<?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:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <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">Overall investment return post investment costs but pre-tax</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_b10" xlink:label="loc_boec_b10" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b10" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Claims duration (years)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b10" xlink:to="label_boec_b10" />
    <link:loc xlink:href="mem.xsd#boec_b11" xlink:label="loc_boec_b11" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b11" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Linear correlation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b11" xlink:to="label_boec_b11" />
    <link:loc xlink:href="mem.xsd#boec_b12" xlink:label="loc_boec_b12" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b12" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Rank correlation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b12" xlink:to="label_boec_b12" />
    <link:loc xlink:href="mem.xsd#boec_b13" xlink:label="loc_boec_b13" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b13" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Combined ratio</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b13" xlink:to="label_boec_b13" />
    <link:loc xlink:href="mem.xsd#boec_b14" xlink:label="loc_boec_b14" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b14" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Life expectancy with no allowance for improvements in mortality after the valuation date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b14" xlink:to="label_boec_b14" />
    <link:loc xlink:href="mem.xsd#boec_b15" xlink:label="loc_boec_b15" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b15" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Life expectancy including best estimate mortality improvement assumptions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b15" xlink:to="label_boec_b15" />
    <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">Death per mille</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">Weighted average duration (market risk)</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">Best estimate duration</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">PV100</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_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">Investment return allocated to non taxable 'asset shares'</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_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">Maximum rate of UK corporation tax assumed for the LAC DT calculation</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: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">Lower threshold claims ratio</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_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">Upper threshold claims ratio</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_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">Number of reinstatements</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_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">Investment return allocated to taxable 'asset shares'</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">Miscellaneous surplus adjustment to investment return</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">Mean term</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">Mean term of cash out-flows for future benefits and claims and claims management expenses assignable to individual claims</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:loc xlink:href="mem.xsd#boec_b7" xlink:label="loc_boec_b7" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b7" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Reserve duration (years)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b7" xlink:to="label_boec_b7" />
    <link:loc xlink:href="mem.xsd#boec_b8" xlink:label="loc_boec_b8" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b8" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Skewness</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b8" xlink:to="label_boec_b8" />
    <link:loc xlink:href="mem.xsd#boec_b9" xlink:label="loc_boec_b9" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b9" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Kurtosis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b9" xlink:to="label_boec_b9" />
  </link:labelLink>
</link:linkbase>
