PIN A4.9.1

The base figure for the size factor component is determined by aggregating the following components:

(a) the default risk component determined in accordance with Rule A4.4, so far only as concerns the Insurer's Invested Assets;
(b) the investment volatility risk component determined in accordance with Rule A4.5; and
(c) the concentration risk component determined in accordance with Rule A4.8, so far only as concerns the Insurer's Invested Assets.