Economic capital ratioINTERNAL
188.5%
18.5 pp above target
Enterprise risk profile
Risk & Capital
Risk appetite, capital adequacy and stress resilience across economic and regulatory frameworks.
Aug 28, 2026 · Consolidated
● Within appetite
U.S. RBC ratioNAIC
425%
▲ 17 pp vs. current
LICAT total ratioOSFI
132%
▲ 2 pp vs. current
VM-21 sufficiencyRESERVE
1.18x
18% above requirement
Available capitalECONOMIC
5.08$bn
▲ $91m vs. current
Risk appetite utilization
Tested exposure relative to approved limit
Interest rate
68%
Credit spread
76%
Credit default
57%
Currency
42%
Market / equity
63%
Liquidity
51%
Mortality
48%
Lapse
61%
Required capital by risk
Post-diversification economic capital
Market$834mInsurance$646mCredit$458mLiquidity$377mOperational / other$377m
Diversification benefit
Standalone to aggregate capital
Standalone sum$3.47BBefore diversification
Required capital$2.69BAfter diversification
Market × credit
0.42
Market × insurance
0.18
Credit × insurance
0.12
Stress and scenario results
Capital ratio and economic-value impact
ScenarioEcon. valueCapital ratioLiquidityStatusRates +100 bps−$482m176%152%PassRates −100 bps−$517m174%148%PassCredit spreads +150 bps−$728m169%143%PassSevere equity downturn−$644m166%158%PassMortality +10%−$391m172%161%PassCombined reverse stress−$1,386m148%124%Watch
Risk heat map
Impact by financial measure
ROECapitalValueLiquidityInterest rateMMHLCredit spreadMHHMCredit defaultMHMLMarket / equityHMHLMortalityMMMLLapseMMMM
Capital bridge
Available capital from current to tested position
4,984Current
+83Earnings
+42ALM
−71Reinsurance
+17Other
5,075Tested
Limit exceptions
Governance and escalation
Credit spread utilization at 76%Monitoring threshold; no breach.
VM-21 calibration completedReserve sufficiency remains above 1.15x.
Liquidity stress approved30-day coverage floor set at 110%.
Risk interpretation: The tested position improves capital adequacy while keeping all exposures inside risk appetite. Credit spread is the closest constraint and should remain the primary execution monitor.