RIBM Canada Branch LIMAT Disclosure Q4 2023

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- Protection We are global experts in managing and evaluating mortality, critical illness, disability, medical and associated risks.
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- Savings & Retirement We provide longevity and funded reinsurance solutions that seek to reduce risk exposures, improve capital efficiency and increase new business volumes.
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RIBM Canada Branch LIMAT Disclosure

Q4 2023

Solvency ratio

LIMAT Ratios Public Disclosure Summary Template

(CAD thousands, except percentages)

Branches are required, at minimum, to maintain a Total Ratio of 90%. Canada’s Office of the Superintendent of Financial Institutions (“OSFI”) has established a supervisory target level of 100% for Total Margin.

Definitions of terms can be found in the OSFI Guideline A: LICAT – Life Insurance Capital Adequacy Test

		Current Period	Prior Period	Change (%)
Available Margin (A – B)	C	184,766	245,932	-25%
· Assets Available	A	289,530	360,816	-20%
· Assets Required	B	104,764	114,883	-9%
Surplus Allowance and Eligible Deposits	D	367,945	352,143	4%
Required Margin	E	364,637	385,516	-5%
LIMAT Total Ratio ([C + D] / E x 100)		152%	155%	-4%

Qualitative analysis of change in solvency ratio

The results above represent a comparison of the December 31st, 2023 and January 1st, 2023 solvency for the Branch. Note the Branch was established on January 1st, 2023. Through 2023 the Branch issued additional new business and withdrew excess assets which caused a strain on solvency. Offsetting this was a reduction in required margin due to a methodology update related to Mortality Level risk. The ratio remains strong relative to the branch’s long- term internal target.