{"text_format":"1","workbook":"xlsx","n_sheets":12,"sheets":["Description","RBC Factors","RBC Data","Risk-Based Capital Ratio","Asset Risk (C-1)","Insurance Risk (C-2) ","Interest Rate Risk (C-3)","Business Risk (C-4)","Bond Size Factor","Asset Concentration Factor","Covariance Adjustment","Total Adjusted Capital"],"not_rendered":{"charts":0,"images":1,"macros":0,"external_links":0,"defined_names":30,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Description","index":0,"n_rows":25,"n_cols":4,"rows_kept":25,"cut":false,"hidden":false,"merged":[[1,1,3,3],[5,1,5,3],[24,1,26,3]]}
[]
[null,"This workbook illustrates the calculation of the Risk-Based Capital and the RBC ratio for a life insurance company. In actual practice, the determination of the Risk-Based Capital and the RBC ratio is considerably more complicated. The table below gives a brief description of the major worksheets in this workbook. See Chapter 29 for a more detailed description of this workbook."]
[]
[]
[]
[null,"Primary Worksheets in this Workbook"]
[null,"Worksheet","Primary Role","Brief Description"]
[null,"RBC Factors","Data Entry","Specifies the risk-based capital factors for various data elements"]
[null,"RBC Data","Data Entry","Specifies the data elements used in risk-based capital formula"]
[null,"Risk-Based Capital Ratio","Output","Shows calculation of Risk-Based Capital Ratio"]
[null,"Asset Risk (C-1)","Output","Shows calculation of Asset Risk (C-1)"]
[null,"Insurance Risk (C-2) ","Output","Shows calculation of Insurance Risk (C-2)"]
[null,"Interest Rate Risk (C-3)","Output","Shows calculation of Interest Rate and Market Risk (C-3)"]
[null,"Business Risk (C-4)","Output","Shows calculation of Business Risk (C-4)"]
[null,"Bond Size Factor","Output","Shows calculation of bond size adjustment factor"]
[null,"Asset Concentration Factor","Output","Shows calculation of asset concentration factor"]
[null,"Covariance Adjustment","Output","Shows calculation of covariance adjustment"]
[null,"Total Adjusted Capital","Output","Shows calculation of Total Adjusted Capital"]
[]
[]
[null,"Note:"]
[null,"1. Yellow tabs denote data entry worksheets."]
[null,"2. Yellow cells within the data entry worksheets indicate where data can be entered."]
[]
[null,"This model (i.e., workbook) is for educational purposes only and assumes that the user has a general understanding of how models are used for pricing, financial reporting, and risk management. It does not have all the functionality of a model that would be used for cash flow testing, principle-based valuations, or risk management. \n\n©2018 Louis J. Lombardi"]

{"sheet":"RBC Factors","index":1,"n_rows":46,"n_cols":7,"rows_kept":46,"cut":false,"hidden":false,"merged":[[1,1,1,6],[4,2,4,6]]}
[]
[null,"RBC Factors"]
[]
[]
[null,null,"RBC Factors"]
[null,"C-1 Asset Risk - Other","Before Tax","*","Tax Rate","=","After Tax"]
[null,"Bonds"]
[null,"Government ",0,null,0.26249999999999996,null,{"$f":"C8*(1-26.25%)","v":0}]
[null,"Class 1",4.0000000000000001E-3,null,0.26249999999999996,null,2.9500000000000004E-3]
[null,"Class 2",1.2999999999999999E-2,null,0.26249999999999996,null,9.5875000000000005E-3]
[null,"Class 3",4.5999999999999999E-2,null,0.26249999999999996,null,3.3925000000000004E-2]
[null,"Class 4",0.1,null,0.26249999999999996,null,7.375000000000001E-2]
[null,"Class 5",0.23,null,0.26249999999999996,null,0.16962500000000003]
[null,"Class 6",0.3,null,0.35,null,{"$f":"C14*(1-35%)","v":0.19500000000000001}]
[null,"Mortgages"]
[null,"Commercial Mortgages in Good Standing",1.7500000000000002E-2,null,0.26249999999999996,null,{"$f":"C16*(1-26.25%)","v":1.2906250000000003E-2}]
[null,"Commercial Mortgages more than 90 Days Overdue",0.18,null,0.26249999999999996,null,{"$f":"C17*(1-26.25%)","v":0.13275000000000001}]
[null,"Commercial Mortgages in Foreclosure",0.23,null,0.26249999999999996,null,{"$f":"C18*(1-26.25%)","v":0.16962500000000003}]
[null," Preferred Stock (Unaffiliated)"]
[null,"Class 1",4.0000000000000002E-4,null,0.26249999999999996,null,{"$f":"C20*(1-26.25%)","v":2.9500000000000001E-4}]
[null,"Class 2",1.2999999999999999E-2,null,0.26249999999999996,null,9.5875000000000005E-3]
[null,"Class 3",4.5999999999999999E-2,null,0.26249999999999996,null,3.3925000000000004E-2]
[null,"Class 4",0.1,null,0.26249999999999996,null,7.375000000000001E-2]
[null,"Class 5",0.23,null,0.26249999999999996,null,0.16962500000000003]
[null,"Class 6",0.3,null,0.26249999999999996,null,0.22125]
[]
[null," Common Stock (Unaffiliated)",0.3,null,0.35,null,{"$f":"C27*(1-35%)","v":0.19500000000000001}]
[null," Real Estate",0.15,null,0.35,null,{"$f":"C28*(1-35%)","v":9.7500000000000003E-2}]
[null," BA Assets",0.23,null,0.35,null,{"$f":"C29*(1-35%)","v":0.14950000000000002}]
[null,"C-2 Insurance Risk"]
[null,"First 500 million of Net Amount at Risk",2.3E-3,null,0.35,null,{"$f":"C31*(1-35%)","v":1.495E-3}]
[null,"Next 4.5 billion of Net Amount at Risk",1.5E-3,null,0.35,null,{"$f":"C32*(1-35%)","v":9.7500000000000006E-4}]
[null,"Next 20 billion of Net Amount at Risk",1.1999999999999999E-3,null,0.35,null,{"$f":"C33*(1-35%)","v":7.7999999999999999E-4}]
[null,"Over 25 billion of Net Amount at Risk",8.9999999999999998E-4,null,0.35,null,{"$f":"C34*(1-35%)","v":5.8500000000000002E-4}]
[null,"C-3a Interest Rate Risk1"]
[null,"Low Risk",{"$f":"ROUND(1.15%*2/3,4)","v":7.7000000000000002E-3},null,0.35,null,{"$f":"C36*(1-35%)","v":5.0049999999999999E-3}]
[null,"Medium Risk",1.54E-2,null,0.35,null,{"$f":"C37*(1-35%)","v":1.001E-2}]
[null,"High Risk",3.0800000000000001E-2,null,0.35,null,{"$f":"C38*(1-35%)","v":2.002E-2}]
[null,"C-4a Life Business Risk "]
[null,"Life Premiums & Annuity Considerations",3.0800000000000001E-2,null,0.35,null,{"$f":"C40*(1-35%)","v":2.002E-2}]
[null,"Separate Account Liabilities",8.0000000000000004E-4,null,0.35,null,{"$f":"C41*(1-35%)","v":5.2000000000000006E-4}]
[]
[]
[]
[null,"1. Assumes unqualified actual opinion based asset adequacy testing."]
[null,"2. The pre-tax RBC Factors are used to facilitate comparison to the instructions published by the NAIC. "]

{"sheet":"RBC Data","index":2,"n_rows":38,"n_cols":3,"rows_kept":38,"cut":false,"hidden":false,"merged":[[1,1,1,3],[2,1,2,3],[3,1,3,3]]}
[]
[null,"Information"]
[null,"for"]
[null,"Calculation of Risk-Based Capital"]
[]
[null,"Bonds"]
[null,"Class 1……………………………………………………………………………………………………………………………………",10000000000]
[null,"Class 2……………………………………………………………………………………………………………………………………",8000000000]
[null,"Class 3……………………………………………………………………………………………………………………………………",1000000000]
[null,"Class 4……………………………………………………………………………………………………………………………………",900000000]
[null,"Class 5……………………………………………………………………………………………………………………………………",90000000]
[null,"Class 6……………………………………………………………………………………………………………………………………",10000000]
[null,"Number of Bond Issuers……………………………………………………………………………………………………",5000]
[null,"Mortgages"]
[null,"Commercial Mortgages in Good Standing……………………………………………………………………………………………………",900000000]
[null,"Commercial Mortgages more than 90 Days Overdue……………………………………………………………………………………………………",90000000]
[null,"Commercial Mortgages in Foreclosure……………………………………………………………………………………………………",10000000]
[null,"Preferred Stock (assumed to all belong to Class 2)……………………………………………………………………………………………………",200000000]
[null,"Common Stock……………………………………………………………………………………………………………………………………",1000000000]
[null,"Real Estate……………………………………………………………………………………………………………………………………",100000000]
[null,"BA Assets……………………………………………………………………………………………………………………………………",1000000000]
[null,"Policy Loans……………………………………………………………………………………………………………………………………",5000000000]
[null,"Ordinary Life Insurance Inforce……………………………………………………………………………………………………",200000000000]
[null,"Aggregate Reserves"]
[null,"Ordinary Life……………………………………………………………………………………………………………………………………",20000000000]
[null,"Annuity Contracts with Market Value Adjustment……………………………………………………………………………………………………",5000000000]
[null,"Annuity Contracts with Book Value Withdrawals less a Surrender of 5% or Higher……………………………………………………………………………………………………",7000000000]
[null,"Annuity Contracts with Book Value Withdrawals less a Surrender of less than 5%……………………………………………………………………………………………………",5000000000]
[null,"Annuity Contracts with Book Value Withdrawals and No Surrender Charge……………………………………………………………………………………………………",3000000000]
[null,"Life Contingent Payout Annuities……………………………………………………………………………………………………",1000000000]
[null,"Supplementary Contracts with Life Contingencies……………………………………………………………………………………………………",100000000]
[null,"Supplementary Contracts without Life Contingencies……………………………………………………………………………………………………",100000000]
[null,"Dividend Accumulations……………………………………………………………………………………………………",200000000]
[null,"Life Premiums & Annuity Considerations……………………………………………………………………………………………………",2500000000]
[null,"Separate Account Liabilities……………………………………………………………………………………………………",25000000000]
[null,"Statutory Surplus……………………………………………………………………………………………………………………………………",2000000000]
[null,"Asset Valuation Reserve (AVR)……………………………………………………………………………………………………",500000000]
[null,"Policyholder Dividend Liability………………………………………………………………………………….………………………………",750000000]

{"sheet":"Risk-Based Capital Ratio","index":3,"n_rows":18,"n_cols":4,"rows_kept":18,"cut":false,"hidden":false,"merged":[[1,2,1,3]]}
[]
[null,null,"Risk-Based Capital Ratio"]
[]
[]
[]
[null,null,"Asset Risk (C-1)",{"$f":"'Asset Risk (C-1)'!E35","v":870726200}]
[null,"+","Insurance Risk (C-2)",{"$f":"'Insurance Risk (C-2) '!E16","v":171400000}]
[null,"+","Interest Rate Risk, Health Risk and Market Risk (C-3)",{"$f":"'Interest Rate Risk (C-3)'!E25","v":521290000}]
[null,"+","Business Risk (C-4)",{"$f":"'Business Risk (C-4)'!E9","v":97000000}]
[null,"=","Total Risk-Based Capital before Covariance Adjustment",{"$f":"SUM(D6:D9)","v":1660416200}]
[null,"-","Covariance adjustment (see covariance adjustment worksheet)",{"$f":"'Covariance Adjustment'!D20","v":418044059.13815761}]
[null,"=","Total Risk-Based Capital After Covariance Adjustment",{"$f":"D6+D7+D8+D9-D11","v":1242372140.8618424}]
[null,null,"Authorized Control Level Risked-Based Capital1",{"$f":"0.5*D12","v":621186070.4309212}]
[null,null,"Total Adjusted Capital",{"$f":"'Total Adjusted Capital'!E10","v":2875000000}]
[null,null,"Risk-Based Capital Ratio (Total Adjusted Capital/Total Risked-Based Capital)",{"$f":"D14/D13","v":4.6282428677217311}]
[]
[null,null,"Footnotes:"]
[null,null,"1. 50% of Total Risk-Based Capital after Covariance Adjustment"]

{"sheet":"Asset Risk (C-1)","index":4,"n_rows":35,"n_cols":5,"rows_kept":35,"cut":false,"hidden":false,"merged":[[1,1,1,4]]}
[]
[null,"Asset Risk (C-1)"]
[]
[null,null,-1,{"$f":"C4-1","v":-2},{"$f":"D4-1","v":-3}]
[null,"Assets Type","Annual \nStatement Value","RBC \nFactor","RBC \nRequirement"]
[null,"Bonds"]
[null,"Government and exempt issuers",0,{"$f":"'RBC Factors'!C8","v":0},{"$f":"C7*D7","v":0}]
[null,"Class 1",{"$f":"'RBC Data'!C7","v":10000000000},{"$f":"'RBC Factors'!C9","v":4.0000000000000001E-3},40000000]
[null,"Class 2",{"$f":"'RBC Data'!C8","v":8000000000},{"$f":"'RBC Factors'!C10","v":1.2999999999999999E-2},104000000]
[null,"Class 3",{"$f":"'RBC Data'!C9","v":1000000000},{"$f":"'RBC Factors'!C11","v":4.5999999999999999E-2},46000000]
[null,"Class 4",{"$f":"'RBC Data'!C10","v":900000000},{"$f":"'RBC Factors'!C12","v":0.1},90000000]
[null,"Class 5",{"$f":"'RBC Data'!C11","v":90000000},{"$f":"'RBC Factors'!C13","v":0.23},20700000]
[null,"Class 6",{"$f":"'RBC Data'!C12","v":10000000},{"$f":"'RBC Factors'!C14","v":0.3},3000000]
[null,"RBC for Bonds before bond size adjustment",null,null,{"$f":"SUM(E7:E13)","v":303700000}]
[null,"Bonds Size Adjustment (see Bond Size worksheet)",null,null,{"$f":"'Bond Size Factor'!E12","v":0.92600000000000005}]
[null,"Total RBC for Bonds",null,null,{"$f":"E14*E15","v":281226200}]
[]
[null,"Mortgages"]
[null,"Commercial Mortgages in Good Standing",{"$f":"'RBC Data'!C15","v":900000000},{"$f":"'RBC Factors'!C16","v":1.7500000000000002E-2},{"$f":"C19*D19","v":15750000.000000002}]
[null,"Commercial Mortgages more than 90 days overdue",{"$f":"'RBC Data'!C16","v":90000000},{"$f":"'RBC Factors'!C17","v":0.18},{"$f":"C20*D20","v":16200000}]
[null,"Commercial Mortgages in foreclosure",{"$f":"'RBC Data'!C17","v":10000000},{"$f":"'RBC Factors'!C18","v":0.23},{"$f":"C21*D21","v":2300000}]
[null,"Total RBC for Mortgages",null,null,{"$f":"SUM(E19:E21)","v":34250000}]
[null,"Preferred Stock"]
[null,"Class 1",0,{"$f":"'RBC Factors'!C20","v":4.0000000000000002E-4},{"$f":"C24*D24","v":0}]
[null,"Class 2",{"$f":"'RBC Data'!C18","v":200000000},{"$f":"'RBC Factors'!C21","v":1.2999999999999999E-2},2600000]
[null,"Class 3",0,{"$f":"'RBC Factors'!C22","v":4.5999999999999999E-2},0]
[null,"Class 4",0,{"$f":"'RBC Factors'!C23","v":0.1},0]
[null,"Class 5",0,{"$f":"'RBC Factors'!C24","v":0.23},0]
[null,"Class 6",0,{"$f":"'RBC Factors'!C25","v":0.3},0]
[null,"Total RBC for Preferred Stock",null,null,{"$f":"SUM(E24:E29)","v":2600000}]
[null,"Common Stock",{"$f":"'RBC Data'!C19","v":1000000000},{"$f":"'RBC Factors'!C27","v":0.3},{"$f":"C31*D31","v":300000000}]
[null,"Real Estate",{"$f":"'RBC Data'!C20","v":100000000},{"$f":"'RBC Factors'!C28","v":0.15},{"$f":"C32*D32","v":15000000}]
[null,"BA Assets",{"$f":"'RBC Data'!C21","v":1000000000},{"$f":"'RBC Factors'!C29","v":0.23},{"$f":"C33*D33","v":230000000}]
[null,"Asset Concentration Factor (see Concentration worksheet)",null,null,{"$f":"'Asset Concentration Factor'!F16","v":7650000}]
[null,"Total Asset Risk (C-1)",null,null,{"$f":"E16+E22+E30+E31+E32+E33+E34","v":870726200}]

{"sheet":"Insurance Risk (C-2) ","index":5,"n_rows":16,"n_cols":5,"rows_kept":16,"cut":false,"hidden":false,"merged":[[1,1,1,4]]}
[]
[null,"Insurance Risk (C-2)"]
[]
[null,null,-1,{"$f":"C4-1","v":-2},{"$f":"D4-1","v":-3}]
[null,"Assets Type","Annual \nStatement Value","RBC \nFactor","RBC \nRequirement"]
[null,"Individual Life Insurance"]
[null,"Ordinary Life Insurance Inforce (from Exhibit of Life Insurance)",{"$f":"'RBC Data'!C23","v":200000000000}]
[null,"less Aggregate Reserve for Ordinary Life",{"$f":"'RBC Data'!C25","v":20000000000}]
[null,"Total Net Amount at Risk",{"$f":"C7-C8","v":180000000000}]
[null,"First 500 million",{"$f":"MIN(500000000,C9)","v":500000000},{"$f":"'RBC Factors'!C31","v":2.3E-3},{"$f":"C10*D10","v":1150000}]
[null,"Next 4,500 million",{"$f":"MAX(0,MIN(4500000000,C9-C10))","v":4500000000},{"$f":"'RBC Factors'!C32","v":1.5E-3},{"$f":"C11*D11","v":6750000}]
[null,"Next 20,000 million",{"$f":"MAX(0,MIN(20000000000,C9-C10-C11))","v":20000000000},{"$f":"'RBC Factors'!C33","v":1.1999999999999999E-3},{"$f":"C12*D12","v":23999999.999999996}]
[null,"Over 25,000 million",{"$f":"MAX(0,C9-C10-C11-C12)","v":155000000000},{"$f":"'RBC Factors'!C34","v":8.9999999999999998E-4},{"$f":"C13*D13","v":139500000}]
[null,"Total RBC for Individual Life Insurance",null,null,{"$f":"SUM(E10:E13)","v":171400000}]
[null,"RBC for other insurance risks",null,null,0]
[null,"Total Insurance Risk (C-2)",null,null,{"$f":"E14+E15","v":171400000}]

{"sheet":"Interest Rate Risk (C-3)","index":6,"n_rows":25,"n_cols":5,"rows_kept":25,"cut":false,"hidden":false,"merged":[[1,1,1,4]]}
[]
[null,"Interest Rate Risk, Health Risk and Market Risk (C-3)"]
[]
[null,null,-1,{"$f":"C4-1","v":-2},{"$f":"D4-1","v":-3}]
[null,"Assets Type","Annual \nStatement Value","RBC \nFactor","RBC \nRequirement"]
[null,"Low Risk"]
[null,"Life insurance reserves net of policy loans",{"$f":"'RBC Data'!C25-'RBC Data'!C22","v":15000000000},{"$f":"'RBC Factors'!$C$36","v":7.7000000000000002E-3},{"$f":"C7*D7","v":115500000}]
[null,"Reserve for annuity contracts with no withdrawal feature",0,{"$f":"'RBC Factors'!$C$36","v":7.7000000000000002E-3},{"$f":"C8*D8","v":0}]
[null,"Reserve for annuity contracts with market value adjustment",{"$f":"'RBC Data'!C26","v":5000000000},{"$f":"'RBC Factors'!$C$36","v":7.7000000000000002E-3},{"$f":"C9*D9","v":38500000}]
[null,"Reserve for life contingent payout annuities",{"$f":"'RBC Data'!C30","v":1000000000},{"$f":"'RBC Factors'!$C$36","v":7.7000000000000002E-3},{"$f":"C10*D10","v":7700000}]
[null,"Reserve for supplementary contracts with life contingencies",{"$f":"'RBC Data'!C31","v":100000000},{"$f":"'RBC Factors'!$C$36","v":7.7000000000000002E-3},{"$f":"C11*D11","v":770000}]
[null,"Total RBC for Low Risk ",null,null,{"$f":"SUM(E7:E11)","v":162470000}]
[null,"Medium Risk"]
[null,"Reserve for annuity contracts with book value withdrawals less a surrender charge of 5% or higher",{"$f":"'RBC Data'!C27","v":7000000000},{"$f":"'RBC Factors'!$C$37","v":1.54E-2},{"$f":"C14*D14","v":107800000}]
[null,"Reserve for structure settlements",0,{"$f":"'RBC Factors'!$C$37","v":1.54E-2},{"$f":"C15*D15","v":0}]
[null,"Reserve for supplementary contracts without life contingencies",{"$f":"'RBC Data'!C32","v":100000000},{"$f":"'RBC Factors'!$C$37","v":1.54E-2},{"$f":"C16*D16","v":1540000}]
[null,"Reserve for dividend accumulations",{"$f":"'RBC Data'!C33","v":200000000},{"$f":"'RBC Factors'!$C$37","v":1.54E-2},{"$f":"C17*D17","v":3080000}]
[null,"Additional reserves established as a result of cash flow testing",0,{"$f":"'RBC Factors'!$C$37","v":1.54E-2},{"$f":"C18*D18","v":0}]
[null,"Total RBC for Medium Risk ",null,null,{"$f":"SUM(E14:E18)","v":112420000}]
[null,"High Risk"]
[null,"Reserve for annuity contracts with book value withdrawals less a surrender of less than 5%",{"$f":"'RBC Data'!C28","v":5000000000},{"$f":"'RBC Factors'!$C$38","v":3.0800000000000001E-2},{"$f":"C21*D21","v":154000000}]
[null,"Reserve for annuity contracts with book value withdrawals less a surrender charge of less than 5%",{"$f":"'RBC Data'!C29","v":3000000000},{"$f":"'RBC Factors'!$C$38","v":3.0800000000000001E-2},{"$f":"C22*D22","v":92400000}]
[null,"Total RBC for High Risk ",null,null,{"$f":"SUM(E21:E22)","v":246400000}]
[null,"Additional RBC as the result of Cash Flow Testing",null,null,0]
[null,"Total Interest Rate Risk, Health Risk and Market Risk (C-3)",null,null,{"$f":"E12+E19+E23+E24","v":521290000}]

{"sheet":"Business Risk (C-4)","index":7,"n_rows":9,"n_cols":5,"rows_kept":9,"cut":false,"hidden":false,"merged":[[1,1,1,4]]}
[]
[null,"Business Risk (C-4)"]
[]
[null,null,-1,{"$f":"C4-1","v":-2},{"$f":"D4-1","v":-3}]
[null,"Assets Type","Annual \nStatement Value","RBC \nFactor","RBC \nRequirement"]
[]
[null,"Life premiums & Annuity Considerations",{"$f":"'RBC Data'!C34","v":2500000000},{"$f":"'RBC Factors'!C40","v":3.0800000000000001E-2},{"$f":"C7*D7","v":77000000}]
[null,"Separate Account Liabilities",{"$f":"'RBC Data'!C35","v":25000000000},{"$f":"'RBC Factors'!C41","v":8.0000000000000004E-4},{"$f":"C8*D8","v":20000000}]
[null,"Total Business Risk (C-4)",null,null,{"$f":"SUM(E7:E8)","v":97000000}]

{"sheet":"Bond Size Factor","index":8,"n_rows":14,"n_cols":5,"rows_kept":14,"cut":false,"hidden":false,"merged":[[1,1,1,4]]}
[]
[null,"Bond Size Factor"]
[]
[null,null,-1,{"$f":"C4-1","v":-2},{"$f":"D4-1","v":-3}]
[null,null,"Number of Issuers","*    Size Factor","=  Weighted Issuers"]
[null,"First 50",{"$f":"MIN(50,$C$10)","v":50},2.5,{"$f":"C6*D6","v":125}]
[null,"Next 50",{"$f":"MAX(0,MIN(50,$C$10-$C$6))","v":50},1.3,{"$f":"C7*D7","v":65}]
[null,"Next 300",{"$f":"MAX(0,MIN(300,$C$10-$C$6-$C$7))","v":300},1,{"$f":"C8*D8","v":300}]
[null,"Over 400",{"$f":"MAX(0,$C$10-$C$6-$C$7-$C$8)","v":4600},0.9,{"$f":"C9*D9","v":4140}]
[null,"Total Number of Issuers*",{"$f":"'RBC Data'!C13","v":5000}]
[null,"Total Weighted Issuers",null,null,{"$f":"SUM(E6:E10)","v":4630}]
[null,"Size Factor",null,null,{"$f":"E11/C10","v":0.92600000000000005}]
[]
[null,"* Excludes government issues"]

{"sheet":"Asset Concentration Factor","index":9,"n_rows":16,"n_cols":6,"rows_kept":16,"cut":false,"hidden":false,"merged":[[1,1,1,5]]}
[]
[null,"Asset Concentration Factor"]
[]
[null,null,null,-1,{"$f":"D4-1","v":-2},{"$f":"E4-1","v":-3}]
[null,"10 largest Holdings","Asset Class","Annual \nStatement Value","*    RBC Factor","=  Additional RBC"]
[null,"First","Bond (Class 2)",25000000,1.2999999999999999E-2,{"$f":"D6*E6","v":325000}]
[null,"Second","Bond (Class 2)",25000000,1.2999999999999999E-2,{"$f":"D7*E7","v":325000}]
[null,"Third","Bond (Class 2)",25000000,1.2999999999999999E-2,325000]
[null,"Fourth","Bond (Class 3)",25000000,4.5999999999999999E-2,1150000]
[null,"Fifth","Bond (Class 3)",25000000,4.5999999999999999E-2,1150000]
[null,"Sixth","Mortgage (in good standing)",50000000,1.7500000000000002E-2,875000.00000000012]
[null,"Seventh","Mortgage (in good standing)",50000000,1.7500000000000002E-2,875000.00000000012]
[null,"Eighth","Mortgage (in good standing)",50000000,1.7500000000000002E-2,875000.00000000012]
[null,"Ninth","Mortgage (in good standing)",50000000,1.7500000000000002E-2,875000.00000000012]
[null,"Tenth","Mortgage (in good standing)",50000000,1.7500000000000002E-2,875000.00000000012]
[null,null,null,null,null,{"$f":"SUM(F6:F15)","v":7650000}]

{"sheet":"Covariance Adjustment","index":10,"n_rows":20,"n_cols":4,"rows_kept":20,"cut":false,"hidden":false,"merged":[[1,2,1,3]]}
[]
[null,null,"Covariance Adjustment Worksheet"]
[]
[]
[null,null,null,"RBC Requirement"]
[null,null,"Asset Risk - Affiliates (C-0)",0]
[null,"+","Asset Risk - Other (C-1)"]
[null,null,"Common Stock",{"$f":"'Asset Risk (C-1)'!E31","v":300000000}]
[null,null,"Other Assets",{"$f":"'Asset Risk (C-1)'!E35-'Asset Risk (C-1)'!E31","v":570726200}]
[null,"+","Insurance Risk (C-2)",{"$f":"'Insurance Risk (C-2) '!E16","v":171400000}]
[null,"+","Interest Rate Risk, Health Risk and Market Risk (C-3)"]
[null,null,"Interest Rate Risk",{"$f":"'Interest Rate Risk (C-3)'!E25","v":521290000}]
[null,null,"Health Risk",0]
[null,null,"Market Risk",0]
[null,"+","Business Risk (C-4)"]
[null,null,"Non Health Portion",{"$f":"'Business Risk (C-4)'!E9","v":97000000}]
[null,null,"Health Portion",{"$f":"'Business Risk (C-4)'!E10","v":0}]
[null,"=","Total Risk-based Capital before Covariance Adjustment",{"$f":"SUM(D6:D16)","v":1660416200}]
[null,"-","Total Risk-based Capital after Covariance Adjustment",{"$f":"D6+D16+((D9+D12)^2 +(D8+D14)^2+D10^2+D14^2+D17^2)^0.5","v":1242372140.8618424}]
[null,"=","Covariance adjustment",{"$f":"D18-D19","v":418044059.13815761}]

{"sheet":"Total Adjusted Capital","index":11,"n_rows":10,"n_cols":5,"rows_kept":10,"cut":false,"hidden":false,"merged":[[1,1,1,4]]}
[]
[null,"Total Adjusted Capital"]
[]
[null,null,-1,{"$f":"C4-1","v":-2},{"$f":"D4-1","v":-3}]
[null,"Assets Type","Annual \nStatement Value","RBC \nFactor","RBC \nRequirement"]
[]
[null,"Statutory Surplus",{"$f":"'RBC Data'!C36","v":2000000000},1,{"$f":"C7*D7","v":2000000000}]
[null,"Asset Valuation Reserve (AVR)",{"$f":"'RBC Data'!C37","v":500000000},1,{"$f":"C8*D8","v":500000000}]
[null,"Policyholder Dividend Liability",{"$f":"'RBC Data'!C38","v":750000000},0.5,{"$f":"C9*D9","v":375000000}]
[null,"Total Adjusted Capital",null,null,{"$f":"SUM(E7:E9)","v":2875000000}]