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with-profits fund surplus

27The difference between:

  1. (a) the value of the assets of the with-profits fund identified in accordance with COBS 20; and
  2. (b) the value of the best estimate component of technical provisions in respect of the policies written out of or transferred into that with-profits fund and the value of the other liabilities, including those referred to in COBS 20.1A.1 R, in the fund;

calculated in accordance with PRA Rulebook: Solvency II Firms: Valuation, Technical Provisions, and Surplus Funds rule 2, and applicable parts of the Solvency II Regulation (EU) 2015/35 of 10 October 2014, and as determined by actuarial investigation.