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The Solvency and Financial Condition Report (‘SFCR’) is an annual report that is required to be produced under the European Union ('EU') and UK law, as part of the Solvency II regime. The Group is required to produce a single SFCR, covering both PIC plc and PICG. This requirement is set out in a direction made by the Prudential Regulation Authority on 19 December 2016 and was in force until 19 December 2019.