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Tesco Personal Finance Life LimitedRegistered office: Pitheavlis, Perth, Scotland PH2 ONHAnnual FSA Insurance Returns for the period ended31st December 2002Accounts and statements pursuant to theFinancial Services and Markets Act 2000FN 02 001
Returns under the Accounts and Statements RulesIndex to Appendices 9.1, 9.3, 9.4 and 9.6 of IPRU (INS)Name of insurerTesco Personal Finance Life LimitedGlobal BusinessFinancial year ended31st December 2002ContentsFormsPageIPRU (INS) Appendix 9.19Statement of solvency19AAnalysis of effect of financial engineering on long-term available assets210Statement of net assets313Analysis of admissible assets414Long-term insurance business liabilities and margins1015Liabilities (other than long term business)1116Profit and loss (non-technical account)12IPRU (INS) Appendix 9.340Revenue account1341Analysis of premiums and expenses1442Analysis of claims1543Summarised balance sheets for internal linked funds1644Aggregate revenue account for internal linked funds1845Supplementary information for internal linked funds19IPRU (INS) Appendix 9.4Valuation report2046Long term insurance business : Summary of changes in ordinary long termbusiness2647Long term insurance business : Analysis of new ordinary long term business2848Expected income from admissible assets not held to match liabilities in respect oflinked benefits2949Analysis of admissible fixed interest and variable interest and variable yieldsecurities not held to match liabilities in respect of linked benefits3051Valuation summary of non-linked contracts (other than accumulating with-profitpolicies)3153Valuation summary of property linked contracts3255Analysis of units in internal linked funds and direct holdings of assets matchingliabilities in respect of property-linked benefits3357Matching rectangle3558Valuation result and distribution of surplus3960Required minimum margin40
Returns under the Accounts and Statements RulesIndex to Appendices 9.1, 9.3, 9.4 and 9.6 of IPRU (INS)Name of insurerTesco Personal Finance Life LimitedGlobal BusinessFinancial year ended31st December 2002FormsPageSupplementary notes41IPRU (INS) 9.29, 9.30 and 9.36Statement on derivatives required by IPRU (INS) 9.2944Statement on controllers required by IPRU (INS) 9.3045Statement of information on appointed actuary required by IPRU (INS) 9.3646Certificates by the directors and actuary and report of the auditors – IPRU (INS) Appendix 9.6Certificate by the directors required by IPRU (INS) 9.34(a)48Certificate by the appointed actuary required by IPRU (INS) 9.34(b)51Report of the auditors to the directors pursuant to IPRU (INS) 9.3553
Returns under the Accounts and Statements RulesCovering page to form 9Name of insurerTesco Personal Finance Life LimitedGlobal businessFinancial year ended31st December 2002.P R HALESChief Executive.J A NEWMANDirector.26th March 2003M N URMSTONDirector
Form 927032003:17:00:00Statement of solvencyName of insurerTesco Personal Finance Life LimitedGlobal businessFinancial year ended31st December iod endedday monthyear3112As at the end ofthis financialyearAs at the end ofthe previousyear12Units2002 000Source GENERAL INSURANCE BUSINESSAvailable assetsOther than long term insurance business assets allocatedtowards general insurance business required minimum marginSee instructions1 and 211Required minimum marginRequired minimum margin for general insurance business12Excess (deficiency) of available assets over the requiredminimum margin (11-12)1312.4910.11LONG TERM INSURANCE BUSINESSAvailable assetsLong term insurance business admissible assets21105089215Other than long term insurance business assets allocated towards longterm insurance business required minimum margin22147262545See instructions1 and 3Total mathematical reserves (after distribution of surplus)2383606849See instruction 4Other insurance and non-insurance liabilities242911103See instruction 5Available assets for long term insurance business required minimummargin (21 22-23-24)25165833808Implicit Items admitted under Rule 2.10(5) as modifiedFuture profits31Zillmerising32Hidden reserves33Total of available assets and implicit items (25 31 32 33)34165833808Required minimum margin for long term insurance business41506465Explicit required minimum margin (1/6 x 41, or minimumguarantee fund if greater)42506465Excess (deficiency) of available assets over explicit requiredminimum margin (25-42)43160773343Excess (deficiency) of available assets and implicit items overthe required minimum margin (34-41)44160773343Required minimum margin60.69CONTINGENT LIABILITIESQuantifiable contingent liabilities in respect of other than longterm insurance business as shown in a supplementary note to Form 1551See instruction 6Quantifiable contingent liabilities in respect of long term insurancebusiness as shown in a supplementary note to Form 1452See instruction 6?
Form 9A27032003:17:00:00Analysis of the effect of financial engineering on long-term available assetsName of insurerTesco Personal Finance Life LimitedGlobal businessFinancial year ended31st December riod endedday monthyear3112As at the end ofthis financialyearAs at the end ofthe previousyear12Units2002 000SourceRequired minimum margin for longterm insurance business11506See instruction 2Excess (deficiency) of availableassets and implicit items over therequired minimum margin1216077See instruction 3Total available assets and implicititems (11 12)1316583Analysed as follows:Value of implicit items14See instruction 5Financial reinsurance- ceded15See instruction 6Financial reinsurance- accepted16See instruction 7Outstanding contingent loans17See instruction 8Any other charges on future profits18See instruction 9Sum of financial engineeringadjustments(14 15-16 17 18)19Other assets (13-19)2016583Total available assets and implicititems(19 20)2116583
Form 1027032003:17:00:00Statement of net assetsName of insurerTesco Personal Finance Life LimitedGlobal businessFinancial year ended31st December 201As at the end ofthis financialyear1Period endedmonthyear122002As at the end ofthe previous year2Units 000Source ?Long term insurance business - admissible assets1110508921513 . 89 . 1Long term insurance business - liabilities and margins1210508921514 . 59 . 1Other than Long term insurance business - admissible assets2115258303713 . 89 . 1Other than Long term insurance business - liabilities2253249215 . 69 . 1Net admissible assets (21-22)2314726254529147262545Paid up share capital (other than cumulativepreference share capital)512800028000Amounts included in lines 24 to 27 above52Amounts representing the balance of net assets56(13274)(25455)Total (51 to 56) and equal to line 29 above59147262545Balance brought forward at the beginning of thefinancial year61(25455)(23692)10 . 56 . 2Retained profit/(loss) for the financial year62663(25)16 . 59 . 1Movement in asset valuation differences6311518Decrease/(increase) in the provision for adversechanges64Other movements (particulars to be specified byway of supplementary note)65Balance carried forward at the end of the financial year(61 to 65)69Other assets allowed tobe taken into account incovering the requiredminimum marginLiabilities allowed to beleft out of account incovering the requiredminimum marginUnpaid amounts (includingshare premium) on partly paidshares24Supplementary contributionsfor a mutual carrying ongeneral insurance business25Subordinated loan capital26Cumulative preference sharecapital27Available assets (23 to 27)Represented by:Movement of balance of net assets for solvencypurposes - as per line 56(1738) See instruction 2See instruction 3(13274)(25455)
Form 13(Sheet 1)27032003:17:00:00Analysis of admissible assetsTesco Personal Finance Life LimitedName of insurerGlobal businessFinancial year ended31st December 2002Category of assetsTotal other than long term insurance business Period endedday monthyear31InvestmentsUK insurancebusinessdependantsOther insurancedependantsNon-insurancedependantsOther groupundertakings andparticipatinginterestsTotal sheet 1 (11 to 30)2002 000Categoryofassets1As at the end ofthis financialyear1As at the end ofthe previousyear286337886337811Land and buildingsInvestments ingroup undertakingsand participatinginterests12UnitsShares21Debt securities issued by, and loans to, dependants22Shares23Debt securities issued by, and loans to, dependants24Shares25Debt securities issued by, and loans to, dependants26Shares27Debt securities issued by, and loans to, group undertakings28Participating interests29Debt securities issued by, and loans to, undertakings inwhich the insurer has a participating interest3039
Form 13(Sheet 2)27032003:17:00:00Analysis of admissible assetsName of insurerTesco Personal Finance Life LimitedGlobal businessFinancial year ended31st December 2002Category of assetsTotal other than long term insurance business Period endedday monthyear31Investments (continued)Deposits with ceding undertakingsAssets held to cover linked liabilitiesEquity shares41Other shares and other variable yield securities42Holdings in collective investment schemes43Rights under derivative contracts44Approved securities45Other46Approved securities47Other48122002Units 000Categoryofassets1As at the end ofthis financialyear1As at the end ofthe previousyear2141622208141622208Fixed interestDebt securities andother fixed incomesecuritiesOther financialinvestmentsVariable interestParticipation in investment pools49Loans secured by mortgages50Other loansDeposits withapproved creditinstitutions andapproved financialinstitutionsLoans to public or local authorities and nationalisedindustries or undertakings51Loans secured by policies of insurance issued by thecompany52Other53Withdrawal subject to a time restriction of one month or less54Withdrawal subject to a time restriction of more than onemonth5556Other57Deposits with ceding undertakingsIndex linked58Property linked59Provision for unearned premiums60Claims outstanding61Provision for unexpired risks62Other63Assets held to match linked liabilitiesReinsurers' share of technical provisionsTotal sheet 2 (41 to 63)69
Form 13(Sheet 3)27032003:17:00:00Analysis of admissible assetsTesco Personal Finance Life LimitedName of insurerGlobal businessFinancial year ended31st December 2002Category of assetsTotal other than long term insurance business Period endedday monthyear31Policyholders71Intermediaries72Salvage and subrogation recoveries73Debtors arising outof reinsuranceoperations2002 000As at the end ofthis financialyear1DebtorsOther assetsDebtors arising outof direct insuranceoperations12UnitsDue from ceding insurers and intermediaries under reinsurance businessaccepted74Due from reinsurers and intermediaries under reinsurance contracts ceded75Due fromdependantsDue in 12 months or less after the end of the financial year76Due more than 12 months after the end of the financial year77Due in 12 months or less after the end of the financial year78Due more than 12 months after the end of the financial year79Other debtorsCategoryofassets1As at the end ofthe previousyear277Other80Tangible assetsCash at bank andin handDeposits not subject to time restriction on withdrawal, with approved creditinstitutions and approved financial institutions and local authorities81Cash in hand82Other assets (particulars to be specified by way of supplementary note)Prepayments andaccrued income4240583Accrued interest and rent84Deferred acquisition costs85Other prepayments and accrued income861410046Deductions (under rules 4.14(2)(b) and 4.14(3)) from the aggregate value of assets87Total sheet 3 (71 to 86 less 87)88233451Grand total of admissible assets (39 69 88)89152583037Total admissible assets (as per line 89 above)91152583037Total assets in excess of the admissibility limits of Appendix 4.2 (as valued in accordance with thoseRules before applying admissibility limits)92474616378Solvency margin deduction for subsidiary undertakings which are insurance undertakings93Other differences in the valuation of assets (other than for assets not valued above)94Assets of a type not valued above, (as valued in accordance with the insurance accounts rules)95Total assets determined in accordance with the insurance accounts rules (91 to 95)99Reconciliation to asset values determined in accordance with theinsurance accounts rulesAmounts included in line 89 attributable to debts due from related insurers, other than those undercontracts of insurance or reinsurance1001142011819415
Form 13(Sheet 1)27032003:17:00:00Analysis of admissible assetsTesco Personal Finance Life LimitedName of insurerGlobal businessFinancial year ended31st December 2002Category of assetsTotal long term insurance business Period endedday monthyear3111Land and buildingsUK insurancebusinessdependantsOther insurancedependantsNon-insurancedependantsOther groupundertakings andparticipatinginterestsTotal sheet 1 (11 to 30)2002As at the end ofthis financialyear1InvestmentsInvestments ingroup undertakingsand participatinginterests12Shares21Debt securities issued by, and loans to, dependants22Shares23Debt securities issued by, and loans to, dependants24Shares25Debt securities issued by, and loans to, dependants26Shares27Debt securities issued by, and loans to, group undertakings28Participating interests29Debt securities issued by, and loans to, undertakings inwhich the insurer has a participating interest3039Units 000Categoryofassets10As at the end ofthe previousyear2
Form 13(Sheet 2)27032003:17:00:00Analysis of admissible assetsName of insurerTesco Personal Finance Life LimitedGlobal businessFinancial year ended31st December 2002Category of assetsTotal long term insurance business Period endedday monthyear31Investments (continued)Deposits with ceding undertakingsAssets held to cover linked liabilitiesEquity shares41Other shares and other variable yield securities42Holdings in collective investment schemes43Rights under derivative contracts44Approved securities45Other46Approved securities47Other48122002Units 000Categoryofassets10As at the end ofthis financialyear1As at the end ofthe previousyear22915332875465474104618802Fixed interestDebt securities andother fixed incomesecuritiesOther financialinvestmentsVariable interestParticipation in investment pools49Loans secured by mortgages50Other loansDeposits withapproved creditinstitutions andapproved financialinstitutionsLoans to public or local authorities and nationalisedindustries or undertakings51Loans secured by policies of insurance issued by thecompany52Other53Withdrawal subject to a time restriction of one month or less54Withdrawal subject to a time restriction of more than onemonth5556Other57Deposits with ceding undertakingsIndex linked58Property linked59Provision for unearned premiums60Claims outstanding61Provision for unexpired risks62Other63Assets held to match linked liabilitiesReinsurers' share of technical provisionsTotal sheet 2 (41 to 63)69
Form 13(Sheet 3)27032003:17:00:00Analysis of admissible assetsTesco Personal Finance Life LimitedName of insurerGlobal businessFinancial year ended31st December 2002Category of assetsTotal long term insurance business Period endedday monthyear31DebtorsOther assetsPolicyholders71Intermediaries72Salvage and subrogation recoveries73Debtors arising outof direct insuranceoperationsDebtors arising outof reinsuranceoperationsDue from ceding insurers and intermediaries under reinsurance businessaccepted74Due from reinsurers and intermediaries under reinsurance contracts ceded75Due fromdependantsDue in 12 months or less after the end of the financial year76Due more than 12 months after the end of the financial year77Due in 12 months or less after the end of the financial year78Due more than 12 months after the end of the financial year79Other debtors12Units2002 000Categoryofassets10As at the end ofthis financialyear1As at the end ofthe previousyear2113646283Other80Tangible assetsCash at bank andin handDeposits not subject to time restriction on withdrawal, with approved creditinstitutions and approved financial institutions and local authorities81Cash in hand82Other assets (particulars to be specified by way of supplementary note)Prepayments andaccrued income83Accrued interest and rent84Deferred acquisition costs85Other prepayments and accrued income8693Deductions (under rules 4.14(2)(b) and 4.14(3)) from the aggregate value of assets87Total sheet 3 (71 to 86 less 87)8847413Grand total of admissible assets (39 69 88)89105089215Total admissible assets (as per line 89 above)91105089215Total assets in excess of the admissibility limits of Appendix 4.2 (as valued in accordance with thoseRules before applying admissibility limits)9278Solvency margin deduction for subsidiary undertakings which are insurance undertakings93Other differences in the valuation of assets (other than for assets not valued above)94Assets of a type not valued above, (as valued in accordance with the insurance accounts rules)95Total assets determined in accordance with the insurance accounts rules (91 to 95)991058692151001636Reconciliation to asset values determined in accordance with theinsurance accounts rulesAmounts included in line 89 attributable to debts due from related insurers, other than those undercontracts of insurance or reinsurance
Form 1427032003:17:00:00Long term insurance business liabilities and marginsTesco Personal Finance Life LimitedName of insurerGlobal businessFinancial year ended31st December 2002Category of assetsTotal long term insurance business As at the end ofthis financialyear18360Period endedday monthyearUnitsCategoryofassets31 00010122002As at the end ofthe previousyear26849SourceSee Instruction 2Mathematical reserves, after distribution of surplus11Cash bonuses which had not been paid to policyholders prior to end ofthe financial year12Balance of surplus/(valuation deficit)1318571263See Instruction 4Long term insurance business fund carried forward (11 to 13)14102178112See Instruction 536130366Taxation376Other38155Claims outstanding whichhad fallen due for paymentbefore the end of thefinancial yearProvisions forother risks andchargesGross amount15Reinsurers' share16Net (15-16)17Taxation21Other2223Deposits received from reinsurersArising out ofinsuranceoperationsCreditors andotherliabilitiesDebentureloansSee Instruction 3Direct insurance business31Reinsurance accepted32Reinsurance ceded33Secured34Unsecured35Amounts owed to credit institutionsOther creditors637100Accruals and deferred income39Provision for adverse changes (calculated in accordance with rule 5.3)41Total other insurance and non-insurance liabilities (17 to 41)49Excess of the value of net admissible assets51Total liabilities and margins5910508Amounts included in line 59 attributable to liabilities to related companies,other than those under contracts of insurance or reinsurance61146Amounts included in line 59 attributable to liabilities in respect of propertylinked benefits627546Amount of any additional mathematical reserves included in line 51 whichhave been taken into account in the appointed actuary's certificate632911103See Instruction 692155474See Instruction 7
Form 1527032003:17:00:00Liabilities (other than long term insurance business)Name of insurerTesco Personal Finance Life LimitedGlobal businessFinancial year ended31st December s(g
Tesco Personal Finance Life Limited Registered office: Pitheavlis, Perth, Scotland PH2 ONH Annual FSA Insurance Returns for the period ended 31st December 2002 Accounts and statements pursuant
