The best estimate value is a prospective
estimate of the expected future payments arising from future events insured under
policies in force as at the valuation date and includes allowance for the Group and
the Company’s expenses, including overheads and cost of reinsurance, expected
to be incurred during the unexpired period in administering these policies and
settling the relevant claims, and allows for expected future premium refunds.
UPR represent the portion of the net premiums of insurance policies written that relate to
the unexpired periods of the policies at the end of the year.