Monument Re Limited Annual Report

MonumentReLimited

AnnualReportFortheyearended31stDecember2020

ContentsStrategicReport................................................................................................................................... 2

Introduction............................................................................................................................ 2Chairman’sReport.................................................................................................................. 5ChiefExecutiveOfficer’sReport............................................................................................. 6KeyFinancialData.................................................................................................................. 7CapitalManagement.............................................................................................................. 8RiskManagement................................................................................................................... 10

CorporateGovernance........................................................................................................................ 13DirectorsandOfficers............................................................................................................. 13CorporateGovernanceStructure........................................................................................... 19Directors’Report.................................................................................................................... 21

ConsolidatedFinancialStatements..................................................................................................... 24StatementofDirectors’Responsibilities................................................................................ 24IndependentAuditor’sReporttotheBoardofDirectorsandShareholders......................... 25MonumentReLimitedConsolidatedFinancialStatements.................................................... 28StatementofAccountingPolicies........................................................................................... 36NotestotheConsolidatedFinancialStatements................................................................... 46

MonumentReLimitedAnnualReport 1

StrategicReport

Introduction

MonumentReLimited(“MonumentRe”or“theCompany”) isaBermudabasedreinsurancecompanyestablished to provide solutions for asset intensive portfolios through reinsurance or acquisition. Inexecutingthisdualinsuranceandreinsurancestrategy,theCompanylookstoassumeassetbasedriskswithin its risk appetite, andefficientlyoperate thesebusinessesorportfolios. The focus includes twoprincipalareas,namely:

▪ Acquisition of portfolios or direct insurers, primarily those in run-off and targeting mainlyannuity,guaranteedsavingsorlinkedproducts;and

▪ Reinsuranceoflong-dated,assetintensiveliabilities,typicallywithguarantees.

MonumentRe is a Class E reinsurer andholding companyof other insuranceentities. It is subject toGroupSupervisionundertheBermudaMonetaryAuthoritythroughSolvencyIIEquivalenceattainedonapermanentbasisfromtheEuropeanInsuranceandOccupationalPensionsAuthority.

MonumentRehasanestablishedtrack-recordofacquiringlifeinsuranceportfoliosacrossEurope.Sinceincorporation,thefollowingtransactionshavebeensignedasdetailedbelow.

2020and2021transactionssignedasatthedateofissueofthesefinancialstatements:

▪ On1stApril2021,theCompanycompletedtheacquisitionofaclassicalliferetailinsurancebookfromAllianzBenelux(Belgium).

▪ On26thFebruary2021,theCompanysignedanagreementtoacquiretheclosed-blockportfolioofvariableannuitiesfromAthoraIrelandplc,awholly-ownedsubsidiaryofAthoraHoldingLtd.Thistransactionremainssubjecttocustomaryclosingconditions,includingreceiptofregulatoryapproval.

▪ On16th February 2021, following receipt of regulatory approval, theCompany completed theacquisition of the Charles Taylor Group's Isle of Man life and investment operations, whichinclude LCL International LifeAssuranceCompany Limited (subsequently renamedMonumentInternationalLifeAssuranceCompanyLimited)andrepresentsthecore life insuranceentity intheIsleofMan.

▪ Effective 30th November 2020, following receipt of regulatory approval, Monument Recompletedtheacquisitionofaportfolioofunit-linkedinternationalportfoliobondpoliciesfromZurichLifeAssuranceplc.InaccordancewiththeapprovaloftheIrishHighCourt,theportfoliowastransferred,asof30thNovember2020,toMonumentLifeInsuranceDAC("MLIDAC")withunchangedtermsandconditionsforpolicyholders.

▪ On 4th June 2020, following receipt of regulatory approval, Monument Re completed theacquisition of Cattolica Life DAC (subsequently renamed Omega Life DAC) from CattolicaAssicurazioni.CattolicaLifeportfolioconsistsofunit-linkedsavingsproducts.

▪ On 27th May, 2020, following receipt of regulatory approval, Monument Re completed theacquisition of GreyCastle Holdings Ltd. (subsequently renamed Monument Holdings Limited)and its subsidiaries,GreyCastle LifeReinsurance (SAC) Ltd (subsequently renamedMonumentSegregatedAccountCompanyLimited,"MSAC")andGreyCastleServices(subsequentlyrenamed


Monument Re Services (UK) Ltd). MSAC is a life reinsurer domiciled in Bermuda focused onmanagingaportfolioofannuityandliferisks.

Transactionssignedinthepreviousyears:

SocieteGeneraleS.A. InoraLifeDesignatedActivityCompany(“Inora”),unit-linkedsavings

RepublicofIreland

September2019

RothesayLifePlc(“Rothesay”)

Annuityportfolio UnitedKingdom

Reinsurancein-forcedealinMarch2019;portfoliotransfertoMLIDACinNovember2020

CuraliaOVV(“Curalia”) Closedbookoflifebusiness Belgium December2019StorebrandLivsforsikringAS

NordbenLifeandPensionInsuranceCoLimited(“Nordben”),unit-linkedandtraditionalsavings

Guernsey June2019

EnstarGroupLimited(AlphaInsuranceS.A.;“Alpha”)

Arun-offportfoliooftraditionallifeandcreditlifebusiness

Belgium May2019

MetLifeEuropeDesignatedActivityCompany(“MetLife”)

Arun-offportfoliooflinkedandtraditionalbusiness

RepublicofIreland

April2019(transferredtoMLIDAC)

AmerborghFinancialServicesB.V.

RobeinLevenN.V.(“RobeinLeven”),traditionalandunit-linkedproducts

Netherlands March2019

TalanxAG AspectaAssuranceInternationalLuxembourgS.A.,unit-linkedsavings

Luxembourg October2018(renamedMonumentAssuranceLuxembourgS.A.(“MAL”))

EthiasS.A.(“Ethias”) FIRSTAportfolio,traditionalsavings

Belgium September2018(transferredtoMLIDAC)

ABNAMROBankN.V. ABNAMROLifeCapitalBelgiumN.V.,traditionalsavings

Belgium March2018(renamedMonumentAssuranceBelgiumN.V.(“MAB”))

Counterparty Target Country Completion

IntroductionCont'd


EnstarGroupLimited LagunaLifeDAC,termlifeprotection

RepublicofIreland

March2017(renamedMonumentLifeInsuranceDAC,"MLIDAC")

BarclaysBankPLC BarclaysInsurance(Dublin)DesignatedActivityCompanyandBarclaysAssurance(Dublin)DesignatedActivityCompany,paymentprotectioninsurance(“PPI”)andshort-termincomeprotection

RepublicofIreland

March2017(companiesrenamedMonumentAssuranceDAC(“MADAC”)andMonumentInsuranceDAC(“MIDAC”),respectively);nowinliquidationandrenamedMonumentTrinityBDACandMonumentTrinityADACrespectively;PPIportfoliohastransferredtoMonumentLifeInsuranceDAC

Counterparty Target Country Completion

IntroductionCont'd


Chairman’sReport

WearepleasedtopresenttheannualreportofMonumentRe.

Our fourth year of operation saw the global financial system facing a stress event unprecedented inmoderntimesintheformoftheCovid-19pandemic.MonumentRetookimmediatestepstodeployitsbusinesscontinuitymeasuresproviding staffwith the toolsand facilitiesnecessary toenable themtoworkfromhome,whichmosthavecontinuedtodoforthelast12months.Whilstnotperfect(andwehavebeenacutelyawarethatthishasbeenfarfromidealformany),membersofstaffhavesucceededinkeepingthebusinessoperations functioningwithoutanynotable interruptionandtheboardwouldlike to express its sincere appreciation of their remarkable efforts on behalf of the group and itscustomers.

The financial impact of the pandemic on Monument Re proved to be relatively benign on balance.Nevertheless,ourreservingandcapitalbuffersprovedtobemorethanadequatetodealwiththeearlyandshort-livedsignsofstress.

In spiteof thepandemic, 2020 sawamaterial step forward in termsofour financial andoperationalscale with several important transactions completed and the integration already well-advanced.Furthermore, thepipeline remains healthywith a numberof transactions signed and announced andawaitingregulatoryapproval.TheCompanyendedtheyearinastrongpositionfinancially,operationallyandintermsoftheexperienceandskillof itsmanagementteamanditremainssettocontinueonitscurrentgrowthtrajectory.

Theprincipaldriverssupportingourdualreinsuranceandinsurancestrategynotonlyremainvalid,butappear to be gathering pace in our core markets, as insurers move on from the implementation ofSolvencyIIandturntheirfocustoensuringthatreturnoncapitalbybusinesslineismeetingtheirtargetandareasofexcessiveoperationaldistractionareaddressed.Bothofthesetendtofeaturestronglyforlegacy business lines, which are the focus of Monument Re’s business model, and we, in line withmarketcommentators,expecttoseeasteadyflowofnewtransactionopportunitiesintheyearsaheadinthedevelopedEuropeanmarkets.

Inthesecondquarterof2020,wewerepleasedtocompletetheacquisitionofGreyCastle,whichwasasignificant milestone for the group, adding assets under management of over EUR 3 billion andsignificantpensionannuityreinsuranceliabilitiesfromtheUKandIreland.ImportanttransactionswerealsosignedandannouncedinBelgium,IrelandandtheIsleofMan.MonumentRe’sbusinessmodelandthe platform built tomanage it have been designed and continue to evolve specifically tomeet theneedsofourtargetmarket.Togetherwithourcohesiveanddedicatedmanagementteam,theCompanyis set to consummate key transactions in 2021 andbeyond thatwill continue to deliver both furtherstrategicandfinancialvalue.

Onbehalfofallmembersoftheboard,IwouldliketothankthemanagementteamandallstaffintheMonument Re group for their achievements in spite of the exceptionally testing circumstancesexperiencedoverthecourseof2020.Welookforwardtocontinuedsuccessintheyearahead.

JonathanYates


ChiefExecutiveOfficer’sReport

2020was an extraordinary year globally aswell as forMonumentRe.As a groupwehavenavigatedthroughtheeffectsofthepandemicwithminimaldisruptiontocustomerserviceorbusinesscontinuitydespite almost all staff working from home formuch of the year.We remain alert as ever but alsohopefulthatgovernmentactionssucceedincontainingandultimatelyeliminatingthepandemic.

Biometric experience in 2020was negatively impacted byworsening claims experience in theUnitedKingdomwherewesawamarkedrise inunemploymentanddisability relatedclaimsarising fromourcreditlifebook.TheexperiencewashoweverwithinourtolerancesandthereservinglevelsadoptedbyMonumentLifeInsuranceDACinIreland.ThegroupsawsomeoffsetoftheseclaimsinannuitybusinesssothatinaggregatethediversificationofrisksinthegrouphelpedtoinsulatetheCompany.Investmentmarkets rebounded in subsequent quarters after the impact of the pandemic reverberated acrossmarkets in the first quarter. This provided scope for prudent, selective and sustainable investmentopportunitiesacrossEuroandDollarfixedincomemarketsparticularly.

Whilstweobservedthewithdrawalofsometransactionprocessestowardstheendofthefirstquarter,wewereabletomaintainmomentumonanumberofdealsresultingintheexecutionoffouraccretivetransactionsintheyearwithanumberrunninginto2021.

The landmark acquisition of GreyCastle was executed and completed despite the prevailing volatilemarket conditions andwas especially pleasing forMonument given the scale and excellent strategicmatch of the business. We subsequently acquired a portfolio from Allianz in Belgium, furtherstrengtheningourpositionas the leadingconsolidator inBelgium.TheacquisitionofLCL InternationalLifeAssuranceCompanyandIsleofManoperationsfromtheCharlesTaylorGroupestablishedourbaseforintegratedoperationsintheCrownDependencies.

We continue to see meaningful opportunities across our target countries in the shorter-term. Thelonger-term outlook remains positive given continued low interest rates in Europe and sustainedpressureonSolvencyIIcapitalmarginsforsubscaleportfoliosinparticular.

Our financial results for2020showoperatingprofitsofEUR475.5million.Solvencycoverageremainsverystrongat473%ofCapitalRequirementswithOwnFundsinexcessofEUR1billion.

Since start-up and especially so in 2020, we have been able to recruit talented resource across thegroup,furtherstrengtheningourdiversecapabilityatalllevels.Thedeliveryofthesestellarresultsinthecontext of the pandemic is a significant testament to the dedication, commitment and talent of ourteamacrossalltencountriesintheMonumentRegroup.

Asagroup,wecontinuetobenefitverystrongly fromthe invaluablesupportofourshareholdersandcapital providers. As we enter our fifth year of operation, I believe we are very well positioned tocapitaliseonfurthermeaningfulopportunitiesintheEuropeanlifeinsurancespace.

ManfredMaske


KeyFinancialDataDirectorsmonitortheprogressoftheGroup,amongother,byreferencetothefollowingkeyfinancialdata:

YearEnded YearEnded31stDecember 31stDecember

2020 2019€'000 €'000

Grosswrittenpremium 101,168 521,139

Claimsincurred,netofreinsurance 41,199 510,543

Profitonordinaryactivitiesbeforetax 472,962 41,438

EnhancedCapitalRequirement 232,371 58,566

EconomicBalanceSheetAvailableCapital 1,099,618 277,451

BermudaEconomicBalanceSheetSolvencyCoverageRatio 473% 474%


CapitalManagementCapitalmanagement and allocation is a key driver of the Group’s success. Capital is a resource thatsupportstheriskbearingcapacityoftheCompany,formingafoundationfortheCompany’slong-termviabilityandthetrustof itscustomers.EffectiveCapitalManagement isakeyelementof theGroup’sstrategyandability to completeandacquireportfoliosacrossdifferent jurisdictions. TheGrouphasarobustcapitalmanagementpolicy,whichgovernsthemanagementofourcapitalresourcestoprovideflexibility to execute new reinsurances and acquisitions,whilemaintaining financial strength ensuringpolicyholder and cedant security. An important element of this approach is to maintain financialflexibility by pooling capital at Monument Re, which brings diversification benefits as the businessgrows.

The primary objective of the Group is to ensure compliance with externally imposed capitalrequirements and to maintain appropriate capital ratios in order to protect the security of itsstakeholders,includingcedantsandpolicyholders,whilemaintainingshareholdervalue.

As a Bermuda reinsurer, the Group’s primary capital benchmark is to maintain sufficient EconomicBalance Sheet (“EBS”) Available Capital to meet, at all times, the Enhanced Solvency CapitalRequirements(“ECR”)adheringtoEBSFramework.

TheprinciplesofcapitalmanagementatMonumentReare:


TheprocessfollowedforCapitalManagementisasfollows:

Acapitalmanagementplanispreparedannuallywiththebusinessplanningperiodcoveringfiveyears.Thisprocessculminatesinanassessmentofthecapitalnecessarytomaintainsolvencyatthethresholdtargetedbyseniormanagementandthefirm’sriskprofile.Thisplanisreviewedandupdatedonaregularbasistoreflecttheactualperformanceofthebusiness.

CapitalManagementCont'd


RiskManagementMonumentRehasestablishedandmaintainsaRiskManagementFramework,whichisdepictedbelow:

RiskManagementFramework

Theframeworkisbasedonasoundriskculture,aneffectivesystemofgovernancewithclearaccountabilities,andasuiteofsupportingriskpolicies.

MonumentReisalignedtothe“ThreeLinesofDefence”modelforEnterpriseRiskManagement,whichiswidelyadoptedacross the financial services industry,andallows forappropriatesegregationof riskownership,oversightandassuranceresponsibilities:

∙ 1stlineofdefence:individualsandcommitteeswithdirectresponsibilityforthemanagement,controlandreportingofrisk;

∙ 2ndlineofdefence:individualandcommitteeswithresponsibilityforthedesign,coordination,oversight of the effectiveness and integrity ofMonument Re’s riskmanagement and internalcontrolframework;and

∙ 3rdlineofdefence:individualsandcommitteesprovidingindependentassuranceandchallengeinrespectoftheeffectivenessandintegrityoftheriskmanagementframework.

TheBoardhasestablishedaRiskCommitteetoassisttheBoardbyprovidingleadership,directionandoversightwithregardtoMonumentRe’sriskmanagementframework,includingriskappetite,limits,riskpoliciesandriskreporting.

TheriskstrategyoftheGroupisalignedtothebusinessstrategy.RiskappetitestatementsexpresstheBoard’sappetiteacrossallcategoriesofriskfacingthebusiness.Quantitativerisklimitsaresetforkey


risks,alongwithearlywarningthresholds,whichsupportproactiveriskmanagement.ExposuresrelativetolimitsandtriggersareregularlymonitoredandreportedtotheBoard.

PrincipalRisksandUncertainties

MarketRisk TheriskoflossorotheradverseimpactontheGrouparisingfrommovementsinmarkets(e.g.exchangerates,interestratesandinflationrates).

Investment policy and derivatives and hedgingpolicy reviewed at least annually by the Board,includingasset-liabilitymanagementlimits.

Regularmonitoringofexposuresrelativetomarketrisk limits, supplemented by stress and scenariotesting.

InsuranceRisk TheriskoflossorotheradverseimpactontheGrouparisingfromunexpectedfluctuationsinthetiming,frequencyorseverityofinsuredevents,ortimingandamountofclaimsettlementsandexpenses.

Regular monitoring of actual versus expectedclaimsandexpenses.

Regularreviewofactuarialassumptions.

Management of persistency through high qualitycustomerservice.

Selectiveuseofreinsurance.

CreditRisk TheriskoflossorotheradverseimpactontheGrouparisingfromonepartytoafinancialinstrumentfailingtodischargeanobligation.

CreditriskpolicyandinvestmentpolicyreviewedandapprovedatleastannuallybytheBoard.

Regularmonitoring of exposures relative to creditrisk limits including credit ratings limits forinvestment counterparties and concentrationlimits.

OperationalRisk TheriskoflossorotheradverseimpactontheGrouparisingfrominadequateorfailedinternalprocesses,personnelorsystemsorexternalevents.

Operationalpolicies,processesandcontrols.

RegularRiskandControlSelf-Assessmentprocess.

Event and issue management process, root causeanalysisandlearningfromadverseexperience.

LiquidityRisk TheriskoflossorotheradverseimpactontheGrouparisingfrominsufficientliquidityresourcesbeingavailabletomeetobligationsastheyfalldue.

Liquidity framework reviewed and approved atleastannuallybytheBoard.

Liquiditybuffermaintained to cover severe stress,including derivatives and reinsurance collateralrequirements.

Closematchingofassetandliabilitycashflowsandprudentlevelsofinvestmentinilliquidassets.

Risk Description Mitigatingactionsandcontrols

RiskManagementCont'd


GroupRisk TheriskoflossorotheradverseimpactontheGrouparisingfromfinancialornon-financialrelationshipsbetweenentitieswithintheGroup.Thisincludesreputational,contagion,accumulation,concentrationandintra-Grouptransactionsrisk.

GroupriskpolicyreviewedandapprovedatleastannuallybytheBoard.

Significant commonality of Board compositionacrosstheGroupanditssubsidiaries.

Closescrutinyof intra-grouptransactions includingexternalspecialistinputwhereappropriate.

Stress and scenario testing through solvency self-assessmentprocess.

ReputationalRiskpolicyandescalationprocess.StrategicRisk The risk of loss or other

adverse impact on the Grouparising from failing to identifyand react appropriately toopportunities and/or threatsarising from changes in themarket, some of which mayemerge over a number ofyears

StrategicriskpolicyreviewedandapprovedatleastannuallybytheBoard.

Board members and executive committeememberswithbroadexperienceanddeepindustryknowledge.

Rigorous due diligence process led by internalexperts with support from external specialists asrequired.

Emerging risks forum with senior representationacross the group. Topics are debated using aPESTLEframeworktoensurebroadriskcoverage.

SustainabilityRisk

TheriskoflossorotheradverseimpactontheGrouparisingfromenvironmental,socialandgovernance("ESG")risks,ortheriskofadversesocialorenvironmentalexternalitiesarisingfromtheactivitiesoftheGroup.

InvestmentpolicyincludingESGlimits,andregularmonitoringandreportingofexposuresrelativetothoselimits.

Diversifiedinvestmentportfolio.

Corporate social responsibility, and communityinvestment.

Risk Description Mitigatingactionsandcontrols

FurtherinformationrelatingtoriskmanagementisoutlinedinNote1totheFinancialStatements.

RiskManagementCont'd


CorporateGovernance

DirectorsandOfficers

Directors

▪ JonathanYates,Non-ExecutiveDirectorandChairmanoftheBoard

Jonathan isaFellowof the InstituteofActuarieswithover thirtyyears’experience in the lifeinsurance industry. He was previously CEO ofWindsor Life Assurance Company Limited and,subsequently,GuardianAssuranceCompanyLimitedandaDirectorofvariouscompanieswithintherespectiveGroups, includingArkLifeAssuranceCompanyLimited in Ireland. JonathanwasalsopreviouslyGroupFinanceDirectorofPhoenixGroupHoldingsplc;aUK listedcompanyaswellasaDirectorofvariousGroupcompanies,includingthelifeinsurancecompanieswithintheGroupandIgnisAssetManagement.

Hehaspreviouslyheldnon-ExecutiveDirectorshipsofPaternosterInsuranceCompanyLimited,in the UK, and The Empire Life Insurance Company, in Canada. Jonathan is currently a non-Executive Director with the Viridium Group in Germany, including the various life insurancecompanieswithintheGroup.HeisalsoChairmanofMLIDAC.

▪ CliveRowe,Non-ExecutiveDirectorandChairmanoftheInvestmentCommittee

Until October 2019 Clive was a General Partner and Managing Member of Oskie CapitalManagement, a New York based investment fund focused on companies going throughsignificant transformations. He founded the firm in 2010 and was a Portfolio Managerresponsibleforinvestmentsinmedia,telecom,energyandhealthcareincludingmanagedcareorganisations (health insurers). Prior to founding Oskie Capital, Clive was a partner at SLSCapital, a New York based long short equity fundwhich he co-founded in 1999. Prior to hiscareer in the investment business, Cliveworked atMonitor Company, a strategy consultancywhereheco-ledtherestructuringGroup.

Clive is currently a BoardMember of E-L Financial, a Toronto based holding companywith aportfolio of investments. E-L owns a Canadian life insurer Empire Life Insurance Company(regulatedbyOSFI)andheservesonitsBoardandasChairmanofitsInvestmentCommittee.Heis also on the Board of Algoma Central Corporation, a publicly traded shipping company andthereheisChairmanoftheCorporateGovernanceCommittee.Inthepast,CliveservedontheBoardofDominionofCanada,apropertyandcasualty insurerprior to its sale toTravelers in2013.ClivealsoservedasChairmanoftheBoardofRoadoneLogistics,aBostonbasedtruckingcompany,from2012toJune2015.

▪ PaulBohus,Non-ExecutiveDirectorandChairmanoftheAudit&ComplianceCommittee

Paul is a Senior Vice President of Corporate Development at Enstar. He has significantexperienceinthe(re)insuranceindustry,particularlyinmergersandacquisitions.Paulhasbeenwith Enstar since 2014 and is responsible for executing and overseeing all stages of theacquisition process including strategy, alternative capital, due diligence, valuation, financialimpact analysis and integration. Prior to joining Enstar, Paul spent over ten years in publicaccounting, focusing on the reinsurance industry. Paul is a Certified Public Accountant (Ohio,USA).


▪ MichaelHermannWinkler,Non-ExecutiveDirectorandChairmanoftheRiskCommittee

MichaelisamemberoftheSwissAssociationofActuaries.HeistheManagingDirectorofRefinSolGmbH,ofwhichheisalsothefounderandExecutiveDirector,providingconsultingservicesforinternationalreinsurancecompanies.

MichaelhasalsoservedasCEOofWRMReinsuranceAG,aspecialisedcarrierforbespokereinsurancetransactionsforlifeinsurancecompaniesintheareaofFinancialSolutions.

MichaelbringsoverthirtyyearsofexperiencetoMonumentRe,havingcoveredmultiplerolesinthelifereinsuranceindustrysince1980.

▪ ManfredMaske,ExecutiveDirectorandGroupChiefExecutiveOfficer

ManfredisaFellowoftheInstituteofActuarieswithovertwentyyearsofexperienceinthelifeindustryacrossanumberofterritories.HewaspreviouslyCEOandDirectorofLegalandGeneralReinsuranceinBermudaandCEOandDirectorofLegal&GeneralGulfintheMiddleEast.HehasworkedpreviouslyinarangeofmanagementandtechnicalroleswithinLegal&GeneralintheUK,culminatingintheroleofInternationalActuary,wherehesatontheBoardsofstart-upsandeitherasmemberorchairof the InvestmentCommittee.Prior to this,ManfredheldactuarialroleswithPricewaterhouseCoopersintheUK,OldMutualandMomentumLifeinSouthAfrica.

AppointedActuary

∙ RicharddeHaanPricewaterhouseCoopersLLP300MadisonAvenueNewYork,NY10017USA

CompanySecretaryandRegisteredOffice

▪ ConyersCorporateService(Bermuda)LimitedClarendonHouse2ChurchStreetHamilton,HM11Bermuda

Auditors

▪ PricewaterhouseCoopersLtd.,CharteredProfessionalAcountantsWashingtonHouse16ChurchStreetHamilton,HM12Bermuda

DirectorsandOfficersCont'd


Officers

▪ AlexBrogden,GroupChiefFinancialOfficer

Alex is a Fellow of the Institute of Actuarieswith over fifteen years of experience in the lifeindustry.HispreviousrolewasSeniorCorporateActuaryatthePhoenixGroup,wherehisroleincludedpricingandcapital structuringofacquisitionsandreinsurance,managing theGroup’sdefined benefit pension schemes and developing significant capital management actions. Hewas previously PricingActuary at AdminRe (part of the Swiss ReGroup), pricing closed fundtransactions,includingthec.GBP750macquisitionofBarclaysLife.Priortothat,AlexwasalifeinsuranceconsultantatWillisTowersWatsonandworkedonanumberofclientprojects,acrosstheUK,Europe,USandAsia.

▪ RogerThompson,GroupChiefInvestmentOfficer

RogerisaCharteredAccountantandCharteredFinancialAnalystwithovertwenty-fiveyearsofexperienceintreasuryandinvestments.HispreviousrolewasChiefInvestmentOfficeratEnstarGroupLimited,wherehisroleincludedoversightofexternalinvestmentmanagers,modellingofinvestmentreturnsforpotentialacquisitiontargets,designingandexecutingoptimalinvestmentstrategies for newly acquired companies. Roger was previously an Executive Vice President,ChiefInvestmentOfficeratAXISCapitalHoldingsLimitedandhadinvolvementinAXIS’sIPOandvariouscapitalraisingprojects,includingdebt,equity,preferredsharesandLOCcreditfacilities.

▪ NeilBurt,GroupChiefActuary

Neil is a Fellow of the Institute of Actuaries with over fifteen years of experience in the lifeindustry and a first class honours degree in mathematics. Neil was previously the ApprovedActuary andHeadofActuarial Reporting for Legal&GeneralRe, responsible forproviding anopinion on the sufficiency of the company’s long-term reserves and determining capitalrequirementsinaccordancewiththeBermudaMonetaryAuthority(“BMA”)rules.PriortoLegal& General Re, Neil transferred from within the Legal & General Group in the UK where heworked within the Legal & General Retirement Finance team. In the UK, Neil supported thedevelopmentoftheSolvencyIIreporting,strategicplanningandtheinternationalexpansionofthe Retirement division. Prior to Legal & General, Neil was an actuarial manager at DeloitteworkingonanumberofSolvencyIIandM&Aprojects.

▪ DavidLeach,GroupChiefRiskOfficer

David is a Fellow of the Institute of Actuaries, with over twenty years of experience in lifeinsurance.PriortojoiningMonumentRe,DavidheldseniorriskmanagementrolesatReAssureLifeLimitedandGuardianFinancialServices.Hehasalsoworkedasanactuarial consultantatEY,DeloitteandWillisTowersWatsonandasapricingactuaryatMunichRe.Hisconsultingworkfocusedonmergersandacquisitions inEuropeandAsia, riskmanagement, financial reportingand actuarial audit. David has written a number of articles on risk and actuarial topics, andchairedtheStressandScenarioTestingworkingpartyoftheInstituteandFacultyofActuaries.DavidhasafirstclasshonoursdegreeineconomicsfromtheUniversityofWarwick.



▪ AnthonyPhilip,GroupHeadofComplianceandCorporateGovernance

Anthony has over 25 years of experience serving as a Barrister and Attorney in the financialservices industry in Bermuda. His last role was CEO of American International Company Ltd.(“AIGBermuda”).Priortothat,hewasSeniorVicePresident&GeneralCounselofAIGBermuda.Anthony has served as a Senior Legal Adviser with Flagstone Reinsurance Limited,West EndCapitalManagement(Bermuda)Limited(afundmanagementcompany)andAppleby,SpurlingandKempeBarristersandAttorneys.HewasalsotheManageroftheCompanies,PartnershipsandPermitsDivisionattheBMA.

OfficersoftheGroup,employedbythesubsidiaryentities

▪ CarloElsinghorst–ChiefExecutiveOfficer,Ireland

Carlo has over 20 years of experience in the life and pensions industry in Ireland, TheNetherlandsandtheUK.BeforehewasappointedCEOofMonumentInsuranceIrelandin2020,hismostrecentpositionswereCFROofMonutaHoldinginTheNetherlands,CFOofFriendsFirstin Ireland and CRO & Interim CEO of Eureko Reinsurance Ireland. He also held seniormanagementpositionsatAchmeainTheNetherlands.Beforeenteringintomanagerialroles,heworked as a consulting actuary at Mercer in London. Carlo holds a Master’s degree inMathematics from Delft University of Technology, qualified as an actuary and completed anMBAatINSEADinFrance.

▪ OlivierSchmidt-Berteau-ChiefExecutiveOfficer,Luxembourg

Olivierhasover20yearsofexperienceintheinsuranceindustry.HehasservedinLuxembourgsinceDecember2006,firstasRiskManagerandFinancialController,thenChiefFinancialOfficerandfinallyfromJune2010asChiefExecutiveOfficerofAspectaLuxembourgInternationalS.A.,acompanyoftheTalanxGroup.Inhislatestfunction,hehadresponsibilitytosetuptherun-offof the company. From June 2009 Olivier was also Executive Director of the finance andinvestment companyof theGroup in Luxembourg, Talanx Finanz (Luxemburg) S.A. From June2009,Olivieralsoheld thispositionwithinEURO InternationalReinsuranceS.A. Luxemburg toprepareandcompletethesaleofthecompanyoneyearlater.Priortothat,Olivierhadnearly10years of experience in Germany in a number of senior management roles primarily in RiskManagement and Financial Controlling with Gerling Beteiligungs-GmbH, Gerling G&AVersicherungs-AGandGeneralAccidentVersicherungs-AG.Olivier graduated from the Institutd’EtudesPolitiquesdeParisandholdsalawdegree.

▪ AidanHolton–GroupChiefOperatingOfficerAidanhasover30years’experienceintheinsurancesector,withabroadrangeofdomesticandinternationalexperience.AidanhasledlargeteamsofAccounting,ActuarialandITDevelopmentstaff through significant challenges and periods of organisational change. Aidan started hiscareerwithIrishLifeinDublin,whereheoriginallytrainedasanaccountant,workinginavarietyofrolesfromgroupfinancetoITandsales.HewasappointedtotheroleofGroupCFOinAvivaIreland in2008,andsubsequentlyworked inLondonandPariswithAvivaEurope. In2013hejoinedtheBoardofNewIrelandAssuranceCompanyasanIndependentNon-ExecDirector,andin 2014was appointed as CEO of SCORGlobal Life Reinsurance in Ireland. Aidan is a Boardmember of Insurance Ireland and Chair of the members International Council as well asrepresenting the Insurance Industry on the Irish Governments IFS2020 Industry AdvisoryCommittee.



▪ ColmBrennan–GroupHeadofInternalAuditColmhasover15yearsofexperienceintheFinancialServicessectorwith10yearsofexperiencein the insurance industry. Prior to taking up his current role he held the position of Head ofFinancial Control forMonument Assurance andMonument Insurance. In this role, Colm hadoverallresponsibilityforthecontrollership,financialreportingandregulatoryreportingactivitiesfortheorganisation.PriortojoiningMonument,ColmheldthepositionofFinancialAccountantwith Friends First Finance, an asset finance company. Colm is a Fellow of the Association ofCharteredCertifiedAccountants,aCharteredTaxAdviserandmemberoftheCharteredInstituteofInternalAuditors.

▪ WarwickHelps-ChiefExecutiveOfficer,Nordben,Guernsey

Warwick is a Fellow of the Association of Chartered Certified Accountants with 13 years ofexperienceinthefinanceindustry.WarwickhasservedatNordbensinceJanuary2012,firstasDeputyChiefFinancialOfficer, thenChiefFinancialOfficerand finally fromMay2016asChiefExecutive Officer. In his latest function, he has taken responsibility for executing Nordben’sstrategytoensurethebusinessisrunoffasefficientlyandprofitablyaspossiblewithastrongfocusonexcellentoperationalmanagementandcommunicationskillstobeabletomotivatethestaff tomeet the challenges of running off the liabilities of the Company. Prior to Nordben,WarwickwasanauditmanageratDeloitteworkingpredominantlywithamixtureofinsuranceclients.

▪ KoenDepaemelaere–ChiefExecutiveOfficer,Belgium

Koenhasmorethan15yearsofrelevantexperienceintheBeNeLuxinsurancemarketandwasDirectorandCEOoftheLifeInsurancebusinessatAXABelgium.HeheldamandateasPresidentandpreviouslyCEOofAXAPrivateManagement.Hewasalso theCEOof the largestBeNeLuxbrokerVanbredaRisk&Benefits.HehasledseveraldigitaltransformationsasCEOofPortima/Assurnet,theleadingIT-platformintheBeInsurancesector,ChiefTransformationOfficeratSDWorxandCCOatBanksys/Worldline.KoenholdsaMasterofEngineeringScience(ir.)fromKULeuvenandanMBAfromVlerickBusinessSchool.

▪ AadVanDerKlugt-ChiefExecutiveOfficer,RobeinLeven,Netherlands

Aadhasover40years’experienceintheinsuranceandfinancialsectorintheNetherlands,andhasledlargeorganizations/teams(200–770fte)throughsignificantchallengesandperiodsoforganisational change. In his career he has held various seniormanagement positionswith anumber of (medium) large insurance companies and pension administrators, such as ING,NationaleNederlanden,VanLanschot,Loyalis/APG,Vivat,Reaal,ZwitserlevenandMnServices.

▪ GemmaCerasi,GroupHeadofHumanResources

Gemmahasover15years’experiencewithintheFinancialServicesandITsector.PriortojoiningMonumentGemma’slastrolewasHeadofHumanResourcesforArkLife.PriortothatsheheldvariousseniorhumanresourceroleswithinAvivaatalocalandEuropeanlevelacrosstheirLifeandPensionsandGeneral Insurancebusinesses.GemmastartedhercareerwithOraclewhereshepreviouslyheldpositionswithintheirLearningandDevelopmentdivision.

TheBoardofDirectorsplaysacriticalroleinthesuccessfuloperationofMonumentRe,beingultimatelyresponsible for sound and prudent governance and oversight of the Company. The Board’s duties,membership,frequencyofmeetingsandquorumisdefinedintheBoardcharter.ThemixofskillsandexperienceofBoardmembersensuresthatthereisanappropriatelevelofexperience,knowledgeandexpertise that is commensurate with the nature, scale and complexity ofMonument Re’s business.Membership of the Board and its committees will be reviewed at least every three years, or morefrequentlyuponamaterialchangeinbusinessactivitiesorriskprofile,incompliancewiththeBermudaMonetaryAuthority(“BMA”)’sGroupSupervisionRules.



MonumentRe’sBoardincludesfournon-ExecutiveDirectorsandoneExecutiveDirectorwhosedutiesinclude,butarenotlimitedto:

▪ MaintainanadequateunderstandingoftheCompany’stotalbusinessandoperationstobeabletotestandchallengethedecisionsofotherDirectorsandSeniorManagement;

▪ Devote sufficient time to enable the proper discharging of the Director’s governing functiondutiesandattendallBoardmeetingswherepossible;

▪ ThroughBoardmeetingsandactivities,assistwithdeterminingthelongandshort-termstrategyoftheCompany;

▪ WhenrequestedbytheBoard,representtheCompanyinitsdealingswiththirdparties;

▪ At all times complywith the legal, fiduciary and common lawduties as aDirector, aswell asapplicable regulation, including the requirementsof theBMAandensure thatanyconflictsofinterestareproperlyresolved;and

▪ Liaise with external auditors, PricewaterhouseCoopers Ltd. (“PwC”) Bermuda, as to theirfindings.

Inlinewithinternationalbestpractices,theBoardhasdelegateditsauthorityeitherdirectlyorindirectlytoanumberofcommittees,whichmeetinBermuda,eachwiththeirowntermsofreference.



CorporateGovernanceStructure

ThekeyBoardcommitteesatMonumentRearedepictedbelow:

NotethattheotherMonumententitiesareeachgovernedbyaBoardofDirectorsandhaveadditionalcommitteesastheirsizeandscoperequires.


Committee KeyAttendees KeyResponsibilities

AuditandCompliance

▪ PaulBohus(Chairman);

▪ MichaelWinkler;and

▪ CliveRowe

Ensuringtheintegrityoffinancialstatementsandthefinancialreportingprocess;

Overseeing,challengingandreviewingboththeinternalandexternalauditfunctions;and

ReviewingandmonitoringtheadequacyandeffectivenessoftheCompany’scompliancefunction,andriskandcompliancetrainingprograms.

Risk ▪ MichaelWinkler(Chairman);

▪ PaulBohus;

▪ JonathanYates;and

▪ ManfredMaske

Providingleadership,directionandoversighttoMonumentRe’sriskappetiteandtolerance,andRiskManagementFramework;

ReviewingandrecommendingforBoardapprovalallriskpolicies;and

Overseeingtheeffectivenessoftheinternalcontrolsystem.

Investment ▪ CliveRowe(Chairman);

▪ JonathanYates;

▪ MichaelWinkler;and

▪ ManfredMaske

Overseeingthedevelopmentoftheinvestmentstrategyandthemaking,holdinganddisposalofinvestments;

Monitoringcomplianceofinvestmentportfolioswiththepolicies,guidelinesandrisklimits;and

ReviewingandapprovingperiodicallyinvestmentbenchmarksandKPI’sforinvestmentportfoliosandinvestmentfunction.

Nominations,RemunerationsandGovernance

▪ JonathanYates(Chairman);

▪ CliveRowe;and

▪ PaulBohus

AssistingwiththedeterminationoftheoverallremunerationpolicyfortheGroup;

ReviewingmembershipoftheBoardandCommitteestoensurefitnessandprobity;and

AssistingtheBoardinensuringitretainsanappropriatebalanceofskillstosupportMonumentRe’sstrategicobjectives.

CorporateGovernanceStructureCont'd


Directors’Report

PrincipalActivities

Monument Re is a Bermuda based Class E life reinsurer. Within risk appetite Monument Re seeksopportunitiestoassumeEuropeanlife(re)insurancecompanies,andefficientlyoperatethesebusinessesand/orportfolios.Thekeyactivitiesrelatetotwoprincipalareas,namely:

▪ Acquisition of portfolios or direct insurers, primarily those in run-off and targeting mainlyannuity,guaranteedsavingsorlinkedproducts;and

∙ Reinsuranceoflong-dated,assetintensiveliabilities,typicallywithguarantees.

AdditionallyMonumentReistheparentcompanyanddesignatedinsurerofMonumentReGroup(the“Group”), which is made of Monument Re and its subsidiaries and as such is subject to GroupsupervisionbytheBMA.

AccountingRecords

The measures taken by the Directors to secure compliance with the Company’s obligations to keepadequate accounting records are the use of appropriate systems, procedures and controls, and theemployment of competent persons. The accounting records are kept at Crown House, 4 Par-la-VilleRoad,Hamilton,HM08,Bermuda.

AccountingPeriod-End

TheseConsolidatedFinancialStatementsarepreparedfortheyearended31stDecember2020.

GoingConcern

TheDirectorshaveareasonableexpectationthattheCompanyhasadequateresourcestocontinueinoperationalexistencefortheforeseeablefuture.Therefore,theConsolidatedFinancialStatementshavebeencompiledonagoingconcernbasis.

ResultsandDividends

ResultsfortheyeararesetintheStatementofComprehensiveIncomebelowandshowaprofitbeforetaxofEUR473.0milliononordinaryactivitiesfortheyearended31stDecember2020.DividendsofEUR25.0millionwerepaidtotheshareholderduringtheyear.

BusinessReview

In 2020, the Group completed the acquisitions of GreyCastle Holdings Ltd. (subsequently renamedMonumentHoldingsLtd.)anditssubsidiaries,andCattolicaLifeDAC(subsequentlyrenamedOmegaLifeDAC).Combined,thesetransactionshaveledtoabargainpurchasegainofEUR278.4million.

In 2020, the Group completed the acquisition of portfolio of unit-linked International Portfolio BondpoliciesfromZurichLifeAssuranceplc("ZurichLife").InaccordancewiththeapprovaloftheIrishHighCourt,theportfoliohastransferredasofthe30thNovember2020,toMonumentLifeInsuranceDACinIreland.

SeetheCEOreportforfurtherdetails.


DirectorsThenamesofthepersonswhowereDirectorsduringtheyearended31stDecember2020aresetoutbelow:

Director DateAppointed

CliveRowe 1stMarch2017

JonathanYates 31stOctober2016

ManfredMaske 4thMay2017

MichaelHermannWinkler 1stMarch2017

PaulBohus 4thMay2017

EventsafterthePeriodEnd

PleaseseeNote20totheConsolidatedFinancialStatements.

Directors’ComplianceStatement

TheDirectors acknowledge that they are responsible for securing the Company’s compliancewith itsrelevantobligations.

DisclosureofInformationtoAuditorsTheDirectorsinofficeatthedateofthisreporthaveeachconfirmedthatasfarasheisaware,thereisnorelevantauditinformationofwhichtheCompany’sstatutoryauditorsareunawareandhehastakenallthestepsthatheoughttohavetakenasaDirectorinordertomakehimselfawareofalltherelevantauditinformationandtoestablishthattheCompany’sstatutoryauditorsareawareofthatinformation.

OnbehalfoftheBoard

Director Director

30thApril2021 30thApril2021

Directors'ReportCont'd


ConsolidatedFinancialStatements

StatementofDirectors’ResponsibilitiesTheDirectorssubmittheirreporttogetherwiththeauditedConsolidatedFinancialStatementsfortheyearended31stDecember2020.

StatementofDirectors’Responsibilities

Bermuda law requires the Directors to prepare consolidated financial statements for each financialperiod that give a true and fair view of Monument Re Limited, together with its subsidiaries’ (the“Group”),assets,liabilitiesandfinancialpositionattheendofthefinancialperiodandtheprofitorlossof the Group for the financial period. Under that law, the Directors have prepared the ConsolidatedFinancial Statements in accordance with Generally Accepted Accounting Practice in UK & Ireland(accounting standards issued by the Financial Reporting Council of the UK, and promulgated by theInstituteofCharteredAccountantsinIrelandandIrishlaw),includingFinancialReportingStandard102,“The Financial Reporting Standard Applicable in the UK and Republic of Ireland” (“FRS 102”), andFinancialReportingStandard103,“InsuranceContracts”(“FRS103”).

AdditionallyinaccordancewiththeInsuranceAccountsRegulations1980(“Regulations”)issuedbytheBMA,theGrouphastoprepareStatutoryFinancialStatements(“SFS”).

TheDirectorsareresponsibleforkeepingadequateaccountingrecordsthataresufficientto:

▪ CorrectlyrecordandexplainthetransactionsoftheGroup;

▪ Enable,atanytime,theassets,liabilities,financialpositionandprofitorlossoftheGrouptobedeterminedwithreasonableaccuracy;and

▪ EnabletheDirectorstoensurethattheconsolidatedfinancialstatementscomplywithFRS102andFRS103andenablethoseconsolidatedfinancialstatementstobeaudited.

UnderBermudalaw,theDirectorsshallnotapprovetheconsolidatedfinancialstatementsunlesstheyaresatisfiedthattheygiveatrueandfairviewoftheGroup’sassets,liabilitiesandfinancialpositionattheendofthefinancialperiodandtheprofitorlossoftheGroupforthefinancialperiod.

Inpreparingthefinancialstatements,theDirectorsarerequiredto:

▪ Selectsuitableaccountingpoliciesandthenapplythemconsistently;

▪ Makejudgementsandestimatesthatarereasonableandprudent;

▪ Statewhether the consolidated financial statements have been prepared in accordancewithapplicableaccountingstandardand identify thestandards inquestion,subject toanymaterialdepartures from those standards being disclosed and explained in theNotes to the FinancialStatements;

▪ Notifythecompany’sshareholdersinwritingabouttheuseofdisclosureexemptions,ifany,ofFRS102;and

▪ Preparetheconsolidatedfinancialstatementsonagoingconcernbasisunlessitisinappropriatetopresumethatthecompanywillcontinueinbusiness.

The Directors are also responsible for safeguarding the assets of the company and hence for takingreasonablestepsforthepreventionanddetectionoffraudandotherirregularities.


PricewaterhouseCoopers Ltd., Chartered Professional Accountants, P.O. Box HM 1171, Hamilton HM EX, Bermuda T: +1 (441) 295 2000, F:+1 (441) 295 1242, www.pwc.com/bermuda

Independent auditor’s report

To the Board of Directors and Shareholder of Monument Re Limited

Our opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Monument Re Limited (the Company) and its subsidiaries (together ‘the Group’) as at December 31, 2020, and their consolidated financial performance and their consolidated cash flows for the year then ended in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

What we have audited The Group’s consolidated financial statements comprise:

• the consolidated statement of financial position as at December 31, 2020;

• the consolidated statement of comprehensive income for the year then ended;

• the consolidated statement of changes in equity for the year then ended;

• the consolidated statement of cash flows for the year then ended;

• the statement of accounting policies for the year then ended; and

• the notes to the consolidated financial statements.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code) and the ethical requirements of the Chartered Professional Accountants of Bermuda Rules of Professional Conduct (CPA Bermuda Rules) that are relevant to our audit of the consolidated financial statements in Bermuda. We have fulfilled our other ethical responsibilities in accordance with the IESBA Code and the ethical requirements of the CPA Bermuda Rules.

Other information

Management is responsible for the other information. The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon.

Reference: Independent Auditor’s Report on the Consolidated Financial Statements of Monument Re Limited and its subsidiaries as at December 31, 2020 and for the year then ended Page 2 of 3

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of management for the consolidated financial statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Reference: Independent Auditor’s Report on the Consolidated Financial Statements of Monument Re Limited and its subsidiaries as at December 31, 2020 and for the year then ended Page 3 of 3

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or

business activities within the Group to express an opinion on the consolidated financial statements.

We are responsible for the direction, supervision and performance of the group audit. We remain

solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope

and timing of the audit and significant audit findings, including any significant deficiencies in internal

control that we identify during our audit.

Chartered Professional Accountants Hamilton, Bermuda

April 30, 2021

MonumentReLimitedConsolidatedFinancialStatementsConsolidatedStatementofComprehensiveIncomeGeneralBusinessTechnicalAccountFortheyearsended31stDecember2020and2019


2020 2019Notes €'000 €'000

Earnedpremiums,netofreinsuranceGrosspremiumswritten 4 16,885 21,366Netpremiumsearned 16,885 21,366

Investmentincome 5 151 269Gains/(losses)onrealisationofinvestments 5 (158) (22)Unrealisedgains/(losses)oninvestments 5 59 (64)

ClaimsincurredClaimspaid- grossamount 14 (8,207) (8,198)

Netclaimspaid (8,207) (8,198)

Changeintheprovisionforclaims- grossamount 14 (2,670) 839

Changeinthenetprovisionforclaims (2,670) 839Claimsincurred (10,877) (7,359)

Operatingexpenses 6 (5,483) (10,693)

Foreignexchangegains/(losses) 116 (49)Taxonprofitonthegeneralbusinessaccount 7 454 (215)

Balanceonthegeneralbusinesstechnicalaccount 1,147 3,233


ConsolidatedStatementofComprehensiveIncomeLong-TermBusinessTechnicalAccountFortheyearsended31stDecember2020and2019


2020 2019Notes €'000 €'000

Earnedpremiums,netofreinsuranceGrosspremiumswritten 4 84,283 499,773Outwardreinsurancepremiums (3,050) (2,783)Netpremiumsearned 81,233 496,990

Investmentincome 5 36,502 13,012Gains/(losses)onrealisationofinvestments 5 25,344 37,926Unrealisedgains/(losses)oninvestments 5 (4,224) (98)Incomefromdepositswithcedingundertakings 5 167,859 11,877

Othertechnicalincome,netofreinsurance 19,975 3,319Otherincome/(loss) 1,074 984

Claimsincurred,netofreinsuranceClaimspaid- grossamount 14 (270,609) (109,076)- reinsurers’share 14 1,661 7,545

Netclaimspaid (268,948) (101,531)

Changeintheprovisionforclaims- grossamount 14 237,262 (397,940)- reinsurers’share 14 1,364 (3,713)

Changeinthenetprovisionforclaims 238,626 (401,653)Netclaimsincurred (30,322) (503,184)

Operatingexpenses 6 (73,031) (31,203)Othertechnicalcharges,netofreinsurance (3,794) (2,266)Foreignexchangegains/(losses) (4,488) 2,236Taxonprofitonthelong-termbusinessaccount 7 2,174 947Balanceonthelong-termbusinesstechnicalaccount 218,302 30,540

MonumentReLimitedConsolidatedFinancialStatementsCont'd


ConsolidatedStatementofComprehensiveIncomeNon-TechnicalAccountFortheyearsended31stDecember2020and2019


2020 2019Notes €'000 €'000

BalanceontheGeneralbusinesstechnicalaccount 1,147 3,233BalanceontheLong-termbusinesstechnicalaccount 218,302 30,540

TaxcreditattributabletobalanceonGeneralandLong-termbusiness 7 (2,628) (732)Shareholder'spre-taxprofitfromtechnicalaccounts 216,821 33,041

Investmentincome 5 2,008 861Unrealisedgains/(losses)oninvestments 5 3,448 4Otherincome/(loss) (1,574) 253

Gainonacquisition 2 278,414 21,121Foreignexchangegains/(losses) (544) (24)Operatingexpenses 6 (25,611) (13,818)Profitonordinaryactivitiesbeforetax 472,962 41,438Taxonprofitonordinaryactivities 7 2,581 558Profitonordinaryactivitiesaftertax 475,543 41,996Othercomprehensiveloss,netoftax — 3,092Totalcomprehensiveincomeaftertax 475,543 45,088

TheaccountingpoliciesandestimationtechniquesinStatementofAccountingPoliciesandNotestotheFinancialStatementsbelowformanintegralpartoftheseConsolidatedFinancialStatements.

Alloftheamountsaboverelatetocontinuingactivities.



ConsolidatedStatementofFinancialPositionAsat31stDecember2020and2019

31st

December31st

December2020 2019

Notes €'000 €'000AssetsInvestments

Otherfinancialinvestments 9 1,266,779 1,057,935Depositswithcedingundertakings 9 2,955,259 —

4,222,038 1,057,935

Assetscoveringunit-linkedliabilities 9,10 1,403,992 987,233Reinsurers'shareoftechnicalprovisions

Long-termbusinessprovision (1) 11,14 11,070 9,779Technicalprovisionsforunit-linkedliabilities 14 93,322 94,195

104,392 103,974Debtors

Debtorsarisingoutofdirectinsuranceandreinsuranceoperations 12 26,949 4,213Otherdebtors 12 14,915 18,251Owedbygroupcompanies 12 453 31,077

42,317 53,541

Cashandcashequivalents 349,408 281,236(restricted2020:EUR10,981and2019:EUR20,175)Intangibleassets (1) 11 14,941 15,846Otherassets 3,458 294Prepaymentsandaccruedincome

Accruedinterest 12,989 12,721Deferredexpenses 871 336Otherprepaymentsandaccruedincome 7,254 3,494

21,114 16,551Totalassets 6,161,660 2,516,610

(1)Thebalancesfortheyearended31stDecember2019wererestatedtoreflecttheimpactofanadjustmentrelatedtoAssetValue-In-Forcetocorrectthenegativereservespertainingtoinvestmentcontracts.RefertoNote11forfurtherdetails.



ConsolidatedStatementofFinancialPosition–ContinuedAsat31stDecember2020and2019

31stDecember 31stDecember2020 2019

Notes €'000 €'000Liabilities,CapitalandReserves

CapitalandreservesCalledupsharecapital 13 52,491 52,491Capitalcontribution 13 486,758 109,924Profitandlossaccount 567,879 117,336Foreigncurrencytranslationreserve (375) (375)Totalcapitalandreserves 1,106,753 279,376

LiabilitiesFundforfutureappropriations 14 — 68,429Technicalprovisions

Long-termbusinessprovision (1) 11,14 3,458,261 1,015,161Generalbusinessprovision 14 9,558 7,454

Technicalprovisions 3,467,819 1,091,044

Technicalprovisionsforlinkedliabilities 9 1,403,992 987,233Reinsuranceliability 14 96,314 98,557

Creditors

Creditorsarisingoutofdirectinsuranceoperations 15 21,087 21,421Creditorsarisingoutofreinsuranceoperations 15 867 6,697

Othercreditorsincludingtaxationandsocialsecurity 16 40,488 16,348

62,442 44,466

Accrualsanddeferredincome 24,340 15,934Totalliabilitiesandequity 6,161,660 2,516,610

(1)Thebalancesfortheyearended31stDecember2019wererestatedtoreflecttheimpactofanadjustmentrelatedtoAssetValue-In-Forcetocorrectthenegativereservespertainingtoinvestmentcontracts.RefertoNote11forfurtherdetails.



TheaccountingpoliciesandestimationtechniquesinStatementofAccountingPoliciesandNotestotheFinancialStatementsbelowformanintegralpartoftheseConsolidatedFinancialStatements.

OnbehalfoftheBoard

Director Director

30thApril2021 30thApril2021



ConsolidatedStatementofChangesinEquityFortheyearsended31stDecember2020and2019

Called-upShare

CapitalCapital

Contribution

ProfitandLossReserve

ForeignCurrency

TranslationReserve Total

€'000 €'000 €'000 €'000 €'000

Balanceat1stJanuary2020 52,491 109,924 117,336 (375) 279,376

Profitonordinaryactivities,aftertax — — 475,543 — 475,543

Totalcomprehensiveincome/(loss),netoftax — — 475,543 — 475,543

Dividenddistributions — — (25,000) — (25,000)Capitalcontributions — 376,834 — — 376,834

Totaltransactionswithowners,recogniseddirectlyinequity — 376,834 (25,000) — 351,834

Balanceat31stDecember2020 52,491 486,758 567,879 (375) 1,106,753

Called-upShare

CapitalCapital

Contribution

ProfitandLossReserve

ForeignCurrency

TranslationReserve Total

€'000 €'000 €'000 €'000 €'000Balanceat1stJanuary2019 56,028 89,479 77,509 (3,467) 219,549

Profitonordinaryactivities,aftertax — — 41,996 — 41,996

Shareredenomination (3,537) 445 3,092 —

Totalcomprehensiveincome/(loss),netoftax (3,537) 445 41,996 3,092 41,996

Dividenddistributions — — (2,169) — (2,169)Capitalcontributions — 20,000 — — 20,000

Totaltransactionswithowners,recogniseddirectlyinequity — 20,000 (2,169) — 17,831

Balanceat31stDecember2019 52,491 109,924 117,336 (375) 279,376



ConsolidatedStatementofCashFlowsFortheyearsended31stDecember2020and2019

Notes

YearEnded YearEnded 31stDecember 31stDecember

2020 2019€’000 €’000

Netcashfromoperatingactivities 18 34,854 549,985 Interestreceived 25,628 6,127 Taxationreceived/(paid) 2,581 558 Netcashgeneratedfromoperatingactivities 63,063 556,670

Cashflowfrominvestingactivities Acquisitionofsubsidiary(netofcashacquired) (371,733) (15,845) Proceedsfromthesaleofinvestments 1,569,615 790,525 Purchasesofinvestments (1,544,606) (1,187,028) Netcashusedininvestingactivities (346,724) (412,348)

Cashflowfromfinancingactivities Capitalcontribution 376,833 —Dividendspaid (25,000) —Netcashgeneratedfromfinancingactivities 351,833 —

Netincreaseincashandcashequivalents 68,172 144,322

CashandCashEquivalentsatthebeginningoftheyear 281,236 137,558

Effectofexchangerateoncashandcashequivalents — (644) CashandCashEquivalentsattheendoftheyear 349,408 281,236



StatementofAccountingPolicies

GeneralInformation

Monument Re Limited (“Monument Re” or the “Company”) is a long-term class E reinsurer underBermuda’sInsuranceActof1978.TheprincipalactivitiesoftheCompanytogetherwithitssubsidiaries(the“Group”)aretoacquireorreinsureclosedblocksofsavingsandprotectionsbusiness,annuityrisksand unit-linked products. Monument Re is the Designated Insurer of the Group. The Company is aprivatecompanyincorporatedinBermudawithitsprincipalplaceofbusinessbeingCrownHouse,4Par-la-Ville,Hamilton,HM08,Bermuda.

At the year-end, the Company’s immediate parent company isMonument Finco Limited (“Finco”), aCaymanbasedcompany,whichisownedbyMonumentMIDCOLimited(“MIDCO”),whichisownedbythe ultimate parent, Monument Insurance Group Limited (“MIGL”), both of which are Bermudadomiciled.

StatementofCompliance

The Consolidated Financial Statements have been prepared in compliance with United KingdomAccountingStandards(“UKGAAP”),includingFinancialReportingStandard102,‘‘TheFinancialReportingStandardapplicableintheUKandRepublicof Ireland’’(‘‘FRS102’’), andFinancialReportingStandard103,“InsuranceContracts”(“FRS103”).

SummaryofSignificantAccountingPolicies

ThesignificantaccountingpoliciesusedinthepreparationoftheConsolidatedFinancialStatementsaresetoutbelow.

BasisofPresentation

The Consolidated Financial Statements have been prepared under the historical cost convention, asmodifiedbythemeasurementofcertainfinancialassetsand liabilitiesat fairvaluethroughprofitandloss. The preparation of Consolidated Financial Statements in conformity with FRS 102 and FRS 103requires the use of certain critical accounting estimates. It also requiresmanagement to exercise itsjudgement in theprocessofapplying theCompany’saccountingpolicies.Theareas involvingahigherdegreeof judgementor complexity, or areaswhere assumptions and estimates are significant to theConsolidated Financial Statements, are disclosed in Critical Accounting Judgements and EstimationUncertaintybelow.

a. GoingConcern

When preparing Consolidated Financial Statements,management performs an assessment of theCompany’sabilitytocontinueasagoingconcern.Anentityisagoingconcernunlessmanagementeither intendsto liquidatetheentity,ceasetrading,orhasnorealisticalternativebuttodoso. Inassessingwhetherthegoingconcernassumptionisappropriate,managementtakesintoaccountallavailableinformationaboutthefuture,whichisatleast,butisnotlimitedto,twelvemonthsfromthe datewhen the Consolidated Financial Statements are authorised for issue. The ConsolidatedFinancialStatementsarecompiledonagoingconcernbasis,unlessmanagementdeterminesintheirassessmentapplyingtheabovecriteriathatsuchabasisofpresentationwouldnotbeappropriate.


b. BasisofConsolidation

TheConsolidatedFinancialStatementsincludethefinancialstatementsoftheCompanyandallofitssubsidiaryundertakings.

Asubsidiaryisanentitycontrolledbytheparent.Control isthepowertogovernthefinancialandoperatingpoliciesofanentitysoastoobtainbenefitsfromitsactivities.

TheCompanyconsolidates its investeeswhenitownsdirectlyor indirectlythroughitssubsidiariesmore than 50% of voting power of that entity, unless it can be clearly demonstrated that suchownershipdoesnotconstitutecontrol.TheCompanyalsoconsolidatesitsinvesteeswhenithaslessthan50%ofvotingpowerofthatentity,howeverithascontrolbasedonotherfactors.

Anysubsidiaryundertakingsorassociatessoldoracquiredduringtheperiodareincludedupto,orfrom,thedatesofchangeofcontrolorchangeofsignificantinfluencerespectively.

Allintra-grouptransactions,balances,incomeandexpensesareeliminatedonconsolidation.

c. ComparativeInformation

Thecomparative informationhasbeen restated to reflect the impactofanadjustment related toAssetValue-In-Force tocorrect thenegative reservespertaining to investmentcontracts.Refer toNote11forfurtherdetails.

BusinessCombinationandGoodwill

Business combinations are accounted for by applying the purchase method. The cost of a businesscombination is the fair valueof the consideration given, liabilities incurredor assumedandof equityinstrumentsissuedaswouldbedeterminedbyanindependentmarketparticipantplusthecostsdirectlyattributabletothebusinesscombination.

Onacquisitionofabusiness,fairvaluesareattributedtotheidentifiableassets,liabilitiesandcontingentliabilities.Wherethefairvalueofcontingentliabilitiescannotbereliablymeasuredtheyaredisclosedonthesamebasisasothercontingentliabilities.

Intangible assets acquired as part of an acquisition of a business are not capitalised separately fromgoodwillunless,basedoncircumstances, such recognitionwouldprovidemeaningful informationandthe fair valuecanbemeasured reliablyon initial recognition. Intangibleassetsacquiredaspartofanacquisitionarenotrecognisedwheretheyarisefromlegalorothercontractualrights,andwherethereisnohistoryofexchangetransactions.Negativevalue-in-force(assetVIFor“AVIF”)relatedtoacquiredunit-linkedinvestmentproductsisrecognizedasanintangibleasset.AVIFrelatedtonon-linkedbusinessisoffsetagainsttechnicalprovisions.Amortizationpatternisbasedontheexpectedrun-offoftheunitlinkedassets,basedonthelapserateassumedontheacquisitiondate(theAVIFshouldgenerallymovein line with the unit linked assets). Impairment analysis is required to be performed annually.Impairmentisdrivenbyexcessivelapsesratherthanmarketmovementspostacquisition.

Goodwill recognised represents the excess of the fair value and directly attributable costs of thepurchase consideration over the fair values to the Company’s interest in the identifiable net assets,liabilitiesandcontingentliabilitiesacquired.

Goodwillisamortisedoveritsexpectedusefullife.Goodwillisassessedforimpairmentwhenthereareindicators of impairment and any impairment is charged to the Consolidated Statements ofComprehensiveIncome.Reversalsof impairmentarerecognisedwhenthereasonsfortheimpairmentnolongerapply.

StatementofAccountingPoliciesCont'd


WherethefairvalueoftheCompany’sinterestintheassets,liabilitiesandcontingentliabilitiesacquiredexceedsthefairvalueofthepurchaseconsiderationanddirectlyattributablecosts,againonacquisitionarises.Thegainuptothevalueofthemonetaryassetsandliabilitiesoverwhichithasbeenattributedisrecognized in the Consolidated Statements of Comprehensive Income for the period in which theCompany is expected to benefit. Any material non-monetary residual balance is recognized in theConsolidatedStatementsofFinancialPositionandreleasedtoprofitandlossovertheperiod inwhichsaidassetsarerecovered.

PortfolioTransfer

Transferredassetsand liabilitiesarevalued inaccordancewith theCompany’saccountingpolicies forspecificassetsandliabilities.TheCompanypresentsthecompensationreceivedaspremiumsandlossestransferred are recorded within ‘Claims incurred’ in the Consolidated Statements of ComprehensiveIncome.

BasisofAccountingforInsuranceandReinsuranceBusiness

a. ContractClassification

TheGroupissuesorassumescontractsthattransferinsurancerisk,financialriskorboth.ThecontractsissuedorassumedbytheGroupincludesavingsandprotectionscontracts,annuityrisksandunit-linkedproducts.

Insurancecontractsarethosecontractsthattransfersignificantinsuranceriskorcontractsdesignatedasdiscretionary participation contracts. Such contracts may also transfer financial risk. As a generalguideline, the Company determines whether it has significant insurance risk by comparing benefitspayableafteraninsuredeventwithbenefitspayableiftheinsuredeventhadnotoccurred.

Investment contracts are those contracts that transfer financial riskwith no significant insurance riskandarenotcontractsdesignatedasdiscretionaryparticipationcontracts.Unit-linkedcontractswrittenby the Company,where the liability under the contract is dependent on the value of the underlyingfinancialassets,areclassifiedaseither insurancecontractsor investmentcontractsdependingon thelevelofinsurancerisktransferred.

b. LongTermBusiness

▪ PremiumsWritten

Premiumsarewrittenandearnedwhendueforpayment,irrespectiveofwhethertheyrelateinwholeorinparttoalateraccountingperiod,togetherwithregularperiodicpremiumsreceivedoncontractsenteredintoinpreviousyears.Anyrelatedcommissionsareexpensedasincurred.

▪ Claims

Claims are accounted for when notified or due for payment. Claims payable include relatedexternalclaimshandlingcosts.

▪ Long-TermBusinessProvision

The Company has determined UK GAAP liabilities to be equivalent to Bermudian TechnicalProvisions(“TP”)whichisthesumofBestEstimateLiabilities(“BEL”)andaRiskMargin(“RM”),asdeterminedundertheEconomicBalanceSheetregime.

TheBELisbasedonanassessmentofcashflowsrequiredtosatisfyinsuranceobligations.Bestestimatecorrespondstoaprobabilityweightedaverageoffuturecashflowswithanallowance,



where applicable, for contract boundaries. The BEL is determined by discounting the bestestimatecashflowsattheapplicablecurvedependingontheunderlyingapproachadopted.Thecurrencyofthecurveisrepresentedbythecurrencyofthepolicyholderliabilities.

Thecashflowprojectionsusedinthecalculationofthebestestimatetakeaccountofallfuturecashin-andout-flowsrequiredtosettletheinsuranceobligationsattributabletothelifetimeofthe policy, subject to contract boundaries. The cash flows are defined to continue up to thepointatwhich:

▪ Theinsurerisnolongerrequiredtoprovidecoverage;

▪ The insurer has the right or the practical ability to reassess the risk of the particularpolicyholderand,asaresult,cansetapricethatfullyreflectsthatrisk;and

▪ Theinsurerhastherightorthepracticalabilitytoreassesstheriskoftheportfoliothatcontainsthecontractand,asaresult,cansetapricethatfullyreflectstheriskofthatportfolio.

TheRMreflectsthecostofcapitalthatathirdpartywouldapplywereittoprovideapricefortheassumptionoftheBEL.Itfollowsacostofcapitalapproach,witha6%costofcapitalcharge(as prescribed by the Bermuda Monetary Authority rules). It covers all non-hedgeable risks,including insurance, operational and counterparty risk capital, projected over the contractperiodanddiscountedatrisk-free.

Weconsiderthistobeanappropriateapproximationoffairvalue,andconsistentwithhowthebusinessismanagedmoregenerally.

Wherereservesonpoliciesarenegative(i.e.anassetratherthanaliability)thenegativereserveisoffsetagainstpositivereservesforpolicieswithinthesamegrouping.

Liability adequacy testing on its insurance liabilities is performed to ensure that the carryingamount of the liabilities is sufficient to cover current estimates of future cash flows. Whenperforming the liability adequacy test, the Company discounts all contractual cash flows andcompares this amount with the carrying value of the liability. Any deficiency is immediatelychargedtotheConsolidatedStatementsofComprehensive Incomebyestablishingaprovisionforreserves.

▪ Discretionaryparticipationfeatures

A discretionary participation contract entitles the policyholder to receive bonuses as asupplementtoguaranteedbenefits.Bonusesaredeclaredandcreditedannually.

Thesediscretionary increasesorbonuses increasepolicybenefits and,once credited,becomeguaranteed.DiscretionaryincreasesorbonusesarerecognizedintheConsolidatedStatementsofComprehensiveIncomewithin‘Changeinthenetprovisionforclaims’.

▪ FundforFutureAppropriations

The fund for futureappropriations representsalldiscretionaryparticipation fund liabilities forwhich the allocation between discretionary participation contract policyholders and theShareholderhasnotbeendeterminedbytheAppointedActuaryandtheBoardattheStatementof Financial Position date. Transfers between the fund for future appropriations and the



technicalaccount represent thechanges in theseunallocatedamountsbetweenStatementofFinancialPositiondates.

▪ Reinsurance

TheCompanycedes insurancepremiumsandrisk in thenormalcourseofbusiness.Outwardsreinsurancepremiumsareaccountedforinthesameaccountingperiodastherelatedpremiumsforthedirectinsurancebusinessbeingreinsured.Reinsuranceassetsincludebalancesduefromreinsurancecompaniesforpaidandunpaidlosses,cededunearnedpremiumsandcededfuturelifepolicybenefits.Amountsrecoverablefromreinsurersareestimatedinamannerconsistentwith the claim liability associated with the reinsured policy. Amounts recoverable underreinsurancecontractsareassessedforimpairmentateachStatementofFinancialPositiondate.Ifobjectiveevidenceofimpairmentexists,reinsuranceassetsarereducedtothelevelatwhichthey are considered to be recoverable and an impairment loss is recognised in the technicalaccount.

▪ Depositswithcedingundertakings

DepositswithcedingundertakingsrepresentsareceivableforassetsheldbycedingcompaniesinaccordancewithinreinsuranceagreementsinwhichtheCompanyactsasthereinsurer.Theassetswithheldbythecedingcompanyarelegallyownedbythosecompanies,howevertheassetsarelegallysegregatedfromotheraccountsofthecedantsandalleconomicrightsandobligationsontheunderlyingassetsaccruetotheCompany.Theassetsarerequiredtobesufficienttomeettheassociatedpolicyholderobligationsandanysurplusorshortfallisperiodicallysettled.TheassetisrecordedatfairvaluedeterminedbasedonthefairvalueoftheassetsheldontheCompany’sbehalfbythecedingcompany.

▪ Unit-linkedinvestmentcontracts

These represent portfolios maintained to meet the specific investment objectives ofpolicyholders who bear the credit, market and liquidity risks related to the investments.Financial liabilities in respect of unit-linked investment contracts are measured at fair valuethroughprofitandlossandarepresentedintheConsolidatedStatementsofFinancialPositionwithin ‘Technicalprovisions for linked liabilities’. Fair valuesaredeterminedateach reportingdatebyreferencetotheunderlyingfinancialassetsandfairvalueadjustmentsarerecognisedintheConsolidatedStatementsofComprehensiveIncome.Depositsandwithdrawalsinrespectofunit-linked investment contracts are recordeddirectly as an adjustment to the liability to thepolicyholder in the Consolidated Statements of Financial Position. Fees from unit-linkedinvestmentcontracts(includedin‘Othertechnicalincome’)andinvestmentincomeandinterestpayableoncontractbalancesarerecognisedintheConsolidatedStatementsofComprehensiveIncome in the year they are assessed unless they relate to services to be provided in futureyears,inwhichcasetheyaredeferredandrecognisedastheserviceisprovided.Theliabilityisderecognisedwhenthecontractexpires,isdischargedoriscancelled.

c. GeneralBusiness

▪ PremiumsWritten

Premiumsarewrittenandearnedwhendueforpayment,irrespectiveofwhethertheyrelateinwholeorinparttoalateraccountingperiod,togetherwithregularperiodicpremiumsreceivedoncontractsenteredintoinpreviousyears.Anyrelatedcommissionsareexpensedasincurred.



▪ Claims

Claims are accounted for when notified or due for payment. Claims payable include relatedexternalclaimshandlingcosts.

▪ GeneralBusinessProvision

Forgeneralinsuranceproducts,thesameapproachisadoptedasusedforcalculatingthelong-termbusinessprovision.

ForeignCurrency

Foreigncurrencytransactionsaretranslatedintothefunctionalcurrencyusingthespotexchangeratesatthedatesofthetransactions,exceptwherethis isnotpracticalandtheaverageexchangeratesdonot fluctuate significantly during the reporting period. The Company uses the posting date as anapproximationofthedateofthetransaction.

At the end of each financial period foreign currencymonetary items are translated to the functionalcurrencyusingtheclosingrate.Non-monetaryitemsmeasuredathistoricalcostaretranslatedusingtheexchange rate at the date of the transaction and non-monetary items measured at fair value aretranslatedusingtheexchangeratewhenfairvaluewasdetermined.

Foreignexchangegainsandlossesresultingfromthesettlementoftransactionsandfromthetranslationatexchangeratesat theendof the financialperiodofmonetaryassetsand liabilitiesdenominated inforeigncurrenciesarerecognisedintheConsolidatedStatementsofComprehensiveIncome.

Forsubsidiariesforwhichtheirlocalfunctionalcurrencyisnotconsistentwiththefunctionalcurrencyofthe Group, the results and financial position of the subsidiary are translated to the Group’spresentationalcurrencyasfollows:

▪ Assetsandliabilitiesaretranslatedattheclosingrateatthebalancesheetdate;

▪ Incomeandexpensesaretranslatedattheaveragerateofexchangeduringtheperiod;and

▪ Allresultingexchangedifferencesarerecognisedin‘Othercomprehensiveincome’.

ShareCapitalPresentedasEquity

Anequityinstrumentisacontractthatreferencesaresidualinterestinthenetassetsofanentityandforwhichthereis(i)nocontractualobligationtodelivercashoranotherfinancialassetortoexchangefinancial assets or financial liabilities with another entity, potentially on unfavourable terms; or (ii)cannotbesettledinavariablenumberoftheentity’sownequityinstrumentsorotherthanbyexchangeof a fixed amount of cash or another financial asset for a fixed number of the entity’s own equityinstruments.

Equity shares are recognisedwhen issued. Incremental costsdirectly attributable to the issueofnewequitysharesoroptionsareshowninequityasadeduction,netoftax,fromtheproceeds.

DividendRecognition

AdividenddistributiontotheCompany’sshareholdersisrecognizedasaliabilityintheperiodinwhichthedividendsaredeclared.



CashandCashEquivalentsCash and cash equivalents includes cash-in-hand, deposits held on call with banks, other short-termhighly liquid investments with original maturities of three months or less. Bank overdrafts, whenapplicable,areshownwithinborrowingsincurrentliabilities.

FinancialInstrumentsTheCompanyhaschosentoapplytheprovisionsofSections11and12ofFRS102toaccountforallofitsfinancialinstruments.

▪ BasicFinancialAssets

Basicfinancialassets,includingcash,tradeandotherdebtors,short-termdepositsandinvestmentsincorporatebondsareinitiallyrecognisedattransactionprice(includingtransactioncosts).

Cash, trade and other debtors are subsequently measured at amortised cost using the effectiveinterest method. The Company’s corporate bonds, equities, loans and certain term deposits areupontheirinitialrecognitiondesignatedasatfairvaluethroughprofitandloss(seeOtherFinancialAssetsforfurtherdiscussion).

▪ OtherFinancialAssets

Otherfinancialassetsareinitiallyrecognisedattransactionpriceexcludingtransactioncostsexceptfor any other financial assets notmeasured at fair value through profit and loss. Other financialassets,aswellascorporatebonds,aresubsequentlymeasuredatfairvalueandthechangesinfairvalue are recognised in profit or loss, except that investments in equity instruments that are notpublicly tradedandwhose fair values cannotbemeasured reliablyare subsequentlymeasuredatcostlessimpairment.

Realisedgainsandlossesoninvestmentscarriedatfairvaluethroughprofitandlossarecalculatedasthedifferencebetweennetsalesproceedsandcarryingvalue.Inthecaseofinvestmentsincludedatamortisedcost,realisedgainsandlossesarecalculatedasthedifferencebetweensaleproceedsandtheirlatestcarryingvalue.Movementsinunrealisedgainsandlossesoninvestmentsrepresentthedifferencebetweenthefairvalueatthebalancesheetdateandtheirpurchasepriceortheirfairvalue at the last balance sheet date, together with the reversal of unrealised gains and lossesrecognisedinearlieraccountingperiodsinrespectofinvestmentdisposalsinthecurrentperiod.

The Company uses derivatives to meet risk management objectives. Derivatives are initiallyrecognised at fair value on the date on which a derivative contract is entered into and aresubsequentlyre-measuredattheirfairvalue.Changesinthefairvaluearerecognisedimmediatelyintheprofitandlossaccount.Allderivativesarecarriedasassetswhenthefairvalueispositiveandasliabilitieswhenthefairvalueisnegative.

Financialassetsarede-recognisedwhen(a)thecontractualrightstothecashflowsfromtheassetexpireoraresettled,or(b)substantiallyalltherisksandrewardsofownershipofthefinancialassetaretransferredtoanotherpartyor(c)controlofthefinancialassethasbeentransferredtoanotherpartywhohasthepracticalabilitytounilaterallysellthefinancialassettoanunrelatedthirdpartywithoutimposingadditionalrestrictions.

Attheendofeachfinancialperiod,financialassetsmeasuredatamortisedcostandequitieswhosefairvaluescannotbemeasuredreliablyareassessedforobjectiveevidenceofimpairment.Ifthereisobjectiveevidencethatafinancialassetmeasuredatamortisedcostisimpaired,animpairmentlossis recognised in the Consolidated Statements of Comprehensive Income. The impairment loss is



reversedif,inasubsequentperiod,theamountofanimpairmentlossesdecreasesasaresultofaneventoccurringaftertheimpairmentwasrecognized.

▪ AssetscoveringLinkedLiabilities

Assetscoveringlinkedliabilitiesincludemanagedfundswhichholdequities,corporatebonds,cashandcashdepositsandderivatives.Theseassetsaremeasuredatfairvalueateachreportingdate.

▪ FinancialLiabilities

Basicfinancialliabilities,includingtradeandothercreditorsandbankloansareinitiallyrecognisedattransaction price and are subsequently carried at amortised cost, using the effective interestmethod.

Financialliabilitiesarederecognisedwhentheliabilityisextinguished,thatiswhenthecontractualobligationisdischarged,cancelledorexpires.Borrowingcostsarenotcapitalized.

FairValueMeasurementsTheCompanymeasurescertainfinancialinstruments,suchasdebtsecurities,equitieswhosevaluescanbemeasuredreliably,loans,certaintermdepositsandderivatives,atfairvalueateachreportingdate.Fairvalueisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.

The fair value measurement is based on the presumption that the transaction to sell the asset ortransfertheliabilitytakesplaceeitherintheprincipalmarketfortheassetorliabilityorintheabsenceof aprincipalmarket, in themost advantageousmarket for theassetor liability. The fair valueof anassetoraliabilityismeasuredusingtheassumptionsthatmarketparticipantswouldusewhenpricingtheassetorliability,assumingthatmarketparticipantsactintheireconomicbestinterest.

The Company uses valuation techniques that are appropriate in the circumstances and for whichsufficientdataareavailabletomeasurefairvalue,maximisingtheuseofrelevantobservableinputsandminimising the use of unobservable inputs. The values of financial assets and financial liabilities aremeasuredatfairvaluesthatarequotedinactivemarketsbasedonbidpricesforfinancialassetsoraskpricesforfinancialliabilities.

Allassets, liabilitiesandequity itemsforwhichfairvalueismeasuredordisclosedintheConsolidatedFinancialStatementsarecategorisedwithinthefairvaluehierarchy,describedasfollows,basedonthelowestlevelinputthatissignificanttothefairvaluemeasurementasawhole.

▪ Level1–Theunadjustedquotedpriceinanactivemarketforidenticalassetsorliabilitiesthattheentitycanaccessatthemeasurementdate.

▪ Level 2 – Inputs other than quoted prices included within Level 1 that are observable (i.e.developedusingmarketdata)fortheassetorliability,eitherdirectlyorindirectly.

▪ Level 3 – Inputs are unobservable (i.e. forwhichmarket data is unavailable) for the asset orliability.

Forassetsandliabilitiesthataremeasuredatfairvalue intheConsolidatedFinancialStatementsonarecurring basis, the Company determines whether transfers have occurred between levels in thehierarchyby re-assessing categorisation (basedon the lowest level input that is significant to the fairvaluemeasurementasawholeattheendofeachreportingperiod).



InvestmentIncome

Investment income includes interest and dividend income and is net of investment expenses andwithholdingtaxes.

Interestincomeisrecognisedasitaccruesusingtheeffectiveinterestratemethod.

Dividendincomeisrecognisedwhentherighttoreceivepaymentisestablished.

EmployeeBenefitsTheGroupoperatesanumberofannualbonusplans foremployees.Anexpense is recognised in theprofitandlossaccountwhentheGrouphasalegalorconstructiveobligationtomakepaymentsundertheplansasaresultofpasteventsandareliableestimateoftheobligationcanbemade.

Inadditiontotheannualbonusplansforemployees,theCompanyalsooperatesalong-termincentive(LTI)plan.AnexpenseisrecognizedwhentheCompanyhasa legalorconstructiveobligationtomakepaymentsundertheLTIplanasaresultofpasteventsandareliableestimateoftheobligationcanbemade. The Company recognises a liability under the LTI plan measured at the present value of thebenefitobligationatthereportingdate.

The Group operates a number of country-specific defined contribution plans for its employees. Adefined contribution plan is a pension plan under which the Group pays fixed contributions into aseparateentity.OncethecontributionshavebeenpaidtheGrouphasnofurtherpaymentobligations.The contributions are recognised as an expensewhen they are due. Amounts not paid are shown inaccruals in the balance sheet. The assets of the plan are held separately from the Group inindependentlyadministeredfunds.

IncomeTaxIncometaxexpenseforthefinancialperiodcomprisescurrentanddeferredtax.Incometaxexpenseispresented in the same component of total comprehensive income (profit and loss reserve or othercomprehensive income) as the transaction or other event that resulted in the income tax expense.Currentordeferredtaxassetsandliabilitiesarenotdiscounted.

▪ CurrentTax

Current tax is the amountof income taxpayable in respectof the taxableprofit for the financialperiod or past financial periods. Current tax is measured at the amount of current tax that isexpectedtobepaidusingtaxratesandlawsthathavebeenenactedorsubstantivelyenactedbytheendofthefinancialperiod.

▪ DeferredTax

Deferredtax isrecognised inrespectoftimingdifferences,whicharedifferencesbetweentaxableprofitsandtotalcomprehensive incomeasstated intheConsolidatedFinancialStatements.Thesetimingdifferencesarise fromthe inclusionof incomeandexpenses intaxassessments in financialperiodsdifferentfromthoseinwhichtheyarerecognisedinConsolidatedFinancialStatements.

Deferredtaxisrecognisedonalltimingdifferencesattheendofeachfinancialperiodwithcertainexceptions. Unrelieved tax losses and other deferred tax assets are recognised only when it isprobable that they will be recovered against the reversal of deferred liabilities or other futuretaxableprofits.



Deferredtaxismeasuredusingtaxratesandlawsthathavebeenenactedorsubstantivelyenactedbytheendofeachfinancialperiodendandthatareexpectedtoapplytothereversalofthetimingdifference.

RelatedPartyTransactionsTheCompanydisclosestransactionswithrelatedpartieswhicharenotwhollyownedwithinthesameGroup. This disclosure includes transactions with shareholders and Directors. Where appropriate,transactions of a similar nature are aggregated unless, in the opinion of the Directors, separatedisclosure is necessary to understand the effect of the transactions on the Consolidated FinancialStatements.

CriticalAccountingJudgementsandEstimationUncertaintyEstimatesandjudgementsmadeintheprocessofpreparingtheConsolidatedFinancialStatementsarecontinuallyevaluatedandarebasedonhistoricalexperienceandotherfactors,includingexpectationsoffutureeventsthatarebelievedtobereasonablypossibleunderthecircumstances.

a. CriticalJudgementinApplyingtheEntity’sAccountingPolicies

IntheapplicationoftheCompany’saccountingpolicies,asdescribedintheStatementofAccountingPolicies, the Directors are required to make judgements, estimates and assumptions about thecarryingamountsofassetsandliabilitiesthatarenotreadilyapparentfromothersources.

b. CriticalAccountingEstimatesandAssumptions

TheDirectorsmakeestimatesandassumptionsconcerningthefutureoftheCompanyintheprocessofpreparingtheCompany’sConsolidatedFinancialStatements.Theresultingaccountingestimateswill,bydefinition,seldomequaltherelatedactualresults.Theestimatesandassumptionsthathaveasignificant riskofcausingamaterialadjustment to thecarryingamountsofassetsand liabilitieswithinthenextfinancialyearareaddressedbelow:

▪ TechnicalProvisions

TheestimationoftheultimateliabilityarisingfromclaimsunderlifeinsurancecontractsistheCompany’smostcriticalaccountingestimate.ThereareseveralsourcesofuncertaintythatneedtobeconsideredintheestimationoftheliabilitythattheCompanywillultimatelypayforthoseclaims.Estimatesaremadetotheexpectednumberofclaimsforeachoftheperiodsinwhichthe Company is exposed to risk. The calculation incorporates assumptions regarding averageclaimscosts,durationsanddelayfactors.Thelifeassuranceprovisionisbasedonassumptionsinrelationtomortality,persistency,expenses,inflationandthediscountrate.

▪ FairValueMeasurements–seeNote9forfurtherdetails.

▪ BusinessCombinationsandBargainPurchaseGain-seeNote2forfurtherdetails.



1. RiskManagement

a. Framework

TheCompanyappliesariskgovernanceframeworkalignedtothe“ThreeLinesofDefence”model forEnterpriseRiskManagement.Suchamodeliswidelyadoptedacrossthefinancialservicesindustryandallowsforappropriatesegregationofriskownership,oversightandassuranceresponsibilities:

▪ 1st line of defence: individuals and committees with direct responsibility for themanagement,controlandreportingofrisk;

▪ 2nd line of defence: individual and committees with responsibility for the design,coordination, oversight of the effectiveness and integrity of the Company’s RiskManagementandInternalControlFramework;and

▪ 3rd line of defence: individuals and committees providing independent assurance andchallengeinrespectoftheeffectivenessandintegrityoftheriskmanagementframework.

TheCompanyhasdefinedhigh-levelprinciplesandstandardstoensurethatsituationsthatcouldleadtopotentialconflictsofinterestareappropriatelymanaged.TheseareformallydescribedintheCompany’sConflictsofInterestPolicy.

The Board is ultimately accountable to ensure the effective implementation of the riskmanagementframework,whichtheBoardreviewsandapprovesatleastannually.TheRiskCommitteeisacommitteeoftheBoardandassiststheBoardbyproviding leadership,directionandoversightwithregardtotheriskmanagementframeworkandotherriskmatters.Tothisend,anychangestotheframeworkandkeyriskreportsarereviewedandapprovedbytheRiskCommittee.Anymattersconsideredsignificantareescalated to the Board, in line with escalation procedures formalised in the Company’s RiskManagementPolicy.

Theriskmanagementfunction,ledbytheGroupChiefRiskOfficer(“CRO”),supportstheBoardanditsCommittees in discharging their risk management-related responsibilities. The risk managementfunction also provides challenge to the business consistent with the three lines of defence riskgovernancemodeloutlinedabove.

Theriskmanagementframeworkincludesthefollowingoverarchingcomponents:

▪ Riskstrategyandappetite,alignedtotheCompany’sbusinessstrategy;

▪ Risktolerances,limitsandtriggers;and

▪ Risk management policies and ongoing processes to identify, measure, monitor, manageandreportrisk.

Thematerialrisksaddressedbytheriskmanagementframeworkinclude:

▪ MarketRisk;

▪ InsuranceRisk:

▪ CreditRisk;

▪ OperationalRisk;

▪ LiquidityRisk;

▪ GroupRisk;

NotestotheConsolidatedFinancialStatements


▪ StrategicRisk;and

▪ SustainabilityRisk.

Theriskmanagementframeworkaddressesbothexistingandemergingrisksandincludesthefollowingkeyriskmanagementtools:

▪ RiskandControlSelf-Assessment(“RCSA”);

▪ EventandIssueManagement;

▪ RiskReviews;

▪ StressandScenarioTesting;

▪ CapitalandLiquidityProjections;and

▪ EmergingRiskAnalysis.

A period of integration is typically required in order that the risk management framework can beembeddedfornewlyacquiredbusinesses.

Atleastannually,theCompanycarriesoutaGroupSolvencySelf-AssessmentandaCommercialInsurerSolvency Self-Assessment. These processes include stress and scenario testing and forward-lookingprojections of the capital position of the Group. The results of the exercise are used to review theappropriateness of the Company’s capital planning and management actions available to reducemitigaterisk,aswellastofeedbackintoreviewoftheriskmanagementframeworkitself.

b. MarketRisk

MarketriskistheriskoflossorotheradverseimpactontheGrouparisingfrommovementsinmarkets.The principal exposures of the Group are to interest rates, credit spreads, foreign exchange rates(currencyrisk)andinflationrates.

▪ InterestRateRisk

Movementsininterestratesimpactthevalueoffixedinterestassets,policyholderliabilitiesandassociatedregulatorycapitalrequirements.TheGroupmitigatesthisriskbyholdingassets(includingderivatives)withaslightlygreatersensitivitytointerestratemovementsthanthepolicyholderliabilities.ThisapproachactstoprotectMonumentRefromtheconsequentialchangestoregulatorycapitalrequirementsresultingfrominterestratemovements.MonumentRemanagesitsinterestrateexposuresinaccordancewithitsinvestmentandhedgingpoliciesthathavestricttolerances,appliedacrosstheinterestratecurve,whicharemonitoredagainstthebenchmarkderivedforeachsub-portfolio.

Sensitivities(€'000) NetAssetsDelta DescriptionInterestRateUpRisk (77,620) 100basispointsparallelshiftupininterest

rates

InterestRateDownRisk 91,320 100basispointsparallelshiftdownininterestrates

▪ CreditSpreadRisk

At31stDecember2020,MonumentRehadaEUR4,126.4millionportfoliooffixedincomeandmortgagefundinvestments.Movementsinspreadsimpactthemarketvalueofthesefixed

NotestotheConsolidatedFinancialStatementsCont'd


interestassets.At31stDecember2020,a50basispointincreaseinspreadsreducesnetassetsbyEUR42.4million.

▪ Currencyrisk

TheGrouprecognisestwoformsofcurrencyrisk:

▪ Currency risk where there is a mismatch between assets and liabilities by currency(‘CurrencyMismatch Risk’). The Company has very low risk appetite for this risk andmitigates currency riskbymatchingpolicyholder liabilitieswithassetsdenominated inthesamecurrencyorhedgedbacktothesamecurrencyastheliabilities;and

▪ Reporting risk when translating the financial results into the reporting currency, EUR(‘CurrencyTranslationRisk’).

At 31st December 2020, the Company had limited exposure to Currency Mismatch Risk.However,theCompanydoeshaveexposuretoCurrencyTranslationRiskasaresultofholdingsurplusassets,mainlyinGBPandUSD.TheCompany’smainexposurestoCurrencyTranslationRiskaregivenbelow:

▪ A10%appreciation inEURrelativetoUSDwouldreducetheCompany’snetassetsbyEUR15.5m(USD21.0m).

▪ A10%appreciation inEURrelativetoGBPwouldreducetheCompany’snetassetsbyEUR54.7m(GBP54.3m).

▪ A10%appreciation inEUR relative toSEKwould reduce theCompany’snetassetsbyEUR2.4m(SEK24.8m).

▪ A10%appreciation inEURrelativetoNOKwouldreducetheCompany’snetassetsbyEUR1.2m(NOK12.1m).

▪ A10%appreciation inEURrelative toDKKwouldreducetheCompany’snetassetsbyEUR0.6m(DKK4.5m).

Conversely, the impact of a depreciation would cause an equal but opposite change in theCompany’snetassets.

▪ Inflationraterisk

TheGroupisexposedtoinflationratesbeinghigherthanexpected,inparticularwageinflation.Theimpactofa1%increaseinexpenseinflationwouldreducetheCompany'snetassetsbyEUR22.7million.

▪ Equityrisk

TheCompanyhasindirectexposuretoequityriskthroughunit-linkedpolicieswheretheinvestorbearstheinvestmentrisk.Thisexposurearisesbecausefundcharges,asourceofincomefortheCompany,dependonfutureperformanceoftheunit-linkedfunds.Thesefundsaretypicallyinvestedinamixtureofassetclasses,includingequities.Atthereportingdate,theimpactofa20%fallinequitypriceswouldreducenetassetsbyEUR5.5million.Thisallowsfortheequityhedgesthatwereinplaceatthereportingdate.

c. InsuranceRisk

Insurance risk is the risk of loss or other adverse impact on the Group arising from unexpectedfluctuations in the timing, frequency or severity of insured events, or timing and amount of claimsettlementsandexpenses.



The insurance technical provisions are sensitive to the key assumptions set out in Note 14. Thesensitivityofcertainvariables likelegislativechange,uncertainty intheestimationprocess,etc., isnotpossibletoquantify.Furthermore,becauseofdelaysthatarisebetweenoccurrenceofaclaimand itssubsequentnotificationandeventualsettlement,theoutstandingclaimprovisionsarenotknownwithcertaintyatthebalancesheetdate.

Consequently, the ultimate liabilities will vary, possibly materially, as a result of subsequentdevelopments. Differences resulting from reassessment of the ultimate liabilities are recognised insubsequentperiods’ConsolidatedFinancialStatements.

TheGrouphasalargeanddiversifiedinsuranceportfolio.Individualsumsassuredarelimitedbyproducttype,andreinsuranceisusedtofurthermitigateinsuranceconcentrationrisk.

Thetablebelowshowstheimpactonnetassetsforanumberofrelevantinsurancerisks,allowingforreinsurancecoversinplaceatthereportingdate.

Sensitivities(€'000)NetAssets

DeltaDescription

UnemploymentandSicknessRisk

(280) A35%increaseinmorbidityratesinyear1followedbya25%increaseinyears2+,anda20%decreaseinrecoveryrates;andA40%increaseinclaimfrequenciesforoneyearfollowedbya20%increaseinclaimfrequenciesforafurtheryear,anda20%decreasetoclaimterminationrates

MassLapseRisk (330) Animmediate20%lapseofpoliciesin-force.Expensesareassumedtoreduceinlinewithpoliciesinforce

LapseDown(GuaranteedSavings)

(2,400) Apermanent10%decreaseinlapseratesforguaranteedsavingsbusiness

Non-AnnuitantMortality

(20,200) Increaseinmortalityfornon-annuitantsby5%

AnnuitantMortalityImprovements

(43,000) Annuitantmortalityimprovementsmultipliedby125%

ExpenseRisk (22,730) Apermanent10%increaseinexpenses

Theabovestresseshavebeenperformedassumingcontractboundariesapply.

ThefinancialimpactofapandemicontheCompanyissensitivetotheageprofileofexcessdeaths,duetoopposingfinancial impactsontheCompany'sprotectionandannuitybusiness.Covid-19excessdeaths in 2020were substantiallyweighted towards older ages resulting in a benign overall financialimpactontheCompanyfromCovid-19.

d. CreditRisk

CreditriskistheriskoflossorotheradverseimpactontheGrouparisingfromonepartytoafinancialinstrumentfailingtodischargeanobligation.Thecreditriskexposuresof theGroupat31stDecember2020are:

▪ Liquidityfundsandcashdepositedwithbanks;

▪ Amountsduefrombondissuers;

▪ Depositswithcedingundertakings;and



▪ Amountsduefromreinsurersinrespectofclaimsalreadypaid.

The Group manages the levels of credit risk it accepts by imposing minimum credit ratings forinvestment counterparties, and concentration limits to avoid overexposure to any investmentcounterparty,andlimitsinrespectofreinsurancecounterpartyrisk.

Theriskofchangesinthecreditstandingofcounterparties(e.g.downgradesforratedcounterparties)isanaspectofcreditrisk.Credit investmentsarealsotypicallyexposedtotheriskofchanges inmarketvalue arising frommarketmovements,whichmay ormay not be related to changes in themarket’sperceptionofthecreditworthinessofthecounterparty.ThisisconsideredunderMarketRiskbelow.

Thefollowingtableprovides informationregardingcreditriskexposureoffinancial instrumentswithinthe Group at 31st December 2020 and 2019 by classifying them according to external credit ratings(exceptasnotedinfootnote2below).

AAA AA A BBB BB BNot

rated Total(1)

December31,2020 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000Financialinstruments:

Debtsecuritiesandotherfixedincomesecurities 254,678 296,261 155,449 275,121 12,325 87 10,339 1,004,259

Equitymutualfunds — — — — — — 76,887 76,887Residentialmortgagefunds(2) — 100,343 — — — — — 100,343

Loansandreceivables — 17,769 — — — — — 17,769Termdeposit — — 5,006 — — — — 5,006

Infrastructuredebt — — — — — — 11,700 11,700

Privatecreditfunds — — — — — — 12,076 12,076

Alternativefunds — — — — — — 25,000 25,000Derivatives — 3,118 (2,219) 780 — — — 1,679Other — — — — — — 491 491

Total 254,678 417,491 158,236 275,901 12,325 87 136,492 1,255,210

______________(1) Thefinancialinstrumentsat31stDecember2020aboveexcludepolicyholderloansofEUR11.6million.(2) The rating represents an assigned internal rating as stated in the Group Investment Policy. The rating is

determinedbasedoninputfromtheinvestmentmanagerandManagement’sknowledgeandexpertise.



AAA AA A BBB BBNot

rated Total(1)

December31,2019 €'000 €'000 €'000 €'000 €'000 €'000 €'000Financialinstruments:

Debtsecuritiesandotherfixedincomesecurities 266,414 192,251 129,436 232,547 15,657 19,141 855,446Equitymutualfunds — — — — — 91,123 91,123

Residentialmortgagefunds(2) — 69,618 — — — — 69,618Loansandreceivables — 22,120 — — — — 22,120Termdeposit — — 8,593 — — — 8,593

Fixedincomemutualfunds — — — — — 5,568 5,568Derivatives (7,153) 1,265 235 (229) — — (5,882)Other — — — — — 472 472

Total 259,261 285,254 138,264 232,318 15,657 116,304 1,047,058

______________(1) Thefinancialinstrumentsat31stDecember2019aboveexcludepolicyholderloansofEUR10.9million.(2) The rating represents an assigned internal rating as stated in the Group Investment Policy. The rating is

determinedbasedoninputfromtheinvestmentmanagerandManagement’sknowledgeandexpertise.

Reinsuranceisusedtomanageinsurancerisk.Thisdoesnot,however,dischargetheGroup’sliabilityasprimary insurer. If a reinsurer fails to pay a claim, the Group remains liable for the payment to thepolicyholder. Management assesses the creditworthiness of all the Group’s reinsurers on a periodicbasis.

CertainsubsidiarieswithintheGrouparealsoexposedtocreditriskonitsinsurancepoliciesforwhichpremiums are collected bymonthly direct debit. This risk is accepted as part of the normal businesspracticeofcollectingpremiumsbymonthlydirectdebits.Nodebtorswerepastdueat31stDecember2020.

e. OperationalRiskOperationalriskistheriskoflossorotheradverseimpactontheGrouparisingfrominadequateorfailedinternal processes, personnelor systemsor external.Operational risks include, inter alia, outsourcingarrangements to external providers, information systems (including information and cyber security),legal,compliance,regulatory,fraudandpeoplerisks.ThemainoperationalrisksoftheGroupare:

▪ TheriskoftheinabilitytoprotectcustomerandGroupdatafromunauthorisedaccess,useanddisclosurefrom,forexample,acyber-securityincident;

▪ The riskofexposing theGroup tooverseas taxation through thecreationofaPermanentEstablishment(“PE”)outsideBermuda;and

▪ Theriskof financialorreputational lossfromthefailure/non-performanceofoutsourcing/thirdpartyarrangements.



The Company's risk management framework provides for the timely identification, measurement,monitoringandcontrolofoperationalrisk.TheCompanyhasinplaceatestedbusinesscontinuityplanandacyberinsurancepolicy.

f. LiquidityRisk

Liquidityrisk is theriskof lossorotheradverse impactontheGrouparisingfrominsufficient liquidityresourcesbeingavailabletomeetobligationsastheyfalldue.ThemainliquidityrisksfacingtheGroupareobligationsto:

▪ paypolicyholderclaimsandexpenses;and

▪ meetderivativemarginandreinsurancecollateralrequirements.

These risks aremitigated by cash holdings andhighly liquid investments held in accordancewith theGroup’s Liquidity Framework. The Liquidity Framework requires a forward-looking assessment ofliquidity requirements, including those arising from derivative margin and reinsurance collateralmechanisms, andmaintenance of a liquidity buffer to cover severemarket and demographic stress.FurtherdetailsoftheGroup’sexposuretoderivativesat31stDecember2020isprovidedinNote9.

Analysisofcontractliabilitiesmaturities

ThematuritiesoftheCompany’scontract liabilitiesfortheyearsended31stDecember2020and2019are shown below. Cash flows assume the application of contract boundaries and are gross ofreinsurance.

Fortheyearended31stDecember2020 Premiums Claims Expenses TotalMaturities €'000 €'000 €'000 €'000Lessthan1year (146,315) 418,112 23,781 295,5781-2years (135,076) 375,453 18,623 259,0002-3years (124,250) 354,772 19,026 249,5493-4years (113,965) 338,055 16,196 240,287Over5years (854,836) 3,373,294 110,941 2,629,399Total (1,374,442) 4,859,687 188,568 3,673,812

Fortheyearended31stDecember2019 Premiums Claims Expenses TotalMaturities €'000 €'000 €'000 €'000Lessthan1year (29,167) 98,514 21,335 90,682

1-2years (24,036) 69,327 18,748 64,039

2-3years (19,879) 59,034 16,230 55,385

3-4years (16,326) 56,886 14,032 54,592

Over5years (56,343) 779,900 82,974 806,531

Total (145,751) 1,063,661 153,319 1,071,229



g. GroupRisk

GroupriskistheriskoflossorotheradverseimpactontheGrouparisingfromfinancialornon-financialrelationships between entitieswithin theGroup. This includes reputational, contagion, accumulation,concentrationandintra-grouptransactionsrisk.

Risk reporting at Group levelmitigates the risk of unidentified risk accumulations or concentrations.SignificantcommonalityofBoardcompositionmitigatestheriskoflackofawarenessorcommunicationofactivityindifferentpartsoftheGroup.Intra-grouptransactionrisksaremitigatedbyclosescrutinyofintra-grouptransactionsincludingexternalspecialistinputwhereappropriate.ConflictsaremanagedinaccordancewiththeGroup’sconflictsofinterestpolicy.

h. StrategicRisk

StrategicriskistheriskoflossorotheradverseimpactontheGrouparisingfromfailingtoidentifyandreactappropriatelytoopportunitiesand/orthreatsarisingfromchangesinthemarket,someofwhichmayemergeoveranumberofyears.

TheGroup includessolvencyand financial condition riskwithinstrategic risk,given the importanceofthegroup’ssolvencypositiontotheachievementoftheGroup’sobjectives.

The nature of the Group’s operations within the EUmeans that different regulatory capital regimesapplytosubsidiariessubjecttotheSolvencyIIFrameworkDirectiveasadoptedbylocalregulators.ThisrequirestheGrouptooperatearobustcapitalmanagementframeworktoensureapplicableregulatoryrequirementsandstakeholderexpectationsaremet.

The Company maintains sufficient equity shareholders’ funds to meet the regulatory capitalrequirementsofthebusiness.TheCompanyislicensedbytheBMAasaClassElong-terminsurerandissubjecttothe InsuranceAct1978,asamended(BermudaInsuranceAct)andregulationspromulgatedthereunder.TheBMAalsoactsastheInsuranceGroupregulatorysupervisor.TheBMAhas integratedtheEBSframeworkintothedeterminationofBermudaSolvencyandCapitalRequirement(“BSCR”).TheEuropean Commission has granted the BMA's regulatory regime for reinsurance, group solvencycalculationandgroupsupervisionfullequivalencetotheEuropeanUnion'sDirective(2009/138/EC,or“SolvencyII”).UndertheBermudaInsuranceAct,theCompanyisrequiredtomaintainstatutorycapitalandsurplustomeettheMinimumMarginofSolvency(“MSM”)whichisequaltothegreaterofUSD8million (EUR 6.5million) or 2% of the first USD 500million of Statutory Financial Statements (“SFS”)assetsplus1.5%ofSFSassetsaboveUSD500million(EUR407million),subjecttoafloorof25%oftheEnhancedCapitalRatio(“ECR”).

Asaninsurancegroup,theCompanymustensurethatthevalueoftheinsurancegroup’stotalstatutoryeconomiccapitalandsurplus,calculated inaccordancewithScheduleXIVofthe Insurance(PrudentialStandards)(InsuranceGroupSolvencyRequirement)Rules2011,exceedstheaggregateof:

▪ the aggregate MSM of each qualifying member of the Group controlled by the parentcompany;and

▪ theparentcompany’spercentageshareholdinginthemembermultipliedbythemember’sMSM, where the parent company exercises significant influence over a member of thegroupbutdoesnotcontrolthemember.

Therewerenobreachesoftheregulatorycapitalrequirementsduringthefinancialperiod.



FurtherkeystrategicrisksfortheGroupare:▪ Future transactions significantly underperform, or the Group is not successful in making

futureacquisitions;

▪ Regulatory,legalandfiscalriskexposurefrompotentialchangesintheregulatory,legalandfiscalenvironmentinwhichthecompanyoperates.

i. SustainabilityRisk

SustainabilityriskistheriskoflossorotheradverseimpactontheGrouparisingfromESGrisks,ortheriskofadversesocialorenvironmentalexternalitiesarisingfromtheactivitiesoftheGroup.

TheGroup's InvestmentPolicyestablishes limits in respectofESGcriteriaand thecompositionof theCompany's asset portfolio is monitored relative to those limits on an ongoing basis. The CompanymaintainsadiversifiedinvestmentportfolioandmonitorsarangeofsustainabilityrisksviaitsEmergingRisksForum.

TheGrouppromotescorporatesocialresponsibility,andcommunityinvestment.

2. BusinessCombinations

Duringthethirdquarterof2020,theGroupcompletedtheacquisitionofMonumentAssuranceServicesLuxembourg.

On4thJune2020,followingreceiptofregulatoryapproval,MonumentRecompletedtheacquisitionofCattolicaLifeDAC (subsequently renamedOmegaLifeDAC) fromCattolicaAssicurazioni.CattolicaLifeportfolioconsistsofunit-linkedsavingsproducts.

On27thMay,2020,followingreceiptofregulatoryapproval,MonumentRecompletedtheacquisitionofGreyCastle Holdings Ltd. (subsequently renamed Monument Holdings Limited) and its subsidiaries,GreyCastleLifeReinsurance(SAC)Ltd(subsequentlyrenamedMonumentSegregatedAccountCompanyLimited,"MSAC") and GreyCastle Services (subsequently renamed Monument Re Services (UK) Ltd).MSACisalifereinsurerdomiciledinBermudafocusedonmanagingaportfolioofannuityandliferisks.

Combined, these transactions have led to a bargain purchase gain of EUR 278.4 million recogniseddirectlyintheStatementofComprehensiveIncomefortheyearended31stDecember2020.

In2019,MonumentRecompletedtheacquisitionsofInoraLifeDesignatedActivityCompany("Inora"),NordbenLifeandPensionInsuranceCo.Limited("Nordben"),andRobeinLevenN.V.anditssubsidiaries("RobeinLeven"),whichresultedinabargainpurchasegainofEUR21.1million.

3. PortfolioTransfer

Effective30thNovember2020, following receiptof regulatoryapproval,MonumentRecompleted theacquisitionofaportfolioofunit-linkedinternationalportfoliobondpoliciesfromZurichLifeAssuranceplc. In accordancewith the approval of the IrishHighCourt, the portfoliowas transferred, as of 30thNovember2020,toMonumentLifeInsuranceDAC("MLIDAC")withunchangedtermsandconditionsforpolicyholders.

On 7th September 2020, following receipt of regulatory approval, Monument Re completed theacquisitionofaportfolioofIrishannuitiesfromRothesayLifePlc.(“Rothesayportfolioacquisition”).TheacquisitionwasinitiallystructuredasreinsurancetoMonumentRe,followedbyaPartVIItransferoftheportfoliotoMLIDAC.



In 2019, Monument Re acquired a closed book of life business from Curalia OVV, a Belgian mutualinsurancecompany,arun-offportfolioof traditional lifeandcredit lifebusiness fromAlpha InsuranceSA,aBelgiancomposite insurancecompany,anda run-offportfolioof linkedand traditionalbusinessfromMetLifeEuroped.a.c.("MetLife").

4. GrossPremiumsWritten

a. GrossPremiumsWritten

Grosspremiumswrittenconsistof:


2020 2019€'000 €'000

Directinsurance 30,767 511,499Assumedinsurance 70,401 9,640Grosspremiumswritten 101,168 521,139

Thedecreaseindirectgrosspremiumswrittenfortheyearended31stDecember2020comparedtotheyear ended 31st December 2019was driven primarily by the portfolio transfers in 2019, described inNote3.Thedirectnonparticipating regularpremiums for theyearended31stDecember2020reflectrecurringpremiumsacrossanumberofportfolios.

Assumedpremiumsfortheyearended31stDecember2020aredrivenbytheacquisitionofMSAC.Theassumedpremiumsfortheyearended31stDecember2019consistofEUR144.9millionrelatedtotheRothesayportfolio acquisition,partiallyoffsetby the returnof reinsurancepremiums toMetLife. TheMetLife return premiums relate to the reinsurance that was in place until the effective date of theportfoliotransferandpremiumsrelatedtotheportfoliotransferareshownindirectnonparticipatingannuitybusinessinthetablebelow.ThisbusinesswastransferredfromMetLifetoMLIDACinIrelandin2019 following receipt of court approvals. See alsoNote 9.b for a discussion of depositswith cedingundertakings related to the MetLife transaction and Note 14 for a discussion of claims recorded inconnectionwiththesetransactions.



Grosspremiumswrittenconsistof:


2020 2019€'000 €'000

DirectNonParticipatingPremiumsRecurringPremiums

PPI-DesignatedasGeneralBusiness 16,885 21,366PPI-DesignatedasLife 5,545 7,614SavingsandGuarantees 3,723 180Protection 1,592 3,633

27,745 32,793PremiumsAcquiredDuringtheYear

SavingsandGuarantees — 237,215Annuities — 230,146Protection — 9,079

— 476,44027,745 509,233

DirectParticipatingPremiumsRecurringPremiums

Protection 3,022 1,255SavingsandGuarantees — 1,011

3,022 2,266AssumedNonParticipatingPremiums

RecurringPremiumsAnnuities 41,959 —Protection 28,442 (1,857)

70,401 (1,857)PremiumsAcquiredDuringtheYear

Annuities — 11,497— 11,497

Netpremiumswritten 101,168 521,139



b. GeographicalAnalysisPremium

Grosspremiumswrittenrelatetothefollowingcountries:


2020 2019€'000 €'000

UnitedKingdom 85,292 29,565Ireland 3,700 145,044Belgium 3,680 246,623France 3,440 —Other 3,077 5,100Italy 1,264 1,248Spain 715 42,903Greece — 50,656Grosspremiumswritten 101,168 521,139



5. InvestmentReturn


2020 2019€'000 €'000

(a) TechnicalAccount-GeneralBusinessInvestmentincome

Incomeonfinancialassetsatfairvaluethroughprofitandloss 152 276Lossesonrealisationofinvestments (158) (22)

(6) 254Netunrealisedgainsandlossesoninvestments 59 (64)Investmentexpensesandcharges

Investmentmanagementexpenses (1) (7)Netinvestmentreturn-GeneralBusiness 52 183

(b) TechnicalAccount-Long-termBusinessInvestmentincome

Incomeonfinancialassetsatfairvaluethroughprofitandloss 41,598 17,026Gainsonrealisationofinvestments 25,344 37,926

66,942 54,952Netunrealisedlossesoninvestments (4,224) (98)Incomefromdepositswithcedingundertakings 167,859 11,877Investmentexpensesandcharges

Investmentmanagementexpenses (5,096) (4,014)Netinvestmentreturn-Long-termBusiness 225,481 62,717

(c) Non-technicalAccountInvestmentincome

Incomeonfinancialassetsatfairvaluethroughprofitandloss 2,426 1,343

2,426 1,343Netunrealisedgainsandlossesoninvestments 3,448 4Investmentexpensesandcharges

Investmentmanagementexpenses (418) (482)Netinvestmentreturn-Non-technicalaccount 5,456 865Netinvestmentreturn 230,989 63,765



6. OperatingExpenses

a. OperatingExpenses


2020 2019€'000 €'000

Administrativeexpenses 95,166 41,298Reinsurancecommissionandprofitparticipation 8,959 14,416Operatingexpenses 104,125 55,714

The increase inoperatingexpenseswasdrivenby the inclusionofoperatingexpenses for theentitiesacquiredin2020.

b. KeyManagementCompensation

KeymanagementincludestheDirectorsandmembersofseniormanagement.Thecompensationpaidorpayabletokeymanagementforemployeeservicesincludedin‘Operatingexpenses’fortheyearendedDecember31,2020and2019wasEUR22.4millionandEUR5.8million,respectively.

The Company operates a long-term incentive plan (LTIP) designed to recognise transactions thatdemonstratetheemergenceofanticipatedvalue.TheCompanyawardsaportionofthevaluegeneratedto key executives involved in delivering the transaction and in the ongoing management of theassociatedbusiness.Thevalueassessmenttakesaccountoftherisksandrewardsofthetransaction.Theexperienceassumedinpricingistestedoverafouryearperiodwithphasedpaymentstoparticipantsiftheexperienceemergesinlinewithassumptionswith25%(endofyear2),35%(endofyear3)and40%(endofyear4).



c. Auditors'Remuneration

Theauditors’remunerationincludedin‘Operatingexpenses’fortheyearsended31stDecember2020and2019wasasfollows:


2020 2019€'000 €'000

Feesrelatedtotheauditof- Theconsolidatedfinancialstatements 422 228- TheCompany’ssubsidiaries 1,284 841

Feesrelatedtoaudit 1,706 1,069Feesrelatedtootherassuranceservices 152 432Total 1,858 1,501

7. Taxation

a. TaxonProfitonOrdinaryActivities


2020 2019€'000 €'000

CurrentTax

Corporationtaxexpense/(benefit)onprofitforthefinancialyear (999) 737Losscarryforwards — —Adjustmentinrespectofpriorfinancialyears 91 125

Currenttaxexpense/(benefit)forthefinancialyear (908) 862

DeferredTaxOriginationandreversaloftimingdifferences (642) 114Deferredtaxchargefortheyear (1,031) (1,534)

Taxexpense/(benefit)onprofitonordinaryactivities (2,581) (558)



b. ReconciliationofTaxExpense

Tax assessed for the years ended 31st December 2020 and 2019 is higher than the standard rate ofcorporationtaxinBermudaof0%.Thedifferencesareasfollows:


2020 2019€’000 €’000

Profitonordinaryactivitiesbeforetax 472,962 41,438StandardtaxrateforBermuda 0% 0%

ProfitonordinaryactivitiesbeforetaxmultipliedbythestandardrateoftaxforBermuda — —

Effectof:Foreigntaxesatlocalexpectedtaxrates (609) 2,826Losscarryforwards (1,058) (1,130)Expensesnotdeductiblefortaxpurposes 2,206 21Deductionsallowablefortaxpurposes (1,537) (999)Incometaxwithheld — —FXmovements — 12Adjustmentinrespectofpriorfinancialyears 90 132

Currenttaxexpense/(benefit)fortheyear (908) 862

ThestandardrateoftaxinRepublicofIreland,Belgium,Luxembourg,ItalyandNetherlandswas12.5%,25%,27.11%,30.82%and25%,respectively,fortheyearended31stDecember2020.Thestandardrateof tax inRepublicof Ireland,Belgium, Luxembourg, ItalyandNetherlandswas12.5%,29.58%,26.1%,30.82%and25%,respectively,fortheyearended31stDecember2019.

c. DeferredTax

Theprovisionfordeferredtaxationincludedin‘Othercreditorsincludingtaxationandsocialsecurity’intheConsolidatedStatementsofFinancialPositionat31stDecember2020and2019isasfollows:

YearEnded31December2020

YearEnded31December2019

€’000 €’000Deferredtaxacquiredonbusinesscombinations 3,684 6,286Deferredtax 3,684 6,286

Theenactedtaxratesrelatedtothereleasesofthedeferredtaxbalanceareexpectedtobe12.5%forIreland, 30.82% in Italy and25% in theNetherlands.Of thedeferred tax in the table above, EUR0.3millionisexpectedtobereleasedin2021.



8. InvestmentsinGroupUndertakings

SetoutbelowaretheCompany’ investmentsintheprimaryregulatedentitiesat31stDecember2020.Allsubsidiariessetoutbelowareincludedintheconsolidation.

SubsidiaryundertakingsCountryof

Incorporation Principalactivity

Classofsharesheld

Percentageofnominalvalue

andvotingrightsMonumentLifeInsuranceDAC(“MLIDAC”)

RepublicofIreland LifeAssurance Ordinary 100%

MonumentAssuranceBelgiumN.V.(“MAB”)

Belgium LifeAssurance Ordinary 100%

MonumentAssuranceLuxembourgS.A.(“MAL”)

Luxembourg LifeAssurance Ordinary 100%

RobeinLevenNV Netherlands LifeAssurance Ordinary 100%NordbenLifeandPensionInsuranceCo.Limited Guernsey LifeAssurance Ordinary 100%MonumentRe(SAC)Ltd.("MSAC")

Bermuda LifeAssurance Ordinary 100%



9. FinancialInstruments

a. FinancialAssets

Thecarryingvaluesoffinancialassetsincludedin‘Otherfinancialinvestments’,'Depositswithcedingundertakings'and‘Assetscoveringunit-linkedliabilities’intheCompany’sConsolidatedStatementsofFinancialPositionat31stDecember2020and2019wereasfollows:

31stDecember2020 31stDecember2019€’000 €’000

Heldatfairvaluethroughprofitandloss

Debtsecuritiesandotherfixedincomesecurities 1,004,259 855,446Equitymutualfunds 76,887 91,123Residentialmortgagefunds 100,343 69,618Loansandreceivables 17,769 22,120Policyloans 11,569 10,877Termdeposits 5,006 8,593Infrastructuredebt 11,700 —Privatecreditfunds 12,076 —Alternativefunds 25,000 —Fixedincomemutualfunds — 5,568Derivatives 1,679 (5,882)Other 491 472

Otherfinancialinvestments 1,266,779 1,057,935

Depositswithcedingundertakings 2,955,259 —

Assetscoveringunit-linkedliabilities(1) 1,367,272 947,073

______________(1) ExcludesassetsunderthefundsheldagreementwithMetLife(seeNote9.bbelow).



b. DepositswithCedingUndertakings

At 31st December 2020, with respect to funds withheld, the Company's Consolidated Statement ofFinancialPositionincludedwithin 'Investments–Depositswithcedingundertakings'financialassetsofEUR2,955.3millionrelatedtothetraditionalbusinessacquiredduring2020andwithin'Assetscoveringunit-linkedliabilities'financialassetsofEUR36.7million(2019:EUR40.2million)relatedtounit-linkedcontracts.Duringthefirstquarterof2020,theassetrelatedtounit-linkedcontractstransferredtotheCompany's subsidiary Monument Life Insurance DAC as part of the completion of the MetLifetransactionenteredintoin2018.

c. FairValueHierarchy

Thetablebelowanalysesfinancialinstrumentscarriedatfairvaluebyvaluationmethod.Thedifferentlevelshavebeendefinedasfollows:

▪ Level1-Quotedprices inanactivemarket;the investments inthiscategorygenerally includeequities listed on a major exchange, government issued bonds, government sponsored orgovernmentagencyissuedbonds;governmentsponsoredenterprisesbonds,supranationalandcorporatebondsforwhichquotedpricesinactivemarketsareavailable;

▪ Level2-Recenttransactionsofanidenticalassetifthereisunavailabilityofquotedprices;theinvestmentsinthiscategorygenerallyincludegovernmentissuedbonds,governmentsponsoredor governmentagency issuedbonds; government sponsoredenterprisesbonds, supranationalandcorporatebonds,certainloansandtermdeposits;and

▪ Level3-Useofavaluationtechniqueifthereisnoactivemarketorothertransactionswhicharea good estimate of fair value; the investments in this category include residential mortgagefunds,policyholderloans,certainfixedincomefundsandderivatives.



Level1 Level2 Level3 Total

31stDecember2020 €’000 €’000 €’000 €’000

Debtsecuritiesandotherfixedincomesecurities 438,067 566,192 — 1,004,259Equitymutualfunds 76,887 — — 76,887Residentialmortgagefund — — 100,343 100,343Loans — — 17,769 17,769Policyholderloans — — 11,569 11,569Termdeposit — 5,006 — 5,006Infrastructuredebt — — 11,700 11,700Privatecreditfunds — — 12,076 12,076Alternativefunds — — 25,000 25,000Derivativeasset — — 51,072 51,072Other — 491 — 491Derivativeliability — — (49,393) (49,393)Otherfinancialinvestments 514,954 571,689 180,136 1,266,779

Depositswithcedingundertakings — 2,955,259 — 2,955,259

Assetscoveringunit-linkedliabilities(1) 896,633 393,393 71,635 1,361,661

FinancialLiabilities (896,633) (393,393) (71,635) (1,361,661)

______________(1)Assetscoveringunit-linkedliabilitiesinthetableaboveexcludeassetsheldbyacedingundertakingofEUR

36.7million(seeNote9.b)andcashof5.6million.



Level1 Level2 Level3 Total

31stDecember2019 €’000 €’000 €’000 €’000

Debtsecuritiesandotherfixedincomesecurities 423,508 431,938 — 855,446Equitymutualfunds — 91,123 — 91,123Residentialmortgagefund — — 69,618 69,618Loans — 22,120 — 22,120Policyholderloans — — 10,877 10,877Termdeposit — 8,593 — 8,593Fixedincomemutualfunds — 5,568 — 5,568Derivativeasset — — 2,524 2,524Other — 472 — 472Derivativeliability — — (8,406) (8,406)Otherfinancialinvestments 423,508 559,814 74,613 1,057,935

Assetscoveringunit-linkedliabilities(1) 65,282 830,913 50,878 947,073

FinancialLiabilities (65,282) (830,913) (50,878) (947,073)

______________(1) Assets coveringunit-linked liabilities in the tableabove excludeassets heldbya cedingundertakingof EUR

40.2million(seeNote9.b).

TheCompanydeterminesfairvaluebasedonthefollowingmethodsofvaluationandassumptions:

▪ Debtsecuritiesandotherfixedincomesecurities–Securitiesthatareactivelytradedarepricedbasedonquotedmarketprices.Otherfixedincomesecuritiesarepricedbyindependentpricingservices.Theindependentpricingservicesuseactualtransactionpricesforsecuritiesthathavebeenactivelytraded.Forsecuritiesthathavenotbeenactivelytraded,eachpricingsourcehasitsownproprietarymethodtodeterminethefairvalue.ForLevel2assetstheseincludeindexpricingforidenticalassets.

▪ Residentialmortgagefund–Thenetassetvalueofthefundisprovidedonamonthlybasis.▪ Fixed Incomemutual fundsandequitymutual funds – The funds that are actively tradedand

quoted prices are available are included in Level 1. The assets included in Level 2 reflectinvestmentsinpubliclytradedfunds.

▪ Loans–Mortgageloansandotherloansarevaluedusingtheprevailingrisk-freemarketinterestrate for the remaining term, plus credit and liquidity surcharges. In the absence of recentobservable market transactions and an illiquid market, the use of a discounted cash flowmethodtoestimatethefairvaluehasbeenusedandareincludedinLevel3.

▪ Policyholder loans – Policy loans represent partial surrenders where the policyholder hassurrenderedaportionofthetheirpolicyandarevaluedbasedonanassessmentofcashflowsrequired to satisfy future obligations, discounted at the risk free curves provided by theBermudaMonetaryAuthority.Thecurrencyofthecurveisrepresentedbythecurrencyofthepolicyholderliabilities.

▪ Termdeposits–Termdepositsarevaluedusingtheprevailingrisk-freemarketinterestratefortheremainingterm,pluscreditandliquiditysurcharges.



▪ Infrastructuredebt,privatecreditandalternativefunds–ThesefundsarenottradedinanactivemarketandhavebeenclassifiedasLevel3investments.

▪ Derivatives–TheCompany’sderivatives included inLevel3arevaluedbasedoncounterpartybank’sinternalmodels.

▪ Deposits with ceding undertakings - The underlying investments are managed directly andpredominantlyrepresentactivelytradedbonds.

▪ Assetscoveringunit-linkedliabilitiesandfinancialliabilities–Theassetsincludeinvestmentsinpublicly traded funds, shares and debt securities for which quoted prices are available andunquoted debt securities and investments in funds. The liabilities reflect the value of theseassets.

To validate prices, the Company compares the fair value estimates to its knowledge of the currentmarketandwillinvestigatepricesthatitconsidersnottoberepresentativeoffairvalue.

d. FinancialLiabilities

Thefairvalueoffinancialliabilitiesrelatedtotheunit-linkedcontractsofEUR1,404.0million(2019:EUR987.2million)isequivalenttotheamountpayableunderthecontract,basedonthecurrentassetvalue.This includes liabilities associated with a funds withheld agreement of EUR 36.1 million (2019:39.7million).

10. AssetscoveringUnit-linkedLiabilities

Assetscoveringunit-linkedliabilitiesrelatetounit-linkedinvestmentcontracts.

At 31st December 2020, the total balance of EUR 1,404.0 million (2019: EUR 987.2 million) includesassets on a funds withheld basis of EUR 36.7million (2019: EUR 40.2million; see also Note 9.b forfurtherinformationrelatedtothisasset).

Ananalysisoffinancialassetscoveringunit-linkedliabilitiesisincludedinNote9above.

11. IntangibleAssets

During2020,theGroupdeterminedthatValue-In-Force("VIF")ofnewlyacquiredunit-linkedinvestmentbusiness has been treated incorrectlywhen the value is negative (i.e., an asset or "AVIF").UnderUKGAAP, if theVIF related tounit-linked investmentproducts is negative, an intangible asset shouldberecognizedatitsfairvalueontheacquisitiondate,ratherthanoffsetagainsttechnicalprovisions.Suchintangibleassetissubjecttoamortizationbasedontheexpectedrun-offoftheunit-linkedassets,whichisdependentonthelapserateassumedontheacquisitiondate.

TheGroupreversedtheAVIFtogetherwithanyrelatedbalancesandrecordedtheintangibleassetsatits fair value on acquisition, reducedby amortisation. TheConsolidated Statement of ComprehensiveIncomefortheyearended31stDecember2020wasadjustedtoreflectthereversalofchange inAVIFand amortization expense. For the comparative information, only the balance sheet positions werereclassifiedastheIncomeStatementimpactwasdeemedimmaterial.Asaresult,thecumulativeimpactof €603 thousand is included in the Consolidated Statement of Comprehensive Income for the yearended 31st December 2020. The following table details the impact of the reclassifications on theConsolidatedBalanceSheets(in€m).



BalanceSheetImpact

31stDecember2019

Restated AdjustmentPreviouslyreported

€m €m €mReinsurers'shareoftechnicalprovisions 104 9 95Intangibleassets 16 16 —TotalAssets 2,517 25 2,492

Technicalprovisions 1,015 25 991TotalLiabilities 2,237 25 2,212

Retainedearnings 117 — 117Equity 279 — 279

Theprofitonordinaryactivitiesaftertaxfortheyearended31stDecember2020includesareversalofchangeinreservesofEUR3.3millionandintangibleamortizationofEUR0.9million.

Themovementintheintangibleassetsfortheyearended31stDecember2020isasfollows:

31stDecember2020€’000

Balanceat1stJanuary 15,846Amortisationexpense (1) 905Balanceat31stDecember 14,941

(1)Theamortisationexpense,includedinOperatingexpenses,consistsoftheamortisationexpenseofEUR1.5millionoffsetbythecumulativeimpactofthereversalrelatedtoprioryearsofEUR0.6million,asdiscussedabove.

Thecarryingamountandaccumulatedamortisationoftheintangibleassetsat31stDecember2020wereasfollows:

31stDecember2020€’000

IntangibleassetssubjecttoamortisationCost 18,270Accumulatedamortisation 3,329CarryingValue 14,941



12. Debtors

31stDecember2020

31stDecember2019

€’000 €’000Debtors

DebtorsarisingoutofdirectinsuranceoperationsPolicyholders 1,577 2,253

Debtorsarisingoutofreinsuranceoperations 25,372 1,960Otherdebtorsincludingtaxandsocialsecurity

Taxrecoverable 9,216 7,322Otherdebtors 5,699 10,929

Otherdebtors 14,915 18,251OtherGroupcompanies(1) 453 31,077

Totaldebtors 42,317 53,541

______________

(1) RelatestoareceivablefromtheparentcompanyMonumentFincoLimited.

Fundsdue frompolicyholders relates topremiums collected forwhich cash is receivedonemonth inarrearsbytheGroup.

Debtorsarisingoutofreinsuranceoperationsincreasedasaresultofacquisitionsin2020.

Thedecrease indebtorsarising fromOtherGroupcompanieswasduetoarepaymentof thedebtbyFINCO.

13. EquityShareCapital

31stDecember2020

31stDecember2019

AuthorisedOrdinarysharesatEUR0.8734each 150,000 150,000

€’000 €’000Allotted,calledupandfullypaid-presentedasequityOrdinarysharesatEUR0.8734each 52,491 52,491

During2020,theCompanyreceivedacapitalcontributionofEUR376.8million(2019:EUR20.0million)fromtheparentcompany.

Effective 11th January 2019, the Company redenominated its common shares fromUSD to EUR. TheeffectoftheshareredenominationwasrecordedinForeigncurrencytranslationreserve.

At31stDecember2020and2019,therewere60.1millionissuedordinaryshares.Thereisasingleclassofequityshare.Therearenorestrictionsonthedistributionofdividendsandtherepaymentofcapital.



Allsharescarryequalvotingrightsandrankfordividendstotheextenttowhichthetotalamountoneachshareispaidup.

14. TechnicalProvisions

TheCompanyhasdeterminedUKGAAP liabilities tobeequivalent toBermudianTechnical Provisions(“TP”)whichisgivenbythesumofBELandaRM,asdeterminedundertheEBSregime.

TheBELisbasedonanassessmentofcashflowsrequiredtosatisfyinsuranceobligations.Bestestimatecorrespondstoaprobability-weightedaverageoffuturecashflowswithanallowance,whereapplicable,forcontractboundaries.TheBELisdeterminedbydiscountingthebestestimatecashflowsattheriskfreecurvesprovidedbytheBermudaMonetaryAuthority.Thecurrencyofthecurveisrepresentedbythecurrencyofthepolicyholderliabilities.

The RM reflects uncertainty inherent in the best estimate cash flows. It follows a cost of capitalapproach, with a prescribed 6% cost of capital charge. It includes an allowance for insurance,operationalandcounterpartyriskcapital,projectedoverthecontractperiodanddiscountedatrisk-free.Therisk-freecurveusedisgivenbythereportingcurrency,EUR.

ThegrossBELandRMandnettechnicalprovisionsat31stDecember2020and2019wereasfollows:

31stDecember2020 31stDecember2019€'000 €'000(1)

BestEstimateLiabilities(Gross) 3,358,047 1,000,541

RiskMargin 109,772 22,074

TechnicalProvisions(Gross) 3,467,819 1,022,615

ReinsuranceAsset (11,070) (9,779)

TechnicalProvisions 3,456,749 1,012,836

______________(1) Thebalancesfortheyearended31stDecember2019wererestatedtoreflecttheimpactofanadjustmentrelatedtoAssetValue-In-Forceto

correctthenegativereservespertainingtoinvestmentcontracts.RefertoNote11forfurtherdetails.

a. GeneralBusinessProvision

Themovementinprovisionforclaimsfortheyearsended31stDecember2020and2019wasasfollows:



GrossReinsurer's

Share Net€’000 €’000 €’000

Balanceat1stJanuary2020 7,454 — 7,454Provisionforclaimsacquired 3,986 — 3,986Liabilitiesdischargedintheyear (4,023) — (4,023)Unwindingofdiscountrates — — —Changesinexperience 8 — 8Changesinassumptions 2,807 — 2,807Other (674) — (674)ImpactofFX — — —Balanceat31stDecember2020 9,558 — 9,558

GrossReinsurer's

Share Net€’000 €’000 €’000

Balanceat1stJanuary2019 7,975 — 7,975Provisionforclaimsacquired 6,245 — 6,245Liabilitiesdischargedintheyear (6,764) — (6,764)Unwindingofdiscountrates 8 — 8Changesinexperience (474) — (474)Changesinassumptions 86 — 86Other — — —ImpactofFX 378 — 378Balanceat31stDecember2019 7,454 — 7,454

b. LongTermBusinessProvision

Themovementinprovisionforclaimsfortheyearsended31stDecember2020and2019wasasfollows:



GrossReinsurer's

Share Net€’000 €’000 €’000

Balanceat1stJanuary2020(1) 1,015,161 (9,779) 1,005,382Longtermtechnicalprovisionacquired 2,442,736 73 2,442,809Liabilitiesdischargedintheyear (113,396) (1,443) (114,839)Unwindingofdiscountrates 4,159 — 4,159Changesinexperience 7,019 — 7,019Changesinassumptions 62,149 (1,235) 60,914Guaranteedfuturebonuses (2) 68,429 — 68,429Other (17,476) 1,314 (16,162)ImpactofFX (10,520) — (10,520)

Balanceat31stDecember2020 3,458,261 (11,070) 3,447,191

(1) Thebalancesfortheyearended31stDecember2019wererestatedtoreflecttheimpactofanadjustmentrelatedtoAssetValue-In-Forcetocorrectthenegativereservespertainingtoinvestmentcontracts.RefertoNote

(2)SeeNote14.eforfurtherdetails.

GrossReinsurer's

Share Net€’000 €’000 €’000

Balanceat1stJanuary2019(1) 297,064 (4,519) 292,545Longtermtechnicalprovisionacquired 690,904 1 690,905Liabilitiesdischargedintheyear (114,126) (1,159) (115,285)Unwindingofdiscountrates 1,633 — 1,633Changesinexperience 63,560 — 63,560Changesinassumptions 43,179 — 43,179Other (151) — (151)ImpactofFX 8,511 — 8,511ReclassificationduetoAVIF 24,587 (4,102) 20,485

Balanceat31stDecember2019 1,015,161 (9,779) 1,005,382

______________(1) Thebalancesfortheyearended31stDecember2019wererestatedtoreflecttheimpactofanadjustmentrelatedtoAssetValue-In-Forceto

correctthenegativereservespertainingtoinvestmentcontracts.RefertoNote11forfurtherdetails.

c. ReinsuranceLiabilities

The reinsurance liability of EUR 96.3 million (2019: EUR 98.6 million) relates to certain reinsurancetreaties,arrangedwithadeficitaccountcarryingforwardthereinsurers’lossesonanunderwritingyearbasis.

d. PrincipalAssumptions

An annual review is performed on the claims experience of the Company to determine theappropriatenessofthedemographicassumptionsusedincalculatingtheBEL.



TheprincipalassumptionsunderlyingthecalculationoftheBELatthereportingdatearesetoutbelow:

Expenses: A regular investigation is performed to monitor its expense experience to determine theexpensesincurredinadministeringandrunningthebusinessacrosseachoftheentities.Anallowanceismadeforexpenseinflation,consideringbothsalaryandpriceinflation.

Lapses: Lapse rates impact the expected remaining duration of the in-force business. Lapse risk ispresentacrossallportfoliosandtheCompanyperformsanannualinvestigationontheappropriatenessoftheseassumptions.

Accident & Sickness Incidence and Recovery Rates: These assumptions drive the level of expectedaccident and sickness claims and are key to the PPI business. Recovery rate assumptions are mostrelevant for the technical provisions given the short contract boundary. The Company performs anannualinvestigationontheappropriatenessoftheassumptions.

UnemploymentIncidenceratesandprobabilityofreturningtowork:TheseassumptionsarekeytothePPIbusinessandtheydrivethelevelofexpectedclaims.Recoveryrateassumptionsaremostrelevantfor the technical provisions given the short contract boundary. The Company performs an annualinvestigationontheappropriatenessoftheassumptions.

Mortality:Thisisnotamaterialassumptionforalargeproportionofthebalancesheeti.e.unit-linkedandsavingsbusiness.ForMLIDAC,MABandMAL,wherethereismortalityandriderrisks,reinsuranceisinplacetoreinsureasignificantproportionofthisexposure.ThiswasamorematerialassumptionfortheRothesayLifeannuitiesreinsuredtoMonumentReduring2019.

DiscountRates:ThediscountratesusedinthecalculationoftheTechnicalProvisionsdependonthecurrencyoftheliabilitiesandthediscountrateapproachapprovedbytheBoard.Forassetintensivebusiness,theCompanyusestheScenarioBasedApproachasdescribedintheBMA’sGuidanceNoteforCommercialInsurersandGroupsStatutoryReportingRegime(dated30thNovember2016),forallotherbusiness,risk-freeratesprovidedbytheBMAareused.



Year BMARisk-Free BloombergSwapCurve1

EURSpotRate GBPSpotRate EURSpotRate GBPSpotRate

1 (0.65)% (0.10)% (0.53)% —%

2 (0.65)% (0.07)% (0.53)% 0.03%

3 (0.64)% (0.01)% (0.53)% 0.09%

4 (0.62)% 0.05% (0.51)% 0.14%

5 (0.59)% 0.09% (0.47)% 0.19%

6 (0.56)% 0.14% (0.45)% 0.23%

7 (0.53)% 0.18% (0.39)% 0.28%

8 (0.48)% 0.22% (0.34)% 0.32%

9 (0.44)% 0.26% (0.31)% 0.36%

10 (0.39)% 0.30% (0.26)% 0.39%

20 (0.11)% 0.48% (0.02)% 0.57%

30 (0.13)% 0.48% (0.03)% 0.57%

40 0.03% 0.66% (0.11)% 0.52%

50 0.47% 1.10% (0.16)% 0.47%

InordertodeterminetheSBAdiscountrates,anumberofadditionalassumptionsandmanagementactionsarerequiredandincludingfuturespreadassumptions,defaultsandinvestmentexpenses.Spreadassumptionsreflecttheadditionalreturnabovetheswapcurvethatisexpectedtobeearnedontheunderlyingassetportfolio.

TheCompanymakesanallowancefordefaultsbyadoptingthedefaultassumptionspublishedbyEIOPA2whicharederivedfromStandard&Poor’sdata.

Investmentexpensesaresetbyassessingtheoverall investmentcostswithintheGroup.AttheGrouplevel,aninvestmentassumptionof15basispointsperannumhasbeenusedtocoveralltheexpectedinvestmentcosts.

e. FundforFutureAppropriations

The fund for future appropriations represents all funds, the allocation of which to with-profitspolicyholdersandshareholdershasnotbeendeterminedatthebalancesheetdate.FuturebonusesofEUR68.4millionat31stDecember2019relatetotheCompany'ssubsidiaryNordbenLifeandPensionInsurance Co Limited. These bonuses are now guaranteed by the Company to Nordben and aretherefore included in the BEL at 31st December 2020 rather than presented as a fund for futureappropriation.TheguaranteewasintroducedasapartoftheinternalreinsuranceagreementbetweenMonumentReandNordbenthatwasenteredintoin2020.

______________

1GBPTicker:YCSW0022Index,EURTicker:YCSW0045Index2EIOPApublisheddefaultratesareprovidedhereeachmonthhttps://eiopa.europa.eu/regulation-supervision/insurance/solvency-ii-technical-information/risk-free-interest-rate-term-structures



https://eiopa.europa.eu/regulation-supervision/insurance/solvency-ii-technical-information/risk-free-interest-rate-term-structures

https://eiopa.europa.eu/regulation-supervision/insurance/solvency-ii-technical-information/risk-free-interest-rate-term-structures

15. CreditorsArisingoutofDirectInsuranceandReinsuranceOperations

31stDecember2020

31stDecember2019

€’000 €’000Creditorsarisingoutofdirectinsuranceoperations

Claimspayable 16,791 16,865Commissionpayable 2,449 3,468Profitsharepayable 669 170Other 1,178 918

Total 21,087 21,421

CreditorsarisingoutofreinsuranceoperationsReinsurancebalancespayable 867 6,697

Commissionandprofitsharepayable,togetherwithamountsduetopolicyholdersfallduewithinthreemonthsoftheperiodenddate.

16. OtherCreditors

31stDecember2020

31stDecember2019

€’000 €’000Othercreditorsincludingtaxandsocialsecurity

Deferredtaxliability 3,684 6,286LTIPaccrual 20,936 4,200Corporationtaxpayable 1,257 1,279Other 14,611 4,583

Total 40,488 16,348

Tradeandothercreditorsarepayableatvariousdatesinthethreemonthsaftertheendofthefinancialperiodinaccordancewiththecreditors’usualandcustomarycreditterms.



17. Commitments

During2019,theGroupmadeacommitmentofEUR15.0milliontowardsaEuropeanrevolvingcreditfacility(“RCF”)fund.ThefundpurchasesRCFsatadiscountfromfinancialinstitutionsandtheGroupisat risk for itsportionofanydefaultson thoseRCFs.TheGrouphasnotbeenrequired toprovideanyfunding,asabankprovidesliquiditytothefund.TheGroup’smaximumcommitmenttothefundat31stDecember2020and2019wasEUR15.0millionandtherehavebeennodefaultsunderthesefacilities.

TheGroupleasesofficespaceinvariouslocationswhereitssubsidiariesandbranchesarelocated.Totalestimatedfuturepaymentsundertheseleasesat31stDecember2020wereEUR2.0millionin2021,EUR4.7millionin2022-2026andEUR4.1millionafter2026.

18. ReconciliationofProfitBeforeTaxtoNetCashfromOperatingActivities

31stDecember2020

31stDecember2019

€’000 €’000Profitonordinaryactivitiesbeforetax 472,962 41,438Adjustments:

Interestreceived (25,628) (6,127)Shareholderrealisedandunrealisedinvestmentgains (148,360) (14,530)Non-cashmovementintechnicalreserves (250,960) 408,453Movementindeferredexpenses (535) 2,134Depositswithcedingundertakings 215,919 144,334Gainonacquisition (278,414) (21,121)Movementsinotherassets/liabilities 49,870 (4,596)

Netcashfromoperatingactivities 34,854 549,985

19. RelatedPartyTransactions

SeeNote6fordisclosureofkeymanagementcompensation,Note12foramountsowedbytheparentcompanyandNote13fordisclosureofcapitalcontributionbytheparentcompany.Therewerenoothermaterialrelatedpartytransactionsduringtheyearsended31stDecember2020and2019.

20. EventsaftertheReportingDate

MonumentRehassignedagreementsinrespectofthefollowingtransactionsbelow.ThefinancialresultsofthesetransactionsarenotincludedintheConsolidatedFinancialStatementsbecausetheyeitherremainedsubjecttoregulatoryapprovalatthereportingdateorweresignedafterthereportingdate.

▪ On1stApril2021,theCompanycompletedtheacquisitionofaclassicalliferetailinsurancebookfromAllianzBenelux(Belgium).

▪ On26thFebruary2021,theCompanysignedanagreementtoacquiretheclosed-blockportfolioofvariableannuitiesfromAthoraIrelandplc,awholly-ownedsubsidiaryofAthoraHoldingLtd.



Thistransactionremainssubjecttocustomaryclosingconditions,includingreceiptofregulatoryapproval.

▪ On16th February 2021, following receipt of regulatory approval, theCompany completed theacquisition of the Charles Taylor Group's Isle of Man life and investment operations, whichinclude LCL International LifeAssuranceCompany Limited (subsequently renamedMonumentInternationalLifeAssuranceCompanyLimited)andrepresentsthecore life insuranceentity intheIsleofMan.

▪ On22ndDecember2020,theCompanysignedanagreementtoacquireaportfolioofunit-linkedpolicies. This transaction remains subject to customary closing conditions, including receiptofregulatoryapproval.

21. ApprovalofConsolidatedFinancialStatements

TheConsolidatedFinancialStatementswereapprovedbytheBoardofDirectorson31stMarch2021.



Monument Re Limited Annual Report

Documents

Transcript of Monument Re Limited Annual Report