<?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_VM/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_VM/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_VM/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_VM/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_VM/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_VM/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_VM/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_VM/boec_8" xlink:type="simple" xlink:href="hier.xsd#boec_boec_8" />
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_VM/boec_1" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/mem.xsd#s2c_x25" xlink:label="loc_s2c_x25" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x25" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Increase</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x25" xlink:to="label_s2c_x25" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/mem.xsd#s2c_x17" xlink:label="loc_s2c_x17" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x17" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Decrease</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x17" xlink:to="label_s2c_x17" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_VM/boec_2" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/mem.xsd#s2c_x25" xlink:label="loc_s2c_x25" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x25" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Increase</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x25" xlink:to="label_s2c_x25" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/mem.xsd#s2c_x17" xlink:label="loc_s2c_x17" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x17" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Decrease</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x17" xlink:to="label_s2c_x17" />
    <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">Mass</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:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_VM/boec_3" xlink:type="extended">
    <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">AIR</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">EQUECAT</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: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">RMS</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">Blended</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">Other model used</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_VM/boec_4" xlink:type="extended">
    <link:loc xlink:href="mem.xsd#boec_b16" xlink:label="loc_boec_b16" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b16" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Changes in exposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b16" xlink:to="label_boec_b16" />
    <link:loc xlink:href="mem.xsd#boec_b17" xlink:label="loc_boec_b17" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b17" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Assumption changes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b17" xlink:to="label_boec_b17" />
    <link:loc xlink:href="mem.xsd#boec_b18" xlink:label="loc_boec_b18" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b18" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Changes in investment strategy</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b18" xlink:to="label_boec_b18" />
    <link:loc xlink:href="mem.xsd#boec_b19" xlink:label="loc_boec_b19" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b19" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Market movements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b19" xlink:to="label_boec_b19" />
    <link:loc xlink:href="mem.xsd#boec_b20" xlink:label="loc_boec_b20" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b20" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other material movements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b20" xlink:to="label_boec_b20" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_VM/boec_5" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/mem.xsd#s2c_x52" xlink:label="loc_s2c_x52" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x52" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x52" xlink:to="label_s2c_x52" />
    <link:loc xlink:href="mem.xsd#boec_b32" xlink:label="loc_boec_b32" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b32" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation explained by Solvency Capital Requirement, Risk Margin and transitional measures on technical provisions changes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b32" xlink:to="label_boec_b32" />
    <link:loc xlink:href="mem.xsd#boec_b33" xlink:label="loc_boec_b33" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b33" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation explained by Solvency Capital Requirement changes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b33" xlink:to="label_boec_b33" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/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">Variation due to changes in non economic assumptions</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:loc xlink:href="mem.xsd#boec_b24" xlink:label="loc_boec_b24" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b24" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation explained by portfolio transfers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b24" xlink:to="label_boec_b24" />
    <link:loc xlink:href="mem.xsd#boec_b22" xlink:label="loc_boec_b22" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b22" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Management actions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b22" xlink:to="label_boec_b22" />
    <link:loc xlink:href="mem.xsd#boec_b37" xlink:label="loc_boec_b37" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b37" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation due to changes in non economic assumptions, economic environment and other than in economic and non economic environment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b37" xlink:to="label_boec_b37" />
    <link:loc xlink:href="mem.xsd#boec_b34" xlink:label="loc_boec_b34" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b34" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation explained by Risk Margin changes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b34" xlink:to="label_boec_b34" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/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">Variation due to changes in economic environment</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="mem.xsd#boec_b25" xlink:label="loc_boec_b25" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b25" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation explained by shareholder transfers from with-profit funds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b25" xlink:to="label_boec_b25" />
    <link:loc xlink:href="mem.xsd#boec_b17" xlink:label="loc_boec_b17" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b17" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Assumption changes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b17" xlink:to="label_boec_b17" />
    <link:loc xlink:href="mem.xsd#boec_b38" xlink:label="loc_boec_b38" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b38" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation explained by portfolio transfers, shareholder transfers from with-profit funds, debt raise, debt repayment, net equity issuance, debt interest expense, dividends paid and dividends received</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b38" xlink:to="label_boec_b38" />
    <link:loc xlink:href="mem.xsd#boec_b35" xlink:label="loc_boec_b35" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b35" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation explained by changes in transitional measures on technical provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b35" xlink:to="label_boec_b35" />
    <link:loc xlink:href="mem.xsd#boec_b36" xlink:label="loc_boec_b36" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b36" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation versus estimated value due to changes other than in economic and non economic environment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b36" xlink:to="label_boec_b36" />
    <link:loc xlink:href="mem.xsd#boec_b26" xlink:label="loc_boec_b26" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b26" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation explained by debt raise</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b26" xlink:to="label_boec_b26" />
    <link:loc xlink:href="mem.xsd#boec_b21" xlink:label="loc_boec_b21" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b21" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Model changes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b21" xlink:to="label_boec_b21" />
    <link:loc xlink:href="mem.xsd#boec_b39" xlink:label="loc_boec_b39" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b39" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation explained by other inorganic changes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b39" xlink:to="label_boec_b39" />
    <link:loc xlink:href="mem.xsd#boec_b27" xlink:label="loc_boec_b27" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b27" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation explained by debt repayment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b27" xlink:to="label_boec_b27" />
    <link:loc xlink:href="mem.xsd#boec_b23" xlink:label="loc_boec_b23" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b23" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Management actions, assumption changes and model changes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b23" xlink:to="label_boec_b23" />
    <link:loc xlink:href="mem.xsd#boec_b28" xlink:label="loc_boec_b28" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b28" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation explained by net equity issuance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b28" xlink:to="label_boec_b28" />
    <link:loc xlink:href="mem.xsd#boec_b29" xlink:label="loc_boec_b29" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b29" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation explained by debt interest expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b29" xlink:to="label_boec_b29" />
    <link:loc xlink:href="mem.xsd#boec_b30" xlink:label="loc_boec_b30" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b30" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation explained by dividends paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b30" xlink:to="label_boec_b30" />
    <link:loc xlink:href="mem.xsd#boec_b31" xlink:label="loc_boec_b31" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b31" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Variation explained by dividends received</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b31" xlink:to="label_boec_b31" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_VM/boec_6" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/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_b41" xlink:label="loc_boec_b41" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b41" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Fathom</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b41" xlink:to="label_boec_b41" />
    <link:loc xlink:href="mem.xsd#boec_b42" xlink:label="loc_boec_b42" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b42" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Impact Forecasting</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b42" xlink:to="label_boec_b42" />
    <link:loc xlink:href="mem.xsd#boec_b43" xlink:label="loc_boec_b43" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b43" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">JBA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b43" xlink:to="label_boec_b43" />
    <link:loc xlink:href="mem.xsd#boec_b44" xlink:label="loc_boec_b44" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b44" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">KatRisk</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b44" xlink:to="label_boec_b44" />
    <link:loc xlink:href="mem.xsd#boec_b45" xlink:label="loc_boec_b45" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b45" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">KCC</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b45" xlink:to="label_boec_b45" />
    <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">RMS</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_b46" xlink:label="loc_boec_b46" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b46" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Verisk</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b46" xlink:to="label_boec_b46" />
    <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">Blended</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">Other model used</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" />
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  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_VM/boec_7" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/mem.xsd#s2c_x43" xlink:label="loc_s2c_x43" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x43" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - quoted market price in active markets for the same assets or liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x43" xlink:to="label_s2c_x43" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/mem.xsd#s2c_x42" xlink:label="loc_s2c_x42" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x42" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - quoted market price in active markets for similar assets or liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x42" xlink:to="label_s2c_x42" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/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">3 - alternative valuation methods</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/vm/mem.xsd#s2c_x88" xlink:label="loc_s2c_x88" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x88" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">6 - Market valuation according to Article 9(4) of Delegated Regulation (EU) 2015/35</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x88" xlink:to="label_s2c_x88" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_VM/boec_8" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/mem.xsd#s2c_x86" xlink:label="loc_s2c_x86" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x86" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - quoted market price in active markets for the same assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x86" xlink:to="label_s2c_x86" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/mem.xsd#s2c_x87" xlink:label="loc_s2c_x87" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x87" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - quoted market price in active markets for similar assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x87" xlink:to="label_s2c_x87" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/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">3 - alternative valuation methods</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/vm/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">4 - adjusted equity methods</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/vm/mem.xsd#s2c_x22" xlink:label="loc_s2c_x22" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x22" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">5 - IFRS equity methods</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x22" xlink:to="label_s2c_x22" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/vm/mem.xsd#s2c_x88" xlink:label="loc_s2c_x88" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x88" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">6 - Market valuation according to Article 9(4) of Delegated Regulation (EU) 2015/35</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x88" xlink:to="label_s2c_x88" />
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