192.75 Td (for ) Tj ET Q q 0 0 0 rg BT 230.15 192.75 Td (exceptions. ) Tj ET Q q 0 0 0 rg BT 283.83 192.75 Td (Key ) Tj ET Q q 0 0 0 rg BT 304.15 192.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 340.59 192.75 Td (are ) Tj ET Q q 0 0 0 rg BT 358.13 192.75 Td (established ) Tj ET Q q 0 0 0 rg BT 411.81 192.75 Td (by ) Tj ET Q q 0 0 0 rg BT 425.46 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 442.45 192.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 468.88 192.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 515.33 192.75 Td (Of) Tj ET Q q 0 0 0 rg BT 525.70 192.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 547.68 192.75 Td (\(CEO\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 179.75 Td (and ) Tj ET Q q 0 0 0 rg BT 74.79 179.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 120.60 179.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 158.06 179.75 Td (and ) Tj ET Q q 0 0 0 rg BT 178.85 179.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 198.51 179.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 237.63 179.75 Td (at ) Tj ET Q q 0 0 0 rg BT 250.08 179.75 Td (the ) Tj ET Q q 0 0 0 rg BT 268.09 179.75 Td (next ) Tj ET Q q 0 0 0 rg BT 291.10 179.75 Td (level ) Tj ET Q q 0 0 0 rg BT 315.77 179.75 Td (down ) Tj ET Q q 0 0 0 rg BT 343.79 179.75 Td (are ) Tj ET Q q 0 0 0 rg BT 362.35 179.75 Td (established ) Tj ET Q q 0 0 0 rg BT 417.05 179.75 Td (by ) Tj ET Q q 0 0 0 rg BT 431.72 179.75 Td (Business ) Tj ET Q q 0 0 0 rg BT 476.40 179.75 Td (Unit ) Tj ET Q q 0 0 0 rg BT 498.29 179.75 Td (and ) Tj ET Q q 0 0 0 rg BT 519.08 179.75 Td (Support ) Tj ET Q q 0 0 0 rg BT 558.22 179.75 Td (Unit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 166.75 Td (management ) Tj ET Q q 0 0 0 rg BT 115.71 166.75 Td (as ) Tj ET Q q 0 0 0 rg BT 129.61 166.75 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 186.31 166.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 209.10 166.75 Td (management ) Tj ET Q q 0 0 0 rg BT 270.80 166.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 307.49 166.75 Td (and ) Tj ET Q q 0 0 0 rg BT 327.52 166.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 376.43 166.75 Td (are ) Tj ET Q q 0 0 0 rg BT 394.22 166.75 Td (coordinated ) Tj ET Q q 0 0 0 rg BT 449.82 166.75 Td (by ) Tj ET Q q 0 0 0 rg BT 463.72 166.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 494.85 166.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 517.63 166.75 Td (Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 153.75 Td (and ) Tj ET Q q 0 0 0 rg BT 72.45 153.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 124.80 153.75 Td (is ) Tj ET Q q 0 0 0 rg BT 133.79 153.75 Td (verified ) Tj ET Q q 0 0 0 rg BT 167.79 153.75 Td (by ) Tj ET Q q 0 0 0 rg BT 180.12 153.75 Td (Internal ) Tj ET Q q 0 0 0 rg BT 214.89 153.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 239.44 153.75 Td (on ) Tj ET Q q 0 0 0 rg BT 252.33 153.75 Td (a ) Tj ET Q q 0 0 0 rg BT 259.66 153.75 Td (periodic ) Tj ET Q q 0 0 0 rg BT 296.45 153.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 324.22 153.75 Td (The ) Tj ET Q q 0 0 0 rg BT 343.22 153.75 Td (results ) Tj ET Q q 0 0 0 rg BT 374.44 153.75 Td (of ) Tj ET Q q 0 0 0 rg BT 384.54 153.75 Td (audits ) Tj ET Q q 0 0 0 rg BT 413.00 153.75 Td (are ) Tj ET Q q 0 0 0 rg BT 429.21 153.75 Td (monitored ) Tj ET Q q 0 0 0 rg BT 475.45 153.75 Td (by ) Tj ET Q q 0 0 0 rg BT 487.78 153.75 Td (the ) Tj ET Q q 0 0 0 rg BT 503.09 153.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 527.65 153.75 Td (Committee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 140.75 Td (of ) Tj ET Q q 0 0 0 rg BT 65.12 140.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.80 140.75 Td (Parent's ) Tj ET Q q 0 0 0 rg BT 120.95 140.75 Td (Board. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 114.75 Td (The ) Tj ET Q q 0 0 0 rg BT 72.67 114.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 101.90 114.75 Td (utilizes ) Tj ET Q q 0 0 0 rg BT 133.90 114.75 Td (a ) Tj ET Q q 0 0 0 rg BT 140.90 114.75 Td (multi-level ) Tj ET Q q 0 0 0 rg BT 187.35 114.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 204.34 114.75 Td (management ) Tj ET Q q 0 0 0 rg BT 264.15 114.75 Td (structure, ) Tj ET Q q 0 0 0 rg BT 307.27 114.75 Td (whereby ) Tj ET Q q 0 0 0 rg BT 346.50 114.75 Td (critical ) Tj ET Q q 0 0 0 rg BT 376.28 114.75 Td (exposure ) Tj ET Q q 0 0 0 rg BT 418.85 114.75 Td (limits, ) Tj ET Q q 0 0 0 rg BT 445.84 114.75 Td (return ) Tj ET Q q 0 0 0 rg BT 473.40 114.75 Td (requirement ) Tj ET Q q 0 0 0 rg BT 528.20 114.75 Td (guidelines, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 101.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 86.08 101.75 Td (at ) Tj ET Q q 0 0 0 rg BT 97.59 101.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 116.32 101.75 Td (and ) Tj ET Q q 0 0 0 rg BT 136.17 101.75 Td (key ) Tj ET Q q 0 0 0 rg BT 154.91 101.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 191.43 101.75 Td (are ) Tj ET Q q 0 0 0 rg BT 209.06 101.75 Td (established ) Tj ET Q q 0 0 0 rg BT 262.82 101.75 Td (by ) Tj ET Q q 0 0 0 rg BT 276.55 101.75 Td (the ) Tj ET Q q 0 0 0 rg BT 293.63 101.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 340.16 101.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 401.70 101.75 Td (and ) Tj ET Q q 0 0 0 rg BT 421.56 101.75 Td (Board, ) Tj ET Q q 0 0 0 rg BT 454.19 101.75 Td (but ) Tj ET Q q 0 0 0 rg BT 471.27 101.75 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 521.68 101.75 Td (execution ) Tj ET Q q 0 0 0 rg BT 567.67 101.75 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 88.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 72.47 88.75 Td (assumption ) Tj ET Q q 0 0 0 rg BT 126.53 88.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 167.80 88.75 Td (and ) Tj ET Q q 0 0 0 rg BT 187.41 88.75 Td (related ) Tj ET Q q 0 0 0 rg BT 220.91 88.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 239.38 88.75 Td (mitigation ) Tj ET Q q 0 0 0 rg BT 285.10 88.75 Td (strategies ) Tj ET Q q 0 0 0 rg BT 331.38 88.75 Td (are ) Tj ET Q q 0 0 0 rg BT 348.75 88.75 Td (delegated ) Tj ET Q q 0 0 0 rg BT 395.61 88.75 Td (to ) Tj ET Q q 0 0 0 rg BT 406.87 88.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.69 88.75 Td (Business ) Tj ET Q q 0 0 0 rg BT 467.19 88.75 Td (Units ) Tj ET Q q 0 0 0 rg BT 492.90 88.75 Td (and ) Tj ET Q q 0 0 0 rg BT 512.50 88.75 Td (Support ) Tj ET Q q 0 0 0 rg BT 550.45 88.75 Td (Units. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 75.75 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 100.08 75.75 Td (on ) Tj ET Q q 0 0 0 rg BT 113.91 75.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 132.18 75.75 Td (management ) Tj ET Q q 0 0 0 rg BT 193.27 75.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 234.33 75.75 Td (is ) Tj ET Q q 0 0 0 rg BT 244.26 75.75 Td (integrated ) Tj ET Q q 0 0 0 rg BT 291.46 75.75 Td (within ) Tj ET Q q 0 0 0 rg BT 319.74 75.75 Td (the ) Tj ET Q q 0 0 0 rg BT 336.36 75.75 Td (Group) Tj ET Q q 0 0 0 rg BT 366.19 75.75 Td (s ) Tj ET Q q 0 0 0 rg BT 373.91 75.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 406.65 75.75 Td (planning ) Tj ET Q q 0 0 0 rg BT 447.18 75.75 Td (process, ) Tj ET Q q 0 0 0 rg BT 487.69 75.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 529.31 75.75 Td (operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 62.75 Td (reports, ) Tj ET Q q 0 0 0 rg BT 91.09 62.75 Td (periodic ) Tj ET Q q 0 0 0 rg BT 129.30 62.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 163.61 62.75 Td (on ) Tj ET Q q 0 0 0 rg BT 177.92 62.75 Td (exposures ) Tj ET Q q 0 0 0 rg BT 227.24 62.75 Td (and ) Tj ET Q q 0 0 0 rg BT 247.12 62.75 Td (large ) Tj ET Q q 0 0 0 rg BT 272.54 62.75 Td (losses, ) Tj ET Q q 0 0 0 rg BT 306.85 62.75 Td (and ) Tj ET Q q 0 0 0 rg BT 326.73 62.75 Td (presentations ) Tj ET Q q 0 0 0 rg BT 389.95 62.75 Td (to ) Tj ET Q q 0 0 0 rg BT 401.48 62.75 Td (the ) Tj ET Q q 0 0 0 rg BT 418.57 62.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 465.11 62.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 526.67 62.75 Td (and ) Tj ET Q q 0 0 0 rg BT 546.54 62.75 Td (Board. ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 712.75 Td (Individual ) Tj ET Q q 0 0 0 rg BT 99.23 712.75 Td (Business ) Tj ET Q q 0 0 0 rg BT 142.79 712.75 Td (Units ) Tj ET Q q 0 0 0 rg BT 168.55 712.75 Td (and ) Tj ET Q q 0 0 0 rg BT 188.21 712.75 Td (Support ) Tj ET Q q 0 0 0 rg BT 226.21 712.75 Td (Units ) Tj ET Q q 0 0 0 rg BT 251.98 712.75 Td (employ) Tj ET Q q 0 0 0 rg BT 283.47 712.75 Td (, ) Tj ET Q q 0 0 0 rg BT 289.23 712.75 Td (and ) Tj ET Q q 0 0 0 rg BT 308.89 712.75 Td (are ) Tj ET Q q 0 0 0 rg BT 326.32 712.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 380.45 712.75 Td (for ) Tj ET Q q 0 0 0 rg BT 395.09 712.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 437.54 712.75 Td (on, ) Tj ET Q q 0 0 0 rg BT 454.42 712.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 499.10 712.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 517.63 712.75 Td (management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 699.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 106.81 699.75 Td (and ) Tj ET Q q 0 0 0 rg BT 126.27 699.75 Td (controls, ) Tj ET Q q 0 0 0 rg BT 166.84 699.75 Td (while ) Tj ET Q q 0 0 0 rg BT 192.41 699.75 Td (Internal ) Tj ET Q q 0 0 0 rg BT 227.99 699.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 253.56 699.75 Td (periodically ) Tj ET Q q 0 0 0 rg BT 306.36 699.75 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 351.95 699.75 Td (the ) Tj ET Q q 0 0 0 rg BT 368.63 699.75 Td (ef) Tj ET Q q 0 0 0 rg BT 376.79 699.75 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 429.59 699.75 Td (of ) Tj ET Q q 0 0 0 rg BT 440.71 699.75 Td (such ) Tj ET Q q 0 0 0 rg BT 464.61 699.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 517.42 699.75 Td (and ) Tj ET Q q 0 0 0 rg BT 536.88 699.75 Td (controls.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 663.75 Td (3.3.2 ) Tj ET Q q 0 0 0 rg BT 79.02 663.75 Td (IMPLEMENT) Tj ET Q q 0 0 0 rg BT 137.16 663.75 Td (A) Tj ET Q q 0 0 0 rg BT 143.64 663.75 Td (TION ) Tj ET Q q 0 0 0 rg BT 170.31 663.75 Td (OF ) Tj ET Q q 0 0 0 rg BT 186.97 663.75 Td (RISK ) Tj ET Q q 0 0 0 rg BT 213.64 663.75 Td (MANAGEMENT ) Tj ET Q q 0 0 0 rg BT 288.82 663.75 Td (AND ) Tj ET Q q 0 0 0 rg BT 313.27 663.75 Td (SOL) Tj ET Q q 0 0 0 rg BT 333.08 663.75 Td (VENCY) Tj ET Q q 0 0 0 rg BT 367.35 663.75 Td ( ) Tj ET Q q 0 0 0 rg BT 370.13 663.75 Td (SELF-ASSESSMENT ) Tj ET Q q 0 0 0 rg BT 470.70 663.75 Td (SYSTEMS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 627.75 Td (3.3.2.1 ) Tj ET Q q 0 0 0 rg BT 87.36 627.75 Td (Enterprise ) Tj ET Q q 0 0 0 rg BT 139.60 627.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 163.50 627.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 227.40 627.75 Td (Framework ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 615.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 602.75 Td (T) Tj ET Q q 0 0 0 rg BT 59.00 602.75 Td (o ) Tj ET Q q 0 0 0 rg BT 68.77 602.75 Td (be ) Tj ET Q q 0 0 0 rg BT 84.11 602.75 Td (successful ) Tj ET Q q 0 0 0 rg BT 135.00 602.75 Td (and ) Tj ET Q q 0 0 0 rg BT 155.90 602.75 Td (embedded ) Tj ET Q q 0 0 0 rg BT 207.37 602.75 Td (within ) Tj ET Q q 0 0 0 rg BT 237.15 602.75 Td (the ) Tj ET Q q 0 0 0 rg BT 255.26 602.75 Td (organization, ) Tj ET Q q 0 0 0 rg BT 316.73 602.75 Td (the ) Tj ET Q q 0 0 0 rg BT 334.84 602.75 Td (Group's ) Tj ET Q q 0 0 0 rg BT 373.76 602.75 Td (ERM ) Tj ET Q q 0 0 0 rg BT 400.19 602.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 451.07 602.75 Td (integrates ) Tj ET Q q 0 0 0 rg BT 499.20 602.75 Td (the ) Tj ET Q q 0 0 0 rg BT 517.31 602.75 Td (following ) Tj ET Q q 0 0 0 rg BT 560.44 602.75 Td (key ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 589.75 Td (components.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 563.75 Td (People ) Tj ET Q q 0 0 0 rg BT 89.57 563.75 Td (and ) Tj ET Q q 0 0 0 rg BT 110.12 563.75 Td (Skills) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 544.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 544.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 72.27 544.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 103.02 544.75 Td (embedding ) Tj ET Q q 0 0 0 rg BT 154.35 544.75 Td (of ) Tj ET Q q 0 0 0 rg BT 164.54 544.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 181.95 544.75 Td (management ) Tj ET Q q 0 0 0 rg BT 242.17 544.75 Td (across ) Tj ET Q q 0 0 0 rg BT 273.47 544.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.22 544.75 Td (organization ) Tj ET Q q 0 0 0 rg BT 345.55 544.75 Td (and ) Tj ET Q q 0 0 0 rg BT 364.09 544.75 Td (at ) Tj ET Q q 0 0 0 rg BT 374.28 544.75 Td (all ) Tj ET Q q 0 0 0 rg BT 386.13 544.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 413.55 544.75 Td (- ) Tj ET Q q 0 0 0 rg BT 418.73 544.75 Td (recruitment, ) Tj ET Q q 0 0 0 rg BT 473.38 544.75 Td (role ) Tj ET Q q 0 0 0 rg BT 491.90 544.75 Td (profiles, ) Tj ET Q q 0 0 0 rg BT 528.77 544.75 Td (objectives, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 531.75 Td (appraisal, ) Tj ET Q q 0 0 0 rg BT 109.14 531.75 Td (review) Tj ET Q q 0 0 0 rg BT 137.48 531.75 Td (, ) Tj ET Q q 0 0 0 rg BT 143.04 531.75 Td (reward.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 518.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 85.22 518.75 Td (culture ) Tj ET Q q 0 0 0 rg BT 118.01 518.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 178.04 518.75 Td (across ) Tj ET Q q 0 0 0 rg BT 210.28 518.75 Td (the ) Tj ET Q q 0 0 0 rg BT 226.96 518.75 Td (entire ) Tj ET Q q 0 0 0 rg BT 254.75 518.75 Td (organization, ) Tj ET Q q 0 0 0 rg BT 314.79 518.75 Td (assessed ) Tj ET Q q 0 0 0 rg BT 359.81 518.75 Td (periodically) Tj ET Q q 0 0 0 rg BT 409.09 518.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 505.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 505.75 Td (Alignment ) Tj ET Q q 0 0 0 rg BT 110.25 505.75 Td (of ) Tj ET Q q 0 0 0 rg BT 121.36 505.75 Td (behaviors ) Tj ET Q q 0 0 0 rg BT 167.50 505.75 Td (with ) Tj ET Q q 0 0 0 rg BT 188.06 505.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 206.39 505.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 246.98 505.75 Td (performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 492.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 492.75 Td (Flexible ) Tj ET Q q 0 0 0 rg BT 100.24 492.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 118.57 492.75 Td (resources ) Tj ET Q q 0 0 0 rg BT 165.25 492.75 Td (with ) Tj ET Q q 0 0 0 rg BT 185.81 492.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 214.16 492.75 Td (to ) Tj ET Q q 0 0 0 rg BT 225.28 492.75 Td (adapt ) Tj ET Q q 0 0 0 rg BT 253.08 492.75 Td (with ) Tj ET Q q 0 0 0 rg BT 273.64 492.75 Td (changing ) Tj ET Q q 0 0 0 rg BT 317.01 492.75 Td (business ) Tj ET Q q 0 0 0 rg BT 359.25 492.75 Td (priorities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 479.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 479.75 Td (Strong ) Tj ET Q q 0 0 0 rg BT 95.24 479.75 Td (functional ) Tj ET Q q 0 0 0 rg BT 140.83 479.75 Td (expertise ) Tj ET Q q 0 0 0 rg BT 184.18 479.75 Td (and ) Tj ET Q q 0 0 0 rg BT 203.64 479.75 Td (proactive ) Tj ET Q q 0 0 0 rg BT 247.00 479.75 Td (review ) Tj ET Q q 0 0 0 rg BT 278.67 479.75 Td (and ) Tj ET Q q 0 0 0 rg BT 298.14 479.75 Td (challenge.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 466.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 466.75 Td (Attract ) Tj ET Q q 0 0 0 rg BT 94.67 466.75 Td (and ) Tj ET Q q 0 0 0 rg BT 114.14 466.75 Td (retain ) Tj ET Q q 0 0 0 rg BT 141.93 466.75 Td (qualified ) Tj ET Q q 0 0 0 rg BT 181.96 466.75 Td (and ) Tj ET Q q 0 0 0 rg BT 201.42 466.75 Td (skilled ) Tj ET Q q 0 0 0 rg BT 231.99 466.75 Td (individuals.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 440.75 Td (Governance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 421.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 421.75 Td (Comprehensive ) Tj ET Q q 0 0 0 rg BT 135.40 421.75 Td (group ) Tj ET Q q 0 0 0 rg BT 163.35 421.75 Td (wide ) Tj ET Q q 0 0 0 rg BT 186.28 421.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 204.20 421.75 Td (governance ) Tj ET Q q 0 0 0 rg BT 258.83 421.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 307.88 421.75 Td (designed ) Tj ET Q q 0 0 0 rg BT 350.84 421.75 Td (to ) Tj ET Q q 0 0 0 rg BT 361.54 421.75 Td (assess, ) Tj ET Q q 0 0 0 rg BT 397.81 421.75 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 435.20 421.75 Td (and ) Tj ET Q q 0 0 0 rg BT 454.25 421.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 492.76 421.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 510.68 421.75 Td (through ) Tj ET Q q 0 0 0 rg BT 546.96 421.75 Td (a ) Tj ET Q q 0 0 0 rg BT 554.89 421.75 Td (multi ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 408.75 Td (line ) Tj ET Q q 0 0 0 rg BT 81.34 408.75 Td (of ) Tj ET Q q 0 0 0 rg BT 92.46 408.75 Td (defense ) Tj ET Q q 0 0 0 rg BT 130.83 408.75 Td (model ) Tj ET Q q 0 0 0 rg BT 160.84 408.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 204.20 408.75 Td (for ) Tj ET Q q 0 0 0 rg BT 218.65 408.75 Td (an ) Tj ET Q q 0 0 0 rg BT 232.55 408.75 Td (ef) Tj ET Q q 0 0 0 rg BT 240.71 408.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 272.39 408.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 310.20 408.75 Td (of ) Tj ET Q q 0 0 0 rg BT 321.32 408.75 Td (business ) Tj ET Q q 0 0 0 rg BT 363.56 408.75 Td (control, ) Tj ET Q q 0 0 0 rg BT 399.13 408.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 442.49 408.75 Td (and ) Tj ET Q q 0 0 0 rg BT 461.95 408.75 Td (assurance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 395.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 395.75 Td (Governance ) Tj ET Q q 0 0 0 rg BT 120.26 395.75 Td (principles ) Tj ET Q q 0 0 0 rg BT 165.28 395.75 Td (embedded ) Tj ET Q q 0 0 0 rg BT 215.31 395.75 Td (in ) Tj ET Q q 0 0 0 rg BT 225.88 395.75 Td (the ) Tj ET Q q 0 0 0 rg BT 242.56 395.75 Td (values, ) Tj ET Q q 0 0 0 rg BT 277.02 395.75 Td (behaviors ) Tj ET Q q 0 0 0 rg BT 323.16 395.75 Td (and ) Tj ET Q q 0 0 0 rg BT 342.62 395.75 Td (code ) Tj ET Q q 0 0 0 rg BT 367.08 395.75 Td (of ) Tj ET Q q 0 0 0 rg BT 378.20 395.75 Td (conduct ) Tj ET Q q 0 0 0 rg BT 416.00 395.75 Td (throughout ) Tj ET Q q 0 0 0 rg BT 466.60 395.75 Td (the ) Tj ET Q q 0 0 0 rg BT 483.28 395.75 Td (organization.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 382.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 382.75 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 108.57 382.75 Td (including ) Tj ET Q q 0 0 0 rg BT 150.82 382.75 Td (insightful ) Tj ET Q q 0 0 0 rg BT 193.07 382.75 Td (analysis ) Tj ET Q q 0 0 0 rg BT 231.97 382.75 Td (and ) Tj ET Q q 0 0 0 rg BT 251.44 382.75 Td (challenge ) Tj ET Q q 0 0 0 rg BT 297.03 382.75 Td (by ) Tj ET Q q 0 0 0 rg BT 310.37 382.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 340.94 382.75 Td (and ) Tj ET Q q 0 0 0 rg BT 360.40 382.75 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 409.87 382.75 Td (boards ) Tj ET Q q 0 0 0 rg BT 443.22 382.75 Td (on ) Tj ET Q q 0 0 0 rg BT 457.13 382.75 Td (all ) Tj ET Q q 0 0 0 rg BT 469.91 382.75 Td (key ) Tj ET Q q 0 0 0 rg BT 488.25 382.75 Td (decisions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 369.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 369.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 93.57 369.75 Td (board ) Tj ET Q q 0 0 0 rg BT 121.93 369.75 Td (and ) Tj ET Q q 0 0 0 rg BT 141.39 369.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 186.41 369.75 Td (management ) Tj ET Q q 0 0 0 rg BT 247.56 369.75 Td (interact ) Tj ET Q q 0 0 0 rg BT 283.13 369.75 Td (ef) Tj ET Q q 0 0 0 rg BT 291.29 369.75 Td (fectively ) Tj ET Q q 0 0 0 rg BT 330.19 369.75 Td (to ) Tj ET Q q 0 0 0 rg BT 341.31 369.75 Td (deliver ) Tj ET Q q 0 0 0 rg BT 373.55 369.75 Td (an ) Tj ET Q q 0 0 0 rg BT 387.45 369.75 Td (agreed ) Tj ET Q q 0 0 0 rg BT 421.36 369.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 451.94 369.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 486.76 369.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 356.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 356.75 Td (Organizational ) Tj ET Q q 0 0 0 rg BT 130.26 356.75 Td (structure ) Tj ET Q q 0 0 0 rg BT 171.94 356.75 Td (that ) Tj ET Q q 0 0 0 rg BT 191.40 356.75 Td (encourages ) Tj ET Q q 0 0 0 rg BT 246.44 356.75 Td (clear ) Tj ET Q q 0 0 0 rg BT 270.89 356.75 Td (accountability ) Tj ET Q q 0 0 0 rg BT 334.26 356.75 Td (and ) Tj ET Q q 0 0 0 rg BT 353.72 356.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 402.08 356.75 Td (aligned ) Tj ET Q q 0 0 0 rg BT 437.11 356.75 Td (with ) Tj ET Q q 0 0 0 rg BT 457.67 356.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 481.58 356.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 508.26 356.75 Td (structure.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 343.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 343.75 Td (Legal ) Tj ET Q q 0 0 0 rg BT 90.25 343.75 Td (Entity ) Tj ET Q q 0 0 0 rg BT 118.03 343.75 Td (boards ) Tj ET Q q 0 0 0 rg BT 151.39 343.75 Td (oversee ) Tj ET Q q 0 0 0 rg BT 189.74 343.75 Td (execution ) Tj ET Q q 0 0 0 rg BT 235.33 343.75 Td (of ) Tj ET Q q 0 0 0 rg BT 246.45 343.75 Td (strategy ) Tj ET Q q 0 0 0 rg BT 284.80 343.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 332.60 343.75 Td (with ) Tj ET Q q 0 0 0 rg BT 353.16 343.75 Td (local ) Tj ET Q q 0 0 0 rg BT 376.51 343.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 423.75 343.75 Td (and ) Tj ET Q q 0 0 0 rg BT 443.21 343.75 Td (governance ) Tj ET Q q 0 0 0 rg BT 498.25 343.75 Td (requirements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 317.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 77.53 317.75 Td (Appetite) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 298.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 298.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 85.22 298.75 Td (Preferences ) Tj ET Q q 0 0 0 rg BT 141.92 298.75 Td (clearly ) Tj ET Q q 0 0 0 rg BT 173.59 298.75 Td (articulated ) Tj ET Q q 0 0 0 rg BT 222.51 298.75 Td (and ) Tj ET Q q 0 0 0 rg BT 241.97 298.75 Td (approved ) Tj ET Q q 0 0 0 rg BT 286.45 298.75 Td (by ) Tj ET Q q 0 0 0 rg BT 299.79 298.75 Td (the ) Tj ET Q q 0 0 0 rg BT 316.47 298.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 347.04 298.75 Td (Board.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 285.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 285.75 Td (W) Tj ET Q q 0 0 0 rg BT 72.26 285.75 Td (ell ) Tj ET Q q 0 0 0 rg BT 85.04 285.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 120.63 285.75 Td (and ) Tj ET Q q 0 0 0 rg BT 140.09 285.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 187.89 285.75 Td (set ) Tj ET Q q 0 0 0 rg BT 204.01 285.75 Td (of ) Tj ET Q q 0 0 0 rg BT 215.13 285.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 233.46 285.75 Td (appetite ) Tj ET Q q 0 0 0 rg BT 271.82 285.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 323.51 285.75 Td (in ) Tj ET Q q 0 0 0 rg BT 334.07 285.75 Td (place ) Tj ET Q q 0 0 0 rg BT 360.76 285.75 Td (across ) Tj ET Q q 0 0 0 rg BT 392.99 285.75 Td (the ) Tj ET Q q 0 0 0 rg BT 409.67 285.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 440.24 285.75 Td (for ) Tj ET Q q 0 0 0 rg BT 454.69 285.75 Td (all ) Tj ET Q q 0 0 0 rg BT 467.47 285.75 Td (key ) Tj ET Q q 0 0 0 rg BT 485.81 285.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 504.14 285.75 Td (categories. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 272.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 272.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 85.46 272.75 Td (appetites ) Tj ET Q q 0 0 0 rg BT 129.06 272.75 Td (at ) Tj ET Q q 0 0 0 rg BT 140.41 272.75 Td (the ) Tj ET Q q 0 0 0 rg BT 157.33 272.75 Td (group ) Tj ET Q q 0 0 0 rg BT 185.92 272.75 Td (level ) Tj ET Q q 0 0 0 rg BT 209.50 272.75 Td (which ) Tj ET Q q 0 0 0 rg BT 238.08 272.75 Td (are ) Tj ET Q q 0 0 0 rg BT 255.55 272.75 Td (set ) Tj ET Q q 0 0 0 rg BT 271.90 272.75 Td (to ) Tj ET Q q 0 0 0 rg BT 283.25 272.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 322.41 272.75 Td (both ) Tj ET Q q 0 0 0 rg BT 344.88 272.75 Td (downside ) Tj ET Q q 0 0 0 rg BT 390.15 272.75 Td (tail ) Tj ET Q q 0 0 0 rg BT 405.95 272.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 424.51 272.75 Td (to ) Tj ET Q q 0 0 0 rg BT 435.87 272.75 Td (large ) Tj ET Q q 0 0 0 rg BT 461.12 272.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 499.14 272.75 Td (events ) Tj ET Q q 0 0 0 rg BT 531.62 272.75 Td (as ) Tj ET Q q 0 0 0 rg BT 545.20 272.75 Td (well ) Tj ET Q q 0 0 0 rg BT 565.44 272.75 Td (as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 259.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 101.34 259.75 Td (in ) Tj ET Q q 0 0 0 rg BT 111.91 259.75 Td (year ) Tj ET Q q 0 0 0 rg BT 134.14 259.75 Td (to ) Tj ET Q q 0 0 0 rg BT 145.26 259.75 Td (year ) Tj ET Q q 0 0 0 rg BT 167.49 259.75 Td (earnings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 246.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 246.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 86.85 246.75 Td (appetites ) Tj ET Q q 0 0 0 rg BT 131.83 246.75 Td (set ) Tj ET Q q 0 0 0 rg BT 149.57 246.75 Td (from ) Tj ET Q q 0 0 0 rg BT 173.98 246.75 Td (an ) Tj ET Q q 0 0 0 rg BT 189.50 246.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 223.36 246.75 Td (group ) Tj ET Q q 0 0 0 rg BT 253.34 246.75 Td (perspective ) Tj ET Q q 0 0 0 rg BT 308.88 246.75 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 353.86 246.75 Td (geographical ) Tj ET Q q 0 0 0 rg BT 415.52 246.75 Td (and ) Tj ET Q q 0 0 0 rg BT 436.61 246.75 Td (product ) Tj ET Q q 0 0 0 rg BT 474.37 246.75 Td (line ) Tj ET Q q 0 0 0 rg BT 494.34 246.75 Td (diversification ) Tj ET Q q 0 0 0 rg BT 559.32 246.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 233.75 Td (aggregation. ) Tj ET Q q 0 0 0 rg BT 121.20 233.75 Td (These ) Tj ET Q q 0 0 0 rg BT 151.77 233.75 Td (are ) Tj ET Q q 0 0 0 rg BT 169.00 233.75 Td (then ) Tj ET Q q 0 0 0 rg BT 191.24 233.75 Td (cascaded ) Tj ET Q q 0 0 0 rg BT 236.83 233.75 Td (down ) Tj ET Q q 0 0 0 rg BT 263.51 233.75 Td (to ) Tj ET Q q 0 0 0 rg BT 274.63 233.75 Td (business ) Tj ET Q q 0 0 0 rg BT 316.88 233.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 335.78 233.75 Td (and ) Tj ET Q q 0 0 0 rg BT 355.24 233.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 379.15 233.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 413.61 233.75 Td (as ) Tj ET Q q 0 0 0 rg BT 426.95 233.75 Td (appropriate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 220.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 220.75 Td (Actual ) Tj ET Q q 0 0 0 rg BT 94.09 220.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 112.94 220.75 Td (positions ) Tj ET Q q 0 0 0 rg BT 155.71 220.75 Td (monitored ) Tj ET Q q 0 0 0 rg BT 203.47 220.75 Td (against ) Tj ET Q q 0 0 0 rg BT 239.02 220.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 257.87 220.75 Td (appetite ) Tj ET Q q 0 0 0 rg BT 296.75 220.75 Td (limits ) Tj ET Q q 0 0 0 rg BT 322.82 220.75 Td (and ) Tj ET Q q 0 0 0 rg BT 342.80 220.75 Td (integrated ) Tj ET Q q 0 0 0 rg BT 390.58 220.75 Td (into ) Tj ET Q q 0 0 0 rg BT 410.00 220.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 428.85 220.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 471.61 220.75 Td (at ) Tj ET Q q 0 0 0 rg BT 483.25 220.75 Td (Group, ) Tj ET Q q 0 0 0 rg BT 517.12 220.75 Td (business ) Tj ET Q q 0 0 0 rg BT 559.89 220.75 Td (unit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 207.75 Td (and ) Tj ET Q q 0 0 0 rg BT 82.46 207.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 109.14 207.75 Td (level ) Tj ET Q q 0 0 0 rg BT 132.49 207.75 Td (board. ) Tj ET Q q 0 0 0 rg BT 163.62 207.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 185.84 207.75 Td (appetites ) Tj ET Q q 0 0 0 rg BT 229.21 207.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 268.13 207.75 Td (where ) Tj ET Q q 0 0 0 rg BT 298.15 207.75 Td (required.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 194.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 194.75 Td (T) Tj ET Q q 0 0 0 rg BT 68.00 194.75 Td (olerance ) Tj ET Q q 0 0 0 rg BT 109.14 194.75 Td (limits ) Tj ET Q q 0 0 0 rg BT 134.69 194.75 Td (and ) Tj ET Q q 0 0 0 rg BT 154.15 194.75 Td (clear ) Tj ET Q q 0 0 0 rg BT 178.61 194.75 Td (escalation ) Tj ET Q q 0 0 0 rg BT 226.41 194.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 274.77 194.75 Td (and ) Tj ET Q q 0 0 0 rg BT 294.23 194.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 347.04 194.75 Td (in ) Tj ET Q q 0 0 0 rg BT 357.60 194.75 Td (place.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 181.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 181.75 Td (Flexibility ) Tj ET Q q 0 0 0 rg BT 106.90 181.75 Td (to ) Tj ET Q q 0 0 0 rg BT 118.01 181.75 Td (understand ) Tj ET Q q 0 0 0 rg BT 170.83 181.75 Td (and ) Tj ET Q q 0 0 0 rg BT 190.29 181.75 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 230.88 181.75 Td (new ) Tj ET Q q 0 0 0 rg BT 252.00 181.75 Td (and ) Tj ET Q q 0 0 0 rg BT 271.47 181.75 Td (emerging ) Tj ET Q q 0 0 0 rg BT 315.93 181.75 Td (risks.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 155.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 77.90 155.75 Td (Operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 136.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 136.75 Td (The ) Tj ET Q q 0 0 0 rg BT 83.75 136.75 Td (business ) Tj ET Q q 0 0 0 rg BT 126.74 136.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 145.81 136.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 194.90 136.75 Td (and ) Tj ET Q q 0 0 0 rg BT 215.11 136.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 251.42 136.75 Td (control ) Tj ET Q q 0 0 0 rg BT 284.96 136.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 335.15 136.75 Td (are ) Tj ET Q q 0 0 0 rg BT 353.12 136.75 Td (key ) Tj ET Q q 0 0 0 rg BT 372.20 136.75 Td (elements ) Tj ET Q q 0 0 0 rg BT 416.30 136.75 Td (to ) Tj ET Q q 0 0 0 rg BT 428.16 136.75 Td (the ) Tj ET Q q 0 0 0 rg BT 445.58 136.75 Td (Enterprise ) Tj ET Q q 0 0 0 rg BT 494.67 136.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 517.64 136.75 Td (Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 123.75 Td (Framework ) Tj ET Q q 0 0 0 rg BT 115.78 123.75 Td (and ) Tj ET Q q 0 0 0 rg BT 135.25 123.75 Td (demonstrate ) Tj ET Q q 0 0 0 rg BT 193.61 123.75 Td (the ) Tj ET Q q 0 0 0 rg BT 210.29 123.75 Td (following ) Tj ET Q q 0 0 0 rg BT 251.98 123.75 Td (qualities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 110.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 110.75 Td (W) Tj ET Q q 0 0 0 rg BT 72.26 110.75 Td (ell ) Tj ET Q q 0 0 0 rg BT 85.10 110.75 Td (documented ) Tj ET Q q 0 0 0 rg BT 142.97 110.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 161.36 110.75 Td (management ) Tj ET Q q 0 0 0 rg BT 222.56 110.75 Td (system ) Tj ET Q q 0 0 0 rg BT 257.06 110.75 Td (and ) Tj ET Q q 0 0 0 rg BT 276.58 110.75 Td (robust ) Tj ET Q q 0 0 0 rg BT 307.21 110.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 325.59 110.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 381.78 110.75 Td (and ) Tj ET Q q 0 0 0 rg BT 401.30 110.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 440.82 110.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 483.13 110.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 531.54 110.75 Td (integrated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 97.75 Td (as ) Tj ET Q q 0 0 0 rg BT 76.34 97.75 Td (part ) Tj ET Q q 0 0 0 rg BT 96.35 97.75 Td (of ) Tj ET Q q 0 0 0 rg BT 107.47 97.75 Td (our ) Tj ET Q q 0 0 0 rg BT 124.70 97.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 156.94 97.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 192.51 97.75 Td (control ) Tj ET Q q 0 0 0 rg BT 225.30 97.75 Td (framework.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 84.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 84.75 Td (Clearly ) Tj ET Q q 0 0 0 rg BT 96.90 84.75 Td (assigned ) Tj ET Q q 0 0 0 rg BT 139.70 84.75 Td (and ) Tj ET Q q 0 0 0 rg BT 159.17 84.75 Td (documented ) Tj ET Q q 0 0 0 rg BT 216.98 84.75 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 285.35 84.75 Td (for ) Tj ET Q q 0 0 0 rg BT 299.80 84.75 Td (key ) Tj ET Q q 0 0 0 rg BT 318.14 84.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 336.47 84.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 374.26 84.75 Td (within ) Tj ET Q q 0 0 0 rg BT 402.60 84.75 Td (all ) Tj ET Q q 0 0 0 rg BT 415.39 84.75 Td (functions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 71.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 71.75 Td (Review ) Tj ET Q q 0 0 0 rg BT 98.57 71.75 Td (and ) Tj ET Q q 0 0 0 rg BT 118.03 71.75 Td (challenge ) Tj ET Q q 0 0 0 rg BT 163.62 71.75 Td (process ) Tj ET Q q 0 0 0 rg BT 201.41 71.75 Td (applied ) Tj ET Q q 0 0 0 rg BT 236.44 71.75 Td (to ) Tj ET Q q 0 0 0 rg BT 247.56 71.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 265.89 71.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 322.02 71.75 Td (outputs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 58.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 58.75 Td (Proactive ) Tj ET Q q 0 0 0 rg BT 107.46 58.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 154.15 58.75 Td (for ) Tj ET Q q 0 0 0 rg BT 168.60 58.75 Td (preventing ) Tj ET Q q 0 0 0 rg BT 218.07 58.75 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 272.56 58.75 Td (future ) Tj ET Q q 0 0 0 rg BT 300.91 58.75 Td (losses.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 712.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 712.75 Td (Flexible ) Tj ET Q q 0 0 0 rg BT 100.24 712.75 Td (and ) Tj ET Q q 0 0 0 rg BT 119.70 712.75 Td (responsive ) Tj ET Q q 0 0 0 rg BT 170.84 712.75 Td (to ) Tj ET Q q 0 0 0 rg BT 181.96 712.75 Td (new ) Tj ET Q q 0 0 0 rg BT 203.08 712.75 Td (and ) Tj ET Q q 0 0 0 rg BT 222.54 712.75 Td (emerging ) Tj ET Q q 0 0 0 rg BT 267.01 712.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 290.34 712.75 Td (and ) Tj ET Q q 0 0 0 rg BT 309.80 712.75 Td (business ) Tj ET Q q 0 0 0 rg BT 352.05 712.75 Td (change.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 699.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 699.75 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 108.57 699.75 Td (and ) Tj ET Q q 0 0 0 rg BT 128.03 699.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 176.95 699.75 Td (of ) Tj ET Q q 0 0 0 rg BT 188.07 699.75 Td (the ) Tj ET Q q 0 0 0 rg BT 204.75 699.75 Td (ef) Tj ET Q q 0 0 0 rg BT 212.91 699.75 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 265.71 699.75 Td (of ) Tj ET Q q 0 0 0 rg BT 276.83 699.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 312.40 699.75 Td (control ) Tj ET Q q 0 0 0 rg BT 345.20 699.75 Td (processes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 686.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.75 Td (Clear ) Tj ET Q q 0 0 0 rg BT 89.67 686.75 Td (escalation ) Tj ET Q q 0 0 0 rg BT 137.48 686.75 Td (when ) Tj ET Q q 0 0 0 rg BT 164.17 686.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 201.96 686.75 Td (not ) Tj ET Q q 0 0 0 rg BT 218.64 686.75 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 279.23 686.75 Td (followed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 673.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 673.75 Td (Clear ) Tj ET Q q 0 0 0 rg BT 89.67 673.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 116.36 673.75 Td (for ) Tj ET Q q 0 0 0 rg BT 130.81 673.75 Td (the ) Tj ET Q q 0 0 0 rg BT 147.49 673.75 Td (remediation ) Tj ET Q q 0 0 0 rg BT 202.52 673.75 Td (of ) Tj ET Q q 0 0 0 rg BT 213.63 673.75 Td (any ) Tj ET Q q 0 0 0 rg BT 232.54 673.75 Td (key ) Tj ET Q q 0 0 0 rg BT 250.88 673.75 Td (control ) Tj ET Q q 0 0 0 rg BT 283.67 673.75 Td (deficiencies.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 647.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 77.90 647.75 Td (Monitoring ) Tj ET Q q 0 0 0 rg BT 132.33 647.75 Td (and ) Tj ET Q q 0 0 0 rg BT 152.89 647.75 Td (Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 628.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 628.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 85.22 628.75 Td (based ) Tj ET Q q 0 0 0 rg BT 115.25 628.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 146.93 628.75 Td (analysis ) Tj ET Q q 0 0 0 rg BT 185.84 628.75 Td (supported ) Tj ET Q q 0 0 0 rg BT 233.09 628.75 Td (by ) Tj ET Q q 0 0 0 rg BT 246.43 628.75 Td (stress ) Tj ET Q q 0 0 0 rg BT 275.88 628.75 Td (and ) Tj ET Q q 0 0 0 rg BT 295.34 628.75 Td (scenario ) Tj ET Q q 0 0 0 rg BT 335.92 628.75 Td (testing ) Tj ET Q q 0 0 0 rg BT 368.16 628.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 417.61 628.75 Td (is ) Tj ET Q q 0 0 0 rg BT 427.61 628.75 Td (used ) Tj ET Q q 0 0 0 rg BT 452.08 628.75 Td (in ) Tj ET Q q 0 0 0 rg BT 462.64 628.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 502.11 628.75 Td (making.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 615.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 615.75 Td (T) Tj ET Q q 0 0 0 rg BT 68.74 615.75 Td (imely ) Tj ET Q q 0 0 0 rg BT 94.85 615.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 137.10 615.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 180.46 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 194.90 615.75 Td (proactive ) Tj ET Q q 0 0 0 rg BT 238.26 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 257.72 615.75 Td (prospective ) Tj ET Q q 0 0 0 rg BT 311.64 615.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 351.11 615.75 Td (making.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 602.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 602.75 Td (T) Tj ET Q q 0 0 0 rg BT 68.00 602.75 Td (olerance ) Tj ET Q q 0 0 0 rg BT 109.14 602.75 Td (limits, ) Tj ET Q q 0 0 0 rg BT 137.47 602.75 Td (triggers ) Tj ET Q q 0 0 0 rg BT 173.59 602.75 Td (and ) Tj ET Q q 0 0 0 rg BT 193.05 602.75 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 242.52 602.75 Td (tools ) Tj ET Q q 0 0 0 rg BT 266.42 602.75 Td (embedded ) Tj ET Q q 0 0 0 rg BT 316.46 602.75 Td (throughout ) Tj ET Q q 0 0 0 rg BT 367.06 602.75 Td (the ) Tj ET Q q 0 0 0 rg BT 383.74 602.75 Td (organization.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 589.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 589.75 Td (Robust ) Tj ET Q q 0 0 0 rg BT 97.46 589.75 Td (stress ) Tj ET Q q 0 0 0 rg BT 126.91 589.75 Td (and ) Tj ET Q q 0 0 0 rg BT 146.37 589.75 Td (scenario ) Tj ET Q q 0 0 0 rg BT 186.95 589.75 Td (testing ) Tj ET Q q 0 0 0 rg BT 219.19 589.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 268.64 589.75 Td (used ) Tj ET Q q 0 0 0 rg BT 293.11 589.75 Td (for ) Tj ET Q q 0 0 0 rg BT 307.56 589.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 339.79 589.75 Td (analysis.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 563.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 77.90 563.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 141.80 563.75 Td (Information ) Tj ET Q q 0 0 0 rg BT 199.58 563.75 Td (and ) Tj ET Q q 0 0 0 rg BT 220.13 563.75 Td (Reporting) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 544.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 544.75 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 110.81 544.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 153.06 544.75 Td (approach ) Tj ET Q q 0 0 0 rg BT 197.54 544.75 Td (across ) Tj ET Q q 0 0 0 rg BT 229.77 544.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 288.68 544.75 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 355.38 544.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 395.95 544.75 Td (planning, ) Tj ET Q q 0 0 0 rg BT 439.32 544.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 457.65 544.75 Td (and ) Tj ET Q q 0 0 0 rg BT 477.11 544.75 Td (finance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 531.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 531.75 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 110.81 531.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 159.17 531.75 Td (for ) Tj ET Q q 0 0 0 rg BT 173.62 531.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 215.86 531.75 Td (all ) Tj ET Q q 0 0 0 rg BT 228.64 531.75 Td (material ) Tj ET Q q 0 0 0 rg BT 266.99 531.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 290.32 531.75 Td (and ) Tj ET Q q 0 0 0 rg BT 309.78 531.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 341.47 531.75 Td (metrics.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 518.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 518.75 Td (Clear ) Tj ET Q q 0 0 0 rg BT 89.67 518.75 Td (and ) Tj ET Q q 0 0 0 rg BT 109.14 518.75 Td (transparent ) Tj ET Q q 0 0 0 rg BT 162.50 518.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 204.75 518.75 Td (to ) Tj ET Q q 0 0 0 rg BT 215.87 518.75 Td (external ) Tj ET Q q 0 0 0 rg BT 254.22 518.75 Td (stakeholders ) Tj ET Q q 0 0 0 rg BT 313.70 518.75 Td (including ) Tj ET Q q 0 0 0 rg BT 355.95 518.75 Td (clients, ) Tj ET Q q 0 0 0 rg BT 389.85 518.75 Td (investors, ) Tj ET Q q 0 0 0 rg BT 435.42 518.75 Td (regulators ) Tj ET Q q 0 0 0 rg BT 482.67 518.75 Td (and ) Tj ET Q q 0 0 0 rg BT 502.13 518.75 Td (rating ) Tj ET Q q 0 0 0 rg BT 529.92 518.75 Td (agencies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 505.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 505.75 Td (Ability ) Tj ET Q q 0 0 0 rg BT 92.45 505.75 Td (to ) Tj ET Q q 0 0 0 rg BT 103.57 505.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 151.39 505.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 169.72 505.75 Td (positions ) Tj ET Q q 0 0 0 rg BT 211.96 505.75 Td (and ) Tj ET Q q 0 0 0 rg BT 231.43 505.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 267.00 505.75 Td (common ) Tj ET Q q 0 0 0 rg BT 308.13 505.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 326.46 505.75 Td (metrics.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 492.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 492.75 Td (Common ) Tj ET Q q 0 0 0 rg BT 106.34 492.75 Td (data ) Tj ET Q q 0 0 0 rg BT 128.59 492.75 Td (definitions ) Tj ET Q q 0 0 0 rg BT 176.39 492.75 Td (for ) Tj ET Q q 0 0 0 rg BT 190.84 492.75 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 248.09 492.75 Td (performance, ) Tj ET Q q 0 0 0 rg BT 309.79 492.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 328.12 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 347.58 492.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 398.71 492.75 Td (data.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 479.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 479.75 Td (Standardized ) Tj ET Q q 0 0 0 rg BT 124.71 479.75 Td (systems ) Tj ET Q q 0 0 0 rg BT 164.16 479.75 Td (and ) Tj ET Q q 0 0 0 rg BT 183.62 479.75 Td (well ) Tj ET Q q 0 0 0 rg BT 203.63 479.75 Td (controlled ) Tj ET Q q 0 0 0 rg BT 249.76 479.75 Td (manual ) Tj ET Q q 0 0 0 rg BT 285.34 479.75 Td (interfaces.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 466.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 466.75 Td (Flexibility ) Tj ET Q q 0 0 0 rg BT 106.90 466.75 Td (to ) Tj ET Q q 0 0 0 rg BT 118.01 466.75 Td (integrate ) Tj ET Q q 0 0 0 rg BT 159.71 466.75 Td (new ) Tj ET Q q 0 0 0 rg BT 180.83 466.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 223.08 466.75 Td (and ) Tj ET Q q 0 0 0 rg BT 242.54 466.75 Td (business ) Tj ET Q q 0 0 0 rg BT 284.79 466.75 Td (requirements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 428.75 Td (3.3.2.2 ) Tj ET Q q 0 0 0 rg BT 87.36 428.75 Td (SOL) Tj ET Q q 0 0 0 rg BT 107.17 428.75 Td (VENCY) Tj ET Q q 0 0 0 rg BT 141.45 428.75 Td ( ) Tj ET Q q 0 0 0 rg BT 144.22 428.75 Td (SELF ) Tj ET Q q 0 0 0 rg BT 172.19 428.75 Td (ASSESSMENT ) Tj ET Q q 0 0 0 rg BT 243.87 428.75 Td (\(SSA\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 402.75 Td (Through ) Tj ET Q q 0 0 0 rg BT 94.81 402.75 Td (its ) Tj ET Q q 0 0 0 rg BT 108.38 402.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 141.97 402.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 164.27 402.75 Td (Assessment ) Tj ET Q q 0 0 0 rg BT 222.30 402.75 Td (process, ) Tj ET Q q 0 0 0 rg BT 263.66 402.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 312.80 402.75 Td (identifies ) Tj ET Q q 0 0 0 rg BT 355.83 402.75 Td (all ) Tj ET Q q 0 0 0 rg BT 369.40 402.75 Td (the ) Tj ET Q q 0 0 0 rg BT 386.87 402.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 410.98 402.75 Td (it ) Tj ET Q q 0 0 0 rg BT 419.55 402.75 Td (is ) Tj ET Q q 0 0 0 rg BT 430.33 402.75 Td (exposed ) Tj ET Q q 0 0 0 rg BT 471.71 402.75 Td (to. ) Tj ET Q q 0 0 0 rg BT 486.39 402.75 Td (Some ) Tj ET Q q 0 0 0 rg BT 516.08 402.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 540.19 402.75 Td (are ) Tj ET Q q 0 0 0 rg BT 558.21 402.75 Td (less ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 389.75 Td (quantifiable ) Tj ET Q q 0 0 0 rg BT 108.20 389.75 Td (than ) Tj ET Q q 0 0 0 rg BT 130.70 389.75 Td (others ) Tj ET Q q 0 0 0 rg BT 161.54 389.75 Td (such ) Tj ET Q q 0 0 0 rg BT 185.71 389.75 Td (as ) Tj ET Q q 0 0 0 rg BT 199.31 389.75 Td (reputational ) Tj ET Q q 0 0 0 rg BT 254.62 389.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 273.22 389.75 Td (or ) Tj ET Q q 0 0 0 rg BT 285.15 389.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 325.99 389.75 Td (risk. ) Tj ET Q q 0 0 0 rg BT 347.36 389.75 Td (For ) Tj ET Q q 0 0 0 rg BT 365.41 389.75 Td (the ) Tj ET Q q 0 0 0 rg BT 382.35 389.75 Td (quantifiable ) Tj ET Q q 0 0 0 rg BT 436.55 389.75 Td (risks, ) Tj ET Q q 0 0 0 rg BT 462.93 389.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 511.55 389.75 Td (uses ) Tj ET Q q 0 0 0 rg BT 535.71 389.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 567.66 389.75 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 376.75 Td (cover ) Tj ET Q q 0 0 0 rg BT 82.27 376.75 Td (them. ) Tj ET Q q 0 0 0 rg BT 111.09 376.75 Td (For ) Tj ET Q q 0 0 0 rg BT 129.91 376.75 Td (the ) Tj ET Q q 0 0 0 rg BT 147.63 376.75 Td (non-quantifiable ) Tj ET Q q 0 0 0 rg BT 222.61 376.75 Td (risks, ) Tj ET Q q 0 0 0 rg BT 249.76 376.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 299.15 376.75 Td (qualitatively ) Tj ET Q q 0 0 0 rg BT 355.22 376.75 Td (manages ) Tj ET Q q 0 0 0 rg BT 400.17 376.75 Td (these ) Tj ET Q q 0 0 0 rg BT 428.45 376.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 452.82 376.75 Td (through ) Tj ET Q q 0 0 0 rg BT 490.55 376.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 527.71 376.75 Td (and ) Tj ET Q q 0 0 0 rg BT 548.21 376.75 Td (robust ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 363.75 Td (processes, ) Tj ET Q q 0 0 0 rg BT 105.13 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 124.60 363.75 Td (considers ) Tj ET Q q 0 0 0 rg BT 170.17 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 178.51 363.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 210.20 363.75 Td (buf) Tj ET Q q 0 0 0 rg BT 223.92 363.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 238.37 363.75 Td (add-on ) Tj ET Q q 0 0 0 rg BT 272.28 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 283.40 363.75 Td (handle ) Tj ET Q q 0 0 0 rg BT 316.21 363.75 Td (these ) Tj ET Q q 0 0 0 rg BT 343.45 363.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 366.78 363.75 Td (plus ) Tj ET Q q 0 0 0 rg BT 387.90 363.75 Td (modeling ) Tj ET Q q 0 0 0 rg BT 431.26 363.75 Td (uncertainties. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 337.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 101.70 337.75 Td (operates ) Tj ET Q q 0 0 0 rg BT 142.74 337.75 Td (an ) Tj ET Q q 0 0 0 rg BT 155.99 337.75 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 202.58 337.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 220.26 337.75 Td (management ) Tj ET Q q 0 0 0 rg BT 280.75 337.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 329.55 337.75 Td (which ) Tj ET Q q 0 0 0 rg BT 357.24 337.75 Td (entails ) Tj ET Q q 0 0 0 rg BT 388.27 337.75 Td (management ) Tj ET Q q 0 0 0 rg BT 448.77 337.75 Td (of ) Tj ET Q q 0 0 0 rg BT 459.23 337.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 476.91 337.75 Td (at ) Tj ET Q q 0 0 0 rg BT 487.37 337.75 Td (a ) Tj ET Q q 0 0 0 rg BT 495.06 337.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 524.97 337.75 Td (level, ) Tj ET Q q 0 0 0 rg BT 550.44 337.75 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 324.75 Td (is ) Tj ET Q q 0 0 0 rg BT 63.47 324.75 Td (then ) Tj ET Q q 0 0 0 rg BT 85.19 324.75 Td (extended ) Tj ET Q q 0 0 0 rg BT 128.58 324.75 Td (to ) Tj ET Q q 0 0 0 rg BT 139.17 324.75 Td (each ) Tj ET Q q 0 0 0 rg BT 163.11 324.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 207.06 324.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 233.21 324.75 Td (within ) Tj ET Q q 0 0 0 rg BT 261.03 324.75 Td (the ) Tj ET Q q 0 0 0 rg BT 277.18 324.75 Td (Group, ) Tj ET Q q 0 0 0 rg BT 310.00 324.75 Td (including ) Tj ET Q q 0 0 0 rg BT 351.72 324.75 Td (the ) Tj ET Q q 0 0 0 rg BT 367.88 324.75 Td (Company) Tj ET Q q 0 0 0 rg BT 409.93 324.75 Td (. ) Tj ET Q q 0 0 0 rg BT 414.96 324.75 Td ( ) Tj ET Q q 0 0 0 rg BT 417.21 324.75 Td (For ) Tj ET Q q 0 0 0 rg BT 434.46 324.75 Td (purposes ) Tj ET Q q 0 0 0 rg BT 477.85 324.75 Td (of ) Tj ET Q q 0 0 0 rg BT 488.44 324.75 Td (the ) Tj ET Q q 0 0 0 rg BT 504.59 324.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 556.55 324.75 Td (SSA) Tj ET Q q 0 0 0 rg BT 576.01 324.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 311.75 Td (a ) Tj ET Q q 0 0 0 rg BT 62.31 311.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 86.19 311.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 112.84 311.75 Td (dimension ) Tj ET Q q 0 0 0 rg BT 161.18 311.75 Td (has ) Tj ET Q q 0 0 0 rg BT 180.05 311.75 Td (been ) Tj ET Q q 0 0 0 rg BT 205.05 311.75 Td (introduced ) Tj ET Q q 0 0 0 rg BT 254.50 311.75 Td (which ) Tj ET Q q 0 0 0 rg BT 282.81 311.75 Td (is ) Tj ET Q q 0 0 0 rg BT 292.79 311.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 340.56 311.75 Td (with ) Tj ET Q q 0 0 0 rg BT 361.10 311.75 Td (the ) Tj ET Q q 0 0 0 rg BT 377.75 311.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 408.29 311.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 442.17 311.75 Td (Model ) Tj ET Q q 0 0 0 rg BT 472.16 311.75 Td (\(GCM\) ) Tj ET Q q 0 0 0 rg BT 504.90 311.75 Td (while ) Tj ET Q q 0 0 0 rg BT 530.44 311.75 Td (taking ) Tj ET Q q 0 0 0 rg BT 559.88 311.75 Td (into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 298.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 115.86 298.75 Td (the ) Tj ET Q q 0 0 0 rg BT 132.14 298.75 Td (composition ) Tj ET Q q 0 0 0 rg BT 187.88 298.75 Td (of ) Tj ET Q q 0 0 0 rg BT 198.59 298.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.87 298.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 263.39 298.75 Td (business ) Tj ET Q q 0 0 0 rg BT 305.24 298.75 Td (and ) Tj ET Q q 0 0 0 rg BT 324.30 298.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 347.23 298.75 Td (of ) Tj ET Q q 0 0 0 rg BT 357.95 298.75 Td (the ) Tj ET Q q 0 0 0 rg BT 374.23 298.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 419.41 298.75 Td (on ) Tj ET Q q 0 0 0 rg BT 432.91 298.75 Td (a ) Tj ET Q q 0 0 0 rg BT 440.85 298.75 Td (stand-alone ) Tj ET Q q 0 0 0 rg BT 495.48 298.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 523.99 298.75 Td (In ) Tj ET Q q 0 0 0 rg BT 534.70 298.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 562.11 298.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 285.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 99.05 285.75 Td (has ) Tj ET Q q 0 0 0 rg BT 117.43 285.75 Td (established ) Tj ET Q q 0 0 0 rg BT 170.28 285.75 Td (a ) Tj ET Q q 0 0 0 rg BT 178.10 285.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 201.48 285.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 227.64 285.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 245.45 285.75 Td (appetite ) Tj ET Q q 0 0 0 rg BT 283.29 285.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 329.45 285.75 Td (which ) Tj ET Q q 0 0 0 rg BT 357.28 285.75 Td (will ) Tj ET Q q 0 0 0 rg BT 373.42 285.75 Td (be ) Tj ET Q q 0 0 0 rg BT 386.80 285.75 Td (used ) Tj ET Q q 0 0 0 rg BT 410.74 285.75 Td (together ) Tj ET Q q 0 0 0 rg BT 449.69 285.75 Td (with ) Tj ET Q q 0 0 0 rg BT 469.73 285.75 Td (the ) Tj ET Q q 0 0 0 rg BT 485.88 285.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 509.27 285.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 535.43 285.75 Td (modeling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 272.75 Td (results ) Tj ET Q q 0 0 0 rg BT 86.23 272.75 Td (to ) Tj ET Q q 0 0 0 rg BT 97.35 272.75 Td (finalize ) Tj ET Q q 0 0 0 rg BT 131.26 272.75 Td (our ) Tj ET Q q 0 0 0 rg BT 148.49 272.75 Td (view ) Tj ET Q q 0 0 0 rg BT 171.27 272.75 Td (of ) Tj ET Q q 0 0 0 rg BT 182.39 272.75 Td (own ) Tj ET Q q 0 0 0 rg BT 203.51 272.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 235.20 272.75 Td (needs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 246.75 Td (As ) Tj ET Q q 0 0 0 rg BT 68.92 246.75 Td (such, ) Tj ET Q q 0 0 0 rg BT 96.08 246.75 Td (the ) Tj ET Q q 0 0 0 rg BT 113.23 246.75 Td (SSA) Tj ET Q q 0 0 0 rg BT 132.69 246.75 Td ( ) Tj ET Q q 0 0 0 rg BT 135.94 246.75 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 190.34 246.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 240.27 246.75 Td (is ) Tj ET Q q 0 0 0 rg BT 250.75 246.75 Td (based ) Tj ET Q q 0 0 0 rg BT 281.24 246.75 Td (on ) Tj ET Q q 0 0 0 rg BT 295.62 246.75 Td (the ) Tj ET Q q 0 0 0 rg BT 312.77 246.75 Td (key ) Tj ET Q q 0 0 0 rg BT 331.59 246.75 Td (principles ) Tj ET Q q 0 0 0 rg BT 377.08 246.75 Td (that ) Tj ET Q q 0 0 0 rg BT 397.02 246.75 Td (follow) Tj ET Q q 0 0 0 rg BT 422.03 246.75 Td (. ) Tj ET Q q 0 0 0 rg BT 428.06 246.75 Td (Note, ) Tj ET Q q 0 0 0 rg BT 455.22 246.75 Td (given ) Tj ET Q q 0 0 0 rg BT 482.38 246.75 Td (the ) Tj ET Q q 0 0 0 rg BT 499.53 246.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 526.13 246.75 Td (of ) Tj ET Q q 0 0 0 rg BT 537.72 246.75 Td (the ) Tj ET Q q 0 0 0 rg BT 554.87 246.75 Td (legal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 232.45 Td (entity ) Tj ET Q q 0 0 0 rg BT 80.68 232.45 Td (model, ) Tj ET Q q 0 0 0 rg BT 113.47 232.45 Td (we ) Tj ET Q q 0 0 0 rg BT 129.03 232.45 Td (begin ) Tj ET Q q 0 0 0 rg BT 156.28 232.45 Td (with ) Tj ET Q q 0 0 0 rg BT 176.84 232.45 Td (the ) Tj ET Q q 0 0 0 rg BT 193.52 232.45 Td (Group ) Tj ET Q q 0 0 0 rg BT 224.09 232.45 Td (perspective, ) Tj ET Q q 0 0 0 rg BT 280.79 232.45 Td (followed ) Tj ET Q q 0 0 0 rg BT 320.25 232.45 Td (by ) Tj ET Q q 0 0 0 rg BT 333.59 232.45 Td (the ) Tj ET Q q 0 0 0 rg BT 350.27 232.45 Td (legal ) Tj ET Q q 0 0 0 rg BT 374.18 232.45 Td (entity ) Tj ET Q q 0 0 0 rg BT 400.86 232.45 Td (consideration ) Tj ET Q q 0 0 0 rg BT 463.12 232.45 Td (of ) Tj ET Q q 0 0 0 rg BT 474.24 232.45 Td (the ) Tj ET Q q 0 0 0 rg BT 490.92 232.45 Td (Company) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 533.72 232.45 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 193.45 Td (Consistency ) Tj ET Q q 0 0 0 rg BT 116.24 193.45 Td (with ) Tj ET Q q 0 0 0 rg BT 139.01 193.45 Td (the ) Tj ET Q q 0 0 0 rg BT 156.79 193.45 Td (Group ) Tj ET Q q 0 0 0 rg BT 189.57 193.45 Td (Capital ) Tj ET Q q 0 0 0 rg BT 225.68 193.45 Td (Model ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 167.45 Td (The ) Tj ET Q q 0 0 0 rg BT 73.92 167.45 Td (GCM ) Tj ET Q q 0 0 0 rg BT 99.93 167.45 Td (provides ) Tj ET Q q 0 0 0 rg BT 140.42 167.45 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 188.03 167.45 Td (s ) Tj ET Q q 0 0 0 rg BT 195.72 167.45 Td (view ) Tj ET Q q 0 0 0 rg BT 218.41 167.45 Td (on ) Tj ET Q q 0 0 0 rg BT 232.22 167.45 Td (the ) Tj ET Q q 0 0 0 rg BT 248.81 167.45 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 294.84 167.45 Td (of ) Tj ET Q q 0 0 0 rg BT 305.86 167.45 Td (the ) Tj ET Q q 0 0 0 rg BT 322.45 167.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 361.83 167.45 Td (position ) Tj ET Q q 0 0 0 rg BT 398.98 167.45 Td (to ) Tj ET Q q 0 0 0 rg BT 410.01 167.45 Td (the ) Tj ET Q q 0 0 0 rg BT 426.59 167.45 Td (main ) Tj ET Q q 0 0 0 rg BT 450.96 167.45 Td (risks ) Tj ET Q q 0 0 0 rg BT 474.19 167.45 Td (faced ) Tj ET Q q 0 0 0 rg BT 501.34 167.45 Td (by ) Tj ET Q q 0 0 0 rg BT 514.59 167.45 Td (the ) Tj ET Q q 0 0 0 rg BT 531.18 167.45 Td (Company) Tj ET Q q 0 0 0 rg BT 573.23 167.45 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 141.45 Td (This ) Tj ET Q q 0 0 0 rg BT 76.29 141.45 Td (model ) Tj ET Q q 0 0 0 rg BT 106.93 141.45 Td (focuses ) Tj ET Q q 0 0 0 rg BT 144.79 141.45 Td (on ) Tj ET Q q 0 0 0 rg BT 159.31 141.45 Td (the ) Tj ET Q q 0 0 0 rg BT 176.61 141.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 209.46 141.45 Td (on ) Tj ET Q q 0 0 0 rg BT 223.99 141.45 Td (the ) Tj ET Q q 0 0 0 rg BT 241.29 141.45 Td (Balance ) Tj ET Q q 0 0 0 rg BT 280.83 141.45 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 310.36 141.45 Td (of ) Tj ET Q q 0 0 0 rg BT 322.10 141.45 Td (the ) Tj ET Q q 0 0 0 rg BT 339.40 141.45 Td (dif) Tj ET Q q 0 0 0 rg BT 349.78 141.45 Td (ferent ) Tj ET Q q 0 0 0 rg BT 378.75 141.45 Td (entities ) Tj ET Q q 0 0 0 rg BT 413.83 141.45 Td (of ) Tj ET Q q 0 0 0 rg BT 425.57 141.45 Td (the ) Tj ET Q q 0 0 0 rg BT 442.87 141.45 Td (Group ) Tj ET Q q 0 0 0 rg BT 474.07 141.45 Td (related ) Tj ET Q q 0 0 0 rg BT 508.04 141.45 Td (to ) Tj ET Q q 0 0 0 rg BT 519.78 141.45 Td (the ) Tj ET Q q 0 0 0 rg BT 537.08 141.45 Td (following ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 128.45 Td (risks: ) Tj ET Q q 0 0 0 rg BT 79.32 128.45 Td (Non-Life ) Tj ET Q q 0 0 0 rg BT 119.11 128.45 Td (Non ) Tj ET Q q 0 0 0 rg BT 139.44 128.45 Td (Cat ) Tj ET Q q 0 0 0 rg BT 157.00 128.45 Td (Underwriting ) Tj ET Q q 0 0 0 rg BT 215.12 128.45 Td (risk, ) Tj ET Q q 0 0 0 rg BT 235.44 128.45 Td (Nat ) Tj ET Q q 0 0 0 rg BT 252.99 128.45 Td (Cat ) Tj ET Q q 0 0 0 rg BT 270.54 128.45 Td (risk, ) Tj ET Q q 0 0 0 rg BT 290.86 128.45 Td (Reserving ) Tj ET Q q 0 0 0 rg BT 337.87 128.45 Td (risk, ) Tj ET Q q 0 0 0 rg BT 358.19 128.45 Td (Life ) Tj ET Q q 0 0 0 rg BT 376.31 128.45 Td (risk ) Tj ET Q q 0 0 0 rg BT 393.85 128.45 Td (and ) Tj ET Q q 0 0 0 rg BT 412.13 128.45 Td (Asset ) Tj ET Q q 0 0 0 rg BT 439.13 128.45 Td (risk ) Tj ET Q q 0 0 0 rg BT 456.67 128.45 Td (\(Interest ) Tj ET Q q 0 0 0 rg BT 495.34 128.45 Td (Rates ) Tj ET Q q 0 0 0 rg BT 523.45 128.45 Td (risk, ) Tj ET Q q 0 0 0 rg BT 543.77 128.45 Td (Spread ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 115.45 Td (risk, ) Tj ET Q q 0 0 0 rg BT 75.11 115.45 Td (Market ) Tj ET Q q 0 0 0 rg BT 108.45 115.45 Td (risk, ) Tj ET Q q 0 0 0 rg BT 129.56 115.45 Td (FX ) Tj ET Q q 0 0 0 rg BT 145.11 115.45 Td (risk\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 89.45 Td (Results ) Tj ET Q q 0 0 0 rg BT 90.13 89.45 Td (are ) Tj ET Q q 0 0 0 rg BT 107.37 89.45 Td (reported ) Tj ET Q q 0 0 0 rg BT 147.40 89.45 Td (to ) Tj ET Q q 0 0 0 rg BT 158.52 89.45 Td (the ) Tj ET Q q 0 0 0 rg BT 175.20 89.45 Td (Executive ) Tj ET Q q 0 0 0 rg BT 221.34 89.45 Td (Management, ) Tj ET Q q 0 0 0 rg BT 285.27 89.45 Td (Enterprise ) Tj ET Q q 0 0 0 rg BT 333.63 89.45 Td (Risk ) Tj ET Q q 0 0 0 rg BT 355.86 89.45 Td (Committee ) Tj ET Q q 0 0 0 rg BT 406.99 89.45 Td (and ) Tj ET Q q 0 0 0 rg BT 426.46 89.45 Td (the ) Tj ET Q q 0 0 0 rg BT 443.14 89.45 Td (Board ) Tj ET Q q 0 0 0 rg BT 472.61 89.45 Td (of ) Tj ET Q q 0 0 0 rg BT 483.73 89.45 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 529.30 89.45 Td (and ) Tj ET Q q 0 0 0 rg BT 548.77 89.45 Td (model ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 76.45 Td (outputs ) Tj ET Q q 0 0 0 rg BT 88.81 76.45 Td (are ) Tj ET Q q 0 0 0 rg BT 105.27 76.45 Td (the ) Tj ET Q q 0 0 0 rg BT 121.17 76.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 146.52 76.45 Td (for ) Tj ET Q q 0 0 0 rg BT 160.20 76.45 Td (the ) Tj ET Q q 0 0 0 rg BT 176.10 76.45 Td (external ) Tj ET Q q 0 0 0 rg BT 213.68 76.45 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 260.71 76.45 Td (of ) Tj ET Q q 0 0 0 rg BT 271.05 76.45 Td (the ) Tj ET Q q 0 0 0 rg BT 286.96 76.45 Td (Nat ) Tj ET Q q 0 0 0 rg BT 304.53 76.45 Td (Cat ) Tj ET Q q 0 0 0 rg BT 322.09 76.45 Td (PML) Tj ET Q q 0 0 0 rg BT 342.28 76.45 Td ( ) Tj ET Q q 0 0 0 rg BT 344.29 76.45 Td (or ) Tj ET Q q 0 0 0 rg BT 355.18 76.45 Td (for ) Tj ET Q q 0 0 0 rg BT 368.86 76.45 Td (internal ) Tj ET Q q 0 0 0 rg BT 403.66 76.45 Td (processes ) Tj ET Q q 0 0 0 rg BT 451.24 76.45 Td (such ) Tj ET Q q 0 0 0 rg BT 474.37 76.45 Td (as ) Tj ET Q q 0 0 0 rg BT 486.94 76.45 Td (the ) Tj ET Q q 0 0 0 rg BT 502.84 76.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 533.75 76.45 Td (allocation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 63.45 Td (framework. ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 699.75 Td (GCM ) Tj ET Q q 0 0 0 rg BT 80.11 699.75 Td (outputs ) Tj ET Q q 0 0 0 rg BT 115.69 699.75 Td (are ) Tj ET Q q 0 0 0 rg BT 132.92 699.75 Td (the ) Tj ET Q q 0 0 0 rg BT 149.60 699.75 Td (core ) Tj ET Q q 0 0 0 rg BT 171.83 699.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 197.96 699.75 Td (of ) Tj ET Q q 0 0 0 rg BT 209.07 699.75 Td (the ) Tj ET Q q 0 0 0 rg BT 225.75 699.75 Td (SSA) Tj ET Q q 0 0 0 rg BT 245.21 699.75 Td ( ) Tj ET Q q 0 0 0 rg BT 247.99 699.75 Td (calculation ) Tj ET Q q 0 0 0 rg BT 298.02 699.75 Td (framework.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 673.75 Td (Consistency ) Tj ET Q q 0 0 0 rg BT 116.24 673.75 Td (with ) Tj ET Q q 0 0 0 rg BT 139.01 673.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.79 673.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 180.32 673.75 Td (Appetite ) Tj ET Q q 0 0 0 rg BT 223.10 673.75 Td (Framework) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 647.75 Td (PartnerRe's ) Tj ET Q q 0 0 0 rg BT 109.78 647.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 139.75 647.75 Td (of ) Tj ET Q q 0 0 0 rg BT 151.39 647.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 194.68 647.75 Td (annually ) Tj ET Q q 0 0 0 rg BT 235.23 647.75 Td (reviews ) Tj ET Q q 0 0 0 rg BT 272.42 647.75 Td (and ) Tj ET Q q 0 0 0 rg BT 292.39 647.75 Td (agrees ) Tj ET Q q 0 0 0 rg BT 326.26 647.75 Td (to ) Tj ET Q q 0 0 0 rg BT 337.90 647.75 Td (a ) Tj ET Q q 0 0 0 rg BT 346.75 647.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 365.59 647.75 Td (appetite ) Tj ET Q q 0 0 0 rg BT 404.47 647.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 454.44 647.75 Td (that ) Tj ET Q q 0 0 0 rg BT 474.41 647.75 Td (defines ) Tj ET Q q 0 0 0 rg BT 509.95 647.75 Td (how ) Tj ET Q q 0 0 0 rg BT 531.59 647.75 Td (much ) Tj ET Q q 0 0 0 rg BT 559.33 647.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 634.75 Td (how ) Tj ET Q q 0 0 0 rg BT 75.12 634.75 Td (often ) Tj ET Q q 0 0 0 rg BT 100.14 634.75 Td (the ) Tj ET Q q 0 0 0 rg BT 116.82 634.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 162.40 634.75 Td (will ) Tj ET Q q 0 0 0 rg BT 179.06 634.75 Td (tolerate ) Tj ET Q q 0 0 0 rg BT 215.20 634.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 260.77 634.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 291.90 634.75 Td (during ) Tj ET Q q 0 0 0 rg BT 322.47 634.75 Td (an ) Tj ET Q q 0 0 0 rg BT 336.37 634.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 369.18 634.75 Td (period. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 608.75 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 101.62 608.75 Td (s ) Tj ET Q q 0 0 0 rg BT 110.27 608.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 132.63 608.75 Td (Appetite ) Tj ET Q q 0 0 0 rg BT 172.98 608.75 Td (states ) Tj ET Q q 0 0 0 rg BT 203.31 608.75 Td (the ) Tj ET Q q 0 0 0 rg BT 220.86 608.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 252.30 608.75 Td (Board) Tj ET Q q 0 0 0 rg BT 281.03 608.75 Td (s ) Tj ET Q q 0 0 0 rg BT 289.68 608.75 Td (tolerance ) Tj ET Q q 0 0 0 rg BT 334.46 608.75 Td (level ) Tj ET Q q 0 0 0 rg BT 358.68 608.75 Td (for ) Tj ET Q q 0 0 0 rg BT 374.00 608.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.55 608.75 Td (size ) Tj ET Q q 0 0 0 rg BT 412.98 608.75 Td (and ) Tj ET Q q 0 0 0 rg BT 433.31 608.75 Td (frequency ) Tj ET Q q 0 0 0 rg BT 480.88 608.75 Td (of ) Tj ET Q q 0 0 0 rg BT 492.87 608.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 539.32 608.75 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 595.75 Td (losses. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 569.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.10 569.75 Td (straightforward ) Tj ET Q q 0 0 0 rg BT 139.67 569.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 187.77 569.75 Td (facilitates ) Tj ET Q q 0 0 0 rg BT 230.89 569.75 Td (the ) Tj ET Q q 0 0 0 rg BT 246.22 569.75 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 294.34 569.75 Td (of ) Tj ET Q q 0 0 0 rg BT 303.82 569.75 Td (A) Tj ET Q q 0 0 0 rg BT 310.31 569.75 Td (vailable ) Tj ET Q q 0 0 0 rg BT 345.65 569.75 Td (Economic ) Tj ET Q q 0 0 0 rg BT 390.99 569.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 423.55 569.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 469.44 569.75 Td (to ) Tj ET Q q 0 0 0 rg BT 479.21 569.75 Td (Required ) Tj ET Q q 0 0 0 rg BT 521.22 569.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 542.10 569.75 Td (Capital. ) Tj ET Q q 0 0 0 rg BT 578.78 569.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 556.75 Td (A) Tj ET Q q 0 0 0 rg BT 60.49 556.75 Td (vailable ) Tj ET Q q 0 0 0 rg BT 98.15 556.75 Td (Economic ) Tj ET Q q 0 0 0 rg BT 145.81 556.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 180.69 556.75 Td (is ) Tj ET Q q 0 0 0 rg BT 191.67 556.75 Td (the ) Tj ET Q q 0 0 0 rg BT 209.32 556.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 255.87 556.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 312.98 556.75 Td (by ) Tj ET Q q 0 0 0 rg BT 327.29 556.75 Td (the ) Tj ET Q q 0 0 0 rg BT 344.94 556.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 391.50 556.75 Td (of ) Tj ET Q q 0 0 0 rg BT 403.59 556.75 Td (its ) Tj ET Q q 0 0 0 rg BT 417.34 556.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 452.22 556.75 Td (and ) Tj ET Q q 0 0 0 rg BT 472.66 556.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 513.10 556.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 536.31 556.75 Td (at ) Tj ET Q q 0 0 0 rg BT 548.41 556.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 576.01 556.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 543.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 92.34 543.75 Td (value. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 517.75 Td (Modeled ) Tj ET Q q 0 0 0 rg BT 95.14 517.75 Td (results ) Tj ET Q q 0 0 0 rg BT 127.37 517.75 Td (are ) Tj ET Q q 0 0 0 rg BT 144.60 517.75 Td (monitored ) Tj ET Q q 0 0 0 rg BT 191.85 517.75 Td (and ) Tj ET Q q 0 0 0 rg BT 211.31 517.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 251.33 517.75 Td (quarterly) Tj ET Q q 0 0 0 rg BT 289.50 517.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 491.75 Td (Link ) Tj ET Q q 0 0 0 rg BT 77.33 491.75 Td (to ) Tj ET Q q 0 0 0 rg BT 89.55 491.75 Td (the ) Tj ET Q q 0 0 0 rg BT 107.33 491.75 Td (Resilience ) Tj ET Q q 0 0 0 rg BT 159.58 491.75 Td (Strategy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 465.75 Td (Resilience ) Tj ET Q q 0 0 0 rg BT 101.95 465.75 Td (is ) Tj ET Q q 0 0 0 rg BT 110.98 465.75 Td (a ) Tj ET Q q 0 0 0 rg BT 118.36 465.75 Td (key ) Tj ET Q q 0 0 0 rg BT 135.73 465.75 Td (element ) Tj ET Q q 0 0 0 rg BT 173.12 465.75 Td (in ) Tj ET Q q 0 0 0 rg BT 182.72 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 198.44 465.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 245.83 465.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 280.66 465.75 Td (. ) Tj ET Q q 0 0 0 rg BT 285.25 465.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 303.73 465.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 321.10 465.75 Td (appetite ) Tj ET Q q 0 0 0 rg BT 358.50 465.75 Td (framework, ) Tj ET Q q 0 0 0 rg BT 409.76 465.75 Td (and ) Tj ET Q q 0 0 0 rg BT 428.26 465.75 Td (consequently ) Tj ET Q q 0 0 0 rg BT 489.01 465.75 Td (our ) Tj ET Q q 0 0 0 rg BT 505.27 465.75 Td (SSA) Tj ET Q q 0 0 0 rg BT 524.73 465.75 Td ( ) Tj ET Q q 0 0 0 rg BT 526.55 465.75 Td (framework, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 452.75 Td (looks ) Tj ET Q q 0 0 0 rg BT 80.06 452.75 Td (not ) Tj ET Q q 0 0 0 rg BT 96.67 452.75 Td (only ) Tj ET Q q 0 0 0 rg BT 117.72 452.75 Td (at ) Tj ET Q q 0 0 0 rg BT 128.77 452.75 Td (being ) Tj ET Q q 0 0 0 rg BT 155.95 452.75 Td (solvent ) Tj ET Q q 0 0 0 rg BT 190.35 452.75 Td (after ) Tj ET Q q 0 0 0 rg BT 213.07 452.75 Td (an ) Tj ET Q q 0 0 0 rg BT 226.90 452.75 Td (extreme ) Tj ET Q q 0 0 0 rg BT 265.73 452.75 Td (event ) Tj ET Q q 0 0 0 rg BT 292.91 452.75 Td (or ) Tj ET Q q 0 0 0 rg BT 304.51 452.75 Td (a ) Tj ET Q q 0 0 0 rg BT 312.78 452.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 352.18 452.75 Td (year ) Tj ET Q q 0 0 0 rg BT 374.34 452.75 Td (with ) Tj ET Q q 0 0 0 rg BT 394.84 452.75 Td (extreme ) Tj ET Q q 0 0 0 rg BT 433.67 452.75 Td (losses. ) Tj ET Q q 0 0 0 rg BT 467.50 452.75 Td ( ) Tj ET Q q 0 0 0 rg BT 470.04 452.75 Td (The ) Tj ET Q q 0 0 0 rg BT 489.98 452.75 Td (SSA) Tj ET Q q 0 0 0 rg BT 509.44 452.75 Td ( ) Tj ET Q q 0 0 0 rg BT 512.15 452.75 Td (also ) Tj ET Q q 0 0 0 rg BT 533.20 452.75 Td (considers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 439.75 Td (that ) Tj ET Q q 0 0 0 rg BT 73.08 439.75 Td (the ) Tj ET Q q 0 0 0 rg BT 89.38 439.75 Td (company ) Tj ET Q q 0 0 0 rg BT 132.36 439.75 Td (can ) Tj ET Q q 0 0 0 rg BT 150.89 439.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 191.09 439.75 Td (as ) Tj ET Q q 0 0 0 rg BT 204.06 439.75 Td (a ) Tj ET Q q 0 0 0 rg BT 212.02 439.75 Td (going ) Tj ET Q q 0 0 0 rg BT 238.89 439.75 Td (concern ) Tj ET Q q 0 0 0 rg BT 276.87 439.75 Td (over ) Tj ET Q q 0 0 0 rg BT 298.72 439.75 Td (many ) Tj ET Q q 0 0 0 rg BT 325.58 439.75 Td (years. ) Tj ET Q q 0 0 0 rg BT 355.05 439.75 Td (That ) Tj ET Q q 0 0 0 rg BT 377.46 439.75 Td (is ) Tj ET Q q 0 0 0 rg BT 387.09 439.75 Td (the ) Tj ET Q q 0 0 0 rg BT 403.39 439.75 Td (reason ) Tj ET Q q 0 0 0 rg BT 436.37 439.75 Td (why ) Tj ET Q q 0 0 0 rg BT 456.55 439.75 Td (our ) Tj ET Q q 0 0 0 rg BT 473.41 439.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 491.36 439.75 Td (appetite ) Tj ET Q q 0 0 0 rg BT 529.35 439.75 Td (framework ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 426.75 Td (aims ) Tj ET Q q 0 0 0 rg BT 77.73 426.75 Td (at ) Tj ET Q q 0 0 0 rg BT 88.68 426.75 Td (limiting, ) Tj ET Q q 0 0 0 rg BT 125.19 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 139.48 426.75 Td (example, ) Tj ET Q q 0 0 0 rg BT 182.67 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 199.18 426.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 231.25 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 242.20 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 250.38 426.75 Td (year ) Tj ET Q q 0 0 0 rg BT 272.45 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 292.84 426.75 Td (very ) Tj ET Q q 0 0 0 rg BT 314.35 426.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 352.54 426.75 Td (losses. ) Tj ET Q q 0 0 0 rg BT 386.11 426.75 Td (This ) Tj ET Q q 0 0 0 rg BT 407.61 426.75 Td (would ) Tj ET Q q 0 0 0 rg BT 436.36 426.75 Td (allow ) Tj ET Q q 0 0 0 rg BT 461.76 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 478.27 426.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 523.69 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 534.64 426.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 553.38 426.75 Td (all ) Tj ET Q q 0 0 0 rg BT 566.00 426.75 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 413.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 108.11 413.75 Td (claim ) Tj ET Q q 0 0 0 rg BT 133.85 413.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 174.04 413.75 Td (and ) Tj ET Q q 0 0 0 rg BT 193.13 413.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 225.55 413.75 Td (from ) Tj ET Q q 0 0 0 rg BT 247.95 413.75 Td (the ) Tj ET Q q 0 0 0 rg BT 264.26 413.75 Td (improved ) Tj ET Q q 0 0 0 rg BT 307.79 413.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 339.65 413.75 Td (environment ) Tj ET Q q 0 0 0 rg BT 397.08 413.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 431.16 413.75 Td (by ) Tj ET Q q 0 0 0 rg BT 444.12 413.75 Td (a ) Tj ET Q q 0 0 0 rg BT 452.08 413.75 Td (scenario ) Tj ET Q q 0 0 0 rg BT 492.28 413.75 Td (with ) Tj ET Q q 0 0 0 rg BT 512.47 413.75 Td (severe ) Tj ET Q q 0 0 0 rg BT 544.88 413.75 Td (losses, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 400.75 Td (with ) Tj ET Q q 0 0 0 rg BT 74.56 400.75 Td (very ) Tj ET Q q 0 0 0 rg BT 96.23 400.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 127.91 400.75 Td (\(if ) Tj ET Q q 0 0 0 rg BT 139.01 400.75 Td (any\) ) Tj ET Q q 0 0 0 rg BT 161.25 400.75 Td (need ) Tj ET Q q 0 0 0 rg BT 186.27 400.75 Td (to ) Tj ET Q q 0 0 0 rg BT 197.39 400.75 Td (raise ) Tj ET Q q 0 0 0 rg BT 221.84 400.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 267.43 400.75 Td (capital. ) Tj ET Q q 0 0 0 rg BT 301.90 400.75 Td ( ) Tj ET Q q 0 0 0 rg BT 304.67 400.75 Td ( ) Tj ET Q q 0 0 0 rg BT 307.45 400.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 374.75 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 101.62 374.75 Td (s ) Tj ET Q q 0 0 0 rg BT 109.29 374.75 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 180.32 374.75 Td (view ) Tj ET Q q 0 0 0 rg BT 203.00 374.75 Td (is ) Tj ET Q q 0 0 0 rg BT 212.89 374.75 Td (anchored ) Tj ET Q q 0 0 0 rg BT 257.26 374.75 Td (around ) Tj ET Q q 0 0 0 rg BT 291.06 374.75 Td (its ) Tj ET Q q 0 0 0 rg BT 303.73 374.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 331.97 374.75 Td (to ) Tj ET Q q 0 0 0 rg BT 342.98 374.75 Td (withstand ) Tj ET Q q 0 0 0 rg BT 387.90 374.75 Td (to ) Tj ET Q q 0 0 0 rg BT 398.91 374.75 Td (extreme ) Tj ET Q q 0 0 0 rg BT 437.70 374.75 Td (events ) Tj ET Q q 0 0 0 rg BT 469.83 374.75 Td (and ) Tj ET Q q 0 0 0 rg BT 489.19 374.75 Td (its ) Tj ET Q q 0 0 0 rg BT 501.86 374.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 530.09 374.75 Td (to ) Tj ET Q q 0 0 0 rg BT 541.10 374.75 Td (thrive ) Tj ET Q q 0 0 0 rg BT 568.23 374.75 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 361.75 Td (the ) Tj ET Q q 0 0 0 rg BT 70.68 361.75 Td (years ) Tj ET Q q 0 0 0 rg BT 97.91 361.75 Td (following ) Tj ET Q q 0 0 0 rg BT 139.60 361.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.28 361.75 Td (events, ) Tj ET Q q 0 0 0 rg BT 191.30 361.75 Td (with ) Tj ET Q q 0 0 0 rg BT 211.86 361.75 Td (business ) Tj ET Q q 0 0 0 rg BT 254.11 361.75 Td (strategies ) Tj ET Q q 0 0 0 rg BT 300.24 361.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 340.83 361.75 Td (appropriately) Tj ET Q q 0 0 0 rg BT 397.90 361.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 335.75 Td (Consistency ) Tj ET Q q 0 0 0 rg BT 116.24 335.75 Td (with ) Tj ET Q q 0 0 0 rg BT 139.01 335.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.79 335.75 Td (Business ) Tj ET Q q 0 0 0 rg BT 204.03 335.75 Td (Planning ) Tj ET Q q 0 0 0 rg BT 249.03 335.75 Td (Process) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 309.75 Td (Annually) Tj ET Q q 0 0 0 rg BT 91.62 309.75 Td (, ) Tj ET Q q 0 0 0 rg BT 96.74 309.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 144.66 309.75 Td (defines ) Tj ET Q q 0 0 0 rg BT 179.25 309.75 Td (its ) Tj ET Q q 0 0 0 rg BT 191.60 309.75 Td (business ) Tj ET Q q 0 0 0 rg BT 233.41 309.75 Td (strategy ) Tj ET Q q 0 0 0 rg BT 271.33 309.75 Td (for ) Tj ET Q q 0 0 0 rg BT 285.35 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 301.59 309.75 Td (next ) Tj ET Q q 0 0 0 rg BT 322.84 309.75 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 379.66 309.75 Td (year) Tj ET Q q 0 0 0 rg BT 398.56 309.75 Td (. ) Tj ET Q q 0 0 0 rg BT 403.53 309.75 Td (The ) Tj ET Q q 0 0 0 rg BT 423.11 309.75 Td (GCM ) Tj ET Q q 0 0 0 rg BT 448.78 309.75 Td (is ) Tj ET Q q 0 0 0 rg BT 458.35 309.75 Td (intimately ) Tj ET Q q 0 0 0 rg BT 502.93 309.75 Td (connected ) Tj ET Q q 0 0 0 rg BT 551.43 309.75 Td (to ) Tj ET Q q 0 0 0 rg BT 562.11 309.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 296.75 Td (business ) Tj ET Q q 0 0 0 rg BT 96.00 296.75 Td (planning ) Tj ET Q q 0 0 0 rg BT 136.34 296.75 Td (exercise, ) Tj ET Q q 0 0 0 rg BT 178.89 296.75 Td (in ) Tj ET Q q 0 0 0 rg BT 189.20 296.75 Td (an ) Tj ET Q q 0 0 0 rg BT 202.86 296.75 Td (iterative ) Tj ET Q q 0 0 0 rg BT 240.40 296.75 Td (process, ) Tj ET Q q 0 0 0 rg BT 280.73 296.75 Td (with ) Tj ET Q q 0 0 0 rg BT 301.04 296.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 322.48 296.75 Td (data ) Tj ET Q q 0 0 0 rg BT 344.47 296.75 Td (as ) Tj ET Q q 0 0 0 rg BT 357.57 296.75 Td (a ) Tj ET Q q 0 0 0 rg BT 365.66 296.75 Td (major ) Tj ET Q q 0 0 0 rg BT 393.20 296.75 Td (input ) Tj ET Q q 0 0 0 rg BT 417.41 296.75 Td (to ) Tj ET Q q 0 0 0 rg BT 428.28 296.75 Td (the ) Tj ET Q q 0 0 0 rg BT 444.71 296.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 476.15 296.75 Td (model ) Tj ET Q q 0 0 0 rg BT 505.92 296.75 Td (and ) Tj ET Q q 0 0 0 rg BT 525.14 296.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 557.68 296.75 Td (risk/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 283.75 Td (return ) Tj ET Q q 0 0 0 rg BT 83.86 283.75 Td (and ) Tj ET Q q 0 0 0 rg BT 104.28 283.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 136.93 283.75 Td (metrics ) Tj ET Q q 0 0 0 rg BT 172.88 283.75 Td (from ) Tj ET Q q 0 0 0 rg BT 196.62 283.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.26 283.75 Td (GCM ) Tj ET Q q 0 0 0 rg BT 241.33 283.75 Td (outputs ) Tj ET Q q 0 0 0 rg BT 277.87 283.75 Td (being ) Tj ET Q q 0 0 0 rg BT 306.07 283.75 Td (used ) Tj ET Q q 0 0 0 rg BT 331.50 283.75 Td (to ) Tj ET Q q 0 0 0 rg BT 343.57 283.75 Td (feed ) Tj ET Q q 0 0 0 rg BT 366.77 283.75 Td (and ) Tj ET Q q 0 0 0 rg BT 387.19 283.75 Td (refine ) Tj ET Q q 0 0 0 rg BT 415.95 283.75 Td (the ) Tj ET Q q 0 0 0 rg BT 433.58 283.75 Td (business ) Tj ET Q q 0 0 0 rg BT 476.79 283.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 499.43 283.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 559.31 283.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 270.75 Td (directions. ) Tj ET Q q 0 0 0 rg BT 102.54 270.75 Td (Anchoring ) Tj ET Q q 0 0 0 rg BT 151.26 270.75 Td (the ) Tj ET Q q 0 0 0 rg BT 168.86 270.75 Td (SSA) Tj ET Q q 0 0 0 rg BT 188.32 270.75 Td ( ) Tj ET Q q 0 0 0 rg BT 192.01 270.75 Td (process ) Tj ET Q q 0 0 0 rg BT 230.72 270.75 Td (around ) Tj ET Q q 0 0 0 rg BT 265.56 270.75 Td (the ) Tj ET Q q 0 0 0 rg BT 283.15 270.75 Td (GCM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.48 270.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.81 270.75 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 363.54 270.75 Td (that ) Tj ET Q q 0 0 0 rg BT 383.92 270.75 Td (the ) Tj ET Q q 0 0 0 rg BT 401.51 270.75 Td (SSA) Tj ET Q q 0 0 0 rg BT 420.97 270.75 Td ( ) Tj ET Q q 0 0 0 rg BT 424.67 270.75 Td (is ) Tj ET Q q 0 0 0 rg BT 435.58 270.75 Td (fully ) Tj ET Q q 0 0 0 rg BT 457.06 270.75 Td (connected ) Tj ET Q q 0 0 0 rg BT 506.90 270.75 Td (to ) Tj ET Q q 0 0 0 rg BT 518.94 270.75 Td (the ) Tj ET Q q 0 0 0 rg BT 536.54 270.75 Td (business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 257.75 Td (planning ) Tj ET Q q 0 0 0 rg BT 94.59 257.75 Td (process ) Tj ET Q q 0 0 0 rg BT 132.38 257.75 Td (and ) Tj ET Q q 0 0 0 rg BT 151.85 257.75 Td (to ) Tj ET Q q 0 0 0 rg BT 162.96 257.75 Td (the ) Tj ET Q q 0 0 0 rg BT 179.64 257.75 Td (business ) Tj ET Q q 0 0 0 rg BT 221.89 257.75 Td (decisions ) Tj ET Q q 0 0 0 rg BT 266.36 257.75 Td (that ) Tj ET Q q 0 0 0 rg BT 285.82 257.75 Td (originate ) Tj ET Q q 0 0 0 rg BT 326.95 257.75 Td (from ) Tj ET Q q 0 0 0 rg BT 349.73 257.75 Td (the ) Tj ET Q q 0 0 0 rg BT 366.41 257.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 388.10 257.75 Td (and ) Tj ET Q q 0 0 0 rg BT 407.56 257.75 Td (from ) Tj ET Q q 0 0 0 rg BT 430.34 257.75 Td (its ) Tj ET Q q 0 0 0 rg BT 443.12 257.75 Td (execution.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 218.75 Td (No ) Tj ET Q q 0 0 0 rg BT 70.11 218.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 133.64 218.75 Td (Actions ) Tj ET Q q 0 0 0 rg BT 173.09 218.75 Td (Predefined) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 192.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.23 192.75 Td (SSA) Tj ET Q q 0 0 0 rg BT 92.69 192.75 Td ( ) Tj ET Q q 0 0 0 rg BT 94.68 192.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 143.36 192.75 Td (does ) Tj ET Q q 0 0 0 rg BT 167.04 192.75 Td (not ) Tj ET Q q 0 0 0 rg BT 182.94 192.75 Td (take ) Tj ET Q q 0 0 0 rg BT 203.83 192.75 Td (into ) Tj ET Q q 0 0 0 rg BT 221.95 192.75 Td (account ) Tj ET Q q 0 0 0 rg BT 258.98 192.75 Td (any ) Tj ET Q q 0 0 0 rg BT 277.10 192.75 Td (management ) Tj ET Q q 0 0 0 rg BT 337.46 192.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 371.14 192.75 Td (that ) Tj ET Q q 0 0 0 rg BT 389.82 192.75 Td (may ) Tj ET Q q 0 0 0 rg BT 410.71 192.75 Td (be ) Tj ET Q q 0 0 0 rg BT 423.83 192.75 Td (adopted ) Tj ET Q q 0 0 0 rg BT 461.97 192.75 Td (in ) Tj ET Q q 0 0 0 rg BT 471.75 192.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 509.33 192.75 Td (circumstances, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 179.75 Td (but ) Tj ET Q q 0 0 0 rg BT 71.03 179.75 Td (lends ) Tj ET Q q 0 0 0 rg BT 98.07 179.75 Td (itself ) Tj ET Q q 0 0 0 rg BT 121.76 179.75 Td (to ) Tj ET Q q 0 0 0 rg BT 133.23 179.75 Td (a ) Tj ET Q q 0 0 0 rg BT 141.92 179.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 191.75 179.75 Td (on ) Tj ET Q q 0 0 0 rg BT 206.00 179.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 245.82 179.75 Td (management ) Tj ET Q q 0 0 0 rg BT 307.32 179.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 342.13 179.75 Td (according ) Tj ET Q q 0 0 0 rg BT 388.63 179.75 Td (to ) Tj ET Q q 0 0 0 rg BT 400.10 179.75 Td (the ) Tj ET Q q 0 0 0 rg BT 417.13 179.75 Td (outcome ) Tj ET Q q 0 0 0 rg BT 458.61 179.75 Td (of ) Tj ET Q q 0 0 0 rg BT 470.08 179.75 Td (the ) Tj ET Q q 0 0 0 rg BT 487.12 179.75 Td (SSA) Tj ET Q q 0 0 0 rg BT 506.57 179.75 Td ( ) Tj ET Q q 0 0 0 rg BT 509.71 179.75 Td (process ) Tj ET Q q 0 0 0 rg BT 547.85 179.75 Td (and ) Tj ET Q q 0 0 0 rg BT 567.67 179.75 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 166.75 Td (the ) Tj ET Q q 0 0 0 rg BT 70.68 166.75 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 137.36 166.75 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 182.95 166.75 Td (at ) Tj ET Q q 0 0 0 rg BT 194.06 166.75 Td (that ) Tj ET Q q 0 0 0 rg BT 213.52 166.75 Td (time.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 140.75 Td (This ) Tj ET Q q 0 0 0 rg BT 76.45 140.75 Td (SSA) Tj ET Q q 0 0 0 rg BT 95.90 140.75 Td ( ) Tj ET Q q 0 0 0 rg BT 99.46 140.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 149.69 140.75 Td (with ) Tj ET Q q 0 0 0 rg BT 171.02 140.75 Td (the ) Tj ET Q q 0 0 0 rg BT 188.48 140.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 239.84 140.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 283.43 140.75 Td (base ) Tj ET Q q 0 0 0 rg BT 308.66 140.75 Td (is ) Tj ET Q q 0 0 0 rg BT 319.44 140.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 371.92 140.75 Td (as ) Tj ET Q q 0 0 0 rg BT 386.03 140.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 440.18 140.75 Td (to ) Tj ET Q q 0 0 0 rg BT 452.07 140.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 482.86 140.75 Td (the ) Tj ET Q q 0 0 0 rg BT 500.31 140.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 519.42 140.75 Td (profile ) Tj ET Q q 0 0 0 rg BT 550.21 140.75 Td (of ) Tj ET Q q 0 0 0 rg BT 562.10 140.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 127.75 Td (company ) Tj ET Q q 0 0 0 rg BT 98.96 127.75 Td (and ) Tj ET Q q 0 0 0 rg BT 120.04 127.75 Td (its ) Tj ET Q q 0 0 0 rg BT 134.42 127.75 Td (resilience ) Tj ET Q q 0 0 0 rg BT 181.05 127.75 Td (to ) Tj ET Q q 0 0 0 rg BT 193.78 127.75 Td (a ) Tj ET Q q 0 0 0 rg BT 203.73 127.75 Td (variety ) Tj ET Q q 0 0 0 rg BT 237.57 127.75 Td (of ) Tj ET Q q 0 0 0 rg BT 250.29 127.75 Td (shocks, ) Tj ET Q q 0 0 0 rg BT 288.58 127.75 Td (while ) Tj ET Q q 0 0 0 rg BT 315.76 127.75 Td (complying ) Tj ET Q q 0 0 0 rg BT 365.16 127.75 Td (with ) Tj ET Q q 0 0 0 rg BT 387.33 127.75 Td (the ) Tj ET Q q 0 0 0 rg BT 405.62 127.75 Td (requirement ) Tj ET Q q 0 0 0 rg BT 463.37 127.75 Td (for ) Tj ET Q q 0 0 0 rg BT 479.43 127.75 Td (a ) Tj ET Q q 0 0 0 rg BT 489.38 127.75 Td (sound ) Tj ET Q q 0 0 0 rg BT 521.01 127.75 Td (and ) Tj ET Q q 0 0 0 rg BT 542.08 127.75 Td (prudent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 114.75 Td (management ) Tj ET Q q 0 0 0 rg BT 115.15 114.75 Td (of ) Tj ET Q q 0 0 0 rg BT 126.27 114.75 Td (the ) Tj ET Q q 0 0 0 rg BT 142.95 114.75 Td (business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 88.75 Td (Resilience ) Tj ET Q q 0 0 0 rg BT 102.70 88.75 Td (is ) Tj ET Q q 0 0 0 rg BT 112.50 88.75 Td (a ) Tj ET Q q 0 0 0 rg BT 120.63 88.75 Td (key ) Tj ET Q q 0 0 0 rg BT 138.76 88.75 Td (element ) Tj ET Q q 0 0 0 rg BT 176.91 88.75 Td (in ) Tj ET Q q 0 0 0 rg BT 187.26 88.75 Td (the ) Tj ET Q q 0 0 0 rg BT 203.73 88.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 251.88 88.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 286.71 88.75 Td (, ) Tj ET Q q 0 0 0 rg BT 292.06 88.75 Td (and ) Tj ET Q q 0 0 0 rg BT 311.31 88.75 Td (by ) Tj ET Q q 0 0 0 rg BT 324.45 88.75 Td (extension ) Tj ET Q q 0 0 0 rg BT 369.83 88.75 Td (the ) Tj ET Q q 0 0 0 rg BT 386.30 88.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 438.58 88.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 473.40 88.75 Td (. ) Tj ET Q q 0 0 0 rg BT 478.59 88.75 Td (The ) Tj ET Q q 0 0 0 rg BT 498.39 88.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 543.76 88.75 Td (defines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 75.75 Td (its ) Tj ET Q q 0 0 0 rg BT 67.11 75.75 Td (minimum ) Tj ET Q q 0 0 0 rg BT 110.77 75.75 Td (required ) Tj ET Q q 0 0 0 rg BT 150.56 75.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 182.57 75.75 Td (as ) Tj ET Q q 0 0 0 rg BT 196.24 75.75 Td (the ) Tj ET Q q 0 0 0 rg BT 213.25 75.75 Td (maximum ) Tj ET Q q 0 0 0 rg BT 259.69 75.75 Td (of ) Tj ET Q q 0 0 0 rg BT 271.13 75.75 Td (1\) ) Tj ET Q q 0 0 0 rg BT 283.13 75.75 Td (120% ) Tj ET Q q 0 0 0 rg BT 311.81 75.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.26 75.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.26 75.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 387.84 75.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 419.85 75.75 Td (as ) Tj ET Q q 0 0 0 rg BT 433.52 75.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 486.65 75.75 Td (based ) Tj ET Q q 0 0 0 rg BT 517.00 75.75 Td (on ) Tj ET Q q 0 0 0 rg BT 531.23 75.75 Td (the ) Tj ET Q q 0 0 0 rg BT 548.24 75.75 Td (BSCR ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 62.75 Td (calculation ) Tj ET Q q 0 0 0 rg BT 104.44 62.75 Td (and ) Tj ET Q q 0 0 0 rg BT 124.31 62.75 Td (2\) ) Tj ET Q q 0 0 0 rg BT 136.40 62.75 Td (the ) Tj ET Q q 0 0 0 rg BT 153.49 62.75 Td (modeled ) Tj ET Q q 0 0 0 rg BT 195.04 62.75 Td (V) Tj ET Q q 0 0 0 rg BT 200.96 62.75 Td (aR ) Tj ET Q q 0 0 0 rg BT 216.94 62.75 Td (of ) Tj ET Q q 0 0 0 rg BT 228.46 62.75 Td (99.6% ) Tj ET Q q 0 0 0 rg BT 260.01 62.75 Td (\(i.e. ) Tj ET Q q 0 0 0 rg BT 279.87 62.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 288.62 62.75 Td (in ) Tj ET Q q 0 0 0 rg BT 299.59 62.75 Td (250-yr ) Tj ET Q q 0 0 0 rg BT 331.13 62.75 Td (PML\) ) Tj ET Q q 0 0 0 rg BT 358.21 62.75 Td (of ) Tj ET Q q 0 0 0 rg BT 369.74 62.75 Td (the ) Tj ET Q q 0 0 0 rg BT 386.83 62.75 Td (1-yr ) Tj ET Q q 0 0 0 rg BT 407.24 62.75 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 478.79 62.75 Td (Economic ) Tj ET Q q 0 0 0 rg BT 525.89 62.75 Td (V) Tj ET Q q 0 0 0 rg BT 532.38 62.75 Td (iew ) Tj ET Q q 0 0 0 rg BT 550.57 62.75 Td (of ) Tj ET Q q 0 0 0 rg BT 562.10 62.75 Td (the ) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 712.75 Td (Legal ) Tj ET Q q 0 0 0 rg BT 81.00 712.75 Td (Entity ) Tj ET Q q 0 0 0 rg BT 108.54 712.75 Td (Model ) Tj ET Q q 0 0 0 rg BT 138.30 712.75 Td (\(including ) Tj ET Q q 0 0 0 rg BT 183.63 712.75 Td (buf) Tj ET Q q 0 0 0 rg BT 197.35 712.75 Td (fers ) Tj ET Q q 0 0 0 rg BT 216.55 712.75 Td (for ) Tj ET Q q 0 0 0 rg BT 230.75 712.75 Td (non-modeled ) Tj ET Q q 0 0 0 rg BT 291.65 712.75 Td (risks\). ) Tj ET Q q 0 0 0 rg BT 320.84 712.75 Td (Currently) Tj ET Q q 0 0 0 rg BT 360.67 712.75 Td (, ) Tj ET Q q 0 0 0 rg BT 365.97 712.75 Td (the ) Tj ET Q q 0 0 0 rg BT 382.40 712.75 Td (binding ) Tj ET Q q 0 0 0 rg BT 417.18 712.75 Td (constraint ) Tj ET Q q 0 0 0 rg BT 463.07 712.75 Td (for ) Tj ET Q q 0 0 0 rg BT 477.27 712.75 Td (the ) Tj ET Q q 0 0 0 rg BT 493.70 712.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 539.02 712.75 Td (is ) Tj ET Q q 0 0 0 rg BT 548.77 712.75 Td (driven ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 699.75 Td (by ) Tj ET Q q 0 0 0 rg BT 67.34 699.75 Td (our ) Tj ET Q q 0 0 0 rg BT 84.57 699.75 Td (Internal ) Tj ET Q q 0 0 0 rg BT 120.70 699.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 154.61 699.75 Td (Model ) Tj ET Q q 0 0 0 rg BT 184.63 699.75 Td (view) Tj ET Q q 0 0 0 rg BT 204.08 699.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 673.75 Td (W) Tj ET Q q 0 0 0 rg BT 63.26 673.75 Td (e ) Tj ET Q q 0 0 0 rg BT 71.81 673.75 Td (note ) Tj ET Q q 0 0 0 rg BT 94.26 673.75 Td (that ) Tj ET Q q 0 0 0 rg BT 113.92 673.75 Td (due ) Tj ET Q q 0 0 0 rg BT 133.60 673.75 Td (to ) Tj ET Q q 0 0 0 rg BT 144.92 673.75 Td (the ) Tj ET Q q 0 0 0 rg BT 161.81 673.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 223.16 673.75 Td (of ) Tj ET Q q 0 0 0 rg BT 234.49 673.75 Td (the ) Tj ET Q q 0 0 0 rg BT 251.37 673.75 Td (Of) Tj ET Q q 0 0 0 rg BT 261.75 673.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 280.30 673.75 Td (of ) Tj ET Q q 0 0 0 rg BT 291.63 673.75 Td (the ) Tj ET Q q 0 0 0 rg BT 308.51 673.75 Td (Superintendent ) Tj ET Q q 0 0 0 rg BT 379.33 673.75 Td (of ) Tj ET Q q 0 0 0 rg BT 390.66 673.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 433.67 673.75 Td (Institutions ) Tj ET Q q 0 0 0 rg BT 484.46 673.75 Td (\(OSFI\), ) Tj ET Q q 0 0 0 rg BT 526.88 673.75 Td (the ) Tj ET Q q 0 0 0 rg BT 543.77 673.75 Td (agency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 660.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 108.12 660.75 Td (for ) Tj ET Q q 0 0 0 rg BT 122.76 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 139.64 660.75 Td (regulation ) Tj ET Q q 0 0 0 rg BT 186.54 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 197.85 660.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 244.18 660.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 295.52 660.75 Td (in ) Tj ET Q q 0 0 0 rg BT 306.28 660.75 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 347.06 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 363.94 660.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 409.71 660.75 Td (holds ) Tj ET Q q 0 0 0 rg BT 436.59 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 456.25 660.75 Td (expects ) Tj ET Q q 0 0 0 rg BT 493.69 660.75 Td (to ) Tj ET Q q 0 0 0 rg BT 505.00 660.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 545.79 660.75 Td (to ) Tj ET Q q 0 0 0 rg BT 557.10 660.75 Td (hold ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 647.75 Td (invested ) Tj ET Q q 0 0 0 rg BT 93.64 647.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 124.93 647.75 Td (at ) Tj ET Q q 0 0 0 rg BT 135.67 647.75 Td (a ) Tj ET Q q 0 0 0 rg BT 143.62 647.75 Td (level ) Tj ET Q q 0 0 0 rg BT 166.58 647.75 Td (such ) Tj ET Q q 0 0 0 rg BT 190.10 647.75 Td (that ) Tj ET Q q 0 0 0 rg BT 209.17 647.75 Td (the ) Tj ET Q q 0 0 0 rg BT 225.46 647.75 Td (available ) Tj ET Q q 0 0 0 rg BT 267.33 647.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 298.63 647.75 Td (is ) Tj ET Q q 0 0 0 rg BT 308.24 647.75 Td (in ) Tj ET Q q 0 0 0 rg BT 318.42 647.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 365.28 647.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 398.80 647.75 Td (of ) Tj ET Q q 0 0 0 rg BT 409.53 647.75 Td (required ) Tj ET Q q 0 0 0 rg BT 448.61 647.75 Td (capital. ) Tj ET Q q 0 0 0 rg BT 482.69 647.75 Td ( ) Tj ET Q q 0 0 0 rg BT 484.93 647.75 Td (This ) Tj ET Q q 0 0 0 rg BT 506.21 647.75 Td (is ) Tj ET Q q 0 0 0 rg BT 515.83 647.75 Td (due ) Tj ET Q q 0 0 0 rg BT 534.90 647.75 Td (to ) Tj ET Q q 0 0 0 rg BT 545.64 647.75 Td (OSFI) Tj ET Q q 0 0 0 rg BT 571.01 647.75 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 634.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 115.15 634.75 Td (of ) Tj ET Q q 0 0 0 rg BT 126.28 634.75 Td (the ) Tj ET Q q 0 0 0 rg BT 142.98 634.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 188.58 634.75 Td (Branch ) Tj ET Q q 0 0 0 rg BT 223.06 634.75 Td (of ) Tj ET Q q 0 0 0 rg BT 234.19 634.75 Td (the ) Tj ET Q q 0 0 0 rg BT 250.88 634.75 Td (Parent. ) Tj ET Q q 0 0 0 rg BT 285.92 634.75 Td (In ) Tj ET Q q 0 0 0 rg BT 297.05 634.75 Td (order ) Tj ET Q q 0 0 0 rg BT 323.18 634.75 Td (for ) Tj ET Q q 0 0 0 rg BT 337.65 634.75 Td (the ) Tj ET Q q 0 0 0 rg BT 354.34 634.75 Td (Parent) Tj ET Q q 0 0 0 rg BT 385.84 634.75 Td (s ) Tj ET Q q 0 0 0 rg BT 393.64 634.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 448.68 634.75 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 503.72 634.75 Td (to ) Tj ET Q q 0 0 0 rg BT 514.85 634.75 Td (be ) Tj ET Q q 0 0 0 rg BT 528.77 634.75 Td (admissible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 621.75 Td (for ) Tj ET Q q 0 0 0 rg BT 67.97 621.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 113.09 621.75 Td (statutory ) Tj ET Q q 0 0 0 rg BT 153.75 621.75 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 199.97 621.75 Td (the ) Tj ET Q q 0 0 0 rg BT 216.17 621.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 261.28 621.75 Td (must ) Tj ET Q q 0 0 0 rg BT 285.25 621.75 Td (have ) Tj ET Q q 0 0 0 rg BT 309.24 621.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 341.56 621.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 382.22 621.75 Td (of ) Tj ET Q q 0 0 0 rg BT 392.86 621.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 424.07 621.75 Td (pledged ) Tj ET Q q 0 0 0 rg BT 461.96 621.75 Td (as ) Tj ET Q q 0 0 0 rg BT 474.83 621.75 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 519.78 621.75 Td (This ) Tj ET Q q 0 0 0 rg BT 540.98 621.75 Td (coupled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 608.75 Td (with ) Tj ET Q q 0 0 0 rg BT 74.30 608.75 Td (the ) Tj ET Q q 0 0 0 rg BT 90.71 608.75 Td (Group) Tj ET Q q 0 0 0 rg BT 120.55 608.75 Td (s ) Tj ET Q q 0 0 0 rg BT 128.06 608.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 146.13 608.75 Td (appetite ) Tj ET Q q 0 0 0 rg BT 184.23 608.75 Td (framework, ) Tj ET Q q 0 0 0 rg BT 236.20 608.75 Td (would ) Tj ET Q q 0 0 0 rg BT 264.84 608.75 Td (allow ) Tj ET Q q 0 0 0 rg BT 290.15 608.75 Td (the ) Tj ET Q q 0 0 0 rg BT 306.56 608.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 351.88 608.75 Td (to ) Tj ET Q q 0 0 0 rg BT 362.73 608.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 381.37 608.75 Td (all ) Tj ET Q q 0 0 0 rg BT 393.89 608.75 Td (its ) Tj ET Q q 0 0 0 rg BT 406.40 608.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 460.63 608.75 Td (claim ) Tj ET Q q 0 0 0 rg BT 486.48 608.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 526.79 608.75 Td (and ) Tj ET Q q 0 0 0 rg BT 545.99 608.75 Td (benefit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 595.75 Td (from ) Tj ET Q q 0 0 0 rg BT 76.76 595.75 Td (the ) Tj ET Q q 0 0 0 rg BT 93.41 595.75 Td (improved ) Tj ET Q q 0 0 0 rg BT 137.30 595.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 169.51 595.75 Td (environment ) Tj ET Q q 0 0 0 rg BT 227.29 595.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 261.73 595.75 Td (by ) Tj ET Q q 0 0 0 rg BT 275.05 595.75 Td (a ) Tj ET Q q 0 0 0 rg BT 283.36 595.75 Td (scenario ) Tj ET Q q 0 0 0 rg BT 323.92 595.75 Td (with ) Tj ET Q q 0 0 0 rg BT 344.45 595.75 Td (severe ) Tj ET Q q 0 0 0 rg BT 377.22 595.75 Td (losses, ) Tj ET Q q 0 0 0 rg BT 411.10 595.75 Td (with ) Tj ET Q q 0 0 0 rg BT 431.64 595.75 Td (very ) Tj ET Q q 0 0 0 rg BT 453.29 595.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 484.94 595.75 Td (\(if ) Tj ET Q q 0 0 0 rg BT 496.03 595.75 Td (any\) ) Tj ET Q q 0 0 0 rg BT 518.23 595.75 Td (need ) Tj ET Q q 0 0 0 rg BT 543.24 595.75 Td (to ) Tj ET Q q 0 0 0 rg BT 554.33 595.75 Td (raise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 582.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 99.59 582.75 Td (capital. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 544.75 Td (3.3.3 ) Tj ET Q q 0 0 0 rg BT 79.02 544.75 Td (RELA) Tj ET Q q 0 0 0 rg BT 105.50 544.75 Td (TIONSHIP) Tj ET Q q 0 0 0 rg BT 152.54 544.75 Td ( ) Tj ET Q q 0 0 0 rg BT 155.32 544.75 Td (BETWEEN ) Tj ET Q q 0 0 0 rg BT 208.10 544.75 Td (SOL) Tj ET Q q 0 0 0 rg BT 227.92 544.75 Td (VENCY) Tj ET Q q 0 0 0 rg BT 262.19 544.75 Td ( ) Tj ET Q q 0 0 0 rg BT 264.97 544.75 Td (NEEDS ) Tj ET Q q 0 0 0 rg BT 301.83 544.75 Td (AND ) Tj ET Q q 0 0 0 rg BT 326.27 544.75 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 355.53 544.75 Td (AL) Tj ET Q q 0 0 0 rg BT 368.68 544.75 Td ( ) Tj ET Q q 0 0 0 rg BT 371.08 544.75 Td (AND ) Tj ET Q q 0 0 0 rg BT 395.53 544.75 Td (RISK ) Tj ET Q q 0 0 0 rg BT 422.20 544.75 Td (MANAGEMENT ) Tj ET Q q 0 0 0 rg BT 497.75 544.75 Td (SYSTEMS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 518.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.87 518.75 Td (SSA) Tj ET Q q 0 0 0 rg BT 93.33 518.75 Td ( ) Tj ET Q q 0 0 0 rg BT 95.96 518.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 145.28 518.75 Td (is ) Tj ET Q q 0 0 0 rg BT 155.13 518.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 189.45 518.75 Td (linked ) Tj ET Q q 0 0 0 rg BT 218.21 518.75 Td (to ) Tj ET Q q 0 0 0 rg BT 229.19 518.75 Td (outputs ) Tj ET Q q 0 0 0 rg BT 264.63 518.75 Td (of ) Tj ET Q q 0 0 0 rg BT 275.61 518.75 Td (the ) Tj ET Q q 0 0 0 rg BT 292.14 518.75 Td (GCM. ) Tj ET Q q 0 0 0 rg BT 320.89 518.75 Td (Embedded ) Tj ET Q q 0 0 0 rg BT 371.90 518.75 Td (within ) Tj ET Q q 0 0 0 rg BT 400.10 518.75 Td (the ) Tj ET Q q 0 0 0 rg BT 416.64 518.75 Td (GCM ) Tj ET Q q 0 0 0 rg BT 442.61 518.75 Td (is ) Tj ET Q q 0 0 0 rg BT 452.46 518.75 Td (a ) Tj ET Q q 0 0 0 rg BT 460.66 518.75 Td (correlation ) Tj ET Q q 0 0 0 rg BT 509.99 518.75 Td (or ) Tj ET Q q 0 0 0 rg BT 521.52 518.75 Td (dependency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 505.75 Td (structure ) Tj ET Q q 0 0 0 rg BT 95.68 505.75 Td (that ) Tj ET Q q 0 0 0 rg BT 115.14 505.75 Td (quantifies ) Tj ET Q q 0 0 0 rg BT 160.72 505.75 Td (the ) Tj ET Q q 0 0 0 rg BT 177.40 505.75 Td (view ) Tj ET Q q 0 0 0 rg BT 200.19 505.75 Td (on ) Tj ET Q q 0 0 0 rg BT 214.09 505.75 Td (diversification ) Tj ET Q q 0 0 0 rg BT 277.45 505.75 Td (within ) Tj ET Q q 0 0 0 rg BT 305.79 505.75 Td (and ) Tj ET Q q 0 0 0 rg BT 325.25 505.75 Td (across ) Tj ET Q q 0 0 0 rg BT 357.49 505.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 375.82 505.75 Td (towers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 479.75 Td (This ) Tj ET Q q 0 0 0 rg BT 75.67 479.75 Td (dependency ) Tj ET Q q 0 0 0 rg BT 132.94 479.75 Td (structure ) Tj ET Q q 0 0 0 rg BT 174.62 479.75 Td (is ) Tj ET Q q 0 0 0 rg BT 184.62 479.75 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 227.42 479.75 Td (yearly ) Tj ET Q q 0 0 0 rg BT 256.87 479.75 Td (and ) Tj ET Q q 0 0 0 rg BT 276.33 479.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 323.58 479.75 Td (between ) Tj ET Q q 0 0 0 rg BT 364.17 479.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 394.19 479.75 Td (Actuarial ) Tj ET Q q 0 0 0 rg BT 435.87 479.75 Td (and ) Tj ET Q q 0 0 0 rg BT 455.33 479.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 485.90 479.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 508.13 479.75 Td (Management. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 440.75 Td (3.3.4 ) Tj ET Q q 0 0 0 rg BT 79.02 440.75 Td (SOL) Tj ET Q q 0 0 0 rg BT 98.83 440.75 Td (VENCY) Tj ET Q q 0 0 0 rg BT 133.11 440.75 Td ( ) Tj ET Q q 0 0 0 rg BT 135.88 440.75 Td (SELF ) Tj ET Q q 0 0 0 rg BT 163.85 440.75 Td (ASSESSMENT ) Tj ET Q q 0 0 0 rg BT 235.16 440.75 Td (APPROV) Tj ET Q q 0 0 0 rg BT 276.65 440.75 Td (AL) Tj ET Q q 0 0 0 rg BT 289.80 440.75 Td ( ) Tj ET Q q 0 0 0 rg BT 292.57 440.75 Td (PROCESS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 414.75 Td (The ) Tj ET Q q 0 0 0 rg BT 72.88 414.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 103.43 414.75 Td (model ) Tj ET Q q 0 0 0 rg BT 132.32 414.75 Td (underpinning ) Tj ET Q q 0 0 0 rg BT 191.79 414.75 Td (the ) Tj ET Q q 0 0 0 rg BT 207.34 414.75 Td (solvency ) Tj ET Q q 0 0 0 rg BT 247.90 414.75 Td (self ) Tj ET Q q 0 0 0 rg BT 265.11 414.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 320.11 414.75 Td (is ) Tj ET Q q 0 0 0 rg BT 328.98 414.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 362.32 414.75 Td (to ) Tj ET Q q 0 0 0 rg BT 372.30 414.75 Td (a ) Tj ET Q q 0 0 0 rg BT 379.51 414.75 Td (regular ) Tj ET Q q 0 0 0 rg BT 412.29 414.75 Td (cycle ) Tj ET Q q 0 0 0 rg BT 436.72 414.75 Td (of ) Tj ET Q q 0 0 0 rg BT 446.71 414.75 Td (validation. ) Tj ET Q q 0 0 0 rg BT 493.39 414.75 Td (V) Tj ET Q q 0 0 0 rg BT 499.32 414.75 Td (alidation ) Tj ET Q q 0 0 0 rg BT 538.21 414.75 Td (provides ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 401.75 Td (evidence ) Tj ET Q q 0 0 0 rg BT 96.81 401.75 Td (that ) Tj ET Q q 0 0 0 rg BT 116.27 401.75 Td (a ) Tj ET Q q 0 0 0 rg BT 124.61 401.75 Td (model ) Tj ET Q q 0 0 0 rg BT 154.62 401.75 Td (works ) Tj ET Q q 0 0 0 rg BT 183.51 401.75 Td (as ) Tj ET Q q 0 0 0 rg BT 196.85 401.75 Td (planned ) Tj ET Q q 0 0 0 rg BT 235.22 401.75 Td (and ) Tj ET Q q 0 0 0 rg BT 254.68 401.75 Td (that ) Tj ET Q q 0 0 0 rg BT 274.14 401.75 Td (it ) Tj ET Q q 0 0 0 rg BT 281.92 401.75 Td (is ) Tj ET Q q 0 0 0 rg BT 291.92 401.75 Td (a ) Tj ET Q q 0 0 0 rg BT 300.26 401.75 Td (robust ) Tj ET Q q 0 0 0 rg BT 330.83 401.75 Td (representation ) Tj ET Q q 0 0 0 rg BT 397.54 401.75 Td (of ) Tj ET Q q 0 0 0 rg BT 408.66 401.75 Td (prospective ) Tj ET Q q 0 0 0 rg BT 462.57 401.75 Td (risk.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 375.75 Td (Each ) Tj ET Q q 0 0 0 rg BT 80.91 375.75 Td (owner ) Tj ET Q q 0 0 0 rg BT 112.27 375.75 Td (of ) Tj ET Q q 0 0 0 rg BT 124.73 375.75 Td (a ) Tj ET Q q 0 0 0 rg BT 134.41 375.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 154.08 375.75 Td (tower ) Tj ET Q q 0 0 0 rg BT 182.66 375.75 Td (updates ) Tj ET Q q 0 0 0 rg BT 222.36 375.75 Td (at ) Tj ET Q q 0 0 0 rg BT 234.82 375.75 Td (least ) Tj ET Q q 0 0 0 rg BT 260.07 375.75 Td (annually ) Tj ET Q q 0 0 0 rg BT 301.44 375.75 Td (the ) Tj ET Q q 0 0 0 rg BT 319.46 375.75 Td (documentation ) Tj ET Q q 0 0 0 rg BT 389.18 375.75 Td (related ) Tj ET Q q 0 0 0 rg BT 423.88 375.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.33 375.75 Td (the ) Tj ET Q q 0 0 0 rg BT 454.36 375.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 514.61 375.75 Td (and ) Tj ET Q q 0 0 0 rg BT 535.42 375.75 Td (modeling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 362.75 Td (techniques ) Tj ET Q q 0 0 0 rg BT 105.16 362.75 Td (within ) Tj ET Q q 0 0 0 rg BT 133.52 362.75 Td (its ) Tj ET Q q 0 0 0 rg BT 146.31 362.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 164.66 362.75 Td (tower ) Tj ET Q q 0 0 0 rg BT 191.90 362.75 Td (and ) Tj ET Q q 0 0 0 rg BT 211.38 362.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 245.29 362.75 Td (the ) Tj ET Q q 0 0 0 rg BT 261.99 362.75 Td (same ) Tj ET Q q 0 0 0 rg BT 289.23 362.75 Td (to ) Tj ET Q q 0 0 0 rg BT 300.36 362.75 Td (the ) Tj ET Q q 0 0 0 rg BT 317.06 362.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 347.64 362.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 369.88 362.75 Td (Of) Tj ET Q q 0 0 0 rg BT 380.25 362.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 401.94 362.75 Td (who, ) Tj ET Q q 0 0 0 rg BT 425.85 362.75 Td (in ) Tj ET Q q 0 0 0 rg BT 436.43 362.75 Td (turn, ) Tj ET Q q 0 0 0 rg BT 459.23 362.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 493.14 362.75 Td (to ) Tj ET Q q 0 0 0 rg BT 504.27 362.75 Td (the ) Tj ET Q q 0 0 0 rg BT 520.97 362.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 547.10 362.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 569.34 362.75 Td (& ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 349.75 Td (Actuarial ) Tj ET Q q 0 0 0 rg BT 95.68 349.75 Td (Of) Tj ET Q q 0 0 0 rg BT 106.06 349.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 127.73 349.75 Td (for ) Tj ET Q q 0 0 0 rg BT 142.18 349.75 Td (review ) Tj ET Q q 0 0 0 rg BT 173.85 349.75 Td (and ) Tj ET Q q 0 0 0 rg BT 193.32 349.75 Td (sign-of) Tj ET Q q 0 0 0 rg BT 223.15 349.75 Td (f) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.93 349.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 336.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 310.75 Td (In ) Tj ET Q q 0 0 0 rg BT 64.06 310.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 103.60 310.75 Td (annually) Tj ET Q q 0 0 0 rg BT 140.10 310.75 Td (, ) Tj ET Q q 0 0 0 rg BT 144.61 310.75 Td (or ) Tj ET Q q 0 0 0 rg BT 155.22 310.75 Td (more ) Tj ET Q q 0 0 0 rg BT 179.73 310.75 Td (frequently ) Tj ET Q q 0 0 0 rg BT 225.37 310.75 Td (if ) Tj ET Q q 0 0 0 rg BT 232.09 310.75 Td (requested ) Tj ET Q q 0 0 0 rg BT 278.30 310.75 Td (by ) Tj ET Q q 0 0 0 rg BT 290.58 310.75 Td (the ) Tj ET Q q 0 0 0 rg BT 306.21 310.75 Td (Enterprise ) Tj ET Q q 0 0 0 rg BT 353.51 310.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 374.67 310.75 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 427.52 310.75 Td (the ) Tj ET Q q 0 0 0 rg BT 443.15 310.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 472.66 310.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 493.83 310.75 Td (Of) Tj ET Q q 0 0 0 rg BT 504.21 310.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 524.82 310.75 Td (is ) Tj ET Q q 0 0 0 rg BT 533.77 310.75 Td (reviewing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 297.75 Td (and ) Tj ET Q q 0 0 0 rg BT 73.46 297.75 Td (assessing:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 271.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 271.75 Td (how ) Tj ET Q q 0 0 0 rg BT 111.12 271.75 Td (the ) Tj ET Q q 0 0 0 rg BT 127.80 271.75 Td (CGM ) Tj ET Q q 0 0 0 rg BT 153.91 271.75 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 212.28 271.75 Td (the ) Tj ET Q q 0 0 0 rg BT 228.96 271.75 Td (component ) Tj ET Q q 0 0 0 rg BT 281.22 271.75 Td (parts, ) Tj ET Q q 0 0 0 rg BT 309.00 271.75 Td (and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 258.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 258.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 122.24 258.75 Td (model ) Tj ET Q q 0 0 0 rg BT 152.25 258.75 Td (results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 228.35 Td (The ) Tj ET Q q 0 0 0 rg BT 74.01 228.35 Td (result ) Tj ET Q q 0 0 0 rg BT 101.24 228.35 Td (of ) Tj ET Q q 0 0 0 rg BT 112.36 228.35 Td (these ) Tj ET Q q 0 0 0 rg BT 139.60 228.35 Td (assessments ) Tj ET Q q 0 0 0 rg BT 200.73 228.35 Td (is ) Tj ET Q q 0 0 0 rg BT 210.73 228.35 Td (communicated ) Tj ET Q q 0 0 0 rg BT 278.54 228.35 Td (to ) Tj ET Q q 0 0 0 rg BT 289.66 228.35 Td (Chief ) Tj ET Q q 0 0 0 rg BT 315.78 228.35 Td (Risk ) Tj ET Q q 0 0 0 rg BT 338.00 228.35 Td (& ) Tj ET Q q 0 0 0 rg BT 346.90 228.35 Td (Actuarial ) Tj ET Q q 0 0 0 rg BT 388.58 228.35 Td (Of) Tj ET Q q 0 0 0 rg BT 398.96 228.35 Td (ficer ) Tj ET Q q 0 0 0 rg BT 420.63 228.35 Td (for ) Tj ET Q q 0 0 0 rg BT 435.08 228.35 Td (review ) Tj ET Q q 0 0 0 rg BT 466.75 228.35 Td (and ) Tj ET Q q 0 0 0 rg BT 486.22 228.35 Td (sign-of) Tj ET Q q 0 0 0 rg BT 516.05 228.35 Td (f.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 202.35 Td (This ) Tj ET Q q 0 0 0 rg BT 75.67 202.35 Td (assessment ) Tj ET Q q 0 0 0 rg BT 131.80 202.35 Td (is ) Tj ET Q q 0 0 0 rg BT 141.80 202.35 Td (mainly ) Tj ET Q q 0 0 0 rg BT 173.48 202.35 Td (performed ) Tj ET Q q 0 0 0 rg BT 221.83 202.35 Td (by ) Tj ET Q q 0 0 0 rg BT 235.17 202.35 Td (analyzing:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 176.35 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 176.35 Td (the ) Tj ET Q q 0 0 0 rg BT 106.03 176.35 Td (dependencies ) Tj ET Q q 0 0 0 rg BT 170.44 176.35 Td (observed ) Tj ET Q q 0 0 0 rg BT 213.70 176.35 Td (between ) Tj ET Q q 0 0 0 rg BT 253.64 176.35 Td (each ) Tj ET Q q 0 0 0 rg BT 277.46 176.35 Td (pair ) Tj ET Q q 0 0 0 rg BT 296.26 176.35 Td (of ) Tj ET Q q 0 0 0 rg BT 306.73 176.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 324.41 176.35 Td (towers, ) Tj ET Q q 0 0 0 rg BT 358.77 176.35 Td (measured ) Tj ET Q q 0 0 0 rg BT 405.37 176.35 Td (as ) Tj ET Q q 0 0 0 rg BT 418.06 176.35 Td (linear ) Tj ET Q q 0 0 0 rg BT 444.65 176.35 Td (correlations ) Tj ET Q q 0 0 0 rg BT 498.47 176.35 Td (of ) Tj ET Q q 0 0 0 rg BT 508.94 176.35 Td (the ) Tj ET Q q 0 0 0 rg BT 524.97 176.35 Td (entire ) Tj ET Q q 0 0 0 rg BT 552.12 176.35 Td (FLDs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 163.35 Td (of ) Tj ET Q q 0 0 0 rg BT 101.12 163.35 Td (each ) Tj ET Q q 0 0 0 rg BT 125.58 163.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 143.91 163.35 Td (towers;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 150.35 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 150.35 Td (the ) Tj ET Q q 0 0 0 rg BT 106.68 150.35 Td (tail ) Tj ET Q q 0 0 0 rg BT 122.24 150.35 Td (correlation ) Tj ET Q q 0 0 0 rg BT 171.71 150.35 Td (between ) Tj ET Q q 0 0 0 rg BT 212.29 150.35 Td (the ) Tj ET Q q 0 0 0 rg BT 228.97 150.35 Td (main ) Tj ET Q q 0 0 0 rg BT 253.43 150.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 271.76 150.35 Td (towers;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 137.35 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 137.35 Td (the ) Tj ET Q q 0 0 0 rg BT 106.68 137.35 Td (dif) Tj ET Q q 0 0 0 rg BT 117.06 137.35 Td (ferent ) Tj ET Q q 0 0 0 rg BT 145.41 137.35 Td (components ) Tj ET Q q 0 0 0 rg BT 202.67 137.35 Td (of ) Tj ET Q q 0 0 0 rg BT 213.78 137.35 Td (the ) Tj ET Q q 0 0 0 rg BT 230.46 137.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 273.83 137.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 313.30 137.35 Td (results;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 124.35 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 106.68 124.35 Td (dif) Tj ET Q q 0 0 0 rg BT 117.06 124.35 Td (ference ) Tj ET Q q 0 0 0 rg BT 153.19 124.35 Td (between ) Tj ET Q q 0 0 0 rg BT 193.78 124.35 Td (modeled ) Tj ET Q q 0 0 0 rg BT 234.92 124.35 Td (outputs ) Tj ET Q q 0 0 0 rg BT 270.50 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 289.96 124.35 Td (historical ) Tj ET Q q 0 0 0 rg BT 332.20 124.35 Td (results.) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (20) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 700.75 Td (3.4 ) Tj ET Q q 0 0 0 rg BT 70.68 700.75 Td (INTERNAL) Tj ET Q q 0 0 0 rg BT 121.05 700.75 Td ( ) Tj ET Q q 0 0 0 rg BT 123.83 700.75 Td (CONTROLS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 664.75 Td (3.4.1 ) Tj ET Q q 0 0 0 rg BT 79.02 664.75 Td (INTERNAL) Tj ET Q q 0 0 0 rg BT 129.39 664.75 Td ( ) Tj ET Q q 0 0 0 rg BT 132.17 664.75 Td (CONTROL) Tj ET Q q 0 0 0 rg BT 181.43 664.75 Td ( ) Tj ET Q q 0 0 0 rg BT 184.21 664.75 Td (SYSTEM ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 639.75 Td (As ) Tj ET Q q 0 0 0 rg BT 67.97 639.75 Td (stated ) Tj ET Q q 0 0 0 rg BT 97.52 639.75 Td (earlier ) Tj ET Q q 0 0 0 rg BT 127.61 639.75 Td (in ) Tj ET Q q 0 0 0 rg BT 137.70 639.75 Td (the ) Tj ET Q q 0 0 0 rg BT 153.91 639.75 Td (report, ) Tj ET Q q 0 0 0 rg BT 185.11 639.75 Td (PartnerRe's ) Tj ET Q q 0 0 0 rg BT 239.90 639.75 Td (Board, ) Tj ET Q q 0 0 0 rg BT 271.67 639.75 Td (in ) Tj ET Q q 0 0 0 rg BT 281.76 639.75 Td (its ) Tj ET Q q 0 0 0 rg BT 294.06 639.75 Td (commitment ) Tj ET Q q 0 0 0 rg BT 350.82 639.75 Td (to ) Tj ET Q q 0 0 0 rg BT 361.47 639.75 Td (high ) Tj ET Q q 0 0 0 rg BT 382.68 639.75 Td (standards ) Tj ET Q q 0 0 0 rg BT 428.90 639.75 Td (of ) Tj ET Q q 0 0 0 rg BT 439.54 639.75 Td (business ) Tj ET Q q 0 0 0 rg BT 481.31 639.75 Td (conduct, ) Tj ET Q q 0 0 0 rg BT 521.42 639.75 Td (has ) Tj ET Q q 0 0 0 rg BT 539.85 639.75 Td (adopted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 626.75 Td (various ) Tj ET Q q 0 0 0 rg BT 90.04 626.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 127.20 626.75 Td (and ) Tj ET Q q 0 0 0 rg BT 147.69 626.75 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 196.54 626.75 Td (to ) Tj ET Q q 0 0 0 rg BT 208.69 626.75 Td (address ) Tj ET Q q 0 0 0 rg BT 248.07 626.75 Td (key ) Tj ET Q q 0 0 0 rg BT 267.44 626.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 286.80 626.75 Td (areas. ) Tj ET Q q 0 0 0 rg BT 318.40 626.75 Td ( ) Tj ET Q q 0 0 0 rg BT 321.96 626.75 Td (These ) Tj ET Q q 0 0 0 rg BT 353.56 626.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 390.72 626.75 Td (and ) Tj ET Q q 0 0 0 rg BT 411.21 626.75 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 460.05 626.75 Td (are ) Tj ET Q q 0 0 0 rg BT 478.32 626.75 Td (supported ) Tj ET Q q 0 0 0 rg BT 526.60 626.75 Td (by ) Tj ET Q q 0 0 0 rg BT 540.97 626.75 Td (detailed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 613.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 106.81 613.75 Td (as ) Tj ET Q q 0 0 0 rg BT 120.15 613.75 Td (necessary) Tj ET Q q 0 0 0 rg BT 164.98 613.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 587.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.35 587.75 Td (Group) Tj ET Q q 0 0 0 rg BT 103.19 587.75 Td (s ) Tj ET Q q 0 0 0 rg BT 110.31 587.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 145.23 587.75 Td (control ) Tj ET Q q 0 0 0 rg BT 177.36 587.75 Td (system ) Tj ET Q q 0 0 0 rg BT 211.15 587.75 Td (covers ) Tj ET Q q 0 0 0 rg BT 242.72 587.75 Td (a ) Tj ET Q q 0 0 0 rg BT 250.41 587.75 Td (wide ) Tj ET Q q 0 0 0 rg BT 273.09 587.75 Td (range ) Tj ET Q q 0 0 0 rg BT 300.79 587.75 Td (of ) Tj ET Q q 0 0 0 rg BT 311.25 587.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 358.95 587.75 Td (across ) Tj ET Q q 0 0 0 rg BT 390.52 587.75 Td (the ) Tj ET Q q 0 0 0 rg BT 406.54 587.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 436.46 587.75 Td (which ) Tj ET Q q 0 0 0 rg BT 464.14 587.75 Td (includes, ) Tj ET Q q 0 0 0 rg BT 505.73 587.75 Td (but ) Tj ET Q q 0 0 0 rg BT 521.75 587.75 Td (is ) Tj ET Q q 0 0 0 rg BT 531.10 587.75 Td (not ) Tj ET Q q 0 0 0 rg BT 547.12 587.75 Td (limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 574.75 Td (to: ) Tj ET Q q 0 0 0 rg BT 67.98 574.75 Td (underwriting; ) Tj ET Q q 0 0 0 rg BT 128.09 574.75 Td (claims; ) Tj ET Q q 0 0 0 rg BT 162.06 574.75 Td (investments; ) Tj ET Q q 0 0 0 rg BT 221.05 574.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 239.46 574.75 Td (management ) Tj ET Q q 0 0 0 rg BT 300.69 574.75 Td (and ) Tj ET Q q 0 0 0 rg BT 320.23 574.75 Td (operational ) Tj ET Q q 0 0 0 rg BT 372.57 574.75 Td (functions. ) Tj ET Q q 0 0 0 rg BT 418.23 574.75 Td ( ) Tj ET Q q 0 0 0 rg BT 420.52 574.75 Td (Also ) Tj ET Q q 0 0 0 rg BT 442.83 574.75 Td (included ) Tj ET Q q 0 0 0 rg BT 482.94 574.75 Td (in ) Tj ET Q q 0 0 0 rg BT 493.58 574.75 Td (the ) Tj ET Q q 0 0 0 rg BT 510.34 574.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 546.00 574.75 Td (control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 561.75 Td (system ) Tj ET Q q 0 0 0 rg BT 88.33 561.75 Td (are ) Tj ET Q q 0 0 0 rg BT 105.45 561.75 Td (the ) Tj ET Q q 0 0 0 rg BT 122.01 561.75 Td (Company) Tj ET Q q 0 0 0 rg BT 166.85 561.75 Td (s ) Tj ET Q q 0 0 0 rg BT 174.52 561.75 Td (SOX ) Tj ET Q q 0 0 0 rg BT 198.30 561.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 235.97 561.75 Td (necessary ) Tj ET Q q 0 0 0 rg BT 284.21 561.75 Td (to ) Tj ET Q q 0 0 0 rg BT 295.22 561.75 Td (support ) Tj ET Q q 0 0 0 rg BT 331.23 561.75 Td (its ) Tj ET Q q 0 0 0 rg BT 343.90 561.75 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 382.15 561.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 432.63 561.75 Td (as ) Tj ET Q q 0 0 0 rg BT 445.85 561.75 Td (an ) Tj ET Q q 0 0 0 rg BT 459.64 561.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 482.86 561.75 Td (registrant ) Tj ET Q q 0 0 0 rg BT 527.21 561.75 Td (to ) Tj ET Q q 0 0 0 rg BT 538.21 561.75 Td (maintain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 548.75 Td (ef) Tj ET Q q 0 0 0 rg BT 62.16 548.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 95.29 548.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 132.33 548.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 171.57 548.75 Td (over ) Tj ET Q q 0 0 0 rg BT 195.26 548.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 236.19 548.75 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 282.67 548.75 Td ( ) Tj ET Q q 0 0 0 rg BT 286.62 548.75 Td (The ) Tj ET Q q 0 0 0 rg BT 308.09 548.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 345.12 548.75 Td (control ) Tj ET Q q 0 0 0 rg BT 379.37 548.75 Td (system ) Tj ET Q q 0 0 0 rg BT 415.27 548.75 Td (has ) Tj ET Q q 0 0 0 rg BT 435.63 548.75 Td (also ) Tj ET Q q 0 0 0 rg BT 458.21 548.75 Td (been ) Tj ET Q q 0 0 0 rg BT 484.69 548.75 Td (strengthened ) Tj ET Q q 0 0 0 rg BT 547.30 548.75 Td (by ) Tj ET Q q 0 0 0 rg BT 562.10 548.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 535.75 Td (implementation ) Tj ET Q q 0 0 0 rg BT 125.57 535.75 Td (of ) Tj ET Q q 0 0 0 rg BT 137.67 535.75 Td (a ) Tj ET Q q 0 0 0 rg BT 146.98 535.75 Td (software ) Tj ET Q q 0 0 0 rg BT 188.53 535.75 Td (tool ) Tj ET Q q 0 0 0 rg BT 208.41 535.75 Td (to ) Tj ET Q q 0 0 0 rg BT 220.51 535.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 257.06 535.75 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 304.75 535.75 Td (governance ) Tj ET Q q 0 0 0 rg BT 360.77 535.75 Td (over ) Tj ET Q q 0 0 0 rg BT 383.98 535.75 Td (the ) Tj ET Q q 0 0 0 rg BT 401.63 535.75 Td (Group) Tj ET Q q 0 0 0 rg BT 431.47 535.75 Td (s ) Tj ET Q q 0 0 0 rg BT 440.22 535.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 477.89 535.75 Td (robust ) Tj ET Q q 0 0 0 rg BT 509.44 535.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 545.99 535.75 Td (control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 522.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 103.45 522.75 Td (as ) Tj ET Q q 0 0 0 rg BT 116.79 522.75 Td (well ) Tj ET Q q 0 0 0 rg BT 136.80 522.75 Td (as ) Tj ET Q q 0 0 0 rg BT 150.14 522.75 Td (to ) Tj ET Q q 0 0 0 rg BT 161.26 522.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 196.83 522.75 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 243.54 522.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 285.79 522.75 Td (and ) Tj ET Q q 0 0 0 rg BT 305.25 522.75 Td (a ) Tj ET Q q 0 0 0 rg BT 313.59 522.75 Td (mechanism ) Tj ET Q q 0 0 0 rg BT 367.50 522.75 Td (to ) Tj ET Q q 0 0 0 rg BT 378.61 522.75 Td (enhance ) Tj ET Q q 0 0 0 rg BT 419.76 522.75 Td (the ) Tj ET Q q 0 0 0 rg BT 436.44 522.75 Td (collaboration ) Tj ET Q q 0 0 0 rg BT 495.92 522.75 Td (between ) Tj ET Q q 0 0 0 rg BT 536.51 522.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 509.75 Td (Group) Tj ET Q q 0 0 0 rg BT 83.83 509.75 Td (s ) Tj ET Q q 0 0 0 rg BT 91.61 509.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 109.94 509.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 173.87 509.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 227.23 509.75 Td (and ) Tj ET Q q 0 0 0 rg BT 246.69 509.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 282.27 509.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 306.73 509.75 Td (functions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 483.75 Td (Each ) Tj ET Q q 0 0 0 rg BT 79.61 483.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 110.22 483.75 Td (ERM ) Tj ET Q q 0 0 0 rg BT 135.26 483.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 157.52 483.75 Td (Policy ) Tj ET Q q 0 0 0 rg BT 187.01 483.75 Td (is ) Tj ET Q q 0 0 0 rg BT 197.05 483.75 Td (complemented ) Tj ET Q q 0 0 0 rg BT 265.45 483.75 Td (by ) Tj ET Q q 0 0 0 rg BT 278.83 483.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 329.46 483.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 347.82 483.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 385.65 483.75 Td (which ) Tj ET Q q 0 0 0 rg BT 414.04 483.75 Td (contain ) Tj ET Q q 0 0 0 rg BT 449.10 483.75 Td (the ) Tj ET Q q 0 0 0 rg BT 465.82 483.75 Td (details ) Tj ET Q q 0 0 0 rg BT 497.54 483.75 Td (of ) Tj ET Q q 0 0 0 rg BT 508.70 483.75 Td (the ) Tj ET Q q 0 0 0 rg BT 525.41 483.75 Td (various ) Tj ET Q q 0 0 0 rg BT 560.47 483.75 Td (risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 470.75 Td (items, ) Tj ET Q q 0 0 0 rg BT 84.60 470.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 134.10 470.75 Td (and ) Tj ET Q q 0 0 0 rg BT 154.72 470.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 193.66 470.75 Td (that ) Tj ET Q q 0 0 0 rg BT 214.27 470.75 Td (are ) Tj ET Q q 0 0 0 rg BT 232.65 470.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 293.83 470.75 Td (throughout ) Tj ET Q q 0 0 0 rg BT 345.58 470.75 Td (the ) Tj ET Q q 0 0 0 rg BT 363.41 470.75 Td (organisation ) Tj ET Q q 0 0 0 rg BT 421.82 470.75 Td (to ) Tj ET Q q 0 0 0 rg BT 434.09 470.75 Td (allow ) Tj ET Q q 0 0 0 rg BT 460.80 470.75 Td (the ) Tj ET Q q 0 0 0 rg BT 478.63 470.75 Td (mitigation ) Tj ET Q q 0 0 0 rg BT 525.36 470.75 Td (of ) Tj ET Q q 0 0 0 rg BT 537.63 470.75 Td (the ) Tj ET Q q 0 0 0 rg BT 555.46 470.75 Td (risks ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 457.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 104.59 457.75 Td (with ) Tj ET Q q 0 0 0 rg BT 125.15 457.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.83 457.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 164.05 457.75 Td (Policy) Tj ET Q q 0 0 0 rg BT 189.98 457.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 431.75 Td (PartnerRe's ) Tj ET Q q 0 0 0 rg BT 109.75 431.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 139.70 431.75 Td (oversees ) Tj ET Q q 0 0 0 rg BT 183.54 431.75 Td (the ) Tj ET Q q 0 0 0 rg BT 200.71 431.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 236.77 431.75 Td (control ) Tj ET Q q 0 0 0 rg BT 270.05 431.75 Td (system ) Tj ET Q q 0 0 0 rg BT 304.99 431.75 Td (and ) Tj ET Q q 0 0 0 rg BT 324.94 431.75 Td (is ) Tj ET Q q 0 0 0 rg BT 335.42 431.75 Td (supported ) Tj ET Q q 0 0 0 rg BT 383.17 431.75 Td (in ) Tj ET Q q 0 0 0 rg BT 394.21 431.75 Td (the ) Tj ET Q q 0 0 0 rg BT 411.38 431.75 Td (first ) Tj ET Q q 0 0 0 rg BT 430.75 431.75 Td (instance ) Tj ET Q q 0 0 0 rg BT 471.26 431.75 Td (by ) Tj ET Q q 0 0 0 rg BT 485.09 431.75 Td (the ) Tj ET Q q 0 0 0 rg BT 501.61 431.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 527.67 431.75 Td (Committee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 418.75 Td (and ) Tj ET Q q 0 0 0 rg BT 73.23 418.75 Td (secondly ) Tj ET Q q 0 0 0 rg BT 115.25 418.75 Td (by ) Tj ET Q q 0 0 0 rg BT 128.35 418.75 Td (Internal ) Tj ET Q q 0 0 0 rg BT 163.75 418.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 189.09 418.75 Td (through ) Tj ET Q q 0 0 0 rg BT 225.55 418.75 Td (the ) Tj ET Q q 0 0 0 rg BT 242.00 418.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 300.68 418.75 Td (of ) Tj ET Q q 0 0 0 rg BT 311.57 418.75 Td (a ) Tj ET Q q 0 0 0 rg BT 319.68 418.75 Td (risk-based ) Tj ET Q q 0 0 0 rg BT 368.35 418.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 403.69 418.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 427.93 418.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 449.38 418.75 Td (supporting ) Tj ET Q q 0 0 0 rg BT 498.62 418.75 Td (its ) Tj ET Q q 0 0 0 rg BT 511.17 418.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 543.75 418.75 Td (opinion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 405.75 Td (on ) Tj ET Q q 0 0 0 rg BT 67.90 405.75 Td (the ) Tj ET Q q 0 0 0 rg BT 84.58 405.75 Td (Group) Tj ET Q q 0 0 0 rg BT 114.42 405.75 Td (s ) Tj ET Q q 0 0 0 rg BT 122.19 405.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 157.77 405.75 Td (control ) Tj ET Q q 0 0 0 rg BT 190.56 405.75 Td (system.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 379.75 Td (In ) Tj ET Q q 0 0 0 rg BT 64.59 379.75 Td (addition ) Tj ET Q q 0 0 0 rg BT 101.87 379.75 Td (to ) Tj ET Q q 0 0 0 rg BT 112.46 379.75 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 160.08 379.75 Td (s ) Tj ET Q q 0 0 0 rg BT 167.33 379.75 Td (Board, ) Tj ET Q q 0 0 0 rg BT 199.05 379.75 Td (the ) Tj ET Q q 0 0 0 rg BT 215.20 379.75 Td (Group) Tj ET Q q 0 0 0 rg BT 245.04 379.75 Td (s ) Tj ET Q q 0 0 0 rg BT 252.29 379.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 305.12 379.75 Td (function, ) Tj ET Q q 0 0 0 rg BT 345.18 379.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 379.67 379.75 Td (function, ) Tj ET Q q 0 0 0 rg BT 419.73 379.75 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 459.78 379.75 Td (function, ) Tj ET Q q 0 0 0 rg BT 499.83 379.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 517.64 379.75 Td (management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 366.75 Td (function ) Tj ET Q q 0 0 0 rg BT 92.08 366.75 Td (and ) Tj ET Q q 0 0 0 rg BT 111.81 366.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 147.66 366.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 172.40 366.75 Td (function ) Tj ET Q q 0 0 0 rg BT 210.48 366.75 Td (are ) Tj ET Q q 0 0 0 rg BT 227.98 366.75 Td (all ) Tj ET Q q 0 0 0 rg BT 241.04 366.75 Td (key ) Tj ET Q q 0 0 0 rg BT 259.65 366.75 Td (contributors ) Tj ET Q q 0 0 0 rg BT 314.95 366.75 Td (to ) Tj ET Q q 0 0 0 rg BT 326.34 366.75 Td (the ) Tj ET Q q 0 0 0 rg BT 343.30 366.75 Td (governance ) Tj ET Q q 0 0 0 rg BT 398.61 366.75 Td (and ) Tj ET Q q 0 0 0 rg BT 418.35 366.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 461.98 366.75 Td (of ) Tj ET Q q 0 0 0 rg BT 473.37 366.75 Td (the ) Tj ET Q q 0 0 0 rg BT 490.32 366.75 Td (Company) Tj ET Q q 0 0 0 rg BT 535.16 366.75 Td (s ) Tj ET Q q 0 0 0 rg BT 543.21 366.75 Td (internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 353.75 Td (control ) Tj ET Q q 0 0 0 rg BT 86.79 353.75 Td (system. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 314.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 81.78 314.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 105.68 314.75 Td (and ) Tj ET Q q 0 0 0 rg BT 125.87 314.75 Td (Actuarial ) Tj ET Q q 0 0 0 rg BT 171.44 314.75 Td (Officer ) Tj ET Q q 0 0 0 rg BT 206.45 314.75 Td (\("CRAO"\)/Risk ) Tj ET Q q 0 0 0 rg BT 278.71 314.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 342.61 314.75 Td (Function) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 288.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.78 288.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 93.88 288.75 Td (management ) Tj ET Q q 0 0 0 rg BT 155.79 288.75 Td (function ) Tj ET Q q 0 0 0 rg BT 194.37 288.75 Td (delivers ) Tj ET Q q 0 0 0 rg BT 232.37 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 249.82 288.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 268.92 288.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 313.04 288.75 Td (within ) Tj ET Q q 0 0 0 rg BT 342.16 288.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 391.28 288.75 Td (and ) Tj ET Q q 0 0 0 rg BT 411.51 288.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 452.86 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 470.31 288.75 Td (critical ) Tj ET Q q 0 0 0 rg BT 502.19 288.75 Td (link ) Tj ET Q q 0 0 0 rg BT 520.74 288.75 Td (between ) Tj ET Q q 0 0 0 rg BT 562.10 288.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 275.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 103.48 275.75 Td (within ) Tj ET Q q 0 0 0 rg BT 131.82 275.75 Td (the ) Tj ET Q q 0 0 0 rg BT 148.50 275.75 Td (business ) Tj ET Q q 0 0 0 rg BT 190.75 275.75 Td (units ) Tj ET Q q 0 0 0 rg BT 214.65 275.75 Td (and ) Tj ET Q q 0 0 0 rg BT 234.11 275.75 Td (the ) Tj ET Q q 0 0 0 rg BT 250.79 275.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 283.03 275.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 331.38 275.75 Td (governance ) Tj ET Q q 0 0 0 rg BT 386.42 275.75 Td (framework.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 249.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.59 249.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 91.50 249.75 Td (management ) Tj ET Q q 0 0 0 rg BT 152.22 249.75 Td (function ) Tj ET Q q 0 0 0 rg BT 189.60 249.75 Td (collaborates ) Tj ET Q q 0 0 0 rg BT 245.88 249.75 Td (with ) Tj ET Q q 0 0 0 rg BT 266.02 249.75 Td (the ) Tj ET Q q 0 0 0 rg BT 282.28 249.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 313.54 249.75 Td (modelling ) Tj ET Q q 0 0 0 rg BT 358.70 249.75 Td (team ) Tj ET Q q 0 0 0 rg BT 383.29 249.75 Td (to ) Tj ET Q q 0 0 0 rg BT 393.98 249.75 Td (evaluate, ) Tj ET Q q 0 0 0 rg BT 436.93 249.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 478.19 249.75 Td (and ) Tj ET Q q 0 0 0 rg BT 497.23 249.75 Td (report ) Tj ET Q q 0 0 0 rg BT 525.71 249.75 Td (on ) Tj ET Q q 0 0 0 rg BT 539.19 249.75 Td (the ) Tj ET Q q 0 0 0 rg BT 555.45 249.75 Td (risks ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 236.75 Td (inherent ) Tj ET Q q 0 0 0 rg BT 92.75 236.75 Td (in ) Tj ET Q q 0 0 0 rg BT 103.14 236.75 Td (the ) Tj ET Q q 0 0 0 rg BT 119.65 236.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 167.84 236.75 Td (business ) Tj ET Q q 0 0 0 rg BT 209.92 236.75 Td (model. ) Tj ET Q q 0 0 0 rg BT 242.37 236.75 Td (The ) Tj ET Q q 0 0 0 rg BT 262.21 236.75 Td (Group) Tj ET Q q 0 0 0 rg BT 292.05 236.75 Td (s ) Tj ET Q q 0 0 0 rg BT 299.66 236.75 Td (CRAO ) Tj ET Q q 0 0 0 rg BT 331.16 236.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 371.56 236.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 409.75 236.75 Td (feedback ) Tj ET Q q 0 0 0 rg BT 452.95 236.75 Td (concerning ) Tj ET Q q 0 0 0 rg BT 504.48 236.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 522.64 236.75 Td (assessment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 223.75 Td (and ) Tj ET Q q 0 0 0 rg BT 73.05 223.75 Td (measurement ) Tj ET Q q 0 0 0 rg BT 136.55 223.75 Td (on ) Tj ET Q q 0 0 0 rg BT 150.03 223.75 Td (a ) Tj ET Q q 0 0 0 rg BT 157.95 223.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 199.22 223.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 227.55 223.75 Td (The ) Tj ET Q q 0 0 0 rg BT 247.15 223.75 Td (CRAO ) Tj ET Q q 0 0 0 rg BT 278.40 223.75 Td (liaises ) Tj ET Q q 0 0 0 rg BT 308.55 223.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 342.59 223.75 Td (with ) Tj ET Q q 0 0 0 rg BT 362.73 223.75 Td (the ) Tj ET Q q 0 0 0 rg BT 379.00 223.75 Td (Company) Tj ET Q q 0 0 0 rg BT 423.83 223.75 Td (s ) Tj ET Q q 0 0 0 rg BT 431.20 223.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 460.24 223.75 Td (in ) Tj ET Q q 0 0 0 rg BT 470.39 223.75 Td (this ) Tj ET Q q 0 0 0 rg BT 488.31 223.75 Td (regard ) Tj ET Q q 0 0 0 rg BT 519.58 223.75 Td (on ) Tj ET Q q 0 0 0 rg BT 533.06 223.75 Td (a ) Tj ET Q q 0 0 0 rg BT 540.99 223.75 Td (periodic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 210.75 Td (basis. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 171.75 Td (Finance ) Tj ET Q q 0 0 0 rg BT 94.57 171.75 Td (Function) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 145.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.01 145.75 Td (Company) Tj ET Q q 0 0 0 rg BT 118.85 145.75 Td (s ) Tj ET Q q 0 0 0 rg BT 126.63 145.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 161.65 145.75 Td (function ) Tj ET Q q 0 0 0 rg BT 199.45 145.75 Td (\(which ) Tj ET Q q 0 0 0 rg BT 231.13 145.75 Td (is ) Tj ET Q q 0 0 0 rg BT 241.13 145.75 Td (led ) Tj ET Q q 0 0 0 rg BT 257.25 145.75 Td (by ) Tj ET Q q 0 0 0 rg BT 270.59 145.75 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 318.21 145.75 Td (s ) Tj ET Q q 0 0 0 rg BT 325.99 145.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 352.11 145.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 394.91 145.75 Td (Of) Tj ET Q q 0 0 0 rg BT 405.28 145.75 Td (ficer\) ) Tj ET Q q 0 0 0 rg BT 430.28 145.75 Td (ensures:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 119.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 119.75 Td (the ) Tj ET Q q 0 0 0 rg BT 106.68 119.75 Td (accuracy ) Tj ET Q q 0 0 0 rg BT 149.47 119.75 Td ( ) Tj ET Q q 0 0 0 rg BT 152.25 119.75 Td (of ) Tj ET Q q 0 0 0 rg BT 163.37 119.75 Td (the ) Tj ET Q q 0 0 0 rg BT 180.05 119.75 Td (Company) Tj ET Q q 0 0 0 rg BT 224.89 119.75 Td (s ) Tj ET Q q 0 0 0 rg BT 232.67 119.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 254.89 119.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 282.50 119.75 Td ( ) Tj ET Q q 0 0 0 rg BT 285.28 119.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.75 119.75 Td (reports;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 106.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 106.75 Td (the ) Tj ET Q q 0 0 0 rg BT 106.68 106.75 Td (accuracy ) Tj ET Q q 0 0 0 rg BT 149.47 106.75 Td (of ) Tj ET Q q 0 0 0 rg BT 160.59 106.75 Td (the ) Tj ET Q q 0 0 0 rg BT 177.27 106.75 Td (Company) Tj ET Q q 0 0 0 rg BT 222.11 106.75 Td (s ) Tj ET Q q 0 0 0 rg BT 229.89 106.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 262.70 106.75 Td (statutory ) Tj ET Q q 0 0 0 rg BT 303.82 106.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 343.29 106.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 394.98 106.75 Td (;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 93.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 93.75 Td (the ) Tj ET Q q 0 0 0 rg BT 106.68 93.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 152.26 93.75 Td (is ) Tj ET Q q 0 0 0 rg BT 162.26 93.75 Td (compliant ) Tj ET Q q 0 0 0 rg BT 207.83 93.75 Td (with ) Tj ET Q q 0 0 0 rg BT 228.39 93.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 266.75 93.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 317.90 93.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 354.02 93.75 Td (and ) Tj ET Q q 0 0 0 rg BT 373.49 93.75 Td (standards;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 80.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 80.75 Td (the ) Tj ET Q q 0 0 0 rg BT 106.68 80.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 152.26 80.75 Td (is ) Tj ET Q q 0 0 0 rg BT 162.26 80.75 Td (compliant ) Tj ET Q q 0 0 0 rg BT 207.83 80.75 Td (with ) Tj ET Q q 0 0 0 rg BT 228.39 80.75 Td (its ) Tj ET Q q 0 0 0 rg BT 241.17 80.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 288.42 80.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 327.89 80.75 Td (reporting 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(P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 712.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 712.75 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 139.47 712.75 Td ( ) Tj ET Q q 0 0 0 rg BT 142.25 712.75 Td (of ) Tj ET Q q 0 0 0 rg BT 153.36 712.75 Td (solvency ) Tj ET Q q 0 0 0 rg BT 195.05 712.75 Td (ratios ) Tj ET Q q 0 0 0 rg BT 222.28 712.75 Td (and ) Tj ET Q q 0 0 0 rg BT 241.74 712.75 Td (calculations; ) Tj ET Q q 0 0 0 rg BT 299.55 712.75 Td (and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 699.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 699.75 Td (that ) Tj ET Q q 0 0 0 rg BT 109.46 699.75 Td (the ) Tj ET Q q 0 0 0 rg BT 126.14 699.75 Td (Company) Tj ET Q q 0 0 0 rg BT 170.98 699.75 Td (s ) Tj ET Q q 0 0 0 rg BT 178.75 699.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 210.44 699.75 Td (and ) Tj ET Q q 0 0 0 rg BT 229.90 699.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 266.03 699.75 Td (is ) Tj ET Q q 0 0 0 rg BT 276.03 699.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 320.51 699.75 Td (as ) Tj ET Q q 0 0 0 rg BT 333.85 699.75 Td (ef) Tj ET Q q 0 0 0 rg BT 342.01 699.75 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 378.13 699.75 Td (and ) Tj ET Q q 0 0 0 rg BT 397.59 699.75 Td (ef) Tj ET Q q 0 0 0 rg BT 405.75 699.75 Td (fectively) Tj ET Q q 0 0 0 rg BT 441.13 699.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 663.75 Td (3.4.2 ) Tj ET Q q 0 0 0 rg BT 79.02 663.75 Td (COMPLIANCE ) Tj ET Q q 0 0 0 rg BT 149.02 663.75 Td (FUNCTION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 638.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.46 638.75 Td (Group) Tj ET Q q 0 0 0 rg BT 103.29 638.75 Td (s ) Tj ET Q q 0 0 0 rg BT 110.52 638.75 Td (Compliance ) Tj ET Q q 0 0 0 rg BT 165.55 638.75 Td (function ) Tj ET Q q 0 0 0 rg BT 202.80 638.75 Td (\(which ) Tj ET Q q 0 0 0 rg BT 233.92 638.75 Td (is ) Tj ET Q q 0 0 0 rg BT 243.37 638.75 Td (headed ) Tj ET Q q 0 0 0 rg BT 278.96 638.75 Td (by ) Tj ET Q q 0 0 0 rg BT 291.75 638.75 Td (PartnerRe) Tj ET Q q 0 0 0 rg BT 339.37 638.75 Td (s ) Tj ET Q q 0 0 0 rg BT 346.59 638.75 Td (Head ) Tj ET Q q 0 0 0 rg BT 372.73 638.75 Td (of ) Tj ET Q q 0 0 0 rg BT 383.29 638.75 Td (Legal ) Tj ET Q q 0 0 0 rg BT 409.99 638.75 Td (& ) Tj ET Q q 0 0 0 rg BT 418.88 638.75 Td (Compliance\) ) Tj ET Q q 0 0 0 rg BT 477.24 638.75 Td (comprises ) Tj ET Q q 0 0 0 rg BT 525.03 638.75 Td (the ) Tj ET Q q 0 0 0 rg BT 541.16 638.75 Td (Group) Tj ET Q q 0 0 0 rg BT 570.99 638.75 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 625.75 Td (Legal ) Tj ET Q q 0 0 0 rg BT 81.11 625.75 Td (& ) Tj ET Q q 0 0 0 rg BT 90.43 625.75 Td (Compliance ) Tj ET Q q 0 0 0 rg BT 145.88 625.75 Td (team ) Tj ET Q q 0 0 0 rg BT 170.76 625.75 Td (together ) Tj ET Q q 0 0 0 rg BT 210.10 625.75 Td (with ) Tj ET Q q 0 0 0 rg BT 230.53 625.75 Td (jurisdictional ) Tj ET Q q 0 0 0 rg BT 288.20 625.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 341.43 625.75 Td (contacts. ) Tj ET Q q 0 0 0 rg BT 383.92 625.75 Td (This ) Tj ET Q q 0 0 0 rg BT 405.46 625.75 Td (function ) Tj ET Q q 0 0 0 rg BT 443.13 625.75 Td (is ) Tj ET Q q 0 0 0 rg BT 453.00 625.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 506.79 625.75 Td (for ) Tj ET Q q 0 0 0 rg BT 521.11 625.75 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 562.12 625.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 612.75 Td (Company) Tj ET Q q 0 0 0 rg BT 98.84 612.75 Td (s ) Tj ET Q q 0 0 0 rg BT 106.62 612.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 159.98 612.75 Td (with ) Tj ET Q q 0 0 0 rg BT 180.54 612.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 227.78 612.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 288.92 612.75 Td (and ) Tj ET Q q 0 0 0 rg BT 308.38 612.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 332.29 612.75 Td (obligations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 586.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.01 586.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 114.58 586.75 Td (objectives ) Tj ET Q q 0 0 0 rg BT 161.83 586.75 Td (of ) Tj ET Q q 0 0 0 rg BT 172.95 586.75 Td (the ) Tj ET Q q 0 0 0 rg BT 189.63 586.75 Td (Group's ) Tj ET Q q 0 0 0 rg BT 227.11 586.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 280.46 586.75 Td (function ) Tj ET Q q 0 0 0 rg BT 318.27 586.75 Td (are:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 560.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 560.75 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 123.35 560.75 Td (ef) Tj ET Q q 0 0 0 rg BT 131.51 560.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 164.41 560.75 Td (relationships ) Tj ET Q q 0 0 0 rg BT 224.55 560.75 Td (with ) Tj ET Q q 0 0 0 rg BT 246.33 560.75 Td (key ) Tj ET Q q 0 0 0 rg BT 265.88 560.75 Td (regulators, ) Tj ET Q q 0 0 0 rg BT 317.12 560.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 356.13 560.75 Td (groups ) Tj ET Q q 0 0 0 rg BT 390.71 560.75 Td (and ) Tj ET Q q 0 0 0 rg BT 411.38 560.75 Td (the ) Tj ET Q q 0 0 0 rg BT 429.28 560.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 461.07 560.75 Td (in ) Tj ET Q q 0 0 0 rg BT 472.85 560.75 Td (order ) Tj ET Q q 0 0 0 rg BT 500.19 560.75 Td (to ) Tj ET Q q 0 0 0 rg BT 512.52 560.75 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 559.33 560.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 547.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 119.92 547.75 Td (new ) Tj ET Q q 0 0 0 rg BT 141.04 547.75 Td (regulatory) Tj ET Q q 0 0 0 rg BT 184.76 547.75 Td (, ) Tj ET Q q 0 0 0 rg BT 190.32 547.75 Td (legislative ) Tj ET Q q 0 0 0 rg BT 237.01 547.75 Td (and ) Tj ET Q q 0 0 0 rg BT 256.47 547.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 294.27 547.75 Td (developments;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 534.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 534.75 Td (identifying ) Tj ET Q q 0 0 0 rg BT 130.59 534.75 Td (and ) Tj ET Q q 0 0 0 rg BT 151.83 534.75 Td (implementing ) Tj ET Q q 0 0 0 rg BT 215.87 534.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 271.02 534.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 308.93 534.75 Td (and ) Tj ET Q q 0 0 0 rg BT 330.17 534.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 384.76 534.75 Td (to ) Tj ET Q q 0 0 0 rg BT 397.67 534.75 Td (ensure ) Tj ET Q q 0 0 0 rg BT 432.80 534.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 487.94 534.75 Td (with ) Tj ET Q q 0 0 0 rg BT 510.29 534.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 559.32 534.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 521.75 Td (legislative ) Tj ET Q q 0 0 0 rg BT 127.69 521.75 Td (obligations;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 508.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 508.75 Td (identifying ) Tj ET Q q 0 0 0 rg BT 129.13 508.75 Td (and ) Tj ET Q q 0 0 0 rg BT 148.91 508.75 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 194.25 508.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 231.26 508.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 278.83 508.75 Td (and ) Tj ET Q q 0 0 0 rg BT 298.61 508.75 Td (legislative ) Tj ET Q q 0 0 0 rg BT 345.62 508.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 407.08 508.75 Td (to ) Tj ET Q q 0 0 0 rg BT 418.52 508.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 466.09 508.75 Td (that ) Tj ET Q q 0 0 0 rg BT 485.87 508.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 522.87 508.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 559.32 508.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 495.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 133.81 495.75 Td (comply ) Tj ET Q q 0 0 0 rg BT 168.26 495.75 Td (with ) Tj ET Q q 0 0 0 rg BT 188.82 495.75 Td (obligations; ) Tj ET Q q 0 0 0 rg BT 242.19 495.75 Td (and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 482.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 482.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 124.11 482.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 177.21 482.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 195.29 482.75 Td (management ) Tj ET Q q 0 0 0 rg BT 256.18 482.75 Td (expertise ) Tj ET Q q 0 0 0 rg BT 299.28 482.75 Td (to ) Tj ET Q q 0 0 0 rg BT 310.15 482.75 Td (ensure ) Tj ET Q q 0 0 0 rg BT 343.25 482.75 Td (business ) Tj ET Q q 0 0 0 rg BT 385.24 482.75 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 428.89 482.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 469.21 482.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 522.32 482.75 Td (and ) Tj ET Q q 0 0 0 rg BT 541.53 482.75 Td (achieve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 469.75 Td (business ) Tj ET Q q 0 0 0 rg BT 123.25 469.75 Td (objectives.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 443.75 Td (The ) Tj ET Q q 0 0 0 rg BT 75.04 443.75 Td (Group) Tj ET Q q 0 0 0 rg BT 104.88 443.75 Td (s ) Tj ET Q q 0 0 0 rg BT 113.69 443.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 168.09 443.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 218.58 443.75 Td (ensures ) Tj ET Q q 0 0 0 rg BT 257.96 443.75 Td (there ) Tj ET Q q 0 0 0 rg BT 284.57 443.75 Td (is ) Tj ET Q q 0 0 0 rg BT 295.61 443.75 Td (ef) Tj ET Q q 0 0 0 rg BT 303.77 443.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 336.48 443.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 380.87 443.75 Td (of ) Tj ET Q q 0 0 0 rg BT 393.02 443.75 Td (the ) Tj ET Q q 0 0 0 rg BT 410.74 443.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 452.90 443.75 Td (of ) Tj ET Q q 0 0 0 rg BT 465.05 443.75 Td (the ) Tj ET Q q 0 0 0 rg BT 482.76 443.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 529.38 443.75 Td (taking ) Tj ET Q q 0 0 0 rg BT 559.87 443.75 Td (into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 430.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 116.26 430.75 Td (the ) Tj ET Q q 0 0 0 rg BT 132.94 430.75 Td (nature, ) Tj ET Q q 0 0 0 rg BT 166.85 430.75 Td (scale ) Tj ET Q q 0 0 0 rg BT 192.97 430.75 Td (and ) Tj ET Q q 0 0 0 rg BT 212.44 430.75 Td (complexity ) Tj ET Q q 0 0 0 rg BT 262.45 430.75 Td (of ) Tj ET Q q 0 0 0 rg BT 273.57 430.75 Td (the ) Tj ET Q q 0 0 0 rg BT 290.25 430.75 Td (business ) Tj ET Q q 0 0 0 rg BT 332.50 430.75 Td (being ) Tj ET Q q 0 0 0 rg BT 359.74 430.75 Td (conducted ) Tj ET Q q 0 0 0 rg BT 408.67 430.75 Td (by ) Tj ET Q q 0 0 0 rg BT 422.01 430.75 Td (it. ) Tj ET Q q 0 0 0 rg BT 432.38 430.75 Td (This ) Tj ET Q q 0 0 0 rg BT 454.05 430.75 Td (includes:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 404.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 404.75 Td (identification ) Tj ET Q q 0 0 0 rg BT 141.77 404.75 Td (of ) Tj ET Q q 0 0 0 rg BT 155.28 404.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 204.92 404.75 Td (and ) Tj ET Q q 0 0 0 rg BT 226.78 404.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 253.09 404.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 306.08 404.75 Td (and ) Tj ET Q q 0 0 0 rg BT 327.94 404.75 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 393.91 404.75 Td (These ) Tj ET Q q 0 0 0 rg BT 426.88 404.75 Td (are ) Tj ET Q q 0 0 0 rg BT 446.51 404.75 Td (identified ) Tj ET Q q 0 0 0 rg BT 491.71 404.75 Td (by ) Tj ET Q q 0 0 0 rg BT 507.45 404.75 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 559.31 404.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 391.75 Td (documenting ) Tj ET Q q 0 0 0 rg BT 142.69 391.75 Td (legal, ) Tj ET Q q 0 0 0 rg BT 171.02 391.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 219.91 391.75 Td (and ) Tj ET Q q 0 0 0 rg BT 241.02 391.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 280.46 391.75 Td (developments ) Tj ET Q q 0 0 0 rg BT 347.14 391.75 Td (and ) Tj ET Q q 0 0 0 rg BT 368.25 391.75 Td (liaising ) Tj ET Q q 0 0 0 rg BT 403.25 391.75 Td (with ) Tj ET Q q 0 0 0 rg BT 425.45 391.75 Td (the ) Tj ET Q q 0 0 0 rg BT 443.78 391.75 Td (BMA) Tj ET Q q 0 0 0 rg BT 464.90 391.75 Td ( ) Tj ET Q q 0 0 0 rg BT 469.32 391.75 Td (\(and ) Tj ET Q q 0 0 0 rg BT 493.76 391.75 Td (other ) Tj ET Q q 0 0 0 rg BT 520.98 391.75 Td (jurisdictional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 378.75 Td (regulators ) Tj ET Q q 0 0 0 rg BT 128.25 378.75 Td (as ) Tj ET Q q 0 0 0 rg BT 141.59 378.75 Td (appropriate\);) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 365.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 365.75 Td (development ) Tj ET Q q 0 0 0 rg BT 142.24 365.75 Td (of ) Tj ET Q q 0 0 0 rg BT 154.56 365.75 Td (an ) Tj ET Q q 0 0 0 rg BT 169.67 365.75 Td (overarching ) Tj ET Q q 0 0 0 rg BT 225.90 365.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 280.46 365.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 331.11 365.75 Td (underpinned ) Tj ET Q q 0 0 0 rg BT 390.70 365.75 Td (by ) Tj ET Q q 0 0 0 rg BT 405.24 365.75 Td (detailed ) Tj ET Q q 0 0 0 rg BT 444.25 365.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 481.58 365.75 Td (and ) Tj ET Q q 0 0 0 rg BT 502.25 365.75 Td (procedures. ) Tj ET Q q 0 0 0 rg BT 558.78 365.75 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 352.75 Td (identified ) Tj ET Q q 0 0 0 rg BT 124.01 352.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 171.46 352.75 Td (and ) Tj ET Q q 0 0 0 rg BT 191.12 352.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 215.23 352.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 266.02 352.75 Td (and ) Tj ET Q q 0 0 0 rg BT 285.69 352.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 347.03 352.75 Td (inform ) Tj ET Q q 0 0 0 rg BT 377.79 352.75 Td (and ) Tj ET Q q 0 0 0 rg BT 397.46 352.75 Td (shape ) Tj ET Q q 0 0 0 rg BT 427.68 352.75 Td (the ) Tj ET Q q 0 0 0 rg BT 444.57 352.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 480.90 352.75 Td (and ) Tj ET Q q 0 0 0 rg BT 500.56 352.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 553.57 352.75 Td (to ) Tj ET Q q 0 0 0 rg BT 564.89 352.75 Td (be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 339.75 Td (followed;) Tj ET Q BT 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(Internal ) Tj ET Q q 0 0 0 rg BT 147.36 313.75 Td (Audit, ) Tj ET Q q 0 0 0 rg BT 175.82 313.75 Td (the ) Tj ET Q q 0 0 0 rg BT 192.61 313.75 Td (Group) Tj ET Q q 0 0 0 rg BT 222.45 313.75 Td (s ) Tj ET Q q 0 0 0 rg BT 230.34 313.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 256.58 313.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 278.91 313.75 Td (and ) Tj ET Q q 0 0 0 rg BT 297.92 313.75 Td (Actuarial ) Tj ET Q q 0 0 0 rg BT 339.71 313.75 Td (Of) Tj ET Q q 0 0 0 rg BT 350.09 313.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 371.87 313.75 Td (and ) Tj ET Q q 0 0 0 rg BT 391.45 313.75 Td (the ) Tj ET Q q 0 0 0 rg BT 408.24 313.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 438.93 313.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 457.37 313.75 Td (management ) Tj ET Q q 0 0 0 rg BT 518.63 313.75 Td (functions ) Tj ET Q q 0 0 0 rg BT 561.55 313.75 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 300.75 Td (key ) Tj ET Q q 0 0 0 rg BT 99.34 300.75 Td (contributors ) Tj ET Q q 0 0 0 rg BT 154.36 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 165.48 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 182.16 300.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 238.29 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 249.41 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 266.09 300.75 Td (Company) Tj ET Q q 0 0 0 rg BT 310.93 300.75 Td (s ) Tj ET Q q 0 0 0 rg BT 318.71 300.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 372.07 300.75 Td (framework.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 274.75 Td (PartnerRe's ) Tj ET Q q 0 0 0 rg BT 108.67 274.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 137.54 274.75 Td (receives ) Tj ET Q q 0 0 0 rg BT 176.97 274.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 218.06 274.75 Td (updates ) Tj ET Q q 0 0 0 rg BT 255.83 274.75 Td (from ) Tj ET Q q 0 0 0 rg BT 278.02 274.75 Td (the ) Tj ET Q q 0 0 0 rg BT 294.11 274.75 Td (Company) Tj ET Q q 0 0 0 rg BT 338.95 274.75 Td (s ) Tj ET Q q 0 0 0 rg BT 346.13 274.75 Td (Legal ) Tj ET Q q 0 0 0 rg BT 372.79 274.75 Td (& ) Tj ET Q q 0 0 0 rg BT 381.65 274.75 Td (Compliance ) Tj ET Q q 0 0 0 rg BT 436.64 274.75 Td (function ) Tj ET Q q 0 0 0 rg BT 473.85 274.75 Td (in ) Tj ET Q q 0 0 0 rg BT 483.82 274.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 518.80 274.75 Td (of ) Tj ET Q q 0 0 0 rg BT 529.32 274.75 Td (monitoring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 261.75 Td (the ) Tj ET Q q 0 0 0 rg BT 71.26 261.75 Td (Company) Tj ET Q q 0 0 0 rg BT 116.10 261.75 Td (s ) Tj ET Q q 0 0 0 rg BT 124.46 261.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 178.41 261.75 Td (activities. ) Tj ET Q q 0 0 0 rg BT 222.89 261.75 Td (Such ) Tj ET Q q 0 0 0 rg BT 249.05 261.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 291.88 261.75 Td (is ) Tj ET Q q 0 0 0 rg BT 302.46 261.75 Td (designed ) Tj ET Q q 0 0 0 rg BT 346.41 261.75 Td (to ) Tj ET Q q 0 0 0 rg BT 358.11 261.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 394.27 261.75 Td (the ) Tj ET Q q 0 0 0 rg BT 411.54 261.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 441.58 261.75 Td (with ) Tj ET Q q 0 0 0 rg BT 462.73 261.75 Td (suf) Tj ET Q q 0 0 0 rg BT 475.89 261.75 Td (ficient ) Tj ET Q q 0 0 0 rg BT 505.37 261.75 Td (comfort ) Tj ET Q q 0 0 0 rg BT 542.07 261.75 Td (that ) Tj ET Q q 0 0 0 rg BT 562.12 261.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 248.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 100.84 248.75 Td (has ) Tj ET Q q 0 0 0 rg BT 121.00 248.75 Td (complied ) Tj ET Q q 0 0 0 rg BT 165.06 248.75 Td (with ) Tj ET Q q 0 0 0 rg BT 186.89 248.75 Td (all ) Tj ET Q q 0 0 0 rg BT 200.94 248.75 Td (requisite ) Tj ET Q q 0 0 0 rg BT 242.78 248.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 291.28 248.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.01 248.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 337.18 248.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 399.58 248.75 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.27 248.75 Td (,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.77 248.75 Td ( ) Tj ET Q q 0 0 0 rg BT 422.81 248.75 Td (where ) Tj ET Q q 0 0 0 rg BT 454.08 248.75 Td (necessary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.66 248.75 Td (,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.16 248.75 Td ( ) Tj ET Q q 0 0 0 rg BT 506.20 248.75 Td (to ) Tj ET Q q 0 0 0 rg BT 518.58 248.75 Td (highlight ) Tj ET Q q 0 0 0 rg BT 559.88 248.75 Td (any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 235.75 Td (occasions ) Tj ET Q q 0 0 0 rg BT 101.25 235.75 Td (on ) Tj ET Q q 0 0 0 rg BT 115.15 235.75 Td (which ) Tj ET Q q 0 0 0 rg BT 143.49 235.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.17 235.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 205.75 235.75 Td (has ) Tj ET Q q 0 0 0 rg BT 224.65 235.75 Td (deviated ) Tj ET Q q 0 0 0 rg BT 265.24 235.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 279.13 235.75 Td (a ) Tj ET Q q 0 0 0 rg BT 287.47 235.75 Td (material ) Tj ET Q q 0 0 0 rg BT 325.81 235.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 356.94 235.75 Td (non-material ) Tj ET Q q 0 0 0 rg BT 415.30 235.75 Td (manner\) ) Tj ET Q q 0 0 0 rg BT 455.32 235.75 Td (from ) Tj ET Q q 0 0 0 rg BT 478.10 235.75 Td (such ) Tj ET Q q 0 0 0 rg BT 502.00 235.75 Td (requirements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 196.75 Td (3.5 ) Tj ET Q q 0 0 0 rg BT 70.68 196.75 Td (GROUP) Tj ET Q q 0 0 0 rg BT 107.17 196.75 Td ( ) Tj ET Q q 0 0 0 rg BT 109.95 196.75 Td (INTERNAL) Tj ET Q q 0 0 0 rg BT 160.32 196.75 Td ( ) Tj ET Q q 0 0 0 rg BT 162.73 196.75 Td (AUDIT) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 170.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.15 170.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 120.97 170.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 146.68 170.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 177.40 170.75 Td (\(CAG\) ) Tj ET Q q 0 0 0 rg BT 208.65 170.75 Td (assists ) Tj ET Q q 0 0 0 rg BT 242.14 170.75 Td (Senior ) Tj ET Q q 0 0 0 rg BT 273.97 170.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 335.26 170.75 Td (and ) Tj ET Q q 0 0 0 rg BT 354.87 170.75 Td (the ) Tj ET Q q 0 0 0 rg BT 371.69 170.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 401.30 170.75 Td (of ) Tj ET Q q 0 0 0 rg BT 412.56 170.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 455.49 170.75 Td (in ) Tj ET Q q 0 0 0 rg BT 466.20 170.75 Td (achieving ) Tj ET Q q 0 0 0 rg BT 511.37 170.75 Td (their ) Tj ET Q q 0 0 0 rg BT 533.75 170.75 Td (corporate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 157.75 Td (objectives ) Tj ET Q q 0 0 0 rg BT 101.28 157.75 Td (and ) Tj ET Q q 0 0 0 rg BT 120.77 157.75 Td (discharging ) Tj ET Q q 0 0 0 rg BT 174.72 157.75 Td (their ) Tj ET Q q 0 0 0 rg BT 196.99 157.75 Td (duties ) Tj ET Q q 0 0 0 rg BT 226.48 157.75 Td (and ) Tj ET Q q 0 0 0 rg BT 245.97 157.75 Td (responsibilities. ) Tj ET Q q 0 0 0 rg BT 316.97 157.75 Td (This ) Tj ET Q q 0 0 0 rg BT 338.67 157.75 Td (is ) Tj ET Q q 0 0 0 rg BT 348.70 157.75 Td (achieved ) Tj ET Q q 0 0 0 rg BT 391.54 157.75 Td (through ) Tj ET Q q 0 0 0 rg BT 428.26 157.75 Td (CAG) Tj ET Q q 0 0 0 rg BT 451.97 157.75 Td (s ) Tj ET Q q 0 0 0 rg BT 459.78 157.75 Td (systematic ) Tj ET Q q 0 0 0 rg BT 509.82 157.75 Td (and ) Tj ET Q q 0 0 0 rg BT 529.32 157.75 Td (disciplined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 144.75 Td (approach ) Tj ET Q q 0 0 0 rg BT 98.78 144.75 Td (to ) Tj ET Q q 0 0 0 rg BT 110.20 144.75 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 158.87 144.75 Td (and ) Tj ET Q q 0 0 0 rg BT 178.63 144.75 Td (improving ) Tj ET Q q 0 0 0 rg BT 225.06 144.75 Td (the ) Tj ET Q q 0 0 0 rg BT 242.04 144.75 Td (ef) Tj ET Q q 0 0 0 rg BT 250.20 144.75 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 303.31 144.75 Td (of ) Tj ET Q q 0 0 0 rg BT 314.73 144.75 Td (the ) Tj ET Q q 0 0 0 rg BT 331.71 144.75 Td (Company) Tj ET Q q 0 0 0 rg BT 376.55 144.75 Td (s ) Tj ET Q q 0 0 0 rg BT 384.63 144.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 420.50 144.75 Td (control ) Tj ET Q q 0 0 0 rg BT 453.60 144.75 Td (system. ) Tj ET Q q 0 0 0 rg BT 490.92 144.75 Td (The ) Tj ET Q q 0 0 0 rg BT 511.24 144.75 Td (CAG ) Tj ET Q q 0 0 0 rg BT 535.98 144.75 Td (functions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 131.75 Td (as ) Tj ET Q q 0 0 0 rg BT 66.43 131.75 Td (an ) Tj ET Q q 0 0 0 rg BT 79.41 131.75 Td (independent, ) Tj ET Q q 0 0 0 rg BT 139.11 131.75 Td (objective ) Tj ET Q q 0 0 0 rg BT 180.44 131.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 228.44 131.75 Td (and ) Tj ET Q q 0 0 0 rg BT 246.99 131.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 286.09 131.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 318.51 131.75 Td (designed ) Tj ET Q q 0 0 0 rg BT 360.97 131.75 Td (to ) Tj ET Q q 0 0 0 rg BT 371.17 131.75 Td (add ) Tj ET Q q 0 0 0 rg BT 389.72 131.75 Td (value ) Tj ET Q q 0 0 0 rg BT 415.49 131.75 Td (and ) Tj ET Q q 0 0 0 rg BT 434.04 131.75 Td (to ) Tj ET Q q 0 0 0 rg BT 444.24 131.75 Td (assist ) Tj ET Q q 0 0 0 rg BT 471.67 131.75 Td (in ) Tj ET Q q 0 0 0 rg BT 481.32 131.75 Td (improving ) Tj ET Q q 0 0 0 rg BT 526.53 131.75 Td (operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 105.75 Td (Based ) Tj ET Q q 0 0 0 rg BT 85.46 105.75 Td (on ) Tj ET Q q 0 0 0 rg BT 99.69 105.75 Td (testing ) Tj ET Q q 0 0 0 rg BT 132.26 105.75 Td (performed ) Tj ET Q q 0 0 0 rg BT 180.94 105.75 Td (as ) Tj ET Q q 0 0 0 rg BT 194.61 105.75 Td (part ) Tj ET Q q 0 0 0 rg BT 214.95 105.75 Td (of ) Tj ET Q q 0 0 0 rg BT 226.39 105.75 Td (a ) Tj ET Q q 0 0 0 rg BT 235.06 105.75 Td (risk-based ) Tj ET Q q 0 0 0 rg BT 284.30 105.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 320.20 105.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 344.99 105.75 Td (program, ) Tj ET Q q 0 0 0 rg BT 388.11 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 405.12 105.75 Td (CAG ) Tj ET Q q 0 0 0 rg BT 429.90 105.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 470.80 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 487.81 105.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 517.60 105.75 Td (\(via ) Tj ET Q q 0 0 0 rg BT 536.82 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 553.21 105.75 Td (Audit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 92.75 Td (Committee\) ) Tj ET Q q 0 0 0 rg BT 108.45 92.75 Td (with ) Tj ET Q q 0 0 0 rg BT 129.01 92.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 181.28 92.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 230.19 92.75 Td (that:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 70.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 70.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 139.48 70.75 Td (are ) Tj ET Q q 0 0 0 rg BT 156.71 70.75 Td (ef) Tj ET Q q 0 0 0 rg BT 164.87 70.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 196.55 70.75 Td (and ) Tj ET Q q 0 0 0 rg BT 216.01 70.75 Td (ef) Tj ET Q q 0 0 0 rg BT 224.17 70.75 Td (ficient;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 57.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 57.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 125.58 57.75 Td (control ) Tj ET Q q 0 0 0 rg BT 158.37 57.75 Td (over ) Tj ET Q q 0 0 0 rg BT 180.60 57.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 220.07 57.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 262.31 57.75 Td (is ) Tj ET Q q 0 0 0 rg BT 272.31 57.75 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 332.91 57.75 Td (designed, ) Tj ET Q q 0 0 0 rg BT 379.05 57.75 Td (reliable ) Tj ET Q q 0 0 0 rg BT 414.07 57.75 Td (and ) Tj ET Q q 0 0 0 rg BT 433.54 57.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 478.01 57.75 Td (ef) Tj ET Q q 0 0 0 rg BT 486.17 57.75 Td (fectively; ) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 712.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 712.75 Td (there ) Tj ET Q q 0 0 0 rg BT 115.57 712.75 Td (is ) Tj ET Q q 0 0 0 rg BT 125.57 712.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 178.93 712.75 Td (with ) Tj ET Q q 0 0 0 rg BT 199.49 712.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 222.28 712.75 Td (and ) Tj ET Q q 0 0 0 rg BT 241.74 712.75 Td (regulations;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 699.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 699.75 Td (employee) Tj ET Q q 0 0 0 rg BT 135.40 699.75 Td (s ) Tj ET Q q 0 0 0 rg BT 143.98 699.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 179.24 699.75 Td (are ) Tj ET Q q 0 0 0 rg BT 197.27 699.75 Td (in ) Tj ET Q q 0 0 0 rg BT 208.63 699.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 262.78 699.75 Td (with ) Tj ET Q q 0 0 0 rg BT 284.14 699.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 320.52 699.75 Td (policies, ) Tj ET Q q 0 0 0 rg BT 360.22 699.75 Td (standards, ) Tj ET Q q 0 0 0 rg BT 410.49 699.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 464.10 699.75 Td (and ) Tj ET Q q 0 0 0 rg BT 484.36 699.75 Td (application ) Tj ET Q q 0 0 0 rg BT 535.75 699.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 559.33 699.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 686.75 Td (regulations;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 673.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 673.75 Td (the ) Tj ET Q q 0 0 0 rg BT 106.68 673.75 Td (Company) Tj ET Q q 0 0 0 rg BT 151.52 673.75 Td (s ) Tj ET Q q 0 0 0 rg BT 159.30 673.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 190.98 673.75 Td (are ) Tj ET Q q 0 0 0 rg BT 208.21 673.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 249.35 673.75 Td (economically) Tj ET Q q 0 0 0 rg BT 306.41 673.75 Td (, ) Tj ET Q q 0 0 0 rg BT 311.96 673.75 Td (used ) Tj ET Q q 0 0 0 rg BT 336.43 673.75 Td (ef) Tj ET Q q 0 0 0 rg BT 344.58 673.75 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 380.71 673.75 Td (and ) Tj ET Q q 0 0 0 rg BT 400.17 673.75 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 460.76 673.75 Td (protected; ) Tj ET Q q 0 0 0 rg BT 508.01 673.75 Td (and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 660.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 660.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 113.66 660.75 Td (are ) Tj ET Q q 0 0 0 rg BT 131.22 660.75 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 192.14 660.75 Td (identified ) Tj ET Q q 0 0 0 rg BT 235.27 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 255.06 660.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 299.87 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 319.66 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 336.67 660.75 Td (Company) Tj ET Q q 0 0 0 rg BT 381.51 660.75 Td (s ) Tj ET Q q 0 0 0 rg BT 389.61 660.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 408.27 660.75 Td (management ) Tj ET Q q 0 0 0 rg BT 469.75 660.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 506.20 660.75 Td (are ) Tj ET Q q 0 0 0 rg BT 523.76 660.75 Td (consistently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 647.75 Td (applied ) Tj ET Q q 0 0 0 rg BT 125.03 647.75 Td (as ) Tj ET Q q 0 0 0 rg BT 138.37 647.75 Td (documented.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 615.75 Td (Annually) Tj ET Q q 0 0 0 rg BT 91.62 615.75 Td (, ) Tj ET Q q 0 0 0 rg BT 98.12 615.75 Td (CAG ) Tj ET Q q 0 0 0 rg BT 123.52 615.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 165.04 615.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 196.01 615.75 Td (management ) Tj ET Q q 0 0 0 rg BT 258.10 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 278.51 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 296.14 615.75 Td (Parent's ) Tj ET Q q 0 0 0 rg BT 336.24 615.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 366.65 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 388.16 615.75 Td (an ) Tj ET Q q 0 0 0 rg BT 403.01 615.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 436.19 615.75 Td (opinion ) Tj ET Q q 0 0 0 rg BT 472.17 615.75 Td (on ) Tj ET Q q 0 0 0 rg BT 487.02 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 504.65 615.75 Td (Group) Tj ET Q q 0 0 0 rg BT 534.48 615.75 Td (s ) Tj ET Q q 0 0 0 rg BT 543.21 615.75 Td (internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 602.75 Td (control ) Tj ET Q q 0 0 0 rg BT 86.79 602.75 Td (system.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 576.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 116.90 576.75 Td (is ) Tj ET Q q 0 0 0 rg BT 128.65 576.75 Td (required ) Tj ET Q q 0 0 0 rg BT 169.87 576.75 Td (to ) Tj ET Q q 0 0 0 rg BT 182.73 576.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 225.06 576.75 Td (an ) Tj ET Q q 0 0 0 rg BT 239.81 576.75 Td (Anti-Fraud ) Tj ET Q q 0 0 0 rg BT 291.02 576.75 Td (Program) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 329.37 576.75 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.68 576.75 Td (which ) Tj ET Q q 0 0 0 rg BT 366.77 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 384.30 576.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 411.62 576.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 464.50 576.75 Td (oversees, ) Tj ET Q q 0 0 0 rg BT 512.38 576.75 Td (as ) Tj ET Q q 0 0 0 rg BT 527.47 576.75 Td (part ) Tj ET Q q 0 0 0 rg BT 549.23 576.75 Td (of ) Tj ET Q q 0 0 0 rg BT 562.10 576.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 563.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 114.64 563.75 Td (of ) Tj ET Q q 0 0 0 rg BT 125.27 563.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.45 563.75 Td (SarbanesOxley ) Tj ET Q q 0 0 0 rg BT 217.22 563.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 233.95 563.75 Td (of ) Tj ET Q q 0 0 0 rg BT 244.57 563.75 Td (2002) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 266.82 563.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.88 563.75 Td (CAG ) Tj ET Q q 0 0 0 rg BT 295.84 563.75 Td (conducts ) Tj ET Q q 0 0 0 rg BT 338.15 563.75 Td (this ) Tj ET Q q 0 0 0 rg BT 355.99 563.75 Td (program ) Tj ET Q q 0 0 0 rg BT 395.51 563.75 Td (on ) Tj ET Q q 0 0 0 rg BT 408.92 563.75 Td (behalf ) Tj ET Q q 0 0 0 rg BT 438.45 563.75 Td (of ) Tj ET Q q 0 0 0 rg BT 449.08 563.75 Td (management ) Tj ET Q q 0 0 0 rg BT 509.73 563.75 Td (and ) Tj ET Q q 0 0 0 rg BT 528.70 563.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 562.11 563.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 550.75 Td (results ) Tj ET Q q 0 0 0 rg BT 86.02 550.75 Td (to ) Tj ET Q q 0 0 0 rg BT 96.92 550.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 157.85 550.75 Td (and ) Tj ET Q q 0 0 0 rg BT 177.10 550.75 Td (the ) Tj ET Q q 0 0 0 rg BT 193.05 550.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 218.41 550.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 269.31 550.75 Td (annually) Tj ET Q q 0 0 0 rg BT 305.82 550.75 Td (. ) Tj ET Q q 0 0 0 rg BT 311.16 550.75 Td ( ) Tj ET Q q 0 0 0 rg BT 313.22 550.75 Td (As ) Tj ET Q q 0 0 0 rg BT 327.45 550.75 Td (part ) Tj ET Q q 0 0 0 rg BT 347.24 550.75 Td (of ) Tj ET Q q 0 0 0 rg BT 358.15 550.75 Td (this ) Tj ET Q q 0 0 0 rg BT 376.27 550.75 Td (program, ) Tj ET Q q 0 0 0 rg BT 418.85 550.75 Td (CAG ) Tj ET Q q 0 0 0 rg BT 443.08 550.75 Td (updates ) Tj ET Q q 0 0 0 rg BT 481.23 550.75 Td (the ) Tj ET Q q 0 0 0 rg BT 497.69 550.75 Td (Group) Tj ET Q q 0 0 0 rg BT 527.53 550.75 Td (s ) Tj ET Q q 0 0 0 rg BT 535.09 550.75 Td (fraud ) Tj ET Q q 0 0 0 rg BT 560.44 550.75 Td (risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 537.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 110.13 537.75 Td (and ) Tj ET Q q 0 0 0 rg BT 129.60 537.75 Td (test ) Tj ET Q q 0 0 0 rg BT 148.49 537.75 Td (the ) Tj ET Q q 0 0 0 rg BT 165.17 537.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 202.96 537.75 Td (annually) Tj ET Q q 0 0 0 rg BT 239.47 537.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 501.75 Td (3.6 ) Tj ET Q q 0 0 0 rg BT 70.31 501.75 Td (ACTUARIAL) Tj ET Q q 0 0 0 rg BT 128.45 501.75 Td ( ) Tj ET Q q 0 0 0 rg BT 131.23 501.75 Td (FUNCTION) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 476.75 Td (Reserving) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 450.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.01 450.75 Td (Group) Tj ET Q q 0 0 0 rg BT 103.84 450.75 Td (s ) Tj ET Q q 0 0 0 rg BT 111.62 450.75 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 152.20 450.75 Td (function ) Tj ET Q q 0 0 0 rg BT 190.00 450.75 Td (ensures:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 424.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 424.75 Td (the ) Tj ET Q q 0 0 0 rg BT 108.41 424.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 155.72 424.75 Td (has ) Tj ET Q q 0 0 0 rg BT 176.36 424.75 Td (a ) Tj ET Q q 0 0 0 rg BT 186.43 424.75 Td (robust ) Tj ET Q q 0 0 0 rg BT 218.74 424.75 Td (and ) Tj ET Q q 0 0 0 rg BT 239.93 424.75 Td (structured ) Tj ET Q q 0 0 0 rg BT 288.91 424.75 Td (approach ) Tj ET Q q 0 0 0 rg BT 335.12 424.75 Td (to ) Tj ET Q q 0 0 0 rg BT 347.97 424.75 Td (estimating ) Tj ET Q q 0 0 0 rg BT 398.06 424.75 Td (the ) Tj ET Q q 0 0 0 rg BT 416.47 424.75 Td (Company) Tj ET Q q 0 0 0 rg BT 461.31 424.75 Td (s ) Tj ET Q q 0 0 0 rg BT 470.82 424.75 Td (reserves ) Tj ET Q q 0 0 0 rg BT 513.68 424.75 Td (and ) Tj ET Q q 0 0 0 rg BT 534.87 424.75 Td (reserving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 411.75 Td (considerations ) Tj ET Q q 0 0 0 rg BT 157.26 411.75 Td (are ) Tj ET Q q 0 0 0 rg BT 174.49 411.75 Td (integrated ) Tj ET Q q 0 0 0 rg BT 221.75 411.75 Td (into ) Tj ET Q q 0 0 0 rg BT 240.65 411.75 Td (key ) Tj ET Q q 0 0 0 rg BT 258.99 411.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 308.47 411.75 Td (and ) Tj ET Q q 0 0 0 rg BT 327.93 411.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 368.50 411.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 407.97 411.75 Td (making;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 398.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 398.75 Td (the ) Tj ET Q q 0 0 0 rg BT 106.89 398.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 152.68 398.75 Td (complies ) Tj ET Q q 0 0 0 rg BT 195.13 398.75 Td (with ) Tj ET Q q 0 0 0 rg BT 215.91 398.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 263.36 398.75 Td (and ) Tj ET Q q 0 0 0 rg BT 283.04 398.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 322.72 398.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 384.07 398.75 Td (for ) Tj ET Q q 0 0 0 rg BT 398.73 398.75 Td (the ) Tj ET Q q 0 0 0 rg BT 415.63 398.75 Td (estimation ) Tj ET Q q 0 0 0 rg BT 464.19 398.75 Td (and ) Tj ET Q q 0 0 0 rg BT 483.87 398.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 526.33 398.75 Td (of ) Tj ET Q q 0 0 0 rg BT 537.66 398.75 Td (reserves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 385.75 Td (within ) Tj ET Q q 0 0 0 rg BT 118.34 385.75 Td (an ) Tj ET Q q 0 0 0 rg BT 132.25 385.75 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 192.84 385.75 Td (controlled ) Tj ET Q q 0 0 0 rg BT 238.97 385.75 Td (framework; ) Tj ET Q q 0 0 0 rg BT 291.21 385.75 Td (and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 372.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 372.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 121.68 372.75 Td (is ) Tj ET Q q 0 0 0 rg BT 131.68 372.75 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 192.28 372.75 Td (attributed ) Tj ET Q q 0 0 0 rg BT 236.75 372.75 Td (to ) Tj ET Q q 0 0 0 rg BT 247.87 372.75 Td (business ) Tj ET Q q 0 0 0 rg BT 290.11 372.75 Td (units ) Tj ET Q q 0 0 0 rg BT 314.01 372.75 Td (for ) Tj ET Q q 0 0 0 rg BT 328.46 372.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 360.70 372.75 Td (purposes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 333.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 90.12 333.75 Td (modeling) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 307.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.01 307.75 Td (Group) Tj ET Q q 0 0 0 rg BT 103.84 307.75 Td (s ) Tj ET Q q 0 0 0 rg BT 111.62 307.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 145.53 307.75 Td (Modelling ) Tj ET Q q 0 0 0 rg BT 191.11 307.75 Td (Function:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 281.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 281.75 Td (builds, ) Tj ET Q q 0 0 0 rg BT 120.98 281.75 Td (evolves ) Tj ET Q q 0 0 0 rg BT 156.97 281.75 Td (and ) Tj ET Q q 0 0 0 rg BT 175.73 281.75 Td (maintains ) Tj ET Q q 0 0 0 rg BT 220.60 281.75 Td (the ) Tj ET Q q 0 0 0 rg BT 236.58 281.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 267.57 281.75 Td (model ) Tj ET Q q 0 0 0 rg BT 296.88 281.75 Td (to ) Tj ET Q q 0 0 0 rg BT 307.30 281.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 331.60 281.75 Td (business ) Tj ET Q q 0 0 0 rg BT 373.15 281.75 Td (requests ) Tj ET Q q 0 0 0 rg BT 413.58 281.75 Td (and ) Tj ET Q q 0 0 0 rg BT 432.34 281.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 478.89 281.75 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 541.69 281.75 Td (A) Tj ET Q q 0 0 0 rg BT 547.81 281.75 Td ( ) Tj ET Q q 0 0 0 rg BT 549.89 281.75 Td (single ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 268.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 121.68 268.75 Td (model ) Tj ET Q q 0 0 0 rg BT 151.70 268.75 Td (is ) Tj ET Q q 0 0 0 rg BT 161.70 268.75 Td (used ) Tj ET Q q 0 0 0 rg BT 186.16 268.75 Td (across ) Tj ET Q q 0 0 0 rg BT 218.39 268.75 Td (the ) Tj ET Q q 0 0 0 rg BT 235.07 268.75 Td (group ) Tj ET Q q 0 0 0 rg BT 263.43 268.75 Td (to ) Tj ET Q q 0 0 0 rg BT 274.55 268.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 299.56 268.75 Td (various ) Tj ET Q q 0 0 0 rg BT 334.57 268.75 Td (needs ) Tj ET Q q 0 0 0 rg BT 364.59 268.75 Td (and ) Tj ET Q q 0 0 0 rg BT 384.06 268.75 Td (purposes;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 255.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 255.75 Td (discusses ) Tj ET Q q 0 0 0 rg BT 136.47 255.75 Td (and ) Tj ET Q q 0 0 0 rg BT 155.73 255.75 Td (challenges ) Tj ET Q q 0 0 0 rg BT 206.11 255.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 264.81 255.75 Td (with ) Tj ET Q q 0 0 0 rg BT 285.16 255.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 320.53 255.75 Td (stakeholders ) Tj ET Q q 0 0 0 rg BT 379.80 255.75 Td (and ) Tj ET Q q 0 0 0 rg BT 399.05 255.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 433.30 255.75 Td (matter ) Tj ET Q q 0 0 0 rg BT 464.21 255.75 Td (experts ) Tj ET Q q 0 0 0 rg BT 499.57 255.75 Td (in ) Tj ET Q q 0 0 0 rg BT 509.92 255.75 Td (order ) Tj ET Q q 0 0 0 rg BT 535.83 255.75 Td (to ) Tj ET Q q 0 0 0 rg BT 546.74 255.75 Td (build ) Tj ET Q q 0 0 0 rg BT 570.44 255.75 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 242.75 Td (common ) Tj ET Q q 0 0 0 rg BT 131.12 242.75 Td (understanding ) Tj ET Q q 0 0 0 rg BT 197.29 242.75 Td (about ) Tj ET Q q 0 0 0 rg BT 225.09 242.75 Td (risk;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 229.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 229.75 Td (works ) Tj ET Q q 0 0 0 rg BT 118.80 229.75 Td (with ) Tj ET Q q 0 0 0 rg BT 139.27 229.75 Td (the ) Tj ET Q q 0 0 0 rg BT 155.86 229.75 Td (business ) Tj ET Q q 0 0 0 rg BT 198.02 229.75 Td (units ) Tj ET Q q 0 0 0 rg BT 221.83 229.75 Td (to ) Tj ET Q q 0 0 0 rg BT 232.86 229.75 Td (educate ) Tj ET Q q 0 0 0 rg BT 271.14 229.75 Td (stakeholders ) Tj ET Q q 0 0 0 rg BT 330.53 229.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 375.47 229.75 Td (the ) Tj ET Q q 0 0 0 rg BT 392.06 229.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 423.65 229.75 Td (model's ) Tj ET Q q 0 0 0 rg BT 460.49 229.75 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 522.09 229.75 Td (interactions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 216.75 Td (purposes ) Tj ET Q q 0 0 0 rg BT 133.92 216.75 Td (and ) Tj ET Q q 0 0 0 rg BT 153.38 216.75 Td (limitations; ) Tj ET Q q 0 0 0 rg BT 203.39 216.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 203.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 203.75 Td (attributes ) Tj ET Q q 0 0 0 rg BT 133.91 203.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 165.60 203.75 Td (to ) Tj ET Q q 0 0 0 rg BT 176.71 203.75 Td (business ) Tj ET Q q 0 0 0 rg BT 218.96 203.75 Td (units ) Tj ET Q q 0 0 0 rg BT 242.86 203.75 Td (for ) Tj ET Q q 0 0 0 rg BT 257.31 203.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 289.55 203.75 Td (purposes. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 164.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.46 164.75 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 113.48 164.75 Td (function ) Tj ET Q q 0 0 0 rg BT 150.73 164.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 190.76 164.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 219.67 164.75 Td (to ) Tj ET Q q 0 0 0 rg BT 230.23 164.75 Td (the ) Tj ET Q q 0 0 0 rg BT 246.36 164.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 264.14 164.75 Td (scorecards ) Tj ET Q q 0 0 0 rg BT 315.27 164.75 Td (produced ) Tj ET Q q 0 0 0 rg BT 359.20 164.75 Td (by ) Tj ET Q q 0 0 0 rg BT 371.98 164.75 Td (the ) Tj ET Q q 0 0 0 rg BT 388.11 164.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 405.89 164.75 Td (management ) Tj ET Q q 0 0 0 rg BT 466.48 164.75 Td (function. ) Tj ET Q q 0 0 0 rg BT 506.51 164.75 Td (It ) Tj ET Q q 0 0 0 rg BT 514.29 164.75 Td (also ) Tj ET Q q 0 0 0 rg BT 534.87 164.75 Td (produces ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 151.75 Td (indications ) Tj ET Q q 0 0 0 rg BT 103.23 151.75 Td (for ) Tj ET Q q 0 0 0 rg BT 116.88 151.75 Td (premium ) Tj ET Q q 0 0 0 rg BT 157.76 151.75 Td (and ) Tj ET Q q 0 0 0 rg BT 176.42 151.75 Td (reserve ) Tj ET Q q 0 0 0 rg BT 211.75 151.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 242.64 151.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 274.63 151.75 Td (used ) Tj ET Q q 0 0 0 rg BT 298.29 151.75 Td (in ) Tj ET Q q 0 0 0 rg BT 308.05 151.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 339.49 151.75 Td (along ) Tj ET Q q 0 0 0 rg BT 365.94 151.75 Td (with ) Tj ET Q q 0 0 0 rg BT 385.71 151.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 414.37 151.75 Td (reserve ) Tj ET Q q 0 0 0 rg BT 449.69 151.75 Td (and ) Tj ET Q q 0 0 0 rg BT 468.36 151.75 Td (non ) Tj ET Q q 0 0 0 rg BT 487.02 151.75 Td (cat ) Tj ET Q q 0 0 0 rg BT 502.34 151.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 519.87 151.75 Td (distributions. ) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (23) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 700.75 Td (3.7 ) Tj ET Q q 0 0 0 rg BT 70.68 700.75 Td (OUTSOURCING) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 663.75 Td (3.7.1 ) Tj ET Q q 0 0 0 rg BT 79.02 663.75 Td (OUTSOURCING ) Tj ET Q q 0 0 0 rg BT 156.80 663.75 Td (POLICY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 637.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.14 637.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 117.84 637.75 Td (manages ) Tj ET Q q 0 0 0 rg BT 160.89 637.75 Td (both ) Tj ET Q q 0 0 0 rg BT 182.26 637.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 216.96 637.75 Td (and ) Tj ET Q q 0 0 0 rg BT 235.56 637.75 Td (external ) Tj ET Q q 0 0 0 rg BT 273.04 637.75 Td (outsourcing ) Tj ET Q q 0 0 0 rg BT 326.65 637.75 Td (in ) Tj ET Q q 0 0 0 rg BT 336.34 637.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 389.94 637.75 Td (with ) Tj ET Q q 0 0 0 rg BT 409.63 637.75 Td (all ) Tj ET Q q 0 0 0 rg BT 421.54 637.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 468.49 637.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 514.86 637.75 Td (requirements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 624.75 Td (Where ) Tj ET Q q 0 0 0 rg BT 85.92 624.75 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 141.75 624.75 Td (the ) Tj ET Q q 0 0 0 rg BT 158.11 624.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 203.38 624.75 Td (has ) Tj ET Q q 0 0 0 rg BT 221.96 624.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 258.34 624.75 Td (into ) Tj ET Q q 0 0 0 rg BT 276.93 624.75 Td (Service ) Tj ET Q q 0 0 0 rg BT 312.74 624.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 338.62 624.75 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 395.00 624.75 Td (which ) Tj ET Q q 0 0 0 rg BT 423.02 624.75 Td (include ) Tj ET Q q 0 0 0 rg BT 457.18 624.75 Td (an ) Tj ET Q q 0 0 0 rg BT 470.76 624.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 516.04 624.75 Td (on ) Tj ET Q q 0 0 0 rg BT 529.63 624.75 Td (the ) Tj ET Q q 0 0 0 rg BT 545.99 624.75 Td (parties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 611.75 Td (to ) Tj ET Q q 0 0 0 rg BT 64.02 611.75 Td (the ) Tj ET Q q 0 0 0 rg BT 79.59 611.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 116.84 611.75 Td (to ) Tj ET Q q 0 0 0 rg BT 126.86 611.75 Td (comply ) Tj ET Q q 0 0 0 rg BT 160.21 611.75 Td (with ) Tj ET Q q 0 0 0 rg BT 179.67 611.75 Td (all ) Tj ET Q q 0 0 0 rg BT 191.35 611.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 214.16 611.75 Td (and ) Tj ET Q q 0 0 0 rg BT 232.52 611.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 278.66 611.75 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 330.82 611.75 Td (The ) Tj ET Q q 0 0 0 rg BT 349.73 611.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 394.20 611.75 Td (utilizes ) Tj ET Q q 0 0 0 rg BT 426.45 611.75 Td (the ) Tj ET Q q 0 0 0 rg BT 442.03 611.75 Td (expertise ) Tj ET Q q 0 0 0 rg BT 484.28 611.75 Td (from ) Tj ET Q q 0 0 0 rg BT 505.96 611.75 Td (other ) Tj ET Q q 0 0 0 rg BT 530.43 611.75 Td (PartnerRe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 598.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 85.14 598.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 120.18 598.75 Td (and ) Tj ET Q q 0 0 0 rg BT 140.21 598.75 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 195.80 598.75 Td (\(ie. ) Tj ET Q q 0 0 0 rg BT 213.04 598.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 269.20 598.75 Td (and ) Tj ET Q q 0 0 0 rg BT 289.23 598.75 Td (af) Tj ET Q q 0 0 0 rg BT 297.39 598.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 329.08 598.75 Td (of ) Tj ET Q q 0 0 0 rg BT 340.77 598.75 Td (the ) Tj ET Q q 0 0 0 rg BT 358.02 598.75 Td (Group\) ) Tj ET Q q 0 0 0 rg BT 392.50 598.75 Td (for ) Tj ET Q q 0 0 0 rg BT 407.52 598.75 Td (services ) Tj ET Q q 0 0 0 rg BT 447.54 598.75 Td (from ) Tj ET Q q 0 0 0 rg BT 470.89 598.75 Td (the ) Tj ET Q q 0 0 0 rg BT 488.14 598.75 Td (key ) Tj ET Q q 0 0 0 rg BT 507.05 598.75 Td (group ) Tj ET Q q 0 0 0 rg BT 535.98 598.75 Td (functions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 585.75 Td (including, ) Tj ET Q q 0 0 0 rg BT 101.06 585.75 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 160.35 585.75 Td (and ) Tj ET Q q 0 0 0 rg BT 181.85 585.75 Td (claims, ) Tj ET Q q 0 0 0 rg BT 217.77 585.75 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 260.38 585.75 Td (and ) Tj ET Q q 0 0 0 rg BT 281.88 585.75 Td (reserving, ) Tj ET Q q 0 0 0 rg BT 330.60 585.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 350.97 585.75 Td (management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.33 585.75 Td (,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.83 585.75 Td ( ) Tj ET Q q 0 0 0 rg BT 416.65 585.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 442.59 585.75 Td (and ) Tj ET Q q 0 0 0 rg BT 464.09 585.75 Td (compliance, ) Tj ET Q q 0 0 0 rg BT 522.26 585.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 559.32 585.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 572.75 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 106.83 572.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 141.30 572.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 164.66 572.75 Td (and ) Tj ET Q q 0 0 0 rg BT 183.03 572.75 Td (investments. ) Tj ET Q q 0 0 0 rg BT 240.73 572.75 Td (Third ) Tj ET Q q 0 0 0 rg BT 265.19 572.75 Td (party ) Tj ET Q q 0 0 0 rg BT 289.10 572.75 Td (outsourcings ) Tj ET Q q 0 0 0 rg BT 347.48 572.75 Td (are ) Tj ET Q q 0 0 0 rg BT 363.61 572.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 394.18 572.75 Td (and ) Tj ET Q q 0 0 0 rg BT 412.55 572.75 Td (driven ) Tj ET Q q 0 0 0 rg BT 441.46 572.75 Td (by ) Tj ET Q q 0 0 0 rg BT 453.70 572.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 493.17 572.75 Td (business ) Tj ET Q q 0 0 0 rg BT 534.32 572.75 Td (decisions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 559.75 Td (and/ ) Tj ET Q q 0 0 0 rg BT 76.24 559.75 Td (or ) Tj ET Q q 0 0 0 rg BT 87.91 559.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 111.82 559.75 Td (and ) Tj ET Q q 0 0 0 rg BT 131.28 559.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 178.53 559.75 Td (obligations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 522.75 Td (3.7.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.02 522.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.52 522.75 Td (MA) Tj ET Q q 0 0 0 rg BT 96.33 522.75 Td (TERIAL) Tj ET Q q 0 0 0 rg BT 132.26 522.75 Td ( ) Tj ET Q q 0 0 0 rg BT 135.04 522.75 Td (INTRA-GROUP) Tj ET Q q 0 0 0 rg BT 205.41 522.75 Td ( ) Tj ET Q q 0 0 0 rg BT 208.18 522.75 Td (OUTSOURCING) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 498.75 Td (See ) Tj ET Q q 0 0 0 rg BT 74.57 498.75 Td (section ) Tj ET Q q 0 0 0 rg BT 109.03 498.75 Td (3.7.1 ) Tj ET Q q 0 0 0 rg BT 134.05 498.75 Td (- ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 140.16 498.75 Td (Outsourcing ) Tj ET Q q 0 0 0 rg BT 196.86 498.75 Td (Policy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.53 498.75 Td ( ) Tj ET Q q 0 0 0 rg BT 226.31 498.75 Td (above.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 462.75 Td (3.8 ) Tj ET Q q 0 0 0 rg BT 70.68 462.75 Td ( ) Tj ET Q q 0 0 0 rg BT 73.09 462.75 Td (ANY) Tj ET Q q 0 0 0 rg BT 94.02 462.75 Td ( ) Tj ET Q q 0 0 0 rg BT 96.80 462.75 Td (OTHER ) Tj ET Q q 0 0 0 rg BT 134.58 462.75 Td (MA) Tj ET Q q 0 0 0 rg BT 149.39 462.75 Td (TERIAL) Tj ET Q q 0 0 0 rg BT 185.31 462.75 Td ( ) Tj ET Q q 0 0 0 rg BT 188.09 462.75 Td (INFORMA) Tj ET Q q 0 0 0 rg BT 234.01 462.75 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 438.75 Td (N/A) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 400.75 Td (4. ) Tj ET Q q 0 0 0 rg BT 65.12 400.75 Td (RISK ) Tj ET Q q 0 0 0 rg BT 91.79 400.75 Td (PROFILE) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 362.75 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.90 362.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 362.75 Td (MA) Tj ET Q q 0 0 0 rg BT 86.81 362.75 Td (TERIAL) Tj ET Q q 0 0 0 rg BT 122.74 362.75 Td ( ) Tj ET Q q 0 0 0 rg BT 125.52 362.75 Td (RISKS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 336.75 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 99.57 336.75 Td (Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 310.75 Td (PartnerRe's ) Tj ET Q q 0 0 0 rg BT 109.34 310.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 139.99 310.75 Td (Enterprise ) Tj ET Q q 0 0 0 rg BT 188.43 310.75 Td (Risk ) Tj ET Q q 0 0 0 rg BT 210.73 310.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 271.95 310.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 321.48 310.75 Td (outlines ) Tj ET Q q 0 0 0 rg BT 358.81 310.75 Td (group-wide ) Tj ET Q q 0 0 0 rg BT 411.14 310.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 447.34 310.75 Td (and ) Tj ET Q q 0 0 0 rg BT 466.89 310.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 519.77 310.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 567.66 310.75 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 297.75 Td (the ) Tj ET Q q 0 0 0 rg BT 71.23 297.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 102.35 297.75 Td (and ) Tj ET Q q 0 0 0 rg BT 122.36 297.75 Td (are ) Tj ET Q q 0 0 0 rg BT 140.14 297.75 Td (cascaded ) Tj ET Q q 0 0 0 rg BT 186.28 297.75 Td (down ) Tj ET Q q 0 0 0 rg BT 213.51 297.75 Td (to ) Tj ET Q q 0 0 0 rg BT 225.18 297.75 Td (its ) Tj ET Q q 0 0 0 rg BT 238.51 297.75 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 297.42 297.75 Td (including ) Tj ET Q q 0 0 0 rg BT 340.22 297.75 Td (the ) Tj ET Q q 0 0 0 rg BT 357.44 297.75 Td (Company) Tj ET Q q 0 0 0 rg BT 399.50 297.75 Td (. ) Tj ET Q q 0 0 0 rg BT 405.61 297.75 Td ( ) Tj ET Q q 0 0 0 rg BT 408.72 297.75 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 458.18 297.75 Td (the ) Tj ET Q q 0 0 0 rg BT 475.41 297.75 Td (following ) Tj ET Q q 0 0 0 rg BT 517.65 297.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 567.66 297.75 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 284.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 94.57 284.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 117.90 284.75 Td (is ) Tj ET Q q 0 0 0 rg BT 127.90 284.75 Td (a ) Tj ET Q q 0 0 0 rg BT 136.24 284.75 Td (description ) Tj ET Q q 0 0 0 rg BT 187.38 284.75 Td (of ) Tj ET Q q 0 0 0 rg BT 198.50 284.75 Td (what ) Tj ET Q q 0 0 0 rg BT 222.40 284.75 Td (occurs ) Tj ET Q q 0 0 0 rg BT 254.63 284.75 Td (at ) Tj ET Q q 0 0 0 rg BT 265.75 284.75 Td (the ) Tj ET Q q 0 0 0 rg BT 282.43 284.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 313.00 284.75 Td (level.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 258.75 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 96.26 258.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 119.61 258.75 Td (are ) Tj ET Q q 0 0 0 rg BT 136.86 258.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 184.13 258.75 Td (and ) Tj ET Q q 0 0 0 rg BT 203.61 258.75 Td (agreed ) Tj ET Q q 0 0 0 rg BT 237.54 258.75 Td (to ) Tj ET Q q 0 0 0 rg BT 248.68 258.75 Td (between ) Tj ET Q q 0 0 0 rg BT 289.28 258.75 Td (the ) Tj ET Q q 0 0 0 rg BT 305.98 258.75 Td (Group's ) Tj ET Q q 0 0 0 rg BT 343.48 258.75 Td (CEO ) Tj ET Q q 0 0 0 rg BT 367.95 258.75 Td (and ) Tj ET Q q 0 0 0 rg BT 387.43 258.75 Td (the ) Tj ET Q q 0 0 0 rg BT 404.13 258.75 Td (PartnerRe ) Tj ET Q q 0 0 0 rg BT 452.50 258.75 Td (Board, ) Tj ET Q q 0 0 0 rg BT 484.76 258.75 Td (and ) Tj ET Q q 0 0 0 rg BT 504.25 258.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 548.74 258.75 Td (by ) Tj ET Q q 0 0 0 rg BT 562.10 258.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 245.75 Td (CEO, ) Tj ET Q q 0 0 0 rg BT 81.53 245.75 Td (and ) Tj ET Q q 0 0 0 rg BT 101.31 245.75 Td (include ) Tj ET Q q 0 0 0 rg BT 136.08 245.75 Td (the ) Tj ET Q q 0 0 0 rg BT 153.07 245.75 Td (direction ) Tj ET Q q 0 0 0 rg BT 193.95 245.75 Td (and ) Tj ET Q q 0 0 0 rg BT 213.72 245.75 Td (governance ) Tj ET Q q 0 0 0 rg BT 269.07 245.75 Td (of ) Tj ET Q q 0 0 0 rg BT 280.50 245.75 Td (the ) Tj ET Q q 0 0 0 rg BT 297.49 245.75 Td (Group, ) Tj ET Q q 0 0 0 rg BT 331.14 245.75 Td (as ) Tj ET Q q 0 0 0 rg BT 344.79 245.75 Td (well ) Tj ET Q q 0 0 0 rg BT 365.10 245.75 Td (as ) Tj ET Q q 0 0 0 rg BT 378.75 245.75 Td (its ) Tj ET Q q 0 0 0 rg BT 391.84 245.75 Td (response ) Tj ET Q q 0 0 0 rg BT 436.06 245.75 Td (to ) Tj ET Q q 0 0 0 rg BT 447.49 245.75 Td (key ) Tj ET Q q 0 0 0 rg BT 466.14 245.75 Td (external ) Tj ET Q q 0 0 0 rg BT 504.80 245.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 537.90 245.75 Td (faced ) Tj ET Q q 0 0 0 rg BT 565.45 245.75 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 232.75 Td (the ) Tj ET Q q 0 0 0 rg BT 71.76 232.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 127.86 232.75 Td (industry) Tj ET Q q 0 0 0 rg BT 162.13 232.75 Td (, ) Tj ET Q q 0 0 0 rg BT 168.77 232.75 Td (such ) Tj ET Q q 0 0 0 rg BT 193.74 232.75 Td (as ) Tj ET Q q 0 0 0 rg BT 208.16 232.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 249.82 232.75 Td (in ) Tj ET Q q 0 0 0 rg BT 261.46 232.75 Td (cedants) Tj ET Q q 0 0 0 rg BT 298.33 232.75 Td ( ) Tj ET Q q 0 0 0 rg BT 302.19 232.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 321.59 232.75 Td (retention ) Tj ET Q q 0 0 0 rg BT 364.36 232.75 Td (behavior) Tj ET Q q 0 0 0 rg BT 402.17 232.75 Td (, ) Tj ET Q q 0 0 0 rg BT 408.80 232.75 Td (regulation, ) Tj ET Q q 0 0 0 rg BT 459.35 232.75 Td (competitive ) Tj ET Q q 0 0 0 rg BT 513.78 232.75 Td (structure, ) Tj ET Q q 0 0 0 rg BT 559.32 232.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 219.75 Td (macroeconomic, ) Tj ET Q q 0 0 0 rg BT 129.76 219.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 153.28 219.75 Td (and ) Tj ET Q q 0 0 0 rg BT 172.36 219.75 Td (social ) Tj ET Q q 0 0 0 rg BT 200.33 219.75 Td (trends. ) Tj ET Q q 0 0 0 rg BT 233.29 219.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 294.06 219.75 Td (considers ) Tj ET Q q 0 0 0 rg BT 339.26 219.75 Td (that ) Tj ET Q q 0 0 0 rg BT 358.33 219.75 Td (strong ) Tj ET Q q 0 0 0 rg BT 388.52 219.75 Td (governance ) Tj ET Q q 0 0 0 rg BT 443.18 219.75 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 498.38 219.75 Td (including ) Tj ET Q q 0 0 0 rg BT 540.25 219.75 Td (a ) Tj ET Q q 0 0 0 rg BT 548.21 219.75 Td (robust ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 206.75 Td (system ) Tj ET Q q 0 0 0 rg BT 88.58 206.75 Td (of ) Tj ET Q q 0 0 0 rg BT 99.82 206.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 148.30 206.75 Td (and ) Tj ET Q q 0 0 0 rg BT 167.89 206.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 203.60 206.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 241.52 206.75 Td (are ) Tj ET Q q 0 0 0 rg BT 258.88 206.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 312.37 206.75 Td (to ) Tj ET Q q 0 0 0 rg BT 323.62 206.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 362.66 206.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 386.12 206.75 Td (related ) Tj ET Q q 0 0 0 rg BT 419.60 206.75 Td (to ) Tj ET Q q 0 0 0 rg BT 430.85 206.75 Td (its ) Tj ET Q q 0 0 0 rg BT 443.75 206.75 Td (reputation ) Tj ET Q q 0 0 0 rg BT 491.14 206.75 Td (and ) Tj ET Q q 0 0 0 rg BT 510.73 206.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 534.18 206.75 Td (related ) Tj ET Q q 0 0 0 rg BT 567.67 206.75 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 193.75 Td (new ) Tj ET Q q 0 0 0 rg BT 74.58 193.75 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 120.72 193.75 Td (including ) Tj ET Q q 0 0 0 rg BT 162.43 193.75 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 219.70 193.75 Td (new ) Tj ET Q q 0 0 0 rg BT 240.28 193.75 Td (products ) Tj ET Q q 0 0 0 rg BT 280.87 193.75 Td (or ) Tj ET Q q 0 0 0 rg BT 291.99 193.75 Td (markets. ) Tj ET Q q 0 0 0 rg BT 332.42 193.75 Td (The ) Tj ET Q q 0 0 0 rg BT 351.89 193.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 381.92 193.75 Td (seeks ) Tj ET Q q 0 0 0 rg BT 410.28 193.75 Td (to ) Tj ET Q q 0 0 0 rg BT 420.86 193.75 Td (preserve ) Tj ET Q q 0 0 0 rg BT 462.00 193.75 Td (its ) Tj ET Q q 0 0 0 rg BT 474.23 193.75 Td (reputation ) Tj ET Q q 0 0 0 rg BT 520.95 193.75 Td (through ) Tj ET Q q 0 0 0 rg BT 557.10 193.75 Td (high ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 180.75 Td (professional ) Tj ET Q q 0 0 0 rg BT 110.44 180.75 Td (and ) Tj ET Q q 0 0 0 rg BT 129.64 180.75 Td (ethical ) Tj ET Q q 0 0 0 rg BT 161.07 180.75 Td (standards ) Tj ET Q q 0 0 0 rg BT 207.50 180.75 Td (and ) Tj ET Q q 0 0 0 rg BT 226.71 180.75 Td (manages ) Tj ET Q q 0 0 0 rg BT 270.36 180.75 Td (the ) Tj ET Q q 0 0 0 rg BT 286.78 180.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 318.76 180.75 Td (of ) Tj ET Q q 0 0 0 rg BT 329.62 180.75 Td (identified ) Tj ET Q q 0 0 0 rg BT 372.16 180.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 395.23 180.75 Td (through ) Tj ET Q q 0 0 0 rg BT 431.67 180.75 Td (the ) Tj ET Q q 0 0 0 rg BT 448.09 180.75 Td (adoption ) Tj ET Q q 0 0 0 rg BT 488.98 180.75 Td (and ) Tj ET Q q 0 0 0 rg BT 508.18 180.75 Td (implementation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 167.75 Td (of ) Tj ET Q q 0 0 0 rg BT 65.12 167.75 Td (a ) Tj ET Q q 0 0 0 rg BT 73.46 167.75 Td (sound ) Tj ET Q q 0 0 0 rg BT 103.48 167.75 Td (and ) Tj ET Q q 0 0 0 rg BT 122.95 167.75 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 193.54 167.75 Td (assumed ) Tj ET Q q 0 0 0 rg BT 236.89 167.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 255.22 167.75 Td (framework.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 128.75 Td (Assumed ) Tj ET Q q 0 0 0 rg BT 101.79 128.75 Td (Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 102.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.51 102.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 120.58 102.75 Td (has ) Tj ET Q q 0 0 0 rg BT 139.98 102.75 Td (a ) Tj ET Q q 0 0 0 rg BT 148.82 102.75 Td (75% ) Tj ET Q q 0 0 0 rg BT 172.12 102.75 Td (quota-share ) Tj ET Q q 0 0 0 rg BT 228.76 102.75 Td (treaty ) Tj ET Q q 0 0 0 rg BT 257.05 102.75 Td (with ) Tj ET Q q 0 0 0 rg BT 278.11 102.75 Td (the ) Tj ET Q q 0 0 0 rg BT 295.29 102.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 341.38 102.75 Td (branch ) Tj ET Q q 0 0 0 rg BT 375.23 102.75 Td (of ) Tj ET Q q 0 0 0 rg BT 386.85 102.75 Td (its ) Tj ET Q q 0 0 0 rg BT 400.13 102.75 Td (parent ) Tj ET Q q 0 0 0 rg BT 431.76 102.75 Td (and ) Tj ET Q q 0 0 0 rg BT 451.72 102.75 Td (does ) Tj ET Q q 0 0 0 rg BT 476.68 102.75 Td (not ) Tj ET Q q 0 0 0 rg BT 493.86 102.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 535.48 102.75 Td (write ) Tj ET Q q 0 0 0 rg BT 559.87 102.75 Td (any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 89.75 Td (other ) Tj ET Q q 0 0 0 rg BT 79.37 89.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 124.03 89.75 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 172.75 89.75 Td (the ) Tj ET Q q 0 0 0 rg BT 189.23 89.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 241.52 89.75 Td (assumed ) Tj ET Q q 0 0 0 rg BT 284.68 89.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 307.81 89.75 Td (are ) Tj ET Q q 0 0 0 rg BT 324.85 89.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 356.32 89.75 Td (to ) Tj ET Q q 0 0 0 rg BT 367.25 89.75 Td (the ) Tj ET Q q 0 0 0 rg BT 383.73 89.75 Td (life ) Tj ET Q q 0 0 0 rg BT 399.09 89.75 Td (business ) Tj ET Q q 0 0 0 rg BT 441.14 89.75 Td (ceded ) Tj ET Q q 0 0 0 rg BT 470.97 89.75 Td (from ) Tj ET Q q 0 0 0 rg BT 493.55 89.75 Td (the ) Tj ET Q q 0 0 0 rg BT 510.03 89.75 Td (Parent ) Tj ET Q q 0 0 0 rg BT 542.08 89.75 Td (through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 76.75 Td (this ) Tj ET Q q 0 0 0 rg BT 72.43 76.75 Td (75% ) Tj ET Q q 0 0 0 rg BT 95.32 76.75 Td (quota-share. ) Tj ET Q q 0 0 0 rg BT 154.34 76.75 Td (Please ) Tj ET Q q 0 0 0 rg BT 187.79 76.75 Td (refer ) Tj ET Q q 0 0 0 rg BT 211.22 76.75 Td (to ) Tj ET Q q 0 0 0 rg BT 222.43 76.75 Td (the ) Tj ET Q q 0 0 0 rg BT 239.21 76.75 Td (Parent's ) Tj ET Q q 0 0 0 rg BT 278.45 76.75 Td (\(Partner ) Tj ET Q q 0 0 0 rg BT 317.45 76.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 376.46 76.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 422.13 76.75 Td (Ltd.\) ) Tj ET Q q 0 0 0 rg BT 445.01 76.75 Td (FCR ) Tj ET Q q 0 0 0 rg BT 468.44 76.75 Td (for ) Tj ET Q q 0 0 0 rg BT 482.98 76.75 Td (a ) Tj ET Q q 0 0 0 rg BT 491.41 76.75 Td (detailed ) Tj ET Q q 0 0 0 rg BT 529.31 76.75 Td (discussion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 63.75 Td (of ) Tj ET Q q 0 0 0 rg BT 65.12 63.75 Td (PartnerRe's ) Tj ET Q q 0 0 0 rg BT 120.38 63.75 Td (assumed ) Tj ET Q q 0 0 0 rg BT 163.74 63.75 Td (life ) Tj ET Q q 0 0 0 rg BT 179.30 63.75 Td (risks. ) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (24) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 687.10 Td (4.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.90 687.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td (RISK ) Tj ET Q q 0 0 0 rg BT 98.67 687.10 Td (MITIGA) Tj ET Q q 0 0 0 rg BT 132.92 687.10 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 662.10 Td (See ) Tj ET Q q 0 0 0 rg BT 74.57 662.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 110.70 662.10 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 127.38 662.10 Td (- ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 133.49 662.10 Td (Material ) Tj ET Q q 0 0 0 rg BT 171.84 662.10 Td (Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.28 662.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.06 662.10 Td (above.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 624.10 Td (4.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.90 624.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 624.10 Td (MA) Tj ET Q q 0 0 0 rg BT 86.81 624.10 Td (TERIAL) Tj ET Q q 0 0 0 rg BT 122.74 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 125.52 624.10 Td (RISK ) Tj ET Q q 0 0 0 rg BT 152.19 624.10 Td (CONCENTRA) Tj ET Q q 0 0 0 rg BT 215.33 624.10 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (See ) Tj ET Q q 0 0 0 rg BT 74.57 599.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 110.70 599.10 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 127.38 599.10 Td (- ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 133.49 599.10 Td (Material ) Tj ET Q q 0 0 0 rg BT 171.84 599.10 Td (Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.28 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.06 599.10 Td (above.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td (4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.90 574.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 574.10 Td (INVESTMENT ) Tj ET Q q 0 0 0 rg BT 139.23 574.10 Td (PHILOSOPHY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 548.10 Td (The ) Tj ET Q q 0 0 0 rg BT 73.75 548.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 119.08 548.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 152.17 548.10 Td (prudent ) Tj ET Q q 0 0 0 rg BT 188.61 548.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 239.48 548.10 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 287.04 548.10 Td (through ) Tj ET Q q 0 0 0 rg BT 323.48 548.10 Td (a ) Tj ET Q q 0 0 0 rg BT 331.57 548.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 369.66 548.10 Td (that ) Tj ET Q q 0 0 0 rg BT 388.86 548.10 Td (seeks ) Tj ET Q q 0 0 0 rg BT 417.51 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.37 548.10 Td (maximize ) Tj ET Q q 0 0 0 rg BT 473.12 548.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 506.77 548.10 Td (while ) Tj ET Q q 0 0 0 rg BT 532.08 548.10 Td (managing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 535.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 104.62 535.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 122.43 535.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.48 535.10 Td (line ) Tj ET Q q 0 0 0 rg BT 150.31 535.10 Td (with ) Tj ET Q q 0 0 0 rg BT 170.35 535.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.52 535.10 Td (Company) Tj ET Q q 0 0 0 rg BT 231.36 535.10 Td (s ) Tj ET Q q 0 0 0 rg BT 238.62 535.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 270.34 535.10 Td (objectives ) Tj ET Q q 0 0 0 rg BT 317.07 535.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.67 535.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 368.29 535.10 Td (stability ) Tj ET Q q 0 0 0 rg BT 403.90 535.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.85 535.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 467.35 535.10 Td (book ) Tj ET Q q 0 0 0 rg BT 491.29 535.10 Td (value ) Tj ET Q q 0 0 0 rg BT 517.46 535.10 Td (growth. ) Tj ET Q q 0 0 0 rg BT 552.07 535.10 Td (A) Tj ET Q q 0 0 0 rg BT 558.19 535.10 Td ( ) Tj ET Q q 0 0 0 rg BT 560.45 535.10 Td (key ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 522.10 Td (challenge ) Tj ET Q q 0 0 0 rg BT 100.36 522.10 Td (for ) Tj ET Q q 0 0 0 rg BT 115.57 522.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.02 522.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 179.36 522.10 Td (is ) Tj ET Q q 0 0 0 rg BT 190.13 522.10 Td (achieving ) Tj ET Q q 0 0 0 rg BT 235.92 522.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.37 522.10 Td (right ) Tj ET Q q 0 0 0 rg BT 276.37 522.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 314.94 522.10 Td (between ) Tj ET Q q 0 0 0 rg BT 356.29 522.10 Td (current ) Tj ET Q q 0 0 0 rg BT 390.96 522.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 442.86 522.10 Td (income ) Tj ET Q q 0 0 0 rg BT 478.64 522.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.87 522.10 Td (total ) Tj ET Q q 0 0 0 rg BT 521.32 522.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 555.99 522.10 Td (\(that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 92.65 509.10 Td (price ) Tj ET Q q 0 0 0 rg BT 116.28 509.10 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 172.72 509.10 Td (or ) Tj ET Q q 0 0 0 rg BT 183.57 509.10 Td (depreciation\) ) Tj ET Q q 0 0 0 rg BT 243.34 509.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.08 509.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 295.63 509.10 Td (market ) Tj ET Q q 0 0 0 rg BT 328.15 509.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 377.78 509.10 Td (The ) Tj ET Q q 0 0 0 rg BT 396.97 509.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 441.73 509.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 482.04 509.10 Td (reviews ) Tj ET Q q 0 0 0 rg BT 517.89 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.75 509.10 Td (allocation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 66.20 496.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 123.42 496.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.62 496.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 163.38 496.10 Td (classes ) Tj ET Q q 0 0 0 rg BT 200.58 496.10 Td (within ) Tj ET Q q 0 0 0 rg BT 230.01 496.10 Td (its ) Tj ET Q q 0 0 0 rg BT 243.87 496.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 296.09 496.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 335.52 496.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.07 496.10 Td (allocates ) Tj ET Q q 0 0 0 rg BT 399.40 496.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 456.61 496.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.81 496.10 Td (those ) Tj ET Q q 0 0 0 rg BT 497.14 496.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 524.90 496.10 Td (classes ) Tj ET Q q 0 0 0 rg BT 562.11 496.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 483.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 99.91 483.10 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 150.82 483.10 Td (will ) Tj ET Q q 0 0 0 rg BT 167.82 483.10 Td (outperform ) Tj ET Q q 0 0 0 rg BT 219.28 483.10 Td (in ) Tj ET Q q 0 0 0 rg BT 230.18 483.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.19 483.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 278.65 483.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 313.44 483.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.89 483.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 350.77 483.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.57 483.10 Td (guidelines. ) Tj ET Q q 0 0 0 rg BT 421.49 483.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 458.52 483.10 Td (, ) Tj ET Q q 0 0 0 rg BT 464.41 483.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.42 483.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 527.33 483.10 Td (reduces ) Tj ET Q q 0 0 0 rg BT 566.02 483.10 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 470.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 98.91 470.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.02 470.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 138.69 470.10 Td (classes ) Tj ET Q q 0 0 0 rg BT 175.80 470.10 Td (where ) Tj ET Q q 0 0 0 rg BT 206.81 470.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 241.70 470.10 Td (are ) Tj ET Q q 0 0 0 rg BT 259.93 470.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 299.83 470.10 Td (unattractive. ) Tj ET Q q 0 0 0 rg BT 357.83 470.10 Td (The ) Tj ET Q q 0 0 0 rg BT 378.83 470.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 425.40 470.10 Td (may ) Tj ET Q q 0 0 0 rg BT 448.06 470.10 Td (also ) Tj ET Q q 0 0 0 rg BT 470.18 470.10 Td (lengthen ) Tj ET Q q 0 0 0 rg BT 512.32 470.10 Td (or ) Tj ET Q q 0 0 0 rg BT 524.98 470.10 Td (shorten ) Tj ET Q q 0 0 0 rg BT 562.10 470.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 457.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 92.92 457.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.04 457.10 Td (its ) Tj ET Q q 0 0 0 rg BT 116.82 457.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 140.73 457.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 179.07 457.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 217.43 457.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.99 457.10 Td (anticipation ) Tj ET Q q 0 0 0 rg BT 281.36 457.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.48 457.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 333.07 457.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.64 457.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 379.21 457.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 407.00 457.10 Td (or ) Tj ET Q q 0 0 0 rg BT 418.67 457.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 459.25 457.10 Td (or ) Tj ET Q q 0 0 0 rg BT 470.93 457.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 514.85 457.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.53 457.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 567.66 457.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 444.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 81.23 444.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 99.56 444.10 Td (it ) Tj ET Q q 0 0 0 rg BT 107.34 444.10 Td (assumes, ) Tj ET Q q 0 0 0 rg BT 152.91 444.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 202.40 444.10 Td (on ) Tj ET Q q 0 0 0 rg BT 216.30 444.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 243.54 444.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 281.89 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.35 444.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 352.50 444.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 398.08 444.10 Td (conditions. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td (4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.90 406.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 406.10 Td (STRESS ) Tj ET Q q 0 0 0 rg BT 114.79 406.10 Td (TESTING ) Tj ET Q q 0 0 0 rg BT 160.90 406.10 Td (OF ) Tj ET Q q 0 0 0 rg BT 177.57 406.10 Td (MA) Tj ET Q q 0 0 0 rg BT 192.38 406.10 Td (TERIAL) Tj ET Q q 0 0 0 rg BT 228.30 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.08 406.10 Td (RISKS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 380.10 Td (The ) Tj ET Q q 0 0 0 rg BT 74.52 380.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 120.61 380.10 Td (performs ) Tj ET Q q 0 0 0 rg BT 163.35 380.10 Td (stress ) Tj ET Q q 0 0 0 rg BT 193.31 380.10 Td (testing ) Tj ET Q q 0 0 0 rg BT 226.06 380.10 Td (for ) Tj ET Q q 0 0 0 rg BT 241.02 380.10 Td (its ) Tj ET Q q 0 0 0 rg BT 254.31 380.10 Td (material ) Tj ET Q q 0 0 0 rg BT 293.16 380.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 319.78 380.10 Td (In ) Tj ET Q q 0 0 0 rg BT 331.41 380.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 372.50 380.10 Td (some ) Tj ET Q q 0 0 0 rg BT 400.25 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.87 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.06 380.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 447.90 380.10 Td (tolerance ) Tj ET Q q 0 0 0 rg BT 492.33 380.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 525.62 380.10 Td (set ) Tj ET Q q 0 0 0 rg BT 542.25 380.10 Td (by ) Tj ET Q q 0 0 0 rg BT 556.10 380.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 367.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 83.46 367.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.93 367.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 150.17 367.10 Td (on ) Tj ET Q q 0 0 0 rg BT 164.07 367.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 205.76 367.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 231.88 367.10 Td (are ) Tj ET Q q 0 0 0 rg BT 249.11 367.10 Td (based ) Tj ET Q q 0 0 0 rg BT 279.14 367.10 Td (on ) Tj ET Q q 0 0 0 rg BT 293.04 367.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 325.83 367.10 Td (predefined ) Tj ET Q q 0 0 0 rg BT 375.87 367.10 Td (extreme ) Tj ET Q q 0 0 0 rg BT 414.77 367.10 Td (scenarios.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 328.10 Td (BSCR ) Tj ET Q q 0 0 0 rg BT 85.11 328.10 Td (Model ) Tj ET Q q 0 0 0 rg BT 116.78 328.10 Td (Stress ) Tj ET Q q 0 0 0 rg BT 150.13 328.10 Td (T) Tj ET Q q 0 0 0 rg BT 155.50 328.10 Td (esting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 304.70 Td (The ) Tj ET Q q 0 0 0 rg BT 74.83 304.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 121.22 304.70 Td (also ) Tj ET Q q 0 0 0 rg BT 143.16 304.70 Td (performs ) Tj ET Q q 0 0 0 rg BT 186.21 304.70 Td (stress-testing ) Tj ET Q q 0 0 0 rg BT 249.27 304.70 Td (as ) Tj ET Q q 0 0 0 rg BT 263.42 304.70 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 313.71 304.70 Td (in ) Tj ET Q q 0 0 0 rg BT 325.09 304.70 Td (the ) Tj ET Q q 0 0 0 rg BT 342.58 304.70 Td (BMA's ) Tj ET Q q 0 0 0 rg BT 374.76 304.70 Td (BSCR ) Tj ET Q q 0 0 0 rg BT 406.14 304.70 Td (model ) Tj ET Q q 0 0 0 rg BT 436.97 304.70 Td (which ) Tj ET Q q 0 0 0 rg BT 466.13 304.70 Td (tests ) Tj ET Q q 0 0 0 rg BT 490.84 304.70 Td (the ) Tj ET Q q 0 0 0 rg BT 508.34 304.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 541.39 304.70 Td (on ) Tj ET Q q 0 0 0 rg BT 556.10 304.70 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 291.70 Td (BSCR ) Tj ET Q q 0 0 0 rg BT 84.80 291.70 Td (ratio ) Tj ET Q q 0 0 0 rg BT 107.27 291.70 Td (after ) Tj ET Q q 0 0 0 rg BT 130.30 291.70 Td (specified ) Tj ET Q q 0 0 0 rg BT 172.79 291.70 Td (events. ) Tj ET Q q 0 0 0 rg BT 208.05 291.70 Td (In ) Tj ET Q q 0 0 0 rg BT 219.41 291.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 260.23 291.70 Td (the ) Tj ET Q q 0 0 0 rg BT 277.15 291.70 Td (BMA) Tj ET Q q 0 0 0 rg BT 298.27 291.70 Td ( ) Tj ET Q q 0 0 0 rg BT 301.29 291.70 Td (instructions ) Tj ET Q q 0 0 0 rg BT 354.88 291.70 Td (also ) Tj ET Q q 0 0 0 rg BT 376.25 291.70 Td (require ) Tj ET Q q 0 0 0 rg BT 410.39 291.70 Td (the ) Tj ET Q q 0 0 0 rg BT 427.31 291.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 473.13 291.70 Td (to ) Tj ET Q q 0 0 0 rg BT 484.49 291.70 Td (estimate ) Tj ET Q q 0 0 0 rg BT 525.30 291.70 Td (an ) Tj ET Q q 0 0 0 rg BT 539.44 291.70 Td (insurer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 278.70 Td (specific ) Tj ET Q q 0 0 0 rg BT 90.08 278.70 Td (worst ) Tj ET Q q 0 0 0 rg BT 116.70 278.70 Td (case ) Tj ET Q q 0 0 0 rg BT 140.55 278.70 Td (scenario. ) Tj ET Q q 0 0 0 rg BT 183.86 278.70 Td (For ) Tj ET Q q 0 0 0 rg BT 201.59 278.70 Td (the ) Tj ET Q q 0 0 0 rg BT 218.22 278.70 Td (purposes ) Tj ET Q q 0 0 0 rg BT 262.09 278.70 Td (of ) Tj ET Q q 0 0 0 rg BT 273.16 278.70 Td (the ) Tj ET Q q 0 0 0 rg BT 289.79 278.70 Td (BSCR ) Tj ET Q q 0 0 0 rg BT 320.31 278.70 Td (model, ) Tj ET Q q 0 0 0 rg BT 353.05 278.70 Td (the ) Tj ET Q q 0 0 0 rg BT 369.69 278.70 Td (worst ) Tj ET Q q 0 0 0 rg BT 396.31 278.70 Td (case ) Tj ET Q q 0 0 0 rg BT 420.16 278.70 Td (scenario ) Tj ET Q q 0 0 0 rg BT 460.69 278.70 Td (is ) Tj ET Q q 0 0 0 rg BT 470.64 278.70 Td (defined ) Tj ET Q q 0 0 0 rg BT 506.18 278.70 Td (as ) Tj ET Q q 0 0 0 rg BT 519.48 278.70 Td (two ) Tj ET Q q 0 0 0 rg BT 537.77 278.70 Td (events: ) Tj ET Q q 0 0 0 rg BT 572.79 278.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 265.70 Td (the ) Tj ET Q q 0 0 0 rg BT 71.26 265.70 Td (BMA) Tj ET Q q 0 0 0 rg BT 92.19 265.70 Td () Tj ET Q q 0 0 0 rg BT 94.23 265.70 Td (s ) Tj ET Q q 0 0 0 rg BT 102.60 265.70 Td (99th ) Tj ET Q q 0 0 0 rg BT 125.42 265.70 Td (percentile ) Tj ET Q q 0 0 0 rg BT 172.14 265.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 199.41 265.70 Td (event ) Tj ET Q q 0 0 0 rg BT 227.23 265.70 Td (\(a ) Tj ET Q q 0 0 0 rg BT 239.49 265.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 283.99 265.70 Td (of ) Tj ET Q q 0 0 0 rg BT 295.69 265.70 Td (40% ) Tj ET Q q 0 0 0 rg BT 319.07 265.70 Td (in ) Tj ET Q q 0 0 0 rg BT 330.21 265.70 Td (the ) Tj ET Q q 0 0 0 rg BT 347.48 265.70 Td (value ) Tj ET Q q 0 0 0 rg BT 374.75 265.70 Td (of ) Tj ET Q q 0 0 0 rg BT 386.45 265.70 Td (equities, ) Tj ET Q q 0 0 0 rg BT 427.06 265.70 Td (alternative ) Tj ET Q q 0 0 0 rg BT 476.56 265.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 533.28 265.70 Td (and ) Tj ET Q q 0 0 0 rg BT 553.32 265.70 Td (real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 252.70 Td (estate ) Tj ET Q q 0 0 0 rg BT 85.08 252.70 Td (combined ) Tj ET Q q 0 0 0 rg BT 132.27 252.70 Td (with ) Tj ET Q q 0 0 0 rg BT 153.89 252.70 Td (a ) Tj ET Q q 0 0 0 rg BT 163.29 252.70 Td (general ) Tj ET Q q 0 0 0 rg BT 200.49 252.70 Td (widening ) Tj ET Q q 0 0 0 rg BT 243.80 252.70 Td (of ) Tj ET Q q 0 0 0 rg BT 255.97 252.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 284.26 252.70 Td (spreads ) Tj ET Q q 0 0 0 rg BT 323.67 252.70 Td (of ) Tj ET Q q 0 0 0 rg BT 335.85 252.70 Td (190 ) Tj ET Q q 0 0 0 rg BT 356.37 252.70 Td (to ) Tj ET Q q 0 0 0 rg BT 368.55 252.70 Td (4,500 ) Tj ET Q q 0 0 0 rg BT 397.41 252.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 424.59 252.70 Td (points\) ) Tj ET Q q 0 0 0 rg BT 458.44 252.70 Td (and ) Tj ET Q q 0 0 0 rg BT 478.96 252.70 Td (a ) Tj ET Q q 0 0 0 rg BT 488.36 252.70 Td (mortality ) Tj ET Q q 0 0 0 rg BT 529.98 252.70 Td (deviation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 239.70 Td (scenario ) Tj ET Q q 0 0 0 rg BT 94.43 239.70 Td (\(a ) Tj ET Q q 0 0 0 rg BT 105.96 239.70 Td (15% ) Tj ET Q q 0 0 0 rg BT 128.60 239.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 169.04 239.70 Td (in ) Tj ET Q q 0 0 0 rg BT 179.45 239.70 Td (adverse ) Tj ET Q q 0 0 0 rg BT 217.66 239.70 Td (deviation ) Tj ET Q q 0 0 0 rg BT 260.32 239.70 Td (of ) Tj ET Q q 0 0 0 rg BT 271.30 239.70 Td (claims ) Tj ET Q q 0 0 0 rg BT 302.27 239.70 Td (caused ) Tj ET Q q 0 0 0 rg BT 337.14 239.70 Td (by ) Tj ET Q q 0 0 0 rg BT 350.34 239.70 Td (insureds ) Tj ET Q q 0 0 0 rg BT 390.77 239.70 Td (dying ) Tj ET Q q 0 0 0 rg BT 417.31 239.70 Td (earlier ) Tj ET Q q 0 0 0 rg BT 447.73 239.70 Td (than ) Tj ET Q q 0 0 0 rg BT 469.83 239.70 Td (expected ) Tj ET Q q 0 0 0 rg BT 513.05 239.70 Td (and/or ) Tj ET Q q 0 0 0 rg BT 544.03 239.70 Td (with ) Tj ET Q q 0 0 0 rg BT 564.45 239.70 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 226.70 Td (higher ) Tj ET Q q 0 0 0 rg BT 84.58 226.70 Td (death ) Tj ET Q q 0 0 0 rg BT 112.38 226.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 132.39 226.70 Td (versus ) Tj ET Q q 0 0 0 rg BT 164.62 226.70 Td (expected\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 187.70 Td (4.6 ) Tj ET Q q 0 0 0 rg BT 70.31 187.70 Td (ANY) Tj ET Q q 0 0 0 rg BT 91.24 187.70 Td ( ) Tj ET Q q 0 0 0 rg BT 94.02 187.70 Td (OTHER ) Tj ET Q q 0 0 0 rg BT 131.80 187.70 Td (MA) Tj ET Q q 0 0 0 rg BT 146.61 187.70 Td (TERIAL) Tj ET Q q 0 0 0 rg BT 182.54 187.70 Td ( ) Tj ET Q q 0 0 0 rg BT 185.31 187.70 Td (INFORMA) Tj ET Q q 0 0 0 rg BT 231.23 187.70 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 162.70 Td (N/A) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 124.70 Td (5. ) Tj ET Q q 0 0 0 rg BT 65.12 124.70 Td (SOL) Tj ET Q q 0 0 0 rg BT 84.93 124.70 Td (VENCY) Tj ET Q q 0 0 0 rg BT 119.21 124.70 Td ( ) Tj ET Q q 0 0 0 rg BT 121.98 124.70 Td (V) Tj ET Q q 0 0 0 rg BT 127.91 124.70 Td (ALUA) Tj ET Q q 0 0 0 rg BT 154.94 124.70 Td (TION ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 98.70 Td (The ) Tj ET Q q 0 0 0 rg BT 74.01 98.70 Td (information ) Tj ET Q q 0 0 0 rg BT 126.26 98.70 Td (in ) Tj ET Q q 0 0 0 rg BT 136.82 98.70 Td (this ) Tj ET Q q 0 0 0 rg BT 155.16 98.70 Td (section ) Tj ET Q q 0 0 0 rg BT 189.62 98.70 Td (is ) Tj ET Q q 0 0 0 rg BT 199.62 98.70 Td (based ) Tj ET Q q 0 0 0 rg BT 229.64 98.70 Td (on ) Tj ET Q q 0 0 0 rg BT 243.55 98.70 Td (the ) Tj ET Q q 0 0 0 rg BT 260.23 98.70 Td (Company's ) Tj ET Q q 0 0 0 rg BT 312.71 98.70 Td (Economic ) Tj ET Q q 0 0 0 rg BT 359.40 98.70 Td (Balance ) Tj ET Q q 0 0 0 rg BT 398.31 98.70 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 427.22 98.70 Td (as ) Tj ET Q q 0 0 0 rg BT 440.56 98.70 Td (at ) Tj ET Q q 0 0 0 rg BT 451.68 98.70 Td (December ) Tj ET Q q 0 0 0 rg BT 500.59 98.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 517.27 98.70 Td (2016. ) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (25) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 712.75 Td (5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.90 712.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 712.75 Td (V) Tj ET Q q 0 0 0 rg BT 77.93 712.75 Td (ALUA) Tj ET Q q 0 0 0 rg BT 104.96 712.75 Td (TION ) Tj ET Q q 0 0 0 rg BT 131.62 712.75 Td (OF ) Tj ET Q q 0 0 0 rg BT 147.92 712.75 Td (ASSETS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 686.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 81.23 686.75 Td (and ) Tj ET Q q 0 0 0 rg BT 101.79 686.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 129.02 686.75 Td (equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 660.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 80.14 660.75 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 133.52 660.75 Td (are ) Tj ET Q q 0 0 0 rg BT 150.76 660.75 Td (carried ) Tj ET Q q 0 0 0 rg BT 184.12 660.75 Td (at ) Tj ET Q q 0 0 0 rg BT 195.25 660.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 211.94 660.75 Td (value ) Tj ET Q q 0 0 0 rg BT 238.64 660.75 Td (in ) Tj ET Q q 0 0 0 rg BT 249.21 660.75 Td (line ) Tj ET Q q 0 0 0 rg BT 267.57 660.75 Td (with ) Tj ET Q q 0 0 0 rg BT 288.15 660.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 310.39 660.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 337.99 660.75 Td ( ) Tj ET Q q 0 0 0 rg BT 340.79 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 360.26 660.75 Td (include ) Tj ET Q q 0 0 0 rg BT 394.74 660.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 418.66 660.75 Td (income ) Tj ET Q q 0 0 0 rg BT 453.69 660.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 498.71 660.75 Td (that, ) Tj ET Q q 0 0 0 rg BT 520.96 660.75 Td (at ) Tj ET Q q 0 0 0 rg BT 532.10 660.75 Td (purchase, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 647.75 Td (have ) Tj ET Q q 0 0 0 rg BT 78.46 647.75 Td (a ) Tj ET Q q 0 0 0 rg BT 86.80 647.75 Td (maturity ) Tj ET Q q 0 0 0 rg BT 125.14 647.75 Td (of ) Tj ET Q q 0 0 0 rg BT 136.26 647.75 Td (three ) Tj ET Q q 0 0 0 rg BT 161.83 647.75 Td (months ) Tj ET Q q 0 0 0 rg BT 197.40 647.75 Td (or ) Tj ET Q q 0 0 0 rg BT 209.07 647.75 Td (less.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 608.75 Td (Quoted ) Tj ET Q q 0 0 0 rg BT 91.77 608.75 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 582.75 Td (Quoted ) Tj ET Q q 0 0 0 rg BT 90.10 582.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 146.76 582.75 Td (are ) Tj ET Q q 0 0 0 rg BT 164.52 582.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 207.29 582.75 Td (in ) Tj ET Q q 0 0 0 rg BT 218.37 582.75 Td (line ) Tj ET Q q 0 0 0 rg BT 237.24 582.75 Td (with ) Tj ET Q q 0 0 0 rg BT 258.32 582.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 281.07 582.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 307.57 582.75 Td (. ) Tj ET Q q 0 0 0 rg BT 313.44 582.75 Td (The ) Tj ET Q q 0 0 0 rg BT 333.97 582.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 380.07 582.75 Td (elects ) Tj ET Q q 0 0 0 rg BT 409.50 582.75 Td (the ) Tj ET Q q 0 0 0 rg BT 426.70 582.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 443.89 582.75 Td (value ) Tj ET Q q 0 0 0 rg BT 471.10 582.75 Td (option ) Tj ET Q q 0 0 0 rg BT 501.65 582.75 Td (for ) Tj ET Q q 0 0 0 rg BT 516.62 582.75 Td (all ) Tj ET Q q 0 0 0 rg BT 529.93 582.75 Td (of ) Tj ET Q q 0 0 0 rg BT 541.57 582.75 Td (its ) Tj ET Q q 0 0 0 rg BT 554.87 582.75 Td (fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 569.75 Td (maturities, ) Tj ET Q q 0 0 0 rg BT 103.34 569.75 Td (short-term ) Tj ET Q q 0 0 0 rg BT 152.13 569.75 Td (investments, ) Tj ET Q q 0 0 0 rg BT 211.48 569.75 Td (equities ) Tj ET Q q 0 0 0 rg BT 249.17 569.75 Td (and ) Tj ET Q q 0 0 0 rg BT 269.07 569.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 302.31 569.75 Td (other ) Tj ET Q q 0 0 0 rg BT 328.32 569.75 Td (invested ) Tj ET Q q 0 0 0 rg BT 368.79 569.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 400.91 569.75 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 449.71 569.75 Td (those ) Tj ET Q q 0 0 0 rg BT 477.40 569.75 Td (that ) Tj ET Q q 0 0 0 rg BT 497.30 569.75 Td (are ) Tj ET Q q 0 0 0 rg BT 514.97 569.75 Td (accounted ) Tj ET Q q 0 0 0 rg BT 564.34 569.75 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 556.75 Td (using ) Tj ET Q q 0 0 0 rg BT 81.49 556.75 Td (the ) Tj ET Q q 0 0 0 rg BT 98.98 556.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 120.91 556.75 Td (or ) Tj ET Q q 0 0 0 rg BT 133.39 556.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 163.67 556.75 Td (methods ) Tj ET Q q 0 0 0 rg BT 205.61 556.75 Td (of ) Tj ET Q q 0 0 0 rg BT 217.54 556.75 Td (accounting\). ) Tj ET Q q 0 0 0 rg BT 274.89 556.75 Td (All ) Tj ET Q q 0 0 0 rg BT 289.59 556.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 330.99 556.75 Td (in ) Tj ET Q q 0 0 0 rg BT 342.36 556.75 Td (the ) Tj ET Q q 0 0 0 rg BT 359.85 556.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 377.33 556.75 Td (value ) Tj ET Q q 0 0 0 rg BT 404.82 556.75 Td (of ) Tj ET Q q 0 0 0 rg BT 416.75 556.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 473.69 556.75 Td (are ) Tj ET Q q 0 0 0 rg BT 491.74 556.75 Td (netted ) Tj ET Q q 0 0 0 rg BT 523.13 556.75 Td (of) Tj ET Q q 0 0 0 rg BT 531.29 556.75 Td (f ) Tj ET Q q 0 0 0 rg BT 537.65 556.75 Td (statutory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 543.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 99.62 543.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 131.34 543.75 Td (and ) Tj ET Q q 0 0 0 rg BT 150.85 543.75 Td (surplus. ) Tj ET Q q 0 0 0 rg BT 188.50 543.75 Td (The ) Tj ET Q q 0 0 0 rg BT 208.55 543.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 254.16 543.75 Td (defines ) Tj ET Q q 0 0 0 rg BT 289.23 543.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 305.94 543.75 Td (value ) Tj ET Q q 0 0 0 rg BT 332.66 543.75 Td (as ) Tj ET Q q 0 0 0 rg BT 346.04 543.75 Td (the ) Tj ET Q q 0 0 0 rg BT 362.76 543.75 Td (price ) Tj ET Q q 0 0 0 rg BT 387.26 543.75 Td (received ) Tj ET Q q 0 0 0 rg BT 427.87 543.75 Td (to ) Tj ET Q q 0 0 0 rg BT 439.03 543.75 Td (sell ) Tj ET Q q 0 0 0 rg BT 456.86 543.75 Td (an ) Tj ET Q q 0 0 0 rg BT 470.80 543.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 497.52 543.75 Td (or ) Tj ET Q q 0 0 0 rg BT 509.23 543.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 530.95 543.75 Td (to ) Tj ET Q q 0 0 0 rg BT 542.11 543.75 Td (transfer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 530.75 Td (a ) Tj ET Q q 0 0 0 rg BT 62.39 530.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 95.23 530.75 Td (in ) Tj ET Q q 0 0 0 rg BT 105.84 530.75 Td (an ) Tj ET Q q 0 0 0 rg BT 119.79 530.75 Td (orderly ) Tj ET Q q 0 0 0 rg BT 153.19 530.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 204.93 530.75 Td (between ) Tj ET Q q 0 0 0 rg BT 245.57 530.75 Td (market ) Tj ET Q q 0 0 0 rg BT 278.96 530.75 Td (participants ) Tj ET Q q 0 0 0 rg BT 332.92 530.75 Td (at ) Tj ET Q q 0 0 0 rg BT 344.09 530.75 Td (the ) Tj ET Q q 0 0 0 rg BT 360.82 530.75 Td (measurement ) Tj ET Q q 0 0 0 rg BT 424.79 530.75 Td (date. ) Tj ET Q q 0 0 0 rg BT 449.67 530.75 Td (The ) Tj ET Q q 0 0 0 rg BT 469.73 530.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 515.36 530.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 562.10 530.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 517.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 70.43 517.75 Td (value ) Tj ET Q q 0 0 0 rg BT 96.87 517.75 Td (of ) Tj ET Q q 0 0 0 rg BT 107.74 517.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 146.97 517.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 201.19 517.75 Td (according ) Tj ET Q q 0 0 0 rg BT 247.08 517.75 Td (to ) Tj ET Q q 0 0 0 rg BT 257.96 517.75 Td (a ) Tj ET Q q 0 0 0 rg BT 266.06 517.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 282.48 517.75 Td (value ) Tj ET Q q 0 0 0 rg BT 308.93 517.75 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 352.59 517.75 Td (that ) Tj ET Q q 0 0 0 rg BT 371.81 517.75 Td (prioritizes ) Tj ET Q q 0 0 0 rg BT 417.13 517.75 Td (the ) Tj ET Q q 0 0 0 rg BT 433.57 517.75 Td (information ) Tj ET Q q 0 0 0 rg BT 485.57 517.75 Td (used ) Tj ET Q q 0 0 0 rg BT 509.79 517.75 Td (to ) Tj ET Q q 0 0 0 rg BT 520.67 517.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 562.11 517.75 Td (fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 504.75 Td (value ) Tj ET Q q 0 0 0 rg BT 79.62 504.75 Td (into ) Tj ET Q q 0 0 0 rg BT 97.46 504.75 Td (three ) Tj ET Q q 0 0 0 rg BT 121.97 504.75 Td (broad ) Tj ET Q q 0 0 0 rg BT 149.26 504.75 Td (levels. ) Tj ET Q q 0 0 0 rg BT 179.21 504.75 Td (The ) Tj ET Q q 0 0 0 rg BT 198.16 504.75 Td (Company) Tj ET Q q 0 0 0 rg BT 243.00 504.75 Td (s ) Tj ET Q q 0 0 0 rg BT 249.72 504.75 Td (policy ) Tj ET Q q 0 0 0 rg BT 277.00 504.75 Td (is ) Tj ET Q q 0 0 0 rg BT 285.94 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 295.99 504.75 Td (recognize ) Tj ET Q q 0 0 0 rg BT 341.07 504.75 Td (transfers ) Tj ET Q q 0 0 0 rg BT 381.69 504.75 Td (between ) Tj ET Q q 0 0 0 rg BT 421.21 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 436.83 504.75 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 479.67 504.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 506.95 504.75 Td (at ) Tj ET Q q 0 0 0 rg BT 517.01 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 532.63 504.75 Td (beginning ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 491.75 Td (of ) Tj ET Q q 0 0 0 rg BT 65.12 491.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.80 491.75 Td (period.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 452.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 109.57 452.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 147.36 452.75 Td (Due) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 426.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 105.69 426.75 Td (income ) Tj ET Q q 0 0 0 rg BT 140.70 426.75 Td (due ) Tj ET Q q 0 0 0 rg BT 160.17 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 179.63 426.75 Td (accrued ) Tj ET Q q 0 0 0 rg BT 217.98 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 235.22 426.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 277.46 426.75 Td (at ) Tj ET Q q 0 0 0 rg BT 288.58 426.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 305.25 426.75 Td (value ) Tj ET Q q 0 0 0 rg BT 331.93 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 342.50 426.75 Td (line ) Tj ET Q q 0 0 0 rg BT 360.84 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 381.40 426.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 403.63 426.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 430.13 426.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 387.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 116.80 387.75 Td (Balances ) Tj ET Q q 0 0 0 rg BT 163.50 387.75 Td (Receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 361.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 112.92 361.75 Td (balances ) Tj ET Q q 0 0 0 rg BT 155.73 361.75 Td (receivable ) Tj ET Q q 0 0 0 rg BT 204.09 361.75 Td (are ) Tj ET Q q 0 0 0 rg BT 221.32 361.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 263.57 361.75 Td (at ) Tj ET Q q 0 0 0 rg BT 274.68 361.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 291.35 361.75 Td (value ) Tj ET Q q 0 0 0 rg BT 318.04 361.75 Td (in ) Tj ET Q q 0 0 0 rg BT 328.60 361.75 Td (line ) Tj ET Q q 0 0 0 rg BT 346.94 361.75 Td (with ) Tj ET Q q 0 0 0 rg BT 367.51 361.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 389.73 361.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 416.23 361.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 322.75 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.90 322.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 322.75 Td (V) Tj ET Q q 0 0 0 rg BT 77.93 322.75 Td (ALUA) Tj ET Q q 0 0 0 rg BT 104.96 322.75 Td (TION ) Tj ET Q q 0 0 0 rg BT 131.62 322.75 Td (OF ) Tj ET Q q 0 0 0 rg BT 148.29 322.75 Td (TECHNICAL) Tj ET Q q 0 0 0 rg BT 205.88 322.75 Td ( ) Tj ET Q q 0 0 0 rg BT 208.66 322.75 Td (PROVISIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 296.75 Td (Life ) Tj ET Q q 0 0 0 rg BT 74.56 296.75 Td (and ) Tj ET Q q 0 0 0 rg BT 95.11 296.75 Td (Health ) Tj ET Q q 0 0 0 rg BT 128.45 296.75 Td (Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 270.75 Td (T) Tj ET Q q 0 0 0 rg BT 59.00 270.75 Td (echnical ) Tj ET Q q 0 0 0 rg BT 98.47 270.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 146.27 270.75 Td (on ) Tj ET Q q 0 0 0 rg BT 160.17 270.75 Td (an ) Tj ET Q q 0 0 0 rg BT 174.07 270.75 Td (EBS ) Tj ET Q q 0 0 0 rg BT 196.86 270.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 222.98 270.75 Td (comprise ) Tj ET Q q 0 0 0 rg BT 266.32 270.75 Td (the ) Tj ET Q q 0 0 0 rg BT 283.00 270.75 Td (sum ) Tj ET Q q 0 0 0 rg BT 304.67 270.75 Td (of ) Tj ET Q q 0 0 0 rg BT 315.79 270.75 Td (a ) Tj ET Q q 0 0 0 rg BT 324.13 270.75 Td (best ) Tj ET Q q 0 0 0 rg BT 345.81 270.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 386.38 270.75 Td (and ) Tj ET Q q 0 0 0 rg BT 405.85 270.75 Td (a ) Tj ET Q q 0 0 0 rg BT 414.19 270.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 432.52 270.75 Td (margin.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 244.75 Td (The ) Tj ET Q q 0 0 0 rg BT 73.72 244.75 Td (best ) Tj ET Q q 0 0 0 rg BT 95.12 244.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 135.40 244.75 Td (corresponds ) Tj ET Q q 0 0 0 rg BT 192.92 244.75 Td (to ) Tj ET Q q 0 0 0 rg BT 203.76 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 220.15 244.75 Td (probability-weighted ) Tj ET Q q 0 0 0 rg BT 311.58 244.75 Td (average ) Tj ET Q q 0 0 0 rg BT 350.21 244.75 Td (of ) Tj ET Q q 0 0 0 rg BT 361.04 244.75 Td (future ) Tj ET Q q 0 0 0 rg BT 389.11 244.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 412.72 244.75 Td (flows, ) Tj ET Q q 0 0 0 rg BT 440.78 244.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 491.64 244.75 Td (using ) Tj ET Q q 0 0 0 rg BT 518.04 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 534.43 244.75 Td (relevant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 231.75 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 93.13 231.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 128.94 231.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 149.19 231.75 Td (term ) Tj ET Q q 0 0 0 rg BT 172.21 231.75 Td (structure. ) Tj ET Q q 0 0 0 rg BT 216.71 231.75 Td (The ) Tj ET Q q 0 0 0 rg BT 236.96 231.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 261.10 231.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 281.90 231.75 Td (projections ) Tj ET Q q 0 0 0 rg BT 333.27 231.75 Td (used ) Tj ET Q q 0 0 0 rg BT 357.97 231.75 Td (in ) Tj ET Q q 0 0 0 rg BT 368.77 231.75 Td (the ) Tj ET Q q 0 0 0 rg BT 385.69 231.75 Td (calculation ) Tj ET Q q 0 0 0 rg BT 435.96 231.75 Td (of ) Tj ET Q q 0 0 0 rg BT 447.32 231.75 Td (the ) Tj ET Q q 0 0 0 rg BT 464.24 231.75 Td (best ) Tj ET Q q 0 0 0 rg BT 486.15 231.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 526.96 231.75 Td (takes ) Tj ET Q q 0 0 0 rg BT 553.88 231.75 Td (into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 218.75 Td (account ) Tj ET Q q 0 0 0 rg BT 92.18 218.75 Td (all ) Tj ET Q q 0 0 0 rg BT 105.34 218.75 Td (future ) Tj ET Q q 0 0 0 rg BT 134.07 218.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 158.35 218.75 Td (in- ) Tj ET Q q 0 0 0 rg BT 172.62 218.75 Td (and ) Tj ET Q q 0 0 0 rg BT 192.46 218.75 Td (out-flows ) Tj ET Q q 0 0 0 rg BT 235.63 218.75 Td (required ) Tj ET Q q 0 0 0 rg BT 275.48 218.75 Td (to ) Tj ET Q q 0 0 0 rg BT 286.98 218.75 Td (settle ) Tj ET Q q 0 0 0 rg BT 314.03 218.75 Td (the ) Tj ET Q q 0 0 0 rg BT 331.09 218.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 377.61 218.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 428.58 218.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 481.21 218.75 Td (to ) Tj ET Q q 0 0 0 rg BT 492.71 218.75 Td (the ) Tj ET Q q 0 0 0 rg BT 509.77 218.75 Td (lifetime ) Tj ET Q q 0 0 0 rg BT 544.60 218.75 Td (of ) Tj ET Q q 0 0 0 rg BT 556.09 218.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 205.75 Td (policy) Tj ET Q q 0 0 0 rg BT 78.82 205.75 Td (. ) Tj ET Q q 0 0 0 rg BT 84.76 205.75 Td ( ) Tj ET Q q 0 0 0 rg BT 87.72 205.75 Td (The ) Tj ET Q q 0 0 0 rg BT 108.11 205.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 132.39 205.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 158.34 205.75 Td (is ) Tj ET Q q 0 0 0 rg BT 168.72 205.75 Td (based ) Tj ET Q q 0 0 0 rg BT 199.13 205.75 Td (on ) Tj ET Q q 0 0 0 rg BT 213.41 205.75 Td (unbiased ) Tj ET Q q 0 0 0 rg BT 257.16 205.75 Td (current ) Tj ET Q q 0 0 0 rg BT 291.45 205.75 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 339.97 205.75 Td (The ) Tj ET Q q 0 0 0 rg BT 360.37 205.75 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 428.57 205.75 Td (applied ) Tj ET Q q 0 0 0 rg BT 463.98 205.75 Td (to ) Tj ET Q q 0 0 0 rg BT 475.48 205.75 Td (derive ) Tj ET Q q 0 0 0 rg BT 505.88 205.75 Td (the ) Tj ET Q q 0 0 0 rg BT 522.94 205.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 547.22 205.75 Td (flows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 192.75 Td (dif) Tj ET Q q 0 0 0 rg BT 64.38 192.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 78.83 192.75 Td (for ) Tj ET Q q 0 0 0 rg BT 93.28 192.75 Td (each ) Tj ET Q q 0 0 0 rg BT 117.74 192.75 Td (of ) Tj ET Q q 0 0 0 rg BT 128.86 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 145.54 192.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 187.23 192.75 Td (lines ) Tj ET Q q 0 0 0 rg BT 210.58 192.75 Td (of ) Tj ET Q q 0 0 0 rg BT 221.70 192.75 Td (business:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 173.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 173.75 Td (For ) Tj ET Q q 0 0 0 rg BT 122.12 173.75 Td (the ) Tj ET Q q 0 0 0 rg BT 139.14 173.75 Td (vast ) Tj ET Q q 0 0 0 rg BT 160.60 173.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 198.72 173.75 Td (of ) Tj ET Q q 0 0 0 rg BT 210.18 173.75 Td (long ) Tj ET Q q 0 0 0 rg BT 232.20 173.75 Td (term ) Tj ET Q q 0 0 0 rg BT 255.32 173.75 Td (business ) Tj ET Q q 0 0 0 rg BT 297.91 173.75 Td (projections ) Tj ET Q q 0 0 0 rg BT 349.39 173.75 Td (are ) Tj ET Q q 0 0 0 rg BT 366.96 173.75 Td (performed ) Tj ET Q q 0 0 0 rg BT 415.65 173.75 Td (using ) Tj ET Q q 0 0 0 rg BT 442.68 173.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 493.60 173.75 Td (software ) Tj ET Q q 0 0 0 rg BT 534.51 173.75 Td (based ) Tj ET Q q 0 0 0 rg BT 564.87 173.75 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 160.75 Td (seriatim ) Tj ET Q q 0 0 0 rg BT 142.13 160.75 Td (data ) Tj ET Q q 0 0 0 rg BT 164.72 160.75 Td (and ) Tj ET Q q 0 0 0 rg BT 184.53 160.75 Td (best ) Tj ET Q q 0 0 0 rg BT 206.56 160.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 247.47 160.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 306.74 160.75 Td (are ) Tj ET Q q 0 0 0 rg BT 324.32 160.75 Td (challenged ) Tj ET Q q 0 0 0 rg BT 375.82 160.75 Td (against ) Tj ET Q q 0 0 0 rg BT 411.19 160.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 449.33 160.75 Td (standards ) Tj ET Q q 0 0 0 rg BT 496.37 160.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 537.30 160.75 Td (to ) Tj ET Q q 0 0 0 rg BT 548.77 160.75 Td (reflect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 147.75 Td (emerging ) Tj ET Q q 0 0 0 rg BT 149.40 147.75 Td (experience. ) Tj ET Q q 0 0 0 rg BT 204.81 147.75 Td (For ) Tj ET Q q 0 0 0 rg BT 223.52 147.75 Td (the ) Tj ET Q q 0 0 0 rg BT 241.14 147.75 Td (remainder ) Tj ET Q q 0 0 0 rg BT 289.87 147.75 Td (of ) Tj ET Q q 0 0 0 rg BT 301.92 147.75 Td (the ) Tj ET Q q 0 0 0 rg BT 319.53 147.75 Td (long ) Tj ET Q q 0 0 0 rg BT 342.15 147.75 Td (term ) Tj ET Q q 0 0 0 rg BT 365.86 147.75 Td (business ) Tj ET Q q 0 0 0 rg BT 409.04 147.75 Td (and ) Tj ET Q q 0 0 0 rg BT 429.44 147.75 Td (short ) Tj ET Q q 0 0 0 rg BT 455.38 147.75 Td (term ) Tj ET Q q 0 0 0 rg BT 479.09 147.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 525.05 147.75 Td (a ) Tj ET Q q 0 0 0 rg BT 534.32 147.75 Td (simplified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 134.75 Td (approach ) Tj ET Q q 0 0 0 rg BT 147.87 134.75 Td (is ) Tj ET Q q 0 0 0 rg BT 157.25 134.75 Td (followed ) Tj ET Q q 0 0 0 rg BT 196.11 134.75 Td (using ) Tj ET Q q 0 0 0 rg BT 222.18 134.75 Td (the ) Tj ET Q q 0 0 0 rg BT 238.25 134.75 Td (USGAAP) Tj ET Q q 0 0 0 rg BT 279.75 134.75 Td ( ) Tj ET Q q 0 0 0 rg BT 281.92 134.75 Td (reserves ) Tj ET Q q 0 0 0 rg BT 322.43 134.75 Td (as ) Tj ET Q q 0 0 0 rg BT 335.16 134.75 Td (starting ) Tj ET Q q 0 0 0 rg BT 370.11 134.75 Td (point ) Tj ET Q q 0 0 0 rg BT 393.97 134.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 433.94 134.75 Td (to ) Tj ET Q q 0 0 0 rg BT 444.45 134.75 Td (remove ) Tj ET Q q 0 0 0 rg BT 479.96 134.75 Td (margins ) Tj ET Q q 0 0 0 rg BT 517.69 134.75 Td (for ) Tj ET Q q 0 0 0 rg BT 531.53 134.75 Td (prudence; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 115.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 115.75 Td (In ) Tj ET Q q 0 0 0 rg BT 114.91 115.75 Td (practice, ) Tj ET Q q 0 0 0 rg BT 155.27 115.75 Td (a ) Tj ET Q q 0 0 0 rg BT 163.40 115.75 Td (loading ) Tj ET Q q 0 0 0 rg BT 198.21 115.75 Td (on ) Tj ET Q q 0 0 0 rg BT 211.90 115.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 242.80 115.75 Td (is ) Tj ET Q q 0 0 0 rg BT 252.59 115.75 Td (used ) Tj ET Q q 0 0 0 rg BT 276.84 115.75 Td (for ) Tj ET Q q 0 0 0 rg BT 291.08 115.75 Td (Mortality ) Tj ET Q q 0 0 0 rg BT 331.43 115.75 Td (products ) Tj ET Q q 0 0 0 rg BT 372.35 115.75 Td (as ) Tj ET Q q 0 0 0 rg BT 385.48 115.75 Td (an ) Tj ET Q q 0 0 0 rg BT 399.17 115.75 Td (allowance ) Tj ET Q q 0 0 0 rg BT 446.21 115.75 Td (for ) Tj ET Q q 0 0 0 rg BT 460.45 115.75 Td (binary ) Tj ET Q q 0 0 0 rg BT 490.25 115.75 Td (events ) Tj ET Q q 0 0 0 rg BT 522.28 115.75 Td (not ) Tj ET Q q 0 0 0 rg BT 538.75 115.75 Td (included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 102.75 Td (in ) Tj ET Q q 0 0 0 rg BT 114.56 102.75 Td (the ) Tj ET Q q 0 0 0 rg BT 131.24 102.75 Td (data ) Tj ET Q q 0 0 0 rg BT 153.48 102.75 Td (\(pandemic ) Tj ET Q q 0 0 0 rg BT 202.95 102.75 Td (event ) Tj ET Q q 0 0 0 rg BT 230.19 102.75 Td (for ) Tj ET Q q 0 0 0 rg BT 244.64 102.75 Td (example\);) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 83.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 83.75 Td (Best ) Tj ET Q q 0 0 0 rg BT 126.27 83.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 166.33 83.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 206.39 83.75 Td (include ) Tj ET Q q 0 0 0 rg BT 240.34 83.75 Td (allowance ) Tj ET Q q 0 0 0 rg BT 287.08 83.75 Td (for ) Tj ET Q q 0 0 0 rg BT 301.01 83.75 Td (business ) Tj ET Q q 0 0 0 rg BT 342.74 83.75 Td (bound ) Tj ET Q q 0 0 0 rg BT 372.82 83.75 Td (but ) Tj ET Q q 0 0 0 rg BT 388.98 83.75 Td (not ) Tj ET Q q 0 0 0 rg BT 405.15 83.75 Td (incepted ) Tj ET Q q 0 0 0 rg BT 445.22 83.75 Td (\(BBNI\) ) Tj ET Q q 0 0 0 rg BT 477.48 83.75 Td (taking ) Tj ET Q q 0 0 0 rg BT 506.43 83.75 Td (into ) Tj ET Q q 0 0 0 rg BT 524.82 83.75 Td (account ) Tj ET Q q 0 0 0 rg BT 562.11 83.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 70.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 147.24 70.75 Td (profits ) Tj ET Q q 0 0 0 rg BT 177.12 70.75 Td (and ) Tj ET Q q 0 0 0 rg BT 196.46 70.75 Td (the ) Tj ET Q q 0 0 0 rg BT 213.01 70.75 Td (time ) Tj ET Q q 0 0 0 rg BT 234.56 70.75 Td (value ) Tj ET Q q 0 0 0 rg BT 261.12 70.75 Td (of ) Tj ET Q q 0 0 0 rg BT 272.11 70.75 Td (money ) Tj ET Q q 0 0 0 rg BT 304.77 70.75 Td (over ) Tj ET Q q 0 0 0 rg BT 326.88 70.75 Td (the ) Tj ET Q q 0 0 0 rg BT 343.43 70.75 Td (period ) Tj ET Q q 0 0 0 rg BT 373.88 70.75 Td (until ) Tj ET Q q 0 0 0 rg BT 394.88 70.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 443.67 70.75 Td (of ) Tj ET Q q 0 0 0 rg BT 454.66 70.75 Td (the ) Tj ET Q q 0 0 0 rg BT 471.21 70.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 509.44 70.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 533.22 70.75 Td (out-flows; ) Tj ET Q q 0 0 0 rg BT 578.79 70.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 57.75 Td (and) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 712.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 712.75 Td (For ) Tj ET Q q 0 0 0 rg BT 121.09 712.75 Td (each ) Tj ET Q q 0 0 0 rg BT 144.86 712.75 Td (class ) Tj ET Q q 0 0 0 rg BT 169.73 712.75 Td (of ) Tj ET Q q 0 0 0 rg BT 180.16 712.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 224.49 712.75 Td (the ) Tj ET Q q 0 0 0 rg BT 240.48 712.75 Td (best ) Tj ET Q q 0 0 0 rg BT 261.47 712.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 301.35 712.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 340.13 712.75 Td (an ) Tj ET Q q 0 0 0 rg BT 353.34 712.75 Td (allowance ) Tj ET Q q 0 0 0 rg BT 399.90 712.75 Td (for ) Tj ET Q q 0 0 0 rg BT 413.66 712.75 Td (future ) Tj ET Q q 0 0 0 rg BT 441.32 712.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 467.86 712.75 Td (and ) Tj ET Q q 0 0 0 rg BT 486.63 712.75 Td (overhead ) Tj ET Q q 0 0 0 rg BT 530.42 712.75 Td (expenses. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 699.75 Td (The ) Tj ET Q q 0 0 0 rg BT 125.70 699.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 186.31 699.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 231.36 699.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 270.30 699.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 317.58 699.75 Td (related ) Tj ET Q q 0 0 0 rg BT 352.63 699.75 Td (to ) Tj ET Q q 0 0 0 rg BT 365.44 699.75 Td (the ) Tj ET Q q 0 0 0 rg BT 383.81 699.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 435.53 699.75 Td (of ) Tj ET Q q 0 0 0 rg BT 448.34 699.75 Td (new ) Tj ET Q q 0 0 0 rg BT 471.16 699.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 517.58 699.75 Td (The ) Tj ET Q q 0 0 0 rg BT 539.28 699.75 Td (only ) Tj ET Q q 0 0 0 rg BT 562.10 699.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 686.75 Td (exception ) Tj ET Q q 0 0 0 rg BT 150.10 686.75 Td (is ) Tj ET Q q 0 0 0 rg BT 160.62 686.75 Td (the ) Tj ET Q q 0 0 0 rg BT 177.82 686.75 Td (BBNI ) Tj ET Q q 0 0 0 rg BT 204.46 686.75 Td (business ) Tj ET Q q 0 0 0 rg BT 247.22 686.75 Td (which ) Tj ET Q q 0 0 0 rg BT 276.08 686.75 Td (include ) Tj ET Q q 0 0 0 rg BT 311.07 686.75 Td (an ) Tj ET Q q 0 0 0 rg BT 325.49 686.75 Td (allowance ) Tj ET Q q 0 0 0 rg BT 373.26 686.75 Td (for ) Tj ET Q q 0 0 0 rg BT 388.22 686.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 438.77 686.75 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 487.65 686.75 Td (Projected ) Tj ET Q q 0 0 0 rg BT 533.20 686.75 Td (expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 673.75 Td (also ) Tj ET Q q 0 0 0 rg BT 125.12 673.75 Td (include ) Tj ET Q q 0 0 0 rg BT 159.59 673.75 Td (an ) Tj ET Q q 0 0 0 rg BT 173.49 673.75 Td (allowance ) Tj ET Q q 0 0 0 rg BT 220.74 673.75 Td (for ) Tj ET Q q 0 0 0 rg BT 235.19 673.75 Td (inflation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 641.75 Td (The risk margin reflects the uncertainty associated with the probability-weighted cash flows. ) Tj ET Q q 0 0 0 rg BT 460.67 641.75 Td (The Cost-of-Capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 628.75 Td (approach is used under the following guidelines:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 609.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 609.75 Td (The cost-of-capital rate used is 6% as specified by the BMA; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 590.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 590.75 Td (The ) Tj ET Q q 0 0 0 rg BT 124.83 590.75 Td (calculation ) Tj ET Q q 0 0 0 rg BT 175.67 590.75 Td (reflects ) Tj ET Q q 0 0 0 rg BT 211.50 590.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 255.67 590.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 303.73 590.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 336.24 590.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 398.19 590.75 Td (calculated ) Tj ET Q q 0 0 0 rg BT 446.81 590.75 Td (using ) Tj ET Q q 0 0 0 rg BT 474.32 590.75 Td (the ) Tj ET Q q 0 0 0 rg BT 491.81 590.75 Td (Bermuda ) Tj ET Q q 0 0 0 rg BT 535.98 590.75 Td (Statutory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 577.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 138.54 577.75 Td (Requirement ) Tj ET Q q 0 0 0 rg BT 199.21 577.75 Td (\(BSCR\) ) Tj ET Q q 0 0 0 rg BT 237.07 577.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 269.39 577.75 Td (factors; ) Tj ET Q q 0 0 0 rg BT 305.60 577.75 Td (the ) Tj ET Q q 0 0 0 rg BT 322.91 577.75 Td (BSCR ) Tj ET Q q 0 0 0 rg BT 354.11 577.75 Td (for ) Tj ET Q q 0 0 0 rg BT 369.20 577.75 Td (longevity ) Tj ET Q q 0 0 0 rg BT 412.08 577.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 436.05 577.75 Td (has ) Tj ET Q q 0 0 0 rg BT 455.59 577.75 Td (been ) Tj ET Q q 0 0 0 rg BT 481.25 577.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 522.48 577.75 Td (to ) Tj ET Q q 0 0 0 rg BT 534.23 577.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 564.88 577.75 Td (an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 564.75 Td (underestimation ) Tj ET Q q 0 0 0 rg BT 177.93 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 189.05 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 205.73 564.75 Td (BSCR ) Tj ET Q q 0 0 0 rg BT 236.29 564.75 Td (for ) Tj ET Q q 0 0 0 rg BT 250.74 564.75 Td (longevity ) Tj ET Q q 0 0 0 rg BT 292.98 564.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 319.11 564.75 Td (arrangements;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 545.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 545.75 Td (The ) Tj ET Q q 0 0 0 rg BT 124.23 545.75 Td (calculation ) Tj ET Q q 0 0 0 rg BT 174.48 545.75 Td (covers ) Tj ET Q q 0 0 0 rg BT 206.94 545.75 Td (the ) Tj ET Q q 0 0 0 rg BT 223.84 545.75 Td (full ) Tj ET Q q 0 0 0 rg BT 239.63 545.75 Td (period ) Tj ET Q q 0 0 0 rg BT 270.42 545.75 Td (needed ) Tj ET Q q 0 0 0 rg BT 306.79 545.75 Td (to ) Tj ET Q q 0 0 0 rg BT 318.13 545.75 Td (run-of) Tj ET Q q 0 0 0 rg BT 344.08 545.75 Td (f ) Tj ET Q q 0 0 0 rg BT 349.86 545.75 Td (the ) Tj ET Q q 0 0 0 rg BT 366.76 545.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 413.12 545.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 453.91 545.75 Td (and ) Tj ET Q q 0 0 0 rg BT 473.60 545.75 Td (is ) Tj ET Q q 0 0 0 rg BT 483.82 545.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 535.19 545.75 Td (using ) Tj ET Q q 0 0 0 rg BT 562.10 545.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 532.75 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 142.89 532.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 182.92 532.75 Td (curve; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 513.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 513.75 Td (The risks taken into account are insurance risk, counterparty credit risk and operational risk; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 494.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 494.75 Td (The ) Tj ET Q q 0 0 0 rg BT 124.72 494.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 171.01 494.75 Td (takes ) Tj ET Q q 0 0 0 rg BT 198.40 494.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 226.34 494.75 Td (for ) Tj ET Q q 0 0 0 rg BT 241.50 494.75 Td (diversification ) Tj ET Q q 0 0 0 rg BT 305.57 494.75 Td (between ) Tj ET Q q 0 0 0 rg BT 346.87 494.75 Td (lines ) Tj ET Q q 0 0 0 rg BT 370.92 494.75 Td (of ) Tj ET Q q 0 0 0 rg BT 382.75 494.75 Td (business ) Tj ET Q q 0 0 0 rg BT 425.71 494.75 Td (and ) Tj ET Q q 0 0 0 rg BT 445.88 494.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 464.92 494.75 Td (types ) Tj ET Q q 0 0 0 rg BT 492.31 494.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 540.83 494.75 Td (with ) Tj ET Q q 0 0 0 rg BT 562.10 494.75 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 481.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 162.92 481.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 211.84 481.75 Td (the ) Tj ET Q q 0 0 0 rg BT 228.52 481.75 Td (BSCR ) Tj ET Q q 0 0 0 rg BT 259.08 481.75 Td (model.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 442.75 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.90 442.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 442.75 Td (RECOVERABLES ) Tj ET Q q 0 0 0 rg BT 158.12 442.75 Td (FROM ) Tj ET Q q 0 0 0 rg BT 190.34 442.75 Td (REINSURANCE ) Tj ET Q q 0 0 0 rg BT 266.46 442.75 Td (CONTRACTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 416.75 Td (N/A) Tj ET Q q 0 0 0 rg BT 70.12 416.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 378.75 Td (5.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.90 378.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 378.75 Td (V) Tj ET Q q 0 0 0 rg BT 77.93 378.75 Td (ALUA) Tj ET Q q 0 0 0 rg BT 104.96 378.75 Td (TION ) Tj ET Q q 0 0 0 rg BT 131.62 378.75 Td (OF ) Tj ET Q q 0 0 0 rg BT 148.29 378.75 Td (OTHER ) Tj ET Q q 0 0 0 rg BT 186.07 378.75 Td (LIABILITIES) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 352.75 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 104.02 352.75 Td (and ) Tj ET Q q 0 0 0 rg BT 124.58 352.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 187.38 352.75 Td (Balances ) Tj ET Q q 0 0 0 rg BT 234.07 352.75 Td (Payable) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 326.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 116.80 326.75 Td (Balances ) Tj ET Q q 0 0 0 rg BT 163.50 326.75 Td (Payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 300.75 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 112.13 300.75 Td (Balances ) Tj ET Q q 0 0 0 rg BT 155.26 300.75 Td (Payable ) Tj ET Q q 0 0 0 rg BT 193.39 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 209.84 300.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 251.30 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 261.07 300.75 Td (line ) Tj ET Q q 0 0 0 rg BT 278.63 300.75 Td (with ) Tj ET Q q 0 0 0 rg BT 298.41 300.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 319.85 300.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 346.34 300.75 Td (. ) Tj ET Q q 0 0 0 rg BT 351.11 300.75 Td (See ) Tj ET Q q 0 0 0 rg BT 370.90 300.75 Td (section ) Tj ET Q q 0 0 0 rg BT 404.58 300.75 Td (5.1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 418.48 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 420.47 300.75 Td (V) Tj ET Q q 0 0 0 rg BT 426.77 300.75 Td (aluation ) Tj ET Q q 0 0 0 rg BT 463.79 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 473.85 300.75 Td (AssetsReinsurance ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 287.75 Td (Balances ) Tj ET Q q 0 0 0 rg BT 97.92 287.75 Td (Receivable.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 248.75 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 100.11 248.75 Td (due ) Tj ET Q q 0 0 0 rg BT 120.67 248.75 Td (to ) Tj ET Q q 0 0 0 rg BT 132.51 248.75 Td (Affiliates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 223.75 Td (Amounts due to af) Tj ET Q q 0 0 0 rg BT 134.98 223.75 Td (filiates are recorded in line with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 324.88 223.75 Td ( and represent liabilities incurred in normal course of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 211.75 Td (business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 172.75 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 102.34 172.75 Td (Payable ) Tj ET Q q 0 0 0 rg BT 142.92 172.75 Td (and ) Tj ET Q q 0 0 0 rg BT 163.11 172.75 Td (Accrued ) Tj ET Q q 0 0 0 rg BT 205.90 172.75 Td (Liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 146.75 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 97.87 146.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 135.63 146.75 Td (are ) Tj ET Q q 0 0 0 rg BT 152.82 146.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 195.03 146.75 Td (in ) Tj ET Q q 0 0 0 rg BT 205.55 146.75 Td (line ) Tj ET Q q 0 0 0 rg BT 223.85 146.75 Td (with ) Tj ET Q q 0 0 0 rg BT 244.37 146.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 266.55 146.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 294.16 146.75 Td ( ) Tj ET Q q 0 0 0 rg BT 296.90 146.75 Td (and ) Tj ET Q q 0 0 0 rg BT 316.32 146.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 361.30 146.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 386.83 146.75 Td (payables ) Tj ET Q q 0 0 0 rg BT 429.60 146.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 468.46 146.75 Td (in ) Tj ET Q q 0 0 0 rg BT 478.98 146.75 Td (the ) Tj ET Q q 0 0 0 rg BT 495.62 146.75 Td (normal ) Tj ET Q q 0 0 0 rg BT 528.92 146.75 Td (course ) Tj ET Q q 0 0 0 rg BT 561.67 146.75 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 133.75 Td (business.) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (27) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 712.75 Td (Sundry ) Tj ET Q q 0 0 0 rg BT 91.23 712.75 Td (Liabilities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 686.75 Td (Balances ) Tj ET Q q 0 0 0 rg BT 100.69 686.75 Td (Payable ) Tj ET Q q 0 0 0 rg BT 141.28 686.75 Td (for ) Tj ET Q q 0 0 0 rg BT 157.38 686.75 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 205.19 686.75 Td (of ) Tj ET Q q 0 0 0 rg BT 217.40 686.75 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 660.75 Td (Balances ) Tj ET Q q 0 0 0 rg BT 97.22 660.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 134.32 660.75 Td (for ) Tj ET Q q 0 0 0 rg BT 148.07 660.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 191.29 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 201.71 660.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 257.14 660.75 Td (are ) Tj ET Q q 0 0 0 rg BT 273.67 660.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 315.21 660.75 Td (in ) Tj ET Q q 0 0 0 rg BT 325.08 660.75 Td (line ) Tj ET Q q 0 0 0 rg BT 342.72 660.75 Td (with ) Tj ET Q q 0 0 0 rg BT 362.58 660.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 384.11 660.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 411.72 660.75 Td ( ) Tj ET Q q 0 0 0 rg BT 413.79 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 432.56 660.75 Td (include ) Tj ET Q q 0 0 0 rg BT 466.32 660.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 492.86 660.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 529.96 660.75 Td (balances ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 647.75 Td (for ) Tj ET Q q 0 0 0 rg BT 69.71 647.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 115.98 647.75 Td (purchased ) Tj ET Q q 0 0 0 rg BT 166.72 647.75 Td (of ) Tj ET Q q 0 0 0 rg BT 179.09 647.75 Td ($543 ) Tj ET Q q 0 0 0 rg BT 205.38 647.75 Td (thousand ) Tj ET Q q 0 0 0 rg BT 250.56 647.75 Td (and ) Tj ET Q q 0 0 0 rg BT 271.28 647.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 299.77 647.75 Td (receivable ) Tj ET Q q 0 0 0 rg BT 349.39 647.75 Td (balances ) Tj ET Q q 0 0 0 rg BT 393.46 647.75 Td (for ) Tj ET Q q 0 0 0 rg BT 409.17 647.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 455.44 647.75 Td (sold ) Tj ET Q q 0 0 0 rg BT 477.82 647.75 Td (of ) Tj ET Q q 0 0 0 rg BT 490.20 647.75 Td ($452 ) Tj ET Q q 0 0 0 rg BT 516.48 647.75 Td (thousand ) Tj ET Q q 0 0 0 rg BT 561.67 647.75 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 634.75 Td (December ) Tj ET Q q 0 0 0 rg BT 102.91 634.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.59 634.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 147.39 634.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 595.75 Td (5.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.90 595.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 595.75 Td (ANY) Tj ET Q q 0 0 0 rg BT 92.93 595.75 Td ( ) Tj ET Q q 0 0 0 rg BT 95.71 595.75 Td (OTHER ) Tj ET Q q 0 0 0 rg BT 133.49 595.75 Td (MA) Tj ET Q q 0 0 0 rg BT 148.30 595.75 Td (TERIAL) Tj ET Q q 0 0 0 rg BT 184.23 595.75 Td ( ) Tj ET Q q 0 0 0 rg BT 187.00 595.75 Td (INFORMA) Tj ET Q q 0 0 0 rg BT 232.92 595.75 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 569.75 Td (See ) Tj ET Q q 0 0 0 rg BT 73.91 569.75 Td (section ) Tj ET Q q 0 0 0 rg BT 107.72 569.75 Td (6.1.7 ) Tj ET Q q 0 0 0 rg BT 132.08 569.75 Td (for ) Tj ET Q q 0 0 0 rg BT 145.87 569.75 Td (a ) Tj ET Q q 0 0 0 rg BT 153.55 569.75 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 214.04 569.75 Td (of ) Tj ET Q q 0 0 0 rg BT 224.50 569.75 Td (the ) Tj ET Q q 0 0 0 rg BT 240.52 569.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 292.35 569.75 Td ( ) Tj ET Q q 0 0 0 rg BT 294.47 569.75 Td (shareholders) Tj ET Q q 0 0 0 rg BT 354.13 569.75 Td ( ) Tj ET Q q 0 0 0 rg BT 356.25 569.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 385.06 569.75 Td (as ) Tj ET Q q 0 0 0 rg BT 397.74 569.75 Td (per ) Tj ET Q q 0 0 0 rg BT 414.31 569.75 Td (the ) Tj ET Q q 0 0 0 rg BT 430.34 569.75 Td (Company) Tj ET Q q 0 0 0 rg BT 475.17 569.75 Td (s ) Tj ET Q q 0 0 0 rg BT 482.29 569.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 521.10 569.75 Td (statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 556.75 Td (prepared ) Tj ET Q q 0 0 0 rg BT 96.81 556.75 Td (using ) Tj ET Q q 0 0 0 rg BT 123.49 556.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.72 556.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 173.33 556.75 Td ( ) Tj ET Q q 0 0 0 rg BT 176.10 556.75 Td (to ) Tj ET Q q 0 0 0 rg BT 187.22 556.75 Td (Statutory ) Tj ET Q q 0 0 0 rg BT 230.02 556.75 Td (Economic ) Tj ET Q q 0 0 0 rg BT 276.71 556.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 310.61 556.75 Td (and ) Tj ET Q q 0 0 0 rg BT 330.07 556.75 Td (Surplus ) Tj ET Q q 0 0 0 rg BT 366.76 556.75 Td (as ) Tj ET Q q 0 0 0 rg BT 380.10 556.75 Td (calculated ) Tj ET Q q 0 0 0 rg BT 427.91 556.75 Td (under ) Tj ET Q q 0 0 0 rg BT 456.26 556.75 Td (EBS.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 518.75 Td (6. ) Tj ET Q q 0 0 0 rg BT 65.12 518.75 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 94.38 518.75 Td (AL) Tj ET Q q 0 0 0 rg BT 107.53 518.75 Td ( ) Tj ET Q q 0 0 0 rg BT 110.30 518.75 Td (MANAGEMENT) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 480.75 Td (6.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.90 480.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 480.75 Td (ELIGIBLE ) Tj ET Q q 0 0 0 rg BT 120.89 480.75 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 150.15 480.75 Td (AL) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 442.75 Td (6.1.1 ) Tj ET Q q 0 0 0 rg BT 79.02 442.75 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 108.28 442.75 Td (AL) Tj ET Q q 0 0 0 rg BT 121.43 442.75 Td ( ) Tj ET Q q 0 0 0 rg BT 124.21 442.75 Td (MANAGEMENT ) Tj ET Q q 0 0 0 rg BT 199.76 442.75 Td (PROCESS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 416.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 89.75 416.75 Td (Adequacy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 390.75 Td (A) Tj ET Q q 0 0 0 rg BT 60.12 390.75 Td ( ) Tj ET Q q 0 0 0 rg BT 63.77 390.75 Td (key ) Tj ET Q q 0 0 0 rg BT 82.99 390.75 Td (challenge ) Tj ET Q q 0 0 0 rg BT 129.46 390.75 Td (for ) Tj ET Q q 0 0 0 rg BT 144.79 390.75 Td (management ) Tj ET Q q 0 0 0 rg BT 206.81 390.75 Td (is ) Tj ET Q q 0 0 0 rg BT 217.69 390.75 Td (to ) Tj ET Q q 0 0 0 rg BT 229.69 390.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 271.14 390.75 Td (an ) Tj ET Q q 0 0 0 rg BT 285.92 390.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 340.17 390.75 Td (level ) Tj ET Q q 0 0 0 rg BT 364.39 390.75 Td (of ) Tj ET Q q 0 0 0 rg BT 376.39 390.75 Td (capital. ) Tj ET Q q 0 0 0 rg BT 411.73 390.75 Td (Management) Tj ET Q q 0 0 0 rg BT 472.14 390.75 Td (s ) Tj ET Q q 0 0 0 rg BT 480.79 390.75 Td (first ) Tj ET Q q 0 0 0 rg BT 500.56 390.75 Td (priority ) Tj ET Q q 0 0 0 rg BT 534.22 390.75 Td (is ) Tj ET Q q 0 0 0 rg BT 545.10 390.75 Td (to ) Tj ET Q q 0 0 0 rg BT 557.09 390.75 Td (hold ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 377.75 Td (suf) Tj ET Q q 0 0 0 rg BT 67.16 377.75 Td (ficient ) Tj ET Q q 0 0 0 rg BT 97.16 377.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 129.95 377.75 Td (to ) Tj ET Q q 0 0 0 rg BT 142.17 377.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 168.29 377.75 Td (all ) Tj ET Q q 0 0 0 rg BT 182.17 377.75 Td (of ) Tj ET Q q 0 0 0 rg BT 194.39 377.75 Td (the ) Tj ET Q q 0 0 0 rg BT 212.18 377.75 Td (Company) Tj ET Q q 0 0 0 rg BT 257.01 377.75 Td (s ) Tj ET Q q 0 0 0 rg BT 265.90 377.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 317.59 377.75 Td (to ) Tj ET Q q 0 0 0 rg BT 329.81 377.75 Td (cedants, ) Tj ET Q q 0 0 0 rg BT 371.49 377.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 397.61 377.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 445.96 377.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 508.20 377.75 Td (and ) Tj ET Q q 0 0 0 rg BT 528.76 377.75 Td (support ) Tj ET Q q 0 0 0 rg BT 566.00 377.75 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 364.75 Td (position ) Tj ET Q q 0 0 0 rg BT 90.61 364.75 Td (as ) Tj ET Q q 0 0 0 rg BT 103.32 364.75 Td (one ) Tj ET Q q 0 0 0 rg BT 122.14 364.75 Td (of ) Tj ET Q q 0 0 0 rg BT 132.63 364.75 Td (the ) Tj ET Q q 0 0 0 rg BT 148.67 364.75 Td (stronger ) Tj ET Q q 0 0 0 rg BT 187.50 364.75 Td (reinsurers ) Tj ET Q q 0 0 0 rg BT 234.10 364.75 Td (in ) Tj ET Q q 0 0 0 rg BT 244.03 364.75 Td (the ) Tj ET Q q 0 0 0 rg BT 260.07 364.75 Td (industry) Tj ET Q q 0 0 0 rg BT 294.35 364.75 Td (. ) Tj ET Q q 0 0 0 rg BT 299.27 364.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 359.78 364.75 Td (closely ) Tj ET Q q 0 0 0 rg BT 392.49 364.75 Td (monitors ) Tj ET Q q 0 0 0 rg BT 432.98 364.75 Td (its ) Tj ET Q q 0 0 0 rg BT 445.12 364.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 476.17 364.75 Td (needs ) Tj ET Q q 0 0 0 rg BT 505.56 364.75 Td (and ) Tj ET Q q 0 0 0 rg BT 524.39 364.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 555.44 364.75 Td (level ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 351.75 Td (throughout ) Tj ET Q q 0 0 0 rg BT 105.03 351.75 Td (the ) Tj ET Q q 0 0 0 rg BT 122.15 351.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 177.62 351.75 Td (cycle ) Tj ET Q q 0 0 0 rg BT 203.61 351.75 Td (and ) Tj ET Q q 0 0 0 rg BT 223.51 351.75 Td (in ) Tj ET Q q 0 0 0 rg BT 234.51 351.75 Td (times ) Tj ET Q q 0 0 0 rg BT 261.62 351.75 Td (of ) Tj ET Q q 0 0 0 rg BT 273.17 351.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 311.96 351.75 Td (and ) Tj ET Q q 0 0 0 rg BT 331.86 351.75 Td (turmoil ) Tj ET Q q 0 0 0 rg BT 365.08 351.75 Td (in ) Tj ET Q q 0 0 0 rg BT 376.08 351.75 Td (global ) Tj ET Q q 0 0 0 rg BT 405.98 351.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 438.10 351.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 476.88 351.75 Td (actively ) Tj ET Q q 0 0 0 rg BT 513.44 351.75 Td (takes ) Tj ET Q q 0 0 0 rg BT 540.56 351.75 Td (steps ) Tj ET Q q 0 0 0 rg BT 567.67 351.75 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 338.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 96.36 338.75 Td (or ) Tj ET Q q 0 0 0 rg BT 109.81 338.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 155.51 338.75 Td (the ) Tj ET Q q 0 0 0 rg BT 173.98 338.75 Td (Company) Tj ET Q q 0 0 0 rg BT 218.82 338.75 Td (s ) Tj ET Q q 0 0 0 rg BT 228.38 338.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 261.85 338.75 Td (in ) Tj ET Q q 0 0 0 rg BT 274.19 338.75 Td (order ) Tj ET Q q 0 0 0 rg BT 302.10 338.75 Td (to ) Tj ET Q q 0 0 0 rg BT 315.00 338.75 Td (achieve ) Tj ET Q q 0 0 0 rg BT 354.03 338.75 Td (an ) Tj ET Q q 0 0 0 rg BT 369.72 338.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 424.87 338.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 464.46 338.75 Td (of ) Tj ET Q q 0 0 0 rg BT 477.37 338.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 518.62 338.75 Td (strength ) Tj ET Q q 0 0 0 rg BT 559.31 338.75 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 325.75 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 108.48 325.75 Td (returns. ) Tj ET Q q 0 0 0 rg BT 144.05 325.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 176.85 325.75 Td (management ) Tj ET Q q 0 0 0 rg BT 236.88 325.75 Td (is ) Tj ET Q q 0 0 0 rg BT 245.77 325.75 Td (achieved ) Tj ET Q q 0 0 0 rg BT 287.47 325.75 Td (by ) Tj ET Q q 0 0 0 rg BT 299.70 325.75 Td (either ) Tj ET Q q 0 0 0 rg BT 326.39 325.75 Td (deploying ) Tj ET Q q 0 0 0 rg BT 370.87 325.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 401.44 325.75 Td (to ) Tj ET Q q 0 0 0 rg BT 411.45 325.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 432.58 325.75 Td (attractive ) Tj ET Q q 0 0 0 rg BT 474.82 325.75 Td (business ) Tj ET Q q 0 0 0 rg BT 515.96 325.75 Td (opportunities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 312.75 Td (or ) Tj ET Q q 0 0 0 rg BT 65.24 312.75 Td (in ) Tj ET Q q 0 0 0 rg BT 75.36 312.75 Td (times ) Tj ET Q q 0 0 0 rg BT 101.60 312.75 Td (of ) Tj ET Q q 0 0 0 rg BT 112.28 312.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 145.75 312.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 177.00 312.75 Td (and ) Tj ET Q q 0 0 0 rg BT 196.03 312.75 Td (times ) Tj ET Q q 0 0 0 rg BT 222.27 312.75 Td (when ) Tj ET Q q 0 0 0 rg BT 248.52 312.75 Td (business ) Tj ET Q q 0 0 0 rg BT 290.33 312.75 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 349.93 312.75 Td (are ) Tj ET Q q 0 0 0 rg BT 366.73 312.75 Td (not ) Tj ET Q q 0 0 0 rg BT 382.98 312.75 Td (so ) Tj ET Q q 0 0 0 rg BT 395.88 312.75 Td (attractive, ) Tj ET Q q 0 0 0 rg BT 441.58 312.75 Td (returning ) Tj ET Q q 0 0 0 rg BT 483.39 312.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 514.64 312.75 Td (to ) Tj ET Q q 0 0 0 rg BT 525.32 312.75 Td (its ) Tj ET Q q 0 0 0 rg BT 537.67 312.75 Td (common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 299.75 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 109.59 299.75 Td (by ) Tj ET Q q 0 0 0 rg BT 122.93 299.75 Td (way ) Tj ET Q q 0 0 0 rg BT 143.49 299.75 Td (of ) Tj ET Q q 0 0 0 rg BT 154.61 299.75 Td (dividends.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 273.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 90.12 273.75 Td (Resources ) Tj ET Q q 0 0 0 rg BT 144.03 273.75 Td (Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 247.75 Td (As ) Tj ET Q q 0 0 0 rg BT 68.68 247.75 Td (part ) Tj ET Q q 0 0 0 rg BT 88.92 247.75 Td (of ) Tj ET Q q 0 0 0 rg BT 100.27 247.75 Td (its ) Tj ET Q q 0 0 0 rg BT 113.28 247.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 158.53 247.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 193.36 247.75 Td (, ) Tj ET Q q 0 0 0 rg BT 199.15 247.75 Td (the ) Tj ET Q q 0 0 0 rg BT 216.06 247.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 261.87 247.75 Td (will ) Tj ET Q q 0 0 0 rg BT 278.76 247.75 Td (seek ) Tj ET Q q 0 0 0 rg BT 302.90 247.75 Td (to ) Tj ET Q q 0 0 0 rg BT 314.25 247.75 Td (grow ) Tj ET Q q 0 0 0 rg BT 338.93 247.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 370.85 247.75 Td (resources ) Tj ET Q q 0 0 0 rg BT 417.76 247.75 Td (to ) Tj ET Q q 0 0 0 rg BT 429.11 247.75 Td (support ) Tj ET Q q 0 0 0 rg BT 465.48 247.75 Td (its ) Tj ET Q q 0 0 0 rg BT 478.49 247.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 528.20 247.75 Td (throughout ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 234.75 Td (the ) Tj ET Q q 0 0 0 rg BT 70.93 234.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 126.20 234.75 Td (cycle, ) Tj ET Q q 0 0 0 rg BT 154.79 234.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 195.61 234.75 Td (strong ) Tj ET Q q 0 0 0 rg BT 226.42 234.75 Td (ratings ) Tj ET Q q 0 0 0 rg BT 259.46 234.75 Td (from ) Tj ET Q q 0 0 0 rg BT 282.49 234.75 Td (the ) Tj ET Q q 0 0 0 rg BT 299.41 234.75 Td (major ) Tj ET Q q 0 0 0 rg BT 327.44 234.75 Td (rating ) Tj ET Q q 0 0 0 rg BT 355.48 234.75 Td (agencies ) Tj ET Q q 0 0 0 rg BT 398.53 234.75 Td (and ) Tj ET Q q 0 0 0 rg BT 418.24 234.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 459.06 234.75 Td (the ) Tj ET Q q 0 0 0 rg BT 475.99 234.75 Td (unquestioned ) Tj ET Q q 0 0 0 rg BT 539.07 234.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 567.66 234.75 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 221.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 73.12 221.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 104.45 221.75 Td (as ) Tj ET Q q 0 0 0 rg BT 118.01 221.75 Td (they ) Tj ET Q q 0 0 0 rg BT 139.91 221.75 Td (arise. ) Tj ET Q q 0 0 0 rg BT 167.17 221.75 Td (The ) Tj ET Q q 0 0 0 rg BT 187.40 221.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 233.19 221.75 Td (may ) Tj ET Q q 0 0 0 rg BT 255.08 221.75 Td (also ) Tj ET Q q 0 0 0 rg BT 276.43 221.75 Td (seek ) Tj ET Q q 0 0 0 rg BT 300.55 221.75 Td (to ) Tj ET Q q 0 0 0 rg BT 311.89 221.75 Td (restructure ) Tj ET Q q 0 0 0 rg BT 362.68 221.75 Td (its ) Tj ET Q q 0 0 0 rg BT 375.68 221.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 407.58 221.75 Td (through ) Tj ET Q q 0 0 0 rg BT 444.49 221.75 Td (the ) Tj ET Q q 0 0 0 rg BT 461.39 221.75 Td (repayment ) Tj ET Q q 0 0 0 rg BT 511.64 221.75 Td (or ) Tj ET Q q 0 0 0 rg BT 523.53 221.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 567.66 221.75 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 208.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 76.24 208.75 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 129.61 208.75 Td (or ) Tj ET Q q 0 0 0 rg BT 141.28 208.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 181.86 208.75 Td (or ) Tj ET Q q 0 0 0 rg BT 193.53 208.75 Td (restructure ) Tj ET Q q 0 0 0 rg BT 244.10 208.75 Td (its ) Tj ET Q q 0 0 0 rg BT 256.88 208.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 288.56 208.75 Td (through ) Tj ET Q q 0 0 0 rg BT 325.25 208.75 Td (the ) Tj ET Q q 0 0 0 rg BT 341.93 208.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 384.18 208.75 Td (of ) Tj ET Q q 0 0 0 rg BT 395.30 208.75 Td (debt, ) Tj ET Q q 0 0 0 rg BT 420.32 208.75 Td (when ) Tj ET Q q 0 0 0 rg BT 447.00 208.75 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 507.04 208.75 Td (arise.) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (28) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 699.75 Td (6.1.2 ) Tj ET Q q 0 0 0 rg BT 79.02 699.75 Td (ELIGIBLE ) Tj ET Q q 0 0 0 rg BT 127.91 699.75 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 157.17 699.75 Td (AL) Tj ET Q q 0 0 0 rg BT 170.32 699.75 Td ( ) Tj ET Q q 0 0 0 rg BT 173.10 699.75 Td (BY) Tj ET Q q 0 0 0 rg BT 186.81 699.75 Td ( ) Tj ET Q q 0 0 0 rg BT 189.59 699.75 Td (TIER) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 673.75 Td (The ) Tj ET Q q 0 0 0 rg BT 74.01 673.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 126.50 673.75 Td (eligible ) Tj ET Q q 0 0 0 rg BT 160.41 673.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 192.09 673.75 Td (by ) Tj ET Q q 0 0 0 rg BT 205.43 673.75 Td (tier ) Tj ET Q q 0 0 0 rg BT 222.10 673.75 Td (at ) Tj ET Q q 0 0 0 rg BT 233.22 673.75 Td (December ) Tj ET Q q 0 0 0 rg BT 282.13 673.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 298.80 673.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 323.83 673.75 Td (was ) Tj ET Q q 0 0 0 rg BT 344.39 673.75 Td (as ) Tj ET Q q 0 0 0 rg BT 357.73 673.75 Td (follows ) Tj ET Q q 0 0 0 rg BT 391.08 673.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 404.97 673.75 Td (millions ) Tj ET Q q 0 0 0 rg BT 441.08 673.75 Td (of ) Tj ET Q q 0 0 0 rg BT 452.20 673.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 497.79 673.75 Td (dollars\):) Tj ET Q 1 1 1 rg /GS0 gs 54.50 650.25 457.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 650.25 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 636.25 457.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 636.25 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 608.25 457.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 608.25 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 636.25 m 576.5 636.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 594.25 m 576.5 594.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 594.25 m 576.5 594.25 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 532.35 640.47 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 626.47 Td (T) Tj ET Q q 0 0 0 rg BT 63.02 626.47 Td (ier ) Tj ET Q q 0 0 0 rg BT 77.94 626.47 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.45 626.47 Td (.......................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.00 626.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.95 626.47 Td (166) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 612.47 Td (T) Tj ET Q q 0 0 0 rg BT 63.02 612.47 Td (ier ) Tj ET Q q 0 0 0 rg BT 77.94 612.47 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.45 612.47 Td (.......................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 562.65 612.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 598.47 Td (T) Tj ET Q q 0 0 0 rg BT 63.02 598.47 Td (ier ) Tj ET Q q 0 0 0 rg BT 77.94 598.47 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.45 598.47 Td (.......................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 562.65 598.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 584.47 Td (T) Tj ET Q q 0 0 0 rg BT 62.37 584.47 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.65 584.47 Td (........................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.00 584.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.95 584.47 Td (166) Tj ET Q BT /F1 10.00 Tf ET BT /F5 9.00 Tf ET q 0 0 0 rg BT 54.00 557.05 Td (T) Tj ET Q q 0 0 0 rg BT 59.42 557.05 Td (ier ) Tj ET Q q 0 0 0 rg BT 71.92 557.05 Td (1 ) Tj ET Q q 0 0 0 rg BT 79.43 557.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 107.94 557.05 Td (includes ) Tj ET Q q 0 0 0 rg BT 143.46 557.05 Td (statutory ) Tj ET Q q 0 0 0 rg BT 180.48 557.05 Td (economic ) Tj ET Q q 0 0 0 rg BT 221.50 557.05 Td (surplus, ) Tj ET Q q 0 0 0 rg BT 255.51 557.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 284.03 557.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 307.53 557.05 Td (and ) Tj ET Q q 0 0 0 rg BT 325.05 557.05 Td (contributed ) Tj ET Q q 0 0 0 rg BT 372.08 557.05 Td (surplus. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (6.1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.24 533.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.00 533.25 Td (ELIGIBLE ) Tj ET Q q 0 0 0 rg BT 138.06 533.25 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 167.32 533.25 Td (AL) Tj ET Q q 0 0 0 rg BT 180.47 533.25 Td ( ) Tj ET Q q 0 0 0 rg BT 182.15 533.25 Td (APPLIED ) Tj ET Q q 0 0 0 rg BT 227.44 533.25 Td (T) Tj ET Q q 0 0 0 rg BT 233.37 533.25 Td (O ) Tj ET Q q 0 0 0 rg BT 243.09 533.25 Td (ENHANCED ) Tj ET Q q 0 0 0 rg BT 301.71 533.25 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 330.97 533.25 Td (AL) Tj ET Q q 0 0 0 rg BT 344.12 533.25 Td ( ) Tj ET Q q 0 0 0 rg BT 346.06 533.25 Td (REQUIREMENT ) Tj ET Q q 0 0 0 rg BT 421.90 533.25 Td (\(ECR\) ) Tj ET Q q 0 0 0 rg BT 451.36 533.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 474.97 533.25 Td (MINIMUM ) Tj ET Q q 0 0 0 rg BT 521.91 533.25 Td (SOL) Tj ET Q q 0 0 0 rg BT 541.73 533.25 Td (VENCY) Tj ET Q q 0 0 0 rg BT 576.00 533.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.00 520.25 Td (REQUIREMENT ) Tj ET Q q 0 0 0 rg BT 166.67 520.25 Td (\(MSM\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 494.25 Td (The ) Tj ET Q q 0 0 0 rg BT 74.28 494.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 127.04 494.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 161.22 494.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 193.17 494.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 228.47 494.25 Td (to ) Tj ET Q q 0 0 0 rg BT 239.86 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.81 494.25 Td (ECR ) Tj ET Q q 0 0 0 rg BT 280.97 494.25 Td (and ) Tj ET Q q 0 0 0 rg BT 300.70 494.25 Td (MSM ) Tj ET Q q 0 0 0 rg BT 327.08 494.25 Td (by ) Tj ET Q q 0 0 0 rg BT 340.69 494.25 Td (tier ) Tj ET Q q 0 0 0 rg BT 357.63 494.25 Td (at ) Tj ET Q q 0 0 0 rg BT 369.02 494.25 Td (December ) Tj ET Q q 0 0 0 rg BT 418.20 494.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 435.15 494.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 460.44 494.25 Td (was ) Tj ET Q q 0 0 0 rg BT 481.27 494.25 Td (as ) Tj ET Q q 0 0 0 rg BT 494.88 494.25 Td (follows ) Tj ET Q q 0 0 0 rg BT 528.50 494.25 Td (\(in ) Tj ET Q q 0 0 0 rg BT 542.66 494.25 Td (millions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 481.25 Td (of ) Tj ET Q q 0 0 0 rg BT 65.12 481.25 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 110.71 481.25 Td (dollars\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 446.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 446.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 446.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 446.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 418.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 418.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 418.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 418.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 446.75 m 504.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 446.75 m 573.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 446.75 m 504.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 404.75 m 504.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 404.75 m 573.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 404.75 m 504.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 404.75 m 573.5 404.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.05 460.97 Td (Applied to) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.80 450.97 Td (MSM) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.05 460.97 Td (Applied to) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.90 450.97 Td (ECR) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 436.97 Td (T) Tj ET Q q 0 0 0 rg BT 63.02 436.97 Td (ier ) Tj ET Q q 0 0 0 rg BT 77.94 436.97 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.70 436.97 Td (.............................................................................................................................) 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.00 394.97 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.95 394.97 Td (166) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.00 394.97 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 552.95 394.97 Td (166) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 353.25 Td (6.1.4 ) Tj ET Q q 0 0 0 rg BT 79.02 353.25 Td (TRANSITIONAL) Tj ET Q q 0 0 0 rg BT 153.28 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 155.68 353.25 Td (ARRANGEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 327.25 Td (N/A) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 289.25 Td (6.1.5 ) Tj ET Q q 0 0 0 rg BT 79.02 289.25 Td (ENCUMBERANCES ) Tj ET Q q 0 0 0 rg BT 174.58 289.25 Td (ON ) Tj ET Q q 0 0 0 rg BT 192.36 289.25 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 221.62 289.25 Td (AL) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 263.25 Td (N/A) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 225.25 Td (6.1.6 ) Tj ET Q q 0 0 0 rg BT 78.65 225.25 Td (ANCILLAR) Tj ET Q q 0 0 0 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rg BT 459.37 163.25 Td (SURPLUS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 137.25 Td (The ) Tj ET Q q 0 0 0 rg BT 75.47 137.25 Td (following ) Tj ET Q q 0 0 0 rg BT 118.62 137.25 Td (table ) Tj ET Q q 0 0 0 rg BT 144.54 137.25 Td (compares ) Tj ET Q q 0 0 0 rg BT 192.69 137.25 Td (shareholder's ) Tj ET Q q 0 0 0 rg BT 256.65 137.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 287.58 137.25 Td (as ) Tj ET Q q 0 0 0 rg BT 302.38 137.25 Td (per ) Tj ET Q q 0 0 0 rg BT 321.07 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.21 137.25 Td (Company) Tj ET Q q 0 0 0 rg BT 384.05 137.25 Td (s ) Tj ET Q q 0 0 0 rg BT 393.29 137.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 448.68 137.25 Td (General ) Tj ET Q q 0 0 0 rg BT 488.49 137.25 Td (Purpose ) Tj ET Q q 0 0 0 rg BT 529.98 137.25 Td (Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 124.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 107.36 124.25 Td (to ) Tj ET Q q 0 0 0 rg BT 118.48 124.25 Td (Statutory ) Tj ET Q q 0 0 0 rg BT 161.28 124.25 Td (Economic ) Tj ET Q q 0 0 0 rg BT 207.96 124.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 241.87 124.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.33 124.25 Td (Surplus ) Tj ET Q q 0 0 0 rg BT 298.01 124.25 Td (as ) Tj ET Q q 0 0 0 rg BT 311.35 124.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 359.16 124.25 Td (under ) Tj ET Q q 0 0 0 rg BT 387.52 124.25 Td (EBS:) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 759.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.93 759.25 Td (ARTNER REINSURANCE LIFE COMP) Tj ET Q q 0 0 0 rg BT 234.19 759.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 255.12 759.25 Td ( OF BERMUDA) Tj ET Q q 0 0 0 rg BT 325.30 759.25 Td ( L) Tj ET Q q 0 0 0 rg BT 333.45 759.25 Td (TD. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 746.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 107.70 746.25 Td ( CONDITION REPORT DECEMBER 31, 2016) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 54 734.75 m 666 734.75 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.40 28.20 Td (29) Tj ET Q 1 1 1 rg /GS0 gs 54.50 719.50 465.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 519.50 719.50 51.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 54.50 689.50 465.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 519.50 689.50 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 676.50 465.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 676.50 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 648.50 465.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 648.50 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 620.50 465.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 620.50 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 592.50 465.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 592.50 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 564.50 465.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 564.50 51.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 620.5 m 570.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 564.5 m 570.5 564.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 550.5 m 570.5 550.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 548.5 m 570.5 548.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 709.12 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 694.12 Td (\(in thousands of Canadian dollars\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 666.12 Td (U.S. GAAP Shareholder's Equity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.00 666.12 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.50 666.12 Td (121,540) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 638.12 Td (Deferred Gain) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 119.81 642.89 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.05 638.12 Td (68,976) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 610.12 Td (Statutory Capital and Surplus \(Form 1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.50 610.12 Td (190,516) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 582.12 Td (EBS ) Tj ET Q q 0 0 0 rg BT 79.24 582.12 Td (Adjustments) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 134.26 586.89 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.88 582.12 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.70 582.12 Td (\(24,313) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.65 582.12 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 554.12 Td (Statutory Economic Capital and Surplus \(Form 1EBS\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.00 554.12 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.50 554.12 Td (166,203) Tj ET Q BT /F1 10.00 Tf ET BT /F5 9.00 Tf ET q 0 0 0 rg BT 54.00 526.60 Td (1. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 67.50 526.60 Td (In ) Tj ET Q q 0 0 0 rg BT 76.89 526.60 Td (2014 ) Tj ET Q q 0 0 0 rg BT 98.79 526.60 Td (the ) Tj ET Q q 0 0 0 rg BT 113.18 526.60 Td (Parent ) Tj ET Q q 0 0 0 rg BT 141.58 526.60 Td (entered ) Tj ET Q q 0 0 0 rg BT 173.98 526.60 Td (into ) Tj ET Q q 0 0 0 rg BT 190.37 526.60 Td (an ) Tj ET Q q 0 0 0 rg BT 202.01 526.60 Td (Assumption ) Tj ET Q q 0 0 0 rg BT 250.91 526.60 Td (Reinsurance ) Tj ET Q q 0 0 0 rg BT 303.07 526.60 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 348.98 526.60 Td (with ) Tj ET Q q 0 0 0 rg BT 366.86 526.60 Td (an ) Tj ET Q q 0 0 0 rg BT 378.75 526.60 Td (affiliate ) Tj ET Q q 0 0 0 rg BT 409.15 526.60 Td (which ) Tj ET Q q 0 0 0 rg BT 434.04 526.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 467.94 526.60 Td (in ) Tj ET Q q 0 0 0 rg BT 476.82 526.60 Td (a ) Tj ET Q q 0 0 0 rg BT 483.71 526.60 Td (net ) Tj ET Q q 0 0 0 rg BT 498.10 526.60 Td (gain ) Tj ET Q q 0 0 0 rg BT 517.00 526.60 Td (being ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 67.50 514.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 114.58 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 124.63 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 140.18 514.95 Td (Parent's ) Tj ET Q q 0 0 0 rg BT 175.97 514.95 Td (2014 ) Tj ET Q q 0 0 0 rg BT 199.03 514.95 Td (statutory ) Tj ET Q q 0 0 0 rg BT 236.59 514.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 272.66 514.95 Td (statements. ) Tj ET Q q 0 0 0 rg BT 321.82 514.95 Td (A) Tj ET Q q 0 0 0 rg BT 327.49 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 330.54 514.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 361.10 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 371.65 514.95 Td (this ) Tj ET Q q 0 0 0 rg BT 388.71 514.95 Td (gain ) Tj ET Q q 0 0 0 rg BT 408.77 514.95 Td (was ) Tj ET Q q 0 0 0 rg BT 427.82 514.95 Td (transferred ) Tj ET Q q 0 0 0 rg BT 474.38 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 484.94 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 500.49 514.95 Td (Company ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 67.50 503.25 Td (through ) Tj ET Q q 0 0 0 rg BT 100.56 503.25 Td (its ) Tj ET Q q 0 0 0 rg BT 112.10 503.25 Td (75% ) Tj ET Q q 0 0 0 rg BT 132.65 503.25 Td (quota ) Tj ET Q q 0 0 0 rg BT 157.71 503.25 Td (share ) Tj ET Q q 0 0 0 rg BT 182.77 503.25 Td (with ) Tj ET Q q 0 0 0 rg BT 201.31 503.25 Td (its ) Tj ET Q q 0 0 0 rg BT 212.85 503.25 Td (parent. ) Tj ET Q q 0 0 0 rg BT 243.41 503.25 Td (For ) Tj ET Q q 0 0 0 rg BT 259.44 503.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 279.49 503.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 304.16 503.25 Td ( ) Tj ET Q q 0 0 0 rg BT 306.70 503.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 346.26 503.25 Td (this ) Tj ET Q q 0 0 0 rg BT 362.81 503.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 382.36 503.25 Td (was ) Tj ET Q q 0 0 0 rg BT 400.90 503.25 Td (deferred. ) Tj ET Q q 0 0 0 rg BT 439.13 503.25 Td (A) Tj ET Q q 0 0 0 rg BT 444.79 503.25 Td ( ) Tj ET Q q 0 0 0 rg BT 447.33 503.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 476.88 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.92 503.25 Td ($69 ) Tj ET Q q 0 0 0 rg BT 504.48 503.25 Td (million ) Tj ET Q q 0 0 0 rg BT 532.52 503.25 Td (is ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 67.50 491.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 105.24 491.55 Td (in ) Tj ET Q q 0 0 0 rg BT 114.46 491.55 Td (the ) Tj ET Q q 0 0 0 rg BT 129.19 491.55 Td (Company's ) Tj ET Q q 0 0 0 rg BT 176.15 491.55 Td (December ) Tj ET Q q 0 0 0 rg BT 219.88 491.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 234.61 491.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 256.85 491.55 Td (condensed ) Tj ET Q q 0 0 0 rg BT 303.10 491.55 Td (general ) Tj ET Q q 0 0 0 rg BT 335.35 491.55 Td (purpose ) Tj ET Q q 0 0 0 rg BT 370.09 491.55 Td (balance ) Tj ET Q q 0 0 0 rg BT 403.83 491.55 Td (sheet ) Tj ET Q q 0 0 0 rg BT 428.07 491.55 Td (related ) Tj ET Q q 0 0 0 rg BT 457.81 491.55 Td (to ) Tj ET Q q 0 0 0 rg BT 467.53 491.55 Td (this ) Tj ET Q q 0 0 0 rg BT 483.75 491.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 519.49 491.55 Td (gain. ) Tj ET Q q 0 0 0 rg BT 541.51 491.55 Td ( ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 54.00 479.85 Td (2. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 67.50 479.85 Td (EBS ) Tj ET Q q 0 0 0 rg BT 87.74 479.85 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 138.50 479.85 Td (include ) Tj ET Q q 0 0 0 rg BT 169.26 479.85 Td (an ) Tj ET Q q 0 0 0 rg BT 181.51 479.85 Td (increase ) Tj ET Q q 0 0 0 rg BT 217.76 479.85 Td (in ) Tj ET Q q 0 0 0 rg BT 227.00 479.85 Td (Life ) Tj ET Q q 0 0 0 rg BT 243.75 479.85 Td (technical ) Tj ET Q q 0 0 0 rg BT 281.50 479.85 Td (provisions ) Tj ET Q q 0 0 0 rg BT 324.25 479.85 Td (of ) Tj ET Q q 0 0 0 rg BT 334.00 479.85 Td ($9 ) Tj ET Q q 0 0 0 rg BT 346.24 479.85 Td (million ) Tj ET Q q 0 0 0 rg BT 373.98 479.85 Td (\(see ) Tj ET Q q 0 0 0 rg BT 393.73 479.85 Td (section ) Tj ET Q q 0 0 0 rg BT 424.48 479.85 Td (5.2 ) Tj ET Q q 0 0 0 rg BT 439.22 479.85 Td (for ) Tj ET Q q 0 0 0 rg BT 451.96 479.85 Td (a ) Tj ET Q q 0 0 0 rg BT 459.20 479.85 Td (detailed ) Tj ET Q q 0 0 0 rg BT 492.97 479.85 Td (explanation ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 67.50 468.15 Td (of ) Tj ET Q q 0 0 0 rg BT 77.94 468.15 Td (the ) Tj ET Q q 0 0 0 rg BT 93.39 468.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 132.35 468.15 Td (of ) Tj ET Q q 0 0 0 rg BT 142.79 468.15 Td (life ) Tj ET Q q 0 0 0 rg BT 157.23 468.15 Td (technical ) Tj ET Q q 0 0 0 rg BT 195.69 468.15 Td (provisions\) ) Tj ET Q q 0 0 0 rg BT 242.14 468.15 Td (and ) Tj ET Q q 0 0 0 rg BT 260.09 468.15 Td (a ) Tj ET Q q 0 0 0 rg BT 268.03 468.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 307.99 468.15 Td (in ) Tj ET Q q 0 0 0 rg BT 317.93 468.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 354.38 468.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 399.84 468.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 423.78 468.15 Td (\(DAC\) ) Tj ET Q q 0 0 0 rg BT 451.72 468.15 Td (of ) Tj ET Q q 0 0 0 rg BT 462.16 468.15 Td ($15 ) Tj ET Q q 0 0 0 rg BT 480.11 468.15 Td (million. ) Tj ET Q q 0 0 0 rg BT 511.05 468.15 Td (\(On ) Tj ET Q q 0 0 0 rg BT 528.99 468.15 Td (an ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 67.50 456.45 Td (EBS ) Tj ET Q q 0 0 0 rg BT 88.01 456.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 111.52 456.45 Td (DAC ) Tj ET Q q 0 0 0 rg BT 133.02 456.45 Td (is ) Tj ET Q q 0 0 0 rg BT 142.02 456.45 Td (implicitly ) Tj ET Q q 0 0 0 rg BT 178.52 456.45 Td (included ) Tj ET Q q 0 0 0 rg BT 214.55 456.45 Td (in ) Tj ET Q q 0 0 0 rg BT 224.06 456.45 Td (premium ) Tj ET Q q 0 0 0 rg BT 261.56 456.45 Td (provisions ) Tj ET Q q 0 0 0 rg BT 304.58 456.45 Td (and ) Tj ET Q q 0 0 0 rg BT 322.10 456.45 Td (is ) Tj ET Q q 0 0 0 rg BT 331.10 456.45 Td (not ) Tj ET Q q 0 0 0 rg BT 346.11 456.45 Td (reflected ) Tj ET Q q 0 0 0 rg BT 383.13 456.45 Td (as ) Tj ET Q q 0 0 0 rg BT 395.13 456.45 Td (an ) Tj ET Q q 0 0 0 rg BT 407.65 456.45 Td (asset.\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 419.60 Td (6.2. ) Tj ET Q q 0 0 0 rg BT 73.46 419.60 Td (REGULA) Tj ET Q q 0 0 0 rg BT 114.94 419.60 Td (T) Tj ET Q q 0 0 0 rg BT 120.87 419.60 Td (OR) Tj ET Q q 0 0 0 rg BT 135.49 419.60 Td (Y) Tj ET Q q 0 0 0 rg BT 141.98 419.60 Td ( ) Tj ET Q q 0 0 0 rg BT 144.76 419.60 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 174.02 419.60 Td (AL) Tj ET Q q 0 0 0 rg BT 187.17 419.60 Td ( ) Tj ET Q q 0 0 0 rg BT 189.95 419.60 Td (REQUIREMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 393.60 Td (The ) Tj ET Q q 0 0 0 rg BT 73.36 393.60 Td (Company) Tj ET Q q 0 0 0 rg BT 118.20 393.60 Td (s ) Tj ET Q q 0 0 0 rg BT 125.33 393.60 Td (ECR ) Tj ET Q q 0 0 0 rg BT 148.57 393.60 Td (and ) Tj ET Q q 0 0 0 rg BT 167.39 393.60 Td (MSM ) Tj ET Q q 0 0 0 rg BT 192.85 393.60 Td (at ) Tj ET Q q 0 0 0 rg BT 203.32 393.60 Td (as ) Tj ET Q q 0 0 0 rg BT 216.01 393.60 Td (December ) Tj ET Q q 0 0 0 rg BT 264.27 393.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 280.30 393.60 Td (2016 ) Tj ET Q q 0 0 0 rg BT 304.67 393.60 Td (were ) Tj ET Q q 0 0 0 rg BT 328.48 393.60 Td ($18 ) Tj ET Q q 0 0 0 rg BT 347.29 393.60 Td (million ) Tj ET Q q 0 0 0 rg BT 377.76 393.60 Td (and ) Tj ET Q q 0 0 0 rg BT 396.58 393.60 Td ($5 ) Tj ET Q q 0 0 0 rg BT 409.83 393.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 443.08 393.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 495.13 393.60 Td (. ) Tj ET Q q 0 0 0 rg BT 499.62 393.60 Td (As ) Tj ET Q q 0 0 0 rg BT 513.42 393.60 Td (at ) Tj ET Q q 0 0 0 rg BT 523.89 393.60 Td (December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 380.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 69.87 380.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 96.87 380.60 Td (the ) Tj ET Q q 0 0 0 rg BT 112.74 380.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 164.41 380.60 Td (solvency) Tj ET Q q 0 0 0 rg BT 202.58 380.60 Td (, ) Tj ET Q q 0 0 0 rg BT 207.33 380.60 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 242.64 380.60 Td (and ) Tj ET Q q 0 0 0 rg BT 261.30 380.60 Td (risk-based ) Tj ET Q q 0 0 0 rg BT 309.40 380.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 340.27 380.60 Td (levels ) Tj ET Q q 0 0 0 rg BT 367.81 380.60 Td (were ) Tj ET Q q 0 0 0 rg BT 391.45 380.60 Td (in ) Tj ET Q q 0 0 0 rg BT 401.21 380.60 Td (excess ) Tj ET Q q 0 0 0 rg BT 434.30 380.60 Td (of ) Tj ET Q q 0 0 0 rg BT 444.61 380.60 Td (the ) Tj ET Q q 0 0 0 rg BT 460.48 380.60 Td (minimum ) Tj ET Q q 0 0 0 rg BT 503.01 380.60 Td (levels ) Tj ET Q q 0 0 0 rg BT 530.54 380.60 Td (required.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 342.60 Td (6.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.90 342.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 342.60 Td (APPROVED ) Tj ET Q q 0 0 0 rg BT 130.90 342.60 Td (INTERNAL) Tj ET Q q 0 0 0 rg BT 181.27 342.60 Td ( ) Tj ET Q q 0 0 0 rg BT 184.05 342.60 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 213.31 342.60 Td (AL) Tj ET Q q 0 0 0 rg BT 226.46 342.60 Td ( ) Tj ET Q q 0 0 0 rg BT 229.24 342.60 Td (MODEL) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 316.60 Td (N/A) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 279.60 Td (6.4 ) Tj ET Q q 0 0 0 rg BT 70.31 279.60 Td (ANY) Tj ET Q q 0 0 0 rg BT 91.24 279.60 Td ( ) Tj ET Q q 0 0 0 rg BT 94.02 279.60 Td (OTHER ) Tj ET Q q 0 0 0 rg BT 131.80 279.60 Td (MA) Tj ET Q q 0 0 0 rg BT 146.61 279.60 Td (TERIAL) Tj ET Q q 0 0 0 rg BT 182.54 279.60 Td ( ) Tj ET Q q 0 0 0 rg BT 185.31 279.60 Td (INFORMA) Tj ET Q q 0 0 0 rg BT 231.23 279.60 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 253.60 Td (N/A) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 215.60 Td (7. ) Tj ET Q q 0 0 0 rg BT 65.12 215.60 Td (SUBSEQUENT ) Tj ET Q q 0 0 0 rg BT 137.35 215.60 Td (EVENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 190.60 Td (Aurigen ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 166.60 Td (On ) Tj ET Q q 0 0 0 rg BT 69.57 166.60 Td (April 3, 2017, after receiving all necessary regulatory approvals, PartnerRe completed the acquisition of 100% of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 154.60 Td (the outstanding ordinary shares of ) Tj ET Q q 0 0 0 rg BT 207.43 154.60 Td (Aurigen Capital Limited for CAD 375 million \(or approximately $286 million\).) 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