Own Risk and Solvency Assessment (ORSA)

In accordance with Article 306  of Commission Delegated Regulation (EU) 2015/35, the ORSA supervisory report should present in particular the quantitative and qualitative results of the own-risk and solvency assessment referred to in Article 45 of Directive 2009/138/EC.The ORSA includes the assessment of continuous compliance with the capital requirements referred to in Article 45(1)(b) of Directive 2009/138/EC under baseline and stressed scenarios. In accordance with Article 45(2a) of Directive 2009/138/EC, that assessment should be performed with and without the long-term guarantees measures referred to in that paragraph.