1. Member States shall, taking into account the information required pursuant to Article 35(3) and the principles set out in paragraph 4 of that Article, require insurance and reinsurance undertakings to disclose publicly, on an annual basis, a report on their solvency and financial condition.

The solvency and financial condition report shall consist of two parts, clearly identified and disclosed jointly. The first part shall consist of information specifically targeted at policy holders and beneficiaries, and the second part shall consist of information targeted at market professionals.

1a. The part of the solvency and financial condition report consisting of information targeted at policy holders and beneficiaries shall contain the following information:

(a) a brief description of the business and the performance of the undertaking;

(b) a brief description of the capital management and the risk profile of the undertaking, including in relation to sustainability risks; and

(c) a statement of whether the undertaking discloses the plans referred to in Article 19a or Article 29a of Directive 2013/34/EU.