Utilize the input text as a context reference, choose the right relationship between circa and company from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

"Any shift towards a more positive outlook would therefore be well received; if this is not forthcoming, given that only circa 25% of holding company cash flow is derived from its UK life entity, it would be relatively less impacted."

Answer: legal_form