Whilst the transition scenarios saw material impacts on the investment portfolio, the most notable impacts on both investments and insurance liabilities arose from the physical effects of no transition, that is no additional actions beyond those already announced. Based on the PRA specifications, Scenario C, in which physical risk dominates, resulted in the most significant impact on the Group but did not breach risk appetite despite not allowing for reinsurance. This demonstrates the resilience of the Group’s strategy to such a scenario. Furthermore, the projected time frame (2100) for this scenario is likely to allow the business to adapt. The share of transition versus physical risks by scenario is shown below.