<?xml version="1.0" encoding="UTF-8"?>
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_1" xlink:type="simple" xlink:href="hier.xsd#boec_boec_1" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_10" xlink:type="simple" xlink:href="hier.xsd#boec_boec_10" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_11" xlink:type="simple" xlink:href="hier.xsd#boec_boec_11" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_12" xlink:type="simple" xlink:href="hier.xsd#boec_boec_12" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_13" xlink:type="simple" xlink:href="hier.xsd#boec_boec_13" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_14" xlink:type="simple" xlink:href="hier.xsd#boec_boec_14" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_15" xlink:type="simple" xlink:href="hier.xsd#boec_boec_15" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_16" xlink:type="simple" xlink:href="hier.xsd#boec_boec_16" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_2" xlink:type="simple" xlink:href="hier.xsd#boec_boec_2" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_3" xlink:type="simple" xlink:href="hier.xsd#boec_boec_3" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_4" xlink:type="simple" xlink:href="hier.xsd#boec_boec_4" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_5" xlink:type="simple" xlink:href="hier.xsd#boec_boec_5" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_6" xlink:type="simple" xlink:href="hier.xsd#boec_boec_6" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_7" xlink:type="simple" xlink:href="hier.xsd#boec_boec_7" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_8" xlink:type="simple" xlink:href="hier.xsd#boec_boec_8" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_9" xlink:type="simple" xlink:href="hier.xsd#boec_boec_9" />
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_1" xlink:type="extended">
    <link:loc xlink:href="mem.xsd#boec_b4" xlink:label="loc_boec_b4" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b4" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">SS25/15 only</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b4" xlink:to="label_boec_b4" />
    <link:loc xlink:href="mem.xsd#boec_b5" xlink:label="loc_boec_b5" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b5" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">SS26/15 only</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b5" xlink:to="label_boec_b5" />
    <link:loc xlink:href="mem.xsd#boec_b6" xlink:label="loc_boec_b6" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b6" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">SS25/15 and SS26/15</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b6" xlink:to="label_boec_b6" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_10" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x60" xlink:label="loc_s2c_x60" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x60" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Simplifications for the purposes of Article 90c</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x60" xlink:to="label_s2c_x60" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x34" xlink:label="loc_s2c_x34" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x34" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">9 - Simplifications not used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x34" xlink:to="label_s2c_x34" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_11" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x33" xlink:label="loc_s2c_x33" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x33" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Simplifications used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x33" xlink:to="label_s2c_x33" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x34" xlink:label="loc_s2c_x34" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x34" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - Simplifications not used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x34" xlink:to="label_s2c_x34" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_12" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x59" xlink:label="loc_s2c_x59" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x59" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Simplification for the purposes of Article 90a</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x59" xlink:to="label_s2c_x59" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x34" xlink:label="loc_s2c_x34" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x34" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">9 - Simplification not used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x34" xlink:to="label_s2c_x34" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_13" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x19" xlink:label="loc_s2c_x19" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x19" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - USP gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x19" xlink:to="label_s2c_x19" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x20" xlink:label="loc_s2c_x20" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x20" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - USP net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x20" xlink:to="label_s2c_x20" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_14" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x58" xlink:label="loc_s2c_x58" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x58" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Simplification for the Article 96a</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x58" xlink:to="label_s2c_x58" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x34" xlink:label="loc_s2c_x34" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x34" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">9 - Simplifications not used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x34" xlink:to="label_s2c_x34" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_15" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x57" xlink:label="loc_s2c_x57" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x57" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Simplifications for Article 105a</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x57" xlink:to="label_s2c_x57" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x34" xlink:label="loc_s2c_x34" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x34" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">9 - Simplifications not used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x34" xlink:to="label_s2c_x34" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_16" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x23" xlink:label="loc_s2c_x23" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x23" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Individual Internal Model</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x23" xlink:to="label_s2c_x23" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x24" xlink:label="loc_s2c_x24" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x24" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - Group Internal Model</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x24" xlink:to="label_s2c_x24" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_2" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Total/NA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x0" xlink:to="label_s2c_x0" />
    <link:loc xlink:href="mem.xsd#boec_b1" xlink:label="loc_boec_b1" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b1" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1st most material</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b1" xlink:to="label_boec_b1" />
    <link:loc xlink:href="mem.xsd#boec_b2" xlink:label="loc_boec_b2" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2nd most material</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b2" xlink:to="label_boec_b2" />
    <link:loc xlink:href="mem.xsd#boec_b3" xlink:label="loc_boec_b3" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b3" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">3rd most material</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b3" xlink:to="label_boec_b3" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_3" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x48" xlink:label="loc_s2c_x48" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x48" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - CIUs for which a full look-through was applied for the purposes of SCR calculation in accordance with Article 84(1) of Delegated Regulation (EC) No 2015/35</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x48" xlink:to="label_s2c_x48" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x49" xlink:label="loc_s2c_x49" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x49" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - CIUs for which the ‘simplified ’ look-through was applied on the basis of the target underlying asset allocation or last reported asset allocation and for which the data groupings is used in accordance with Article 84(3) of Commission Delegated Regulation (EC) 2015/35</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x49" xlink:to="label_s2c_x49" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x50" xlink:label="loc_s2c_x50" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x50" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">3 - CIUs for which the ‘simplified ’ look-through was applied on the basis of the target underlying asset allocation or last reported asset allocation and for which no data groupings is used in accordance with Article 84(3) of Delegated Regulation (EC) No 2015/35</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x50" xlink:to="label_s2c_x50" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x53" xlink:label="loc_s2c_x53" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x53" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">4 - CIUs for which for the ‘equity risk type 2 ’ was applied in accordance with Article 168(3) of Delegated Regulation (EC) No 2015/35</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x53" xlink:to="label_s2c_x53" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x54" xlink:label="loc_s2c_x54" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x54" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">9 - Not applicable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x54" xlink:to="label_s2c_x54" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_4" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x64" xlink:label="loc_s2c_x64" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x64" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Simplifications used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x64" xlink:to="label_s2c_x64" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x34" xlink:label="loc_s2c_x34" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x34" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">9 - Simplifications not used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x34" xlink:to="label_s2c_x34" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_5" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x3" xlink:label="loc_s2c_x3" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x3" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Standard formula</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x3" xlink:to="label_s2c_x3" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x2" xlink:label="loc_s2c_x2" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - Partial internal model</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x2" xlink:to="label_s2c_x2" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x1" xlink:label="loc_s2c_x1" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x1" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">3 - Full internal model</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x1" xlink:to="label_s2c_x1" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_6" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x5" xlink:label="loc_s2c_x5" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x5" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Use of undertaking specific parameters</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x5" xlink:to="label_s2c_x5" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x6" xlink:label="loc_s2c_x6" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x6" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - Don't use undertaking specific parameters</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x6" xlink:to="label_s2c_x6" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_7" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x7" xlink:label="loc_s2c_x7" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x7" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Use of volatility adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x7" xlink:to="label_s2c_x7" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x8" xlink:label="loc_s2c_x8" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x8" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - No use of volatility adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x8" xlink:to="label_s2c_x8" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_8" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x9" xlink:label="loc_s2c_x9" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x9" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Use of transitional measure on the risk-free interest rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x9" xlink:to="label_s2c_x9" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x10" xlink:label="loc_s2c_x10" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x10" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - No use of transitional measure on the risk-free interest rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x10" xlink:to="label_s2c_x10" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_AP/boec_9" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x11" xlink:label="loc_s2c_x11" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x11" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Use of transitional measure on technical provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x11" xlink:to="label_s2c_x11" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/ap/mem.xsd#s2c_x12" xlink:label="loc_s2c_x12" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x12" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - No use of transitional measure on technical provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x12" xlink:to="label_s2c_x12" />
  </link:labelLink>
</link:linkbase>
