Chief executive David Prosser said: 'While we are not immune from the impact of stock market falls, the free asset ratio
for the UK long-term fund compares favourably with the industry.
It said that if the use of future profits was stripped out of the equation the fall was even steeper, with the free asset ratio
dropping from an average of 9.
It regularly scores ten out of ten in the Cazelet Consulting with-profits ratings and recently came first in the industry for its realistic free asset ratio
- another measure of financial strength - in a survey by Ernst & Young.
Free asset ratio
, based on statutory valuation, of 11.
The group said that it had a free asset ratio
( a key solvency measure which looks at the level of assets a group has after meeting its liabilities and solvency requirements ( of 7.
Then, the society had a free asset ratio
a key solvency measure which looks at the level of assets a firm have left after meeting their liabilities and solvency requirements of 19.
The Edinburgh-based group said that its free asset ratio
- the level of assets it has after meeting its liabilities and solvency requirements and a key measure of solvency - was 13.
It said its free asset ratio
, the measure of solvency that shows how much cash a company has above its liabilities, was 13.
Equitable Life actually added future profits to their free asset ratio
figures and were allowed to publish these as a true reflection of their financial strength.