Momentum Group Limited ($MTM)

Good morning, everyone, and a very warm welcome to the Momentum Group Capital Markets Day 2026. My name is Rowan Burger. I'm Head of Strategic Finance, together with [indiscernible], who are part of our Investor Relations team. And for those of you joining us online virtually, I'm very pleased to have you with us. Please do participate online in the question session. do not feel that you are not part of the occasion. And so, I'd like to extend a special welcome, not quite see all of them right now, but to our Africa chair people and the CEOs, they're here to spend an Africa Chairperson's Day with Gannet tomorrow. So it's nice for you to sort of spend some time with our investors and get to know a little bit more about the group. Today, we have a very full program running from 9 this morning, a little bit after that until hast 4. We've designed this because we like you to interact with our executives. So with that in mind, we've tried to have all the business unit executives present. [indiscernible] and I will then facilitate an in-conversation session afterwards with a focused Q&A. We've got a number of questions from you, and then we'll open the questions up to the floor and those online. If you can post your questions online, that would be great. It just makes it a little easier for us to facilitate and to group questions that follow similar thinking. The program today follows the full breadth of the group and is an update on our impact strategy, specifically looking at our capital position, going through each individual business units specifically focusing on our AI adoption. You've got slides in your booklets, and they're also sort of online. Those are a lot more comprehensive than you will see presented today. And the idea is for all the executives really to touch on the key highlights, but also for you to see the robust process that we have tracking our strategy. So you are able to get the full indication of that in the deck. We also today have an activation session or exhibitions outside. So we thought to try and make our developments and our innovations a little bit more real, we'd allow you to interact with those. So we please encourage you to go out to the stands. We've got lots of people in the business units who are really excited to share what it is that they've been doing for the last number of months and years. Given that our strategic period finishes at 2027 and it's within 12 months, it's quite difficult in terms of JSE rules not to trip over a forecasting rule. We have tried to guide our speakers, but you will know a lot of these guys are really enthusiastic about their businesses and they may stay. So should there be anyone who gives some sort of indication in terms of where they may end in 2027, that will be based on a continuation of the trajectory that we're on, their performance to date and assuming that economic and demographic experiences remains within recent trends. It also is dependent on the successful execution of their strategy and there are no material adverse changes to regulation, tax or macroeconomic conditions. I think you will all appreciate the need for those disclaimers. We've designed today to be informative, transparent and hopefully energizing. We want you to leave with a clear picture of who the Momentum Group is and where it is that we're going and how we're progressing against our impact strategy objectives. We're very proud of our achievements, and we're excited to share these with you today. You see Jeanette and Risto on a regular basis, so I encourage you to use this opportunity to interact with the broader executive to understand who they are and what their competence is and give you comfort that we have a very strong team managing this business. That being said, I want to kick off our program by welcoming to the stage our Group Chief Executive Officer, Jeanette Marais.

Thank you, Rowan, and welcome, everybody. Thank you for bracing the terrible traffic this morning to get here. For those of you at home and online, I also hope that you'll have a great day with us. It really is wonderful for me to do this again, especially now with 2 years into our impact strategy and with only 2 months left, as Rowan has explained very well, this is an opportune time for us to give you an update on the delivery and the execution of our strategy. And I do want to highlight that the impact strategy has been transformative for our business. When we launched it 2 years ago, I'm sure many of you will remember that our targets were so stretching that many of you told us that there was no way we would ever achieve them. However, you might look at our strategy and our targets now, and you might say that at least for 2 of the 3, it's plain sailing to the end. So why are we here still talking about the strategy. But I want to remind you that there's a lot more to our impact strategy than just the numeric targets. This is also the foundation that we are laying for our future. And when you look at the 6 objectives, not all of them have a direct bearing on the targets that we set for ourselves. So it really is far more about differentiating ourselves from our competitors and setting ourselves up for competitive and sustainable success into the future. And as Rowan has said, today is also not about looking into the future of the next strategy. A year from now, we will be here, and we will be launching our strategy beyond 2027. So today really is about giving you the opportunity to interact and to listen to and hear from our executive team who actually are really responsible to deliver on the promises that we've made. Now over the last year or so, many of our stakeholders have asked us what has caused the material shift and the difference that has taken place in our business. For those of you who don't know, since July 2023, we've not only doubled our share price, but we've also doubled our market cap. So clearly, a material shift has happened in our group. And people say that they can sense that there's something quite a bit different about us as a group. Now you might think that it was simply a focus on these numbers and targets that we set for ourselves that have made this difference. But looking back, as a team, we realize every day that we are starting to reap the rewards for some very deliberate decisions and very integrated actions that we took over the last 2, 2.5 years. And they all had to do with a focus on the human aspect of our business, our clients, our employees and our advisers. For us, the real change started when we defined why we are here. And I think you all appreciate how deeply passionate I am about our purpose as a group. And why are we here to build and protect our clients' financial dreams. Now our group purpose was never meant to just be beautiful words on a wall somewhere. We needed to create a real shift in how we think about and how we deal with our clients. And every employee, and it's not a small feat to do this with 15,000 people. But every employee had to make a shift to understand that behind every transaction, every phone call and every decision that we make every day, there's a human being with hopes, fears and dreams. And that is the why of our existence. We then created our impact strategy that you're all very familiar with now, and that really guides the what that we need to deliver. And even this did not focus on just numerical targets or objectives. You know our 6 objectives by now and of which one also focuses specifically on our clients. Now after we created and crafted our purpose and our strategy, we realized that without the right deliberate action, nothing would change. So we then spend time to define our culture and our culture behaviors, how to live our purpose and how to deliver and execute on our strategy. And we define these 6 behaviors, not 20, just 6. And this is all about how to deliver every single day and how to behave around each other and specifically around our clients. Now culture is tricky. It can be very vague and it can be very intangible. And like Johan Lu would say, without action, it is just fiction. So we defined these 6 behaviors. And this helps every single employee in terms of how to live, how to live within our building, how to live with each other every single day. Two of them deals specifically with our clients and advisers. We obsess about how we make our clients feel and we embody unreasonable excellence. Two of them deal with our people, how we behave towards each other and then 2 specifically deals with our federated model and how we collaborate for collective success. We also went a step further, and we specified the behaviors that we won't tolerate and then things became a lot more practical. I believe that you don't think yourself into a new way of being. You act yourself into a new way of being. So with all of that as background, let me move on and do a quick impact strategy recap. Now you're very familiar with this already. You see this all the time. Some people call it a ball, some people call it a pizza, whatever you choose to call it. What you see in front of you here is really the 6 distinct interconnected strategic objectives that we have. And every business unit CEO today here will actually base their presentation on feedback on how we're doing on our impact strategy and these 6 different objectives. The progress indicators will also be used throughout the day, and you will see that they range from fully confident, which actually means that we've already achieved our 2027 target or objective for this specific objective to highly confident. And then where we're reasonably confident, of course, it means that some extraordinary efforts will have to be put in, in order to make sure that we do reach those targets. The gray ones is a strategic where we needed to make a strategic trade-off. Now that happens. Sometimes you have to deprioritize or you have to reprioritize one of these objectives in response to market shifts or business opportunities. Now that's the purpose of a dynamic strategy is that you have to be agile enough to make these adjustments as things change in order to be able to ensure that you keep your focus on what really needs to be delivered. So as a quick recap, at a group level, we are highly confident that we will deliver on each one of our 6 objectives, except maybe the one, and this is where my team will call me unreasonable, and that is the one on clients. With clients, you actually never reach that endpoint. You can never say, now we've ticked the box. Now we've arrived, now we've done it. So that one will remain orange because we've actually laid all the foundational work to be ready to improve on our client metrics across our businesses, but not all businesses are yet at the right level and not all metrics are yet where we would want them to be. Now I will touch on each one of the 6 strategic objectives very, very briefly at a very high level and give you some feedback on how we're doing. So the first one, unlocking the full potential of the group is not a once-off exercise because things change all the time. It requires continuous disciplined management across our portfolio. And we regularly assess where value is being created and then we act decisively where change is needed. or we invest in the strongest opportunities that come along. Ultimately, the full potential of the group will only be realized when every single one of our businesses are performing at the top of their game. And we take the action that is needed all along to make the changes where we need to do so. Now here, I do want to take a moment, and Hannes is not here with us yet. He's quite busy at the moment. So I'll touch on that. But a definite highlight is that Momentum Health went live yesterday as the health care partner for Venetas Healthcare administration partner for Venetas Medical Fund. Hannes will share how this has increased our market share and how it reinforces our position as a credible and trusted health care partner in South Africa. But just to give you an idea of the scope of this transaction, I've shared some numbers at our interim results, but yes, some new ones. As from yesterday, the annual value of claims that will be processed on behalf of members and paid to providers will amount to ZAR 100 billion per annum. That means that we will process and pay claims worth ZAR 275 million per day every day of the year. And of these, 98.5% is 100% straight through and done by a system without any human intervention. We've also employed more than 500 additional employees as administration partners to Bonitas, and we're opening 21 walk-in centers, bespoke Bonitas walk-in centers around the country in June and July. And we did all of this in 4 months. So I think we should give the few members of the health team that you already a huge applause to just welcome to congratulate them on a job very well done. There will be noise. We know that, but I think he's done an amazing job. And then also, I don't think they're listening today, but to welcome all the Bonitas members to our family. And then the second one that I thought I'll quickly touch on is that the Aditya Birla Health Insurance is another massive highlight for us. The recent performance shows that the business is now profitable. And with the last 6 months, it represented a noticeable step change in earnings and in value creation. To collaborate within our federated model is one of the ways in which we are different from our competitors. I believe that our federated model, that's part of our DNA has much to do with our success and that it gives us the best of both worlds, empowered and accountable businesses combined with the collective strength of the group. And this combination is powerful, and we're seeing this translate into some real outcomes that we will be sharing with you today. Deeper collaboration, stronger vertical integration and growth driven from within the group. The biggest collaboration success, and we've spoken about that before, was the migration of our legacy system, which involves teamwork across Momentum Africa, Momentum Life and Metropolitan, and it was the largest such system migration in the history of our industry. Vertical integration as well as collaboration between different businesses and between product houses is also starting to add some significant value to our business. And specifically later, Johan and Stephen will talk about that. Cost optimization is not a stand-alone project for us anymore. It is now embedded in how we operate, and it enables us to continuously improve efficiency while creating the capacity to invest in growth for our business. Steady progress delivered cumulative savings of ZAR 641 million with contributions across our business from all the business units and from our central functions. And also digital transformation efforts continue to allow us to save costs and to keep on investing into the future of our business. Now you know how passionate we all are about advice and advice is a point of differentiation for us. And it is where we see meaningful opportunities to drive more growth for our group. That is why we are investing across the full advice ecosystem to expand our footprint, to empower advisers to serve our clients better and to compete across the full retail advice market. The outcome we are driving is stronger adviser capability, deeper client relationships and more sustainable growth for the group. We enabled advice synergies with the establishment of Momentum advice and distribution. I'll share with you a little bit more about that now. And we did this by creating an advice ecosystem where Momentum Financial Planning, Momentum Consult or Consult by Momentum and Fin Global can share platforms, advice processes and standards. And the focus is to enable footprint growth, vertical integration strategies that we talk about a lot and to enable career options where our tied agents can now mature through the development pipeline from NFP to end up joining Consult. Momentum Distribution Services continues to strengthen our market leadership position and market share with independent financial advisers. And lastly, Metropolitan channel optimization and rationalization program is now fully embedded and delivering some great results. Our approach to expansion is very deliberate, and we always look for opportunities where we have a clear right to win, building from what already differentiates us. We leverage our market-leading capabilities across our channels, segments, products and geographies and scaling it in a way that is disciplined and repeatable, and it adds real value to both our clients and the business. And I've already shared with you my excitement about our partnership with Aditya Birla Health Insurance. And to maybe just elaborate on that a bit, it is now the second fastest-growing health insurer in India, and it is showing sustainable profitability. But it took us 10 years to get there. So there's a reminder that even when you have a clear right to win and a very strong partner and partnership, successfully entering a new market is a long game. It requires careful choices, patient capital and very disciplined execution to enter a new market. sorry. Another example of expanding our footprint into different markets is [indiscernible]. And this is one of the businesses that I'm so incredibly proud of because [indiscernible] complements the group's investment ecosystem, and it offers very credible single major capabilities, which have enabled us new adviser growth supported by sustained inflows and growing adviser advocacy. They're now at ZAR 56 billion in assets under management, and they've done this in less than 3 years. Our direct-to-client digital sales continue to grow across multiple business units and Metropolitan is today launching a first-to-market digital solution for clients in the foundation market, specifically for clients who don't have a regular income. It's a funeral policy that will never lapse. -- and it offers exceptional client value. Please do yourselves a favor and go and see them at the store there. I know they've already sold a few. Jan specifically bought one this morning. So please go and do that and spend the time and see what that is that we are doing. Now purpose, and I've already spoken about that. Our purpose can never be delivered or realized without exceptional client expectations and experiences. So simplifying what we offer and how we deliver it, making it easier for clients to choose us, stay with us and advocate for us is part of -- sorry, how we want to design simplified and impactful client experiences. Now embedding a culture where our employees obsess about how they make our clients feel. if not a small feat. How we build trust and loyalty while client experience is a foundational -- foundation for us to sustainable growth. So Net Promoter Score and other client experience measures have been embedded in every business unit, and we're starting to see a measurable shift since the beginning of last year. Not yet where we want to be, but we know how we measure it, and we have plans in every one of our business units to improve our clients' experiences with clear accountability and action plans per business unit. Now our strategic enablers support us to -- in the delivery of our strategy. And the first enabler is our people. We recently did a group-wide culture survey, and we received an overwhelming response and feedback from our employees with more than 90% of our employees making their voices heard and that confirmed very high levels of engagement from our people. We're also actively building the capabilities that will define our competitiveness in the next cycle, including succession planning for our most senior people in the business. Transformation is not a compliance exercise for us. We deliver outcomes that are real and sustainable. We have attained our BBBEE Level 1 for the seventh consecutive year, and we are directing a large percentage of our ESD spend to the development of new-to-industry black advisers. We have more than 70 digital and AI initiatives that's being implemented across the group. You'll hear more from Ravi and the business CEOs about this. Sustainability is also not a separate agenda. It is embedded in how we do business, and we continue to make financial services more accessible and more inclusive. We are making good progress on the commitments that we have made on sustainability. And then on capital deployment. We have spent time to refine our capital management framework. It is anchored in strict return hurdles and in long-term value creation. Risto will provide additional context on our solvency framework and the SCR calculations with the intent to demystify the technicalities like only Ristow can do. Our impact strategy targets of 2027 by 2027 are doing really well. You would have seen in yesterday's quarter 3 results update that our earnings are at ZAR 5.5 billion for the 9 months. ROE is at 23.3%, which is already well above our F 2027 target. And we're working hard to get our VNB margin to between 1% and 2%. So in closing, I'm highly impressed and thankful and proud of the way in which our employees are showing up. We have motivated and engaged employees. They align to our purpose and culture, and they're making a massive impact on our clients' lives every day. We have doubled our market share and our market cap and our share price since the start of F 2023, and our disciplined execution is providing positive traction on every one of our 6 strategic objectives. We've seen some improvement, but VNB remains the most significant challenge that we have in the group, and it will require extraordinary effort and focus in the last year of our impact strategy. The impact strategy is on track and our F '27 targets remain within reach. In addition, we believe that the strategy is positioning the business for sustained competitive success into the future. Alongside executing the impact strategy, we have kicked off the next strategy planning and our development cycle. So next year this time, we will be sharing our strategy for [indiscernible] 2030. We entered the final year of our impact strategy with clear priorities, strong momentum and the discipline to deliver on the promises that we have made. And before I hand over to Risto, I just wanted to mention 2 important points. One of the best decisions we made was actually when we were developing our impact strategy, and we did a survey amongst all of our stakeholders and the investor community, and we asked you for some feedback, some honest feedback. It wasn't easy to hear at that point in time, but it was really, really valuable. It shaped our strategic thinking and it kept us accountable. We're going to do it again. And pretty soon, you will receive another invitation from us to actually participate in another survey. So we really do want to ask you to participate. Your feedback really helped us to shape our strategy, and it really helped to make us better. And then secondly, you will see a new face here in my executive team today and a change to our structure. So to enhance the focus on our product businesses and our sales environment at the Momentum Group ExCo level, we have split Momentum Retail, Johandau's old portfolio into 2 distinct divisions: Momentum Life, housing the product business portfolio and Momentum Advice and Distribution, housing the advice and distribution portfolios. Now this structural change elevate both of these business to an executive level, but specifically is a very deliberate positioning to accelerate the growth in the advice space as we enter the final year of the impact strategy and we start to design our strategy post F 2027. So in future, Johan will dedicate all his time and energy to advice and distribution. And we've appointed [indiscernible]. Stephen is sitting here in the front as CEO of Momentum Life from the 1st of May. Stephen has been a highly respected leader in our group since 2003. And most recently, he's been the Head of Momentum Myriad, our Life Insurance business. I'm really looking forward to have you in the team, Stephen, and to see the contribution that you will make at an ExCo level. So you will hear a lot more about the advice and the product businesses in Stephen and Johan present this afternoon. Thank you. I hand over to Risto.

When Jeanette asked me what I want to speak about in the capital section this year, I thought let's go with solvency, nice light topic. But I suppose the rationale is that in December, solvency ratio was a lot weaker than people are used to. So there were a lot of questions around what happened so quickly in terms of solvency cover in the life company going from 2x to 1.6x. Also engaging with the investors, I think it was pretty clear that the guys were quite happy to have a bit of a refresher on some of these topics. I would pitch today's topics at about sort of 101, 201 level. Anybody that wants to engage more, welcome to do so, either contact me or Rowan. If you want to do post-graduate stuff, we've got [indiscernible], our Chief Actuary. And we've got [indiscernible], Head of Balance sheet Management. He's a cool guy to talk to. He talks about like swap spreads and reverse repos and it sounds like investment banker, it's exciting. Yes, but jokes aside, it is a fascinating topic and very technical. So I mean, we're just scratching the surface, and I'm serious about it if you guys want to know more, more than welcome to help. Okay. Just starting, I mean, why does solvency matter? I mean, first of all, we can't operate without illustrating some degree of solvency to the regulator. I can't think of any country, well, very few, where banks and insurance companies don't have to illustrate some degree of net asset value above their liabilities. Increasingly, nowadays, it's all risk-based. Risk-based basically means that you take into account the nature of the risk you're writing and asset liability management strategies and other mitigants. India, finally enough is still on a volume-based method. So our India business is basically you take like 30% of your claims or 25% of your expenses with Richard. And then you take the higher of those 2, they are moving on to high Richard, yes. Yes. Okay. 20% of gross written premium or of claims, yes. That's very much a volume-based metric. They are looking at going to risk-based capital in due course, and we're evaluating the impact of that. At this stage, we're not expecting a massive increase. I mean if I think of South Africa, a lot of your short-tail business, which is like short-term insurance, you do work out to about 30% of premium. So the -- we're not expecting the risk-based capital to add a lot to our required capital in India, but it is one of those variables that we're dealing with. Okay. Secondly, policyholders would prefer a provider with more solvency rather than less. Places like America, this is a big thing. You have companies like A.M. Best that publish financial strength ratings, which are very important in the marketing of insurance companies. South Africa, not so much. On the corporate side, we do get people asking us questions about credit rating, solvency ratios. Sometimes I have to sign letters that I do read carefully before I sign them about exactly what we do on ALM and things like that. But it's quite limited. I think it's more the large corporate deals where it's important. Strategic flexibility. Obviously, we would like to have sufficient capital to be able to capitalize on opportunities as they arise. We often talk about our discretionary capital. It gives you flexibility to be able to maneuver if you have NAV in excess of just your minimum requirements. And then shareholder distributions, I sad to admit it, but we will never pay you any money to our shareholders if it meant that our solvency ratios were not robust thereafter. So your payout policies and capital distributions are also a function of solvency. Okay. So where is Momentum Metropolitan Life as of end of March. Our available capital is ZAR 36 billion, required capital is ZAR 20 billion. That's a ratio of 1.81. It was ZAR 1.64 in December. Now what happened in that time period? Obviously, the yields went out a little bit. I'll talk later about the fact that a lot of these stress tests are discounted cash flow stress tests. So at lower yields, those scenarios have higher present values. So yields went up. That's probably half the improvement. Other half relates to retained earnings exceeding dividends accrued for in the time period. So there's operational and a technical component. Just in terms of some terminology, in the same world, we talk about own funds. I mean you can think of it as a net asset value of a company on a statutory solvency basis. I do want to make one little comment here. The liabilities calculated under the SAM balance sheet is not only the best estimate liability. On top of that, you have a risk margin. The risk margin, in theory, represents the amount of extra you'll have to pay somebody to take over your book. So the argument in the regulations is that if I have liabilities of ZAR 100 billion and I'm in financial distress, nobody will take that ZAR 100 million, ZAR 110 million, ZAR 115 billion just to cover the risk of taking that book over. Alternatively, you can think of as the capital they need to put aside to fund the book if they take it over. So when you -- when we hold NAV in excess of the liabilities, that is not the only buffer for policyholders. The risk margin also serves as a type of a buffer to policyholders. So if we burn through 1x SCR, policyholder benefits are still not threatened. So when I quite flippantly make some comments sometimes that like 1x SCR, we will be able to pay policyholder liabilities 199 of 200 years. In reality, it's more like 399 of 400 because the risk margin also serves as a buffer. Okay. I'm a little bit technical here on purpose because I'll make a few statements just now that require the technicalities. Okay. SCR stands for solvency capital requirement. This is a collection of stress tests we do to various factors, and we accumulate those stress tests using a correlation matrix. The old solvency regime really assumed independence of all the factors. So it was sort of like a sum of squares type of approach. This is a bit more fancy. But behind all that fancy talk, it is just a series of documents we get of stress this by X and do this and so on, and we produce those tests. Where there is a bit of art there is when we do those stress tests, we are allowed to take into credit our mitigants. So on the asset side, it will be things like hedging. If we stress test for equity market declines, we can take into account that we'll use derivatives to hedge certain positions. On your more demographic underwriting side, something like mortality, I'll show you later, we have to assume higher mortality rates going forward. There we allow to take credit for the fact that, okay, first of all, we have reinsurance, but we can also take credit for the fact that we can reprice the contracts after a certain period of time. But that's why it also gets quite technical because we give our policyholders guarantee periods. So we will say on your policy, we will not review your premium in the next 15 years. So some policies might have 7 years left, some might have 13 years left. Those need to be looked at policy by policy. On top of that, the regulator has provided guidance of how much you can reprice, okay? So there's also limits. You can't actually reprice the full loss in almost all the cases. You can recover part of it. Okay. So the SCR calculation is a set of quite simple guidelines combined with quite complex mitigation framework that we built around it, sort of risk management frameworks. The SCR cover ratio that most people will be familiar with that just really own funds divided by SCR. And for us, it's 1.81 at the moment. Just by the way, yesterday, I think Marius asked that the yields have -- somebody asked about the yields falling since 31 March. That's correct. Some of the yields are actually quite close to the levels of December now. What is important is that at the long end, the extrapolated part of the curve has not fallen as much. So I checked this morning, the gap between the 40-year point, this is a theoretical point, theoretical gap between our view of the 40-year yield and the regulators, it was 120 basis points in December. As of this morning, it's about 60, okay? So that extraolation issue is halved in sort of problems. 31 March, it was about 35 bps, Colin. So it has got a little bit worse since March, but we also issued Tier 2 instruments since March. So I actually think -- I think the capital ratio is a bit higher than 1.81% as we speak. Colin will hate to give me a live number, but I think it's a little bit higher than 1.1 Okay. So how much is enough capital? Chief Risk Officer is cringing there, but anyway, okay. So at 1x SCR, in theory, we will not have assets falling below the liabilities, the liability includes a buffer already. Assets will not fall below liabilities in 199 or 200 years. That's the theory at 1x SCR. What happens at 1.5x SCR? Nobody quite knows because these distributions are quite complex. But assuming a [indiscernible] type of distribution, which is more conservative than normal assumption, that probability of technical insolvency, remember, not real, technical insolvency goes to 1 in 450. At 2x SCR when the industry often operates, it goes to 1 in 800. If we use a normal assumption that will become like 1 in 4,000 or something, okay? And then you've got the risk margin as well. in -- at 2x SCR, I would guess there's less than 1 in 1,000 year probability of not meeting our policy of the liabilities. Okay. Two comments there. First of all, Northern Rock in 2006 had a presentation where they said they're the most solvent bank in all of Europe. And that was based on a very low risk charge on mortgages. In 2007, they went bankrupt, okay? So I have to be careful of believing regulatory models too much. You need to apply some common sense. Like are we really going to go insolvent once in 1,000 years, maybe once in 400 years, once in 2000, who knows. So let's remember this is all theoretical. At the same time, though, I do think the industry is overcapitalized. I mean this is a short statement I'm going to make here is I think we could all operate at significantly low ratios. Why do we like to operate at 1.82 -- because other guys operate at 1.82. So there's a bit of watching the other guys move here as well. But I think from a real solvency perspective, the industry is extremely well capitalized. I mean I often use the fact that during global financial crisis -- sorry, the pandemic, I mean we were a life company. During the biggest pandemic in 100 years, I did not sleep badly one night. I mean not one day that I worry about having liquidity to pay claims or being solvent. I mean that's just a practical example. Same thing with the market volatility we see. liquidity management with CSO responsible for, that's become a bigger theme. We use derivatives and different type of structures a lot. So we're buying -- we're sort of receiving or paying ZAR 1 billion a day in volatile times in cash. But in actual solvency ratios are surprisingly stable. As long as the banking environment and the financial instruments market remains liquid and trading, I think our solvency risks are absolutely minimal. It's more about liquidity management. Okay. So there's a couple of important statements there. Okay. So how do we look at -- okay, this slide actually changed orders, which is good. I want to make a point here, like on most slides. So I mentioned life companies at 1.81. You'll also note that the insurance company, Momentum Insure is 1.72. These regs were written for traditional companies. They were written for companies like Momentum Life, Momentum Insure. They were not written for unusual elements like Guardrisk, okay? So I think it's important to realize that our group solvency, which is a sum of these, I don't have the March number because we don't do it in March. And again, I think, Colin, you don't want to thumbs one. Okay. But it will be higher than 139, trust me. But our solvency at group level is largely a weighted average with a few adjustments of these. It's important to note that the regulations are not written for, let's say, Guardrisk insure or life. It results in a very low ratio, but very stable ratio. What happens there is there's 2 types of business in a business like Guardrisk. It's their clients' business and it's their own business. On the client side, you can have a big client, ZAR 2 billion of capital, ZAR 500 million required capital. The regulator says, you can only recognize ZAR 500 million of capital. Why? In theory, the client could say, please kind of have a dividend of ZAR 1.5 billion. That's the view of the regulator. So it's always 1x SCR for a client. In reality, there's quite a process to get that dividend. We have independent actuaries valuing the sales, things like that. So it's not quite that simple as the calculation assumes. But for our client cells, we assume 1x SCR, what we have to. For our own sales, we take the real position, and that's like 2x, 3x capitalized. That's where we take risk on our own promote to sell. So that 1.3, 1.1, you could really think of it as a weighted average of lots of clients at 1x SCR and our own sell at like 2 or 3x. If we add back the excess assets of our clients, can we mention some names, the big companies, MTN, that ratio becomes 2 for the group, okay, roughly. Okay. Just to give you an idea. So the calculation was not designed for cell captives, and it maybe understates the real solvency of the cell captive business. Okay. So much earlier, I said we've got ZAR 36 billion of available assets -- sorry, own funds, NAV. We put into 3 buckets for a couple of reasons. First bucket is what we call available high-quality assets, bonds, money market, corporate bonds, government bonds, a little bit of listed equity. These are assets that have a very observable market value, can be liquidated reasonably quickly. I mean, some of the stuff like corporate bonds, maybe not quite T+3, but decent enough. So if we had to get an armored truck to bring the money here tomorrow, how much can we bring? ZAR 10 billion, I don't know 15 A big chunk of this is like really, really short dated, okay? But this is all high-quality assets, and that's ZAR 18 billion, and it's very stable. You'll see. We have retained earnings, pay out dividends. The cash portion of our capital base is very stable. Then we have in red, which is illiquid assets. It's an interesting name, but in reality, most of that is loans to internal companies. So we will give funding to Guardrisk Premium Finance. We have an equity interest we own -- okay, we actually don't on Momentum Insur anymore that's owned by another holding company. But we'll own a business like some of the subsidiaries. We don't want to double count the equity. The regulator allows us to count investment in a subsidiary. But for our own internal management, we say no, like we're not going to go and sell subsidiary B when we're in trouble, okay? So we consider it not available, but it accounts for the calculation, about ZAR 6 billion. And then we have the last bit, which we call the VI asset here. This is the present value of profits that we can take credit for today. So it's a bit like an EV we have a VI. So I call it a asset in the regulatory capital. That is not that easy to access. I mean we could use reinsurance and things like that to convert it to cash, but it's quite cumbersome and expensive. And that's a volatile part. That's the reason I want to show this too. A lot of the volatility in our own funds is that last component, which is basically a long-term PV of future profits, okay? So that's where the volatility in our own funds comes in. The cash component is very stable and the investment in our own subs is reasonably stable. Okay. Then at ZAR 18.4 billion, maybe I'll use the December number rather, the December number was ZAR 18 billion. We split it internally into further categories. We have what we view as required capital. This is the absolute amount of high-quality liquid assets we want to hold, okay? And it increased substantially in the last year from ZAR 11.6 billion -- well, ZAR 11 billion to ZAR 16 billion. Why? Because the required regulatory capital went up, okay? There's a link there. I'll talk about it just now. Anything above that is either deemed discretionary. So we have a discretionary buffer. The first ZAR 3 billion in excess of the requirement is discretionary. We'd like to hold it to be able to execute bolt-on deals, short-term investments if there's opportunities and about ZAR 3 billion is surplus. So about ZAR 3 billion largely has been going to buybacks of late in the last few years. Now the reason why I used the December number of ZAR 16 billion is go back to a few slides. Okay, I don't have the December number. December required capital was ZAR 20.4 billion, I think was the number. How the ZAR 16 billion was determined is, remember, we never want to go below ZAR 20.4 billion in December. We sort of did modeling of saying if things were really horrible on the future profits and if things got really horrible on our own investments, loans to own subs, what's the last least amount of cash we have to have to be able to get that ZAR 20.4 billion in any scenario. So that's one way we're thinking about it is that ZAR 16 billion at the moment is basically a level of cash liquid assets we hold where we feel that any of the world needs to happen for us to break our 1x SCR, okay? And of the world may be a bit strong, okay, unlikely events, okay? My boss has been very putting pressure on me to tell her what the ZAR 16 billion is now. We'll have to look at the yield curves in June and the balance sheet position in June. the SCR did drop by ZAR 500 million between December and March. Now ZAR 500 million ZAR 1.5 billion is ZAR 750 million. So very simplistically maybe it's down by ZAR 700 million, ZAR 800 million. But there's a few other things we're looking at as well, like our hedging policies, what level of volatility going forward. I would think it's more than 50-50 will reduce, but I've been a bit reluctant to give a number. Now yesterday, obviously, the first question is, are you going to start buybacks again? The shares are cheap, I agree. It's on a 20% discount to EV. Yes. Now remember, the first ZAR 3 billion is discretionary, okay? Above that is surplus. So let's assume the [indiscernible] ZAR 15 billion and the 18 bill becomesZA 19 billion and there's a little bit of surplus, okay? So I think if we have a strong final quarter in terms of retained earnings and if we see a meaningful reduction in the required capital, we will definitely think about it. I don't want to say it's a done deal, but it's -- again, it's probably more likely than not. And the one thing I can answer clearly is that at the current share price, we would have a preference for buybacks compared to special dividends. I mean -- okay. I went a bit over yesterday. I might go a little bit over today, but it's all good stuff. So our capital -- required capital declined a little bit from December to March. That big increase in the previous 12 months was -- a lot of it has got to do with the yields, and I'll show it later. We showed this pie chart on the right for the first time in our results, and people find it very interesting. Just to give you a breakdown of where the risk actually arises in this regulatory calculation. More than half of it comes from underwriting risk. It's worth pointing that out because we didn't have SAM 20, 30 years ago, [indiscernible], but we had common sense. I think the picture would have been inverted 20, 30 years ago. The South African insurance industry was a lot more exposed to equity markets than the yield curves of underwriting is because we went through a period of time where South African insurance industry was actually becoming more of a savings accumulation industry than an underwriting industry. And on top of that smooth bonus products and products and maturity guarantees were very popular. So over the last 20 years, there's been quite a big migration back to being a real insurance sector in terms of underwriting mortality risk, disability risk and so on. Yes, the largest risk for us is lapse risk, and I'll give an example of this just now. The one I won't talk about much is operational risk, which is 10% of our required capital. And again, that is largely a volume-based metric. I mean there are some operational risk models globally that take into your own losses into account and things like that. The South African metric is quite simplistic and for us, it's a couple of billion rand. Have we ever disclosed what's our biggest year of operational losses? Do you want to disclose it? It's a fraction. It's a fraction of that exactly. Okay. Decimal fraction. What do you want to say? Small. Okay. Okay. Let's give a bit more detail. So just let me move on to the 201 stuff now. So there are 4 modules in the calculation. You start with the operational component, which is ZAR 2 billion, really relates to the size of your premiums and expenses and assets and that sort of volume-based metric. You have participations, which is an interesting terminology, but really talks about investing in our own subs again. [indiscernible] mentioned we got ZAR 5 billion invested in our own subsidiaries. We treat them almost like private equity investments for simplicity. And then you have adjustment. Biggest adjustment by far is taxes. So all these tests are done on a pretax basis. And obviously, in these stress tests, you show a loss, so you can take a tax adjustment there. What we do mainly is any deferred tax liabilities we have today, we adjust them to 0. In some cases, we create a deferred tax asset above that. But normally, we're limited to existing deferred tax liability, area of judgment that can be debated. And then you have your calculation modules where there are quite a few, and I'll illustrate some of them. But yes, okay, I'll start with the underwriting one. I have 3 minutes and lots of slides, okay. So lapse risk is our biggest one. So on an undiversified basis, we need to hold about ZAR 8 billion of capital to allow for lapse scenarios. Mortality is the second biggest one, expenses. Expense risk is sort of -- because our expense management has been so good lately, that's actually almost proportional to our expense base. So the fact that we're managing expenses well is sort of in real terms reducing that. Yes, cat risk longevity is still quite small compared to mortality. So all this growth in mortality -- annuity business, it still hasn't anywhere near caught up to mortality, okay, it has caught up, but not fully. And you see diversification is very good across these metrics. Again, it makes common sense because some factors like mortality and longevity are negatively correlated. I just checked with Colin that the correlation is negative 0.25. Why is it negative 1? It's not the same people, unfortunately, okay? So you have older people, younger people underwritten, and underwritten. But there's a negative correlation, for example, longevity and mortality, okay? Generally, the underwriting risk diversify well. They tend to have quite low correlations with each other. Okay. Example of the test, lapse risk. For lapse risk, we need to do 3 calculations, and then we sort of take the highest of them in simplicity. There is actually additional thing we do where we combine these metrics, but that's postgraduate stuff, Colin. Okay. So there's 3 tests and we take the highest. The first test we do is we assume lapse rates are proportionately 1.5x higher. than assumed. So a good example is Myriad year 4 lapse rate, maybe 8%. Now we need to assume it's 12% going forward into Infinity, okay? Clearly, problem for us. We do the calculation. The second test we do is a lapse down scenario. So there's some clients like all the clients we want to leave. There the lapse rate is 4%, we need to assume 2% and you take the higher of the 2, okay? And also when you lapse -- little bit gets interesting, 1 in 200, 1 in 1000, who knows. When we assume higher lapses, we can't assume the clients who want to leave leave. On the clients who don't want to leave leave and same thing on the downside. So it's quite a selective test that way. The third test we do is like a run on the insurer test. We assume that 40% of retail clients leave overnight and 70% of corporate clients leave overnight. Have we ever seen this? No. Could it happen? In theory, yes. These are severe tests, okay? And we take the higher of those 3 as our lapse requirement. Now obviously, in these cases, we can take into mitigations. So we would do things like on the corporate book, if 70% of the clients leave in a few years, we will try to shrink the expense base of the corporate book quite substantially, okay? So there are those sort of mitigants you take into account. But it's still a ZAR 8 billion stress test in this event. I can't do anyone to find stuff interesting, Michael. Are you enjoying this? Okay. Good. I'm not talking to myself only, okay? Then you got mortality risk. This stress test is a lot simpler, quite hard to calculate because you need to take each policy into account. But for mortality rates, we assume mortality rates are 1.15x higher. So a 70-year-old male mortality rate 1% now will use 1.15% okay? And we'll basically assume that increased claims into perpetuity on all these clients. Okay. And there is a PV factor. I mean, mortality is a good example where even if we could fully reprice, which we can't, we could only fully reprice up to 15 years for some of the clients. So we'll be incurring extra claims for significant periods of time. Those tend to be discounted. So you'll see the mortality risk when it increased from December '24 to December '25, of the ZAR 900 million increase, about half was growth in the book and about half was just the PV factor of lower yields. In the quarter since, the PV factor has come down because yields have gone up. But there's been modest growth, ZAR 40 million growth in the underlying sums assured exposed to this. Most of these tests will grow very slowly and steadily as our book is growing. The volatility all comes from yields, okay? The actual growth of the metrics is quite predictable. Okay. Market risk, equity risk is the biggest component still for us. I do think it's quite small for us compared to some of our competitors. Our [indiscernible] bonus book is a lot smaller than the guys in Ireland, and I think our with profit is smaller than the [indiscernible] guys in [indiscernible], I don't know. Okay. But then if you look at the next 3, spread and credit, that's defaults and credit spreads, interest yield curve levels and concentration, which is exposure to certain banks because that's where the concentration bites. Those all relate to fixed income. So if you add up the fixed income components, I think they're bigger than the equity components. So the industry has migrated from being very heavily exposed to equity markets to be quite heavily exposed to fixed income markets, both in annuities and in our protection books. Property is quite small, I think, for most of the South African insurers compared to their balance sheet. Also, the diversification is not as good here. The various market factors are more positively correlated than the underwriting factors. Okay. Just an illustration of 2 of them. Equity markets. Every month, we get a factor from the regulator saying what the stress test needs to be. This is a 1-year decline. And for global equities, it ranges from 29% to 49% for local equities from 33% to 53%, midpoint being there. And then it goes up if the markets run. I mean the regulator thinking is quite logical, like after the markets have been running, the risk of a down shock is bigger, and it could be bigger. Whereas the markets have already fallen, the next shock will be smaller. So it's like a countercyclical type of thinking. Makes sense. But if you look at the absolute levels of stress test after a couple of good years, we're using a 49% stress test for global equities and 53% for local equities. The biggest calendar year decline in the JSE ever is about 28%. The biggest 12-month rolling decline is 33%. We're stress testing for 53% JC has only been around like 130 years. So another 70 years before I'll have some data to prove that 53 is high, but who knows, okay? I'm just illustrating the point that I mean I don't know how these assumptions there. I mean, Colin, there might have been a working paper or 2 on these, but yes, okay. These are heavy stresses. Okay. Then for bonds, the yield curves have maybe the longest table in the whole document because each duration needs its own factor. But if you look at something like a 20-year or maybe like 20, take a 40-year point, it's about a 40% relative movement up or down. So if yields are 10%, you need to stress test at 14%, you need to stress test at 6%. And depending on your ALM position and the nature of your book, either side can bite. What's quite important here as well is that there's no bonds beyond like 25, 30 years. So when you do the stress test at the long end, that's totally unhedged. So that's where a lot of the shortfall comes from. Okay. So substantial increases there. When we put it together, the market underwriting also diversifies quite well. And we add operational risk as a top-up participation being the private equity treatment of our own subs and then the tax impact of all these tests, you get to the ZAR 19.9 billion. Okay. So I've given you quite a quick rundown of this, hopefully, PK some interest. But then there's cash, okay. Now I must have been -- I think I was the only guy in actuarial price who took extra accounting voluntarily. And I remember reading something that always stuck with me for the last 30 years in one of the textbooks and it said like revenue is vanity, earnings is sanity and cash flow is reality. And I think insurance sector is one way that is very useful, okay, because the revenue and earnings can be a little bit less sanity than in some other sectors. Okay. But how is our cash generation? So last slide. And we had a lot of questions on this. Short answer is it remains robust. So in the last 3 calendar years, we generated dividend inflows. And the beauty of this, [indiscernible] team does this for me. This actually ties up to the bank statements that come to the holdings and some of the SPVs we sort of hold directly. ZAR 13.8 billion of dividends paid to the group, a lot of it from the Life company. Life company is still our main source of cash generation. It will continue to be for a long time. Guardrisk has really emerged strongly. Momentum Investments, and this is the asset management part of the business, not the annuity book that comes from the Life side, also a very steady generator of cash. Yes, Africa pays good dividends. There have been some special dividends out of Namibia in particular, but we have also recycled capital to support some of the other operations, for example, recently, Lesuto and Botswana. India injected ZAR 646 million in the last 3 years. So if you look at net of the net of the internal investments and preference share payments, ZAR 10.3 billion. Earnings for this period was ZAR 16.2 billion, okay? So cash to the group, net cash to the group versus earnings 64%. I had a lot of questions in December, what does it look like going forward? The answer is probably about 70%. Now remember, this includes the increase in required capital, which up a lot of capital. It sort of kept a lot of money in the life company, we would otherwise paid as a dividend. Now if I use 70% as the cash generation multiple to the next 3 years, I think my cash generation estimate for the next 3 years, ZAR 10.3 billion, I will probably make a bit of the ZAR 14 15 in terms of billion, okay? So that's about 30% of market cap. So cash yield, maybe 10% of market cap that comes to the group. And as we always say, we don't like to retain too much. So a very small change in the holding company cash. Also interesting to see that despite quite a big investment in India, for example, we paid out 77% of all the cash coming to the group. Now India is maturing. So somewhere down the line, that '23 might become lower unless we find the next India. I mean these things we don't know. But assuming there is no next India, then that '23 will probably go downwards and cash generation might even improve. Okay. And that was my last slide. And I'll now hand over to [indiscernible].

Thought that I have is that usually when they have a really heavy lecture, afterwards, they ask like an alumni person to come and talk, just to ease things down. So I'm assuming that's why I'm after Risto. Risto also likes to make sure that there are returns from technology. So I'm counting some of the time that I've given back in those returns. Okay, Jeanette? Right. Good morning, everyone. Thank you very much for joining us. As was noted this morning, delivering our impact strategy is more than just around delivering the numbers and the targets over the 3-year period. It really is around setting us up for the future. And nowhere is that more pertinent than in our digital and technology space, where a lot of the investments and a lot of the capabilities we're building are not just for a short-term 3-year horizon, but actually for the longer term. So we'll talk about it in that respect, but I will also say that we -- the speed and delivery of this does need to show certain lead indicators even in the short term, and you will hear us talk a little bit about that as well. But fundamentally, when we look at our delivery across the group, it's around thinking around how do we ensure that for the future, we're going to be a front foot, confident digital delivery organization. Now key to this is delivering strongly across our group, both in our business units as well as within the group center. Now you're going to hear a lot about that, especially from my business colleagues across the day. You're going to see examples of our delivery. You're also going to see some examples of that outside in our activations. But this is important because there is a scale factor and a scale benefit that exists along a lot of what we're talking about from a data perspective, from a digital perspective and when you put those 2 together, clearly, artificial intelligence as well. the key message for today from me is that technology in our group is thought of not as a cost, but it has to be a value driver. It has to be a value creator. So we have to show that not just in our ambition, but in the results and the numbers. And we will talk a little bit about that in this session as well, but you'll also hear that as a through line across all of our business presentations. The trick is that -- the tricky part is that every competitor has access to the same technologies that we do. That's the fact. There is no competitive advantage to be had for you're using a technology that somebody else can't get a hold of. It's very unlikely that that's the case. So if everybody has the same capabilities, then the distinct advantage is going to have to come from where you choose to deploy it and how quickly you can actually implement and make sure that you're seeing results from that. So for today, I'll take you through 3 areas, how we're thinking about this, our progress to date and some numbers and some delivery in that. And why do I think we have a -- why do I think we're building up a distinctive right to win in this space across the group. It's good to start with this idea of what does digital transformation mean for our organization because every organization claims it and every organization is certainly focused on it. For us, it's deliberately plain. We specifically think that there is no business engagement today, be it with advisers, be it with clients, be it with our own employees that is not a digital one. Everything happens on a screen. And so for us, business is digital. And if you then think about digital transformation, the critical thing around digital transformation is how do we ensure that we're delivering better, higher quality, higher experiential software experiences to users at a faster cadence. Now when we think about this, there's 2 sides of this. The first side on your left is, first and foremost, whose experience and whose outcomes are we trying to improve. So we think about this from the perspective of our clients and their financial dreams, advisers and their productivity as well as our employees and the time it takes to actually get valuable work done. Fundamentally, we have to be thinking about those as problems and opportunities that have to be solved. Once we have that, the next step is to then think about where are we going to invest in our capabilities. And when you think about it like this around delivering better software experiences, delivering better screen experiences to users, a lot of our activities then start to line up when we're thinking about technology, when we're thinking about data, when we're thinking about how we deliver software, when we think about automation and AI and the application of that and just as important, when we think about our processes and our ways of working and how we deliver these things at faster and faster cadence. So the user journey defines everything we look at and the capabilities that we then deliver should be in service to that. And that's quite fundamental because it keeps us focused. Now when we think about the strategy, and this is a strategy that exists across our group, whether you're talking about digital and technology teams within the center or within our business units. Critical for us is how do we deliver impactful capabilities in the service of our group purpose and client adviser and commercial outcomes. Impactful is the key word there. We love innovation. We love [indiscernible]. It's great if that's there, but it doesn't make any sense if it's not having an impact. And you'll note when we kind of talk about our -- we wrote our impact a little bit differently because the act was quite critical for us because we actually feel that there's far more danger from a technology perspective these days in moving too slowly than too fast. And that's actually one thing that [indiscernible] and I really agree on from a risk perspective. That's where our risks actually are. So when we think about this, there are 4 key elements that we seek to drive. How do we drive new revenue? How do we drive our cost optimization, which, as we said, is a muscle in the group. It's not just a project. How do we look at speed and experience for clients, advisers and our employees and how do we look at resilience. The entire -- all our focus is on how do we deliver that. And we deliver that through some key priorities. These are the things that when our digital -- as we said, when our digital and technology teams wake up every morning, these are the 5 things we're thinking about. How do we make sure that we have competitive value for money technology environments? How do we ensure that we're maturing our digital DNA in terms of how we deliver software, how we deliver automation, how quickly we can. New digital and technology value is crucial. Enterprise data assets, data is a scalable capability. We cannot just be looking at data in our silos. We've got to be looking at across the group in a really connected way. In fact, it's one of the key connected issues across our federation. And then finally, how do we orchestrate valuable ways of combining human and machine together to be able to achieve these outcomes. Now there are 4 things we focus on. There are 4 things that when we think about anything, these are the things we're going to talk about. Client and adviser experience has to be front and center. New revenues, cost optimization and resilience, as I mentioned. When we think about doing anything, the first question we have to ask ourselves, which one of these or which one of -- or hopefully multiple are we actually going to try and move and shape with the initiative we're driving. That's the discipline around this. If you're not going to shift one of these, sharpen the pencils because if you don't know what you're trying to achieve, then how would you know that you've been successful. So we develop capabilities in pursuit of these, not simply because new technology is available. Now a bit of a complicated one, it's not as complicated, I hope, as Risto's slides. But certainly, when we start to think about this, the answer where you develop things is just as important as how you develop it, especially in a group such as ours. As you would have heard and as you would know from sharing our discussions over quite a few years, Momentum firmly believes in the power of our federated operating model. We believe that it ensures that we're delivering with the hot were of the client in front of us, but we also believe that it does give us benefits from a scale perspective. However, Federation does have a shadow side. Fragmentation can occur. And what that often ties into from a technology perspective is, if you can imagine, 9 different teams across our business units solving very similar problems in very similar ways, delivering it themselves, not talking to each other, taking both the cost and the lessons learned individually. Now that is simply wasteful. However, there is a counter to that, which is equally disruptive. And that is the knee-jerk reaction to say, this is wasteful. We now have to centralize everything. Because when you centralize everything, you're far more likely to slow things down, you're far more likely to actually have a center that is relatively removed from the immediate and urgent needs of clients and advisers, capabilities that nobody has necessarily asked for, and that's typically where you have your stranded costs. Key for us is how do we ensure that we are able to avoid both of those challenges. And for us, the key to avoiding fragmentation is not centralization. It's simply discipline. It's how do we actually apply discipline around how we work, how we communicate, how we engage with each other across the group. Now the way this ties in, in our group practically, and we have practical examples of this that I will both share with you today and which you will see outside is that the role of the group center is to understand are there key capability that multiple businesses may need in the near to far future? And is it therefore more efficient for us to develop these capabilities in the center? -- so that the business units can then deploy them later on, deploy across multiple business units. That's one role of the center. The second role of the center, however, is to identify where our business teams are deploying new capabilities in service of their immediate needs for clients and to identify where those might be then valuable across the rest of our estate and to pull those out, amplify them and accelerate the deployment of that. Because key for us, you get a point for good delivery, you get double points if your delivery can then be applied across multiple business units. And that is operating leverage at scale for us. So we build in the center when it's a future capability we need, but the center also has a role in ensuring that when we have successes in our units that we can pull that through. And we've started to see that a lot, including recently in work that's been done in ABHI, for example, and technologies that ABHI has been able to leverage, which we've now been able to get early access to and being able to test in our environments. So when we think about -- value has to be measured, it can't just be opinion. That's crucial. But the other thing to think about, when we look at delivery, we've got to have -- we've got to identify the chain of value in terms of how digital delivery actually adds value. Now first and foremost, there are the immediate operational measures that we are going to see. Now these operational measures are crucial because this is often what you're going to be testing, especially when you're proofing concepts. And if you're not going to see this kind of movement early on in a proof of concept or an early deployment, it tells you you've got to do 1 of 2 things, fix it fast or kill it because it's not working and scaling something that isn't working isn't going to make it better. So we first look for operational measures, things like speed of delivery is also important because if something is taking too long to deliver, it is a signal for us that there might be something there that we don't understand or there might be something there that is a problem, and it deserves a second look. Speed of delivery, time savings and of course, adoption and usage. Those are critical. So when you see those and when those are tending in the right direction and we're scaling, then we start to see the middle indicators, our leading indicators, things like actual user experience, client and adviser experiences. That's going to show in terms of sales, that's going to show in terms of productivity. And then for our own people, time saved, therefore, allows us to do more high-quality work on the back of that. And finally, that should then drop into our numbers. That should then drop into the financials. Now understanding this chain is crucial for all of our teams. You have to first think about the chain upfront. We actually have to predict how we think a technology is actually going to be deployed and how it's going to land. We have to measure this chain, but most importantly, you've got to look for the leakages. -- because leakages are a sign of something that needs to be changed and then fixed and then we go about actually fixing that because nothing is always perfect the first time around, but it's how quickly you actually fix. So this is the discipline that we actually hold ourselves to in terms of this. And this part is not technology. This is just management. This is management of technology, which is crucial. Now this is something that we wanted to have our own lexicon from a group perspective around AI because AI is a fascinating technology from a few perspectives. But for those who have been in technology for a while, AI reverses a very important trend. The pattern in technology used to be that it was quite expensive doing your initial deployments and developments, but then your cost of running actually got cheaper over time. AI is actually different. With AI, the initial deployments are typically quite fast and are quite cost efficient. Where you start to see the cost coming in is when you start to scale. That's when the costs are coming in. And if you're not seeing value at that point, it's going to hurt you quite hard before you can make a change. We have seen in recent months that there have been companies who have been quite taken back by the token usage in them. So when we think about this, we've asked our teams to think about this in the following way. Successful AI requires 3 things. It requires that the thing you're doing has to perform. It's going to do -- what does it say on the tin, it's going to do it. It's got to be adopted. Somebody has to adopt something usually. And especially when we think about our relationship with the center and the business units, if you're delivering something in the center for the business units, if the business units are not adopting it, and that's a sign that you've gone and delivered a long thing. So it's also a test within our operating model and cost efficiency. It's got to cost less than the value it delivers. Now when this doesn't happen, we've thought of a few ways to describe this. Unsustainable AI is where you have performance and adoption that's not cost efficient. It's costing more. It costs more to deliver and deploy. We then also see vanity AI. It has performance. It has cost efficiency. It looks great on a list of deliverables, but nobody is using it. And finally, we look out for defective AI. AI that's being used but it's not actually delivering the performance in which it said, which is then when you often see a layering of costs. You have AI initiatives, but the thing that it was supposed to actually replace is still there. Now we focus a lot on these things. And because we think about this by design, this is not something our teams then have to deliver something and then back into it to show the equation. You've got to be able to show the equations upfront, again, because AI is cheap to initially deliver expensive at a scale. Now critical for this is the one that's around it. Responsibility is important. Now we prefer to think about this as -- we prefer not to think about this as preventing us from doing things. Yes, we do feel that responsibility is an important break, and we have processes and good governance and guidelines around how we deliver AI. But it's the breaks that actually allow you to accelerate. And by knowing and understanding how we do this, especially given that we operate in a regulated environment, we believe that it's the organizations that do this well that are going to have to continue delivering in this space. Now our focus areas from an AI perspective are essentially in 5 parts in the front end and a key part in terms of how we deliver. In terms of the 5 areas, client and adviser engagement, advice augmentation, automated decision-making in our engine rooms of claims, underwriting and decision-making, intelligent operations in terms of automation and risk and compliance oversight are areas that we think are fundamentally important. And there's -- in 3 of those areas, we have developed solutions that are already live with 2 that have started. And then finally, foundationally, how we deliver also gets changed from an AI perspective. It's deploying AI into our development teams to actually augment and accelerate our development as well as our testing and improvement of how we deliver software at a greater cost speed and quality, improved cost speed and quality. So 4 initiatives in terms that give a flavor of how we've delivered. Ask AI is something we're quite proud of. And again, this is one of the things that expresses our model because Ask AI was a capability that was developed by the group center, deployed into our business units into our adviser connecting Johan advisory and distribution teams. And it currently operates across 4 of our business product areas in that space. And what it does is tackle the questions that in the past would be asked by an adviser, which a business development manager would have to answer. This has now automated it, made it faster, and we're able to now answer those questions far more quickly and in a way that's easy to distribute. Since going live about 5 months ago, we've had 95,000 successful queries. So we're certainly seeing uptake. And we've given back about 3,500 hours back to advisers based on that. In terms of intelligent operations, straight-through processing, we still have a lot of -- there's still a lot of claims paper that comes into us, some of it handwritten. And so our ability to actually process that at speed is important across 3 of our businesses with a fourth in flight right now. We're currently processing about 400,000 pages with our own in-house capabilities. And there's about 20 FTEs that we would have had to bring in to cover for this increased volume that we have not had to. Digital and technology acceleration, as I mentioned, it's around how do we speed up our delivery and our ways of working. We've already seen a 10% improvement in developer productivity, which is currently saving our teams about 4,000 hours a month additional than we currently have. And finally, automated decision-making. We've had AI before ChatGPT because we launched a lot of our capabilities in Myriad, which have then landed in Health and multiply. If you haven't used them up to now, you're missing out, but it is outside and you can see them. But again, that is use of AI in terms of our decision-making in our engine rooms. So to close, why do I feel that these signal future rights to win rather than just a list of wins? Again, our model, we believe, is a competitive advantage for us. It means that we're federated by design, but we're one capability estate. We're able to build and scale across our group, working hand in glove with each other. We're disciplined by default. Every investment is judged on the client and adviser outcome that it's going to generate, not just on the technology in which it deploys. We're close to our users. We have a direct line into our businesses, and we make sure that everything is having a direct impact on those business numbers, as again, you'll see. And finally, we are confident that we are already generating AI value, which is good, and we're confident that we have the capabilities in place to now accelerate that. It's a great foundation for us. So again, everybody has the capabilities, everybody has the technologies. It's how you're going to manage them and how you're going to operate that we think is going to make the biggest difference. And I'm quite proud to be part of the teams across our group, which are really focused on delivering this on a day-to-day basis. Thank you.

Thanks. If I can have Risto and Jeanette join me with you on the couch. We are running a bit behind time, so I'll try and make up 10 minutes on the questions.

Ask us easy question. Easy question.

I don't know, it's quite hard to find a hard question for.

It works for me.

Although in my defense, you did say the higher-grade questions were for Colin and for [indiscernible] I think I'm safe. Jeanette, one of the key things of your leadership has been your passion about clients and client service. How have you imparted that passion to staff? And how do you keep tabs on whether we truly are delivering the service you expect for our clients?

Okay. That's a nice question. Thank you. Well, Look, I think -- I mean, you heard me speak about it quite a bit this morning. And I think what helps is that every business unit have got their own plans because every business unit has got different clients they've got different -- they are at different stages of where they are in terms of how good or bad service is. The demand from clients are very, very different between, let's say, the investments business and what Guardrisk does or what maybe do most business do. So I think that's very different. And the fact that each leader owns their own service strategy, I think, makes quite a big difference. How do I personally keep tabs on it? I don't go to bed at night unless I've read every single client e-mail I received that day and don't think that on a good day, it's less than 35, 40 those per day. Some of them sometimes quite ridiculous. Sometimes I do read them and I go, geez, you ask the group CEO this, but I still answer them and I still make sure that I go through them. I have a team of people, of course, who sort out the issues. But for me, that's a way to keep that. And I think culturally, it's a way in which to make sure that all my leaders here know that when those e-mails come, they need to read it, they need to take accountability because otherwise, I probably know more about what's going on in their businesses in that sense than they do. So I'd say it's something that we try and embed into the business, but it's also a conversation that we are having all the time. And the measurement, of course, to just get NPS, Net Promoter Score installed in all of our businesses in the same tracking was actually quite a big job, and I think that helps as well.

Then we've done a lot to solve concerns around capital allocation. A lot of the conversations with investors is where are our future growth vectors. What do you feel we've done in terms of the impact strategy that set us up well for 5 and sort of 10 years' time?

I did say that the impact strategy is about setting us up. So I guess that's a follow-up question. But I mean, I think it would be good for my two colleagues to also weigh in on that. But undoubtedly advice, we've said it, and I think we've said it for the last 2, 3 years, the -- for us to generate growth, especially in the Life business, we have got to increase our footprint in the MFP, the agency space. And there's massive opportunity for us there. We've actually spent the last 2.5 years, and Johann will talk about that later, but we've literally spent the time fixing the model, getting rid of unproductive advisers, getting them to all validate. So a lot of time has been spent on actually fixing a very old model that actually would never have helped us to get there. So I mean, I think undoubtedly advice. So keep your kind of a watchful eye on whether we are delivering on those numbers, and you'll hear from Johann and a bit from Stephen about that later on. So definitely that. I mean I think smaller businesses like Accurate, you often look at our -- the profits we make or the earnings we have in the asset management space and tell us, I mean many of you come from those businesses and you know that we should do a lot better. So I think the opportunity for us to grow there, especially with the strong distribution force and embedded vertical integration is massive. There are still some vertical integration opportunities that we haven't really tapped into. And what's great about it is assets we have already in our business that we actually just need to earn more on. I mean I'll pick those.

Yes. I think India is obvious growth vector. I think Guardrisk has quite a few growth years ahead of it. I think help is better growth outlook than most people would guess. Our balance sheet is very strong. So there's a few things we could do in terms of risk appetite reinsurance. I was been thinking a lot about our willingness to take a little bit of market risk in terms of sort of banking terms, very much a back-to-back business. And -- but we have a very long-dated, very patient balance sheet, which means we could maybe increase our ALM risk a little bit if it makes commercial sense. Yes. So there's a few things. I mean, a couple of business units, a couple of things on the balance sheet. I just think our connected Federation has also been something that's really setting us up for the future because it does not have to be one or the other. But we're starting to see where some of those connection threads are, and that can be across business operations, around operations as a whole and certainly from a data and technology perspective. I think it's really giving us a strong foundation.

Risto, you are the [ PIP ] king internally, keeping an eye on our expenditure. And you saw in the quarterly update yesterday, the sort of pleasing result on direct expenses growth. How do you see this project playing out in the future? Does it allow us to invest for the future at the same time sort of cutting our cloth to what's available?

Yes. So the audience will have no idea what the Piping is, but...

They see your slide.

The name -- that's an acronym for the consultants we use at the time, okay? But the cost efficiency project is going well. I think we had well over ZAR 600 million of savings. We obviously started with the easiest ones first, but I still think we're going to get close to ZAR 1 billion. Maybe Jeanette's billion to ZAR 90 million rather than a ZAR 800 million and get ZAR 802 million. Yes, we'll get close to ZAR 1 billion of cost savings. I think beyond that, a lot of the new software solutions, technology solutions coming available is giving me a hope that there's quite a bit more beyond that. I think we've been quite clever in sort of leveraging of other people's heavy investment in AI to adopt it in our business. Also, like with expense project, as an example, we spent nearly ZAR 30 million on consultants just to do initial analysis on our costs. We're now spending ZAR 2 million on software that does exactly the same on AI. It gives us like live benchmarks less than that. So software is replacing expensive people with these insights, yes. So I think we can keep our costs below inflation for the foreseeable future. As you would know well, being at the center, we have tried to focus the cost cutting more on service support functions rather than sales and distribution. So we have never said no to a growth initiative because, I mean, we would never try to keep costs artificially low at the expense of growth. I mean, never.

Ravi, you spoke about the connected federal model, and you explained very neatly the way you allow innovation in the business units and have the right sort of central governance of that. When you think of the types of sort of innovations that we apply to defend the core, to build the adjacencies to extend, but most importantly, the future to up end, how do you make sure that we have the right allocations of products -- sorry, projects to the different horizons?

I think it's too simplistic for us to think around sort of, oh, look, short term has to be in the business unit, somehow long term has to be in the center. I think it's a constant set of evaluations and discussions around. What are we trying to achieve, how do we achieve it, where best to deliver it as we say. But the critical thing for us is just making sure that we've got the visibility because so long as we have visibility, then it doesn't matter where in our estate we actually develop a new capability. And again, the rigor and the disciplines that we spoke about, they apply wherever we're building and wherever we're developing. But it doesn't matter because so long as it is delivered successfully, then we will have the visibility where others can then know, I don't have to now go and build that, I can pull it in and 60% to 80% of my effort has actually now been expended already. And again, that's a big part of the role of the -- you could almost see part of the role of a successful center as being a honeybee in terms of actually moving from area to area, understanding what's there and spreading the word in terms of here are some opportunities. And in fact, in some cases, bringing the opportunity up to say, well, we're seeing value here, don't you think you should be looking at us. So it's not actually a -- it's around understanding the portfolio and making sure that we are thinking about longer time horizons in the future as well, but then always being assured that somebody in the group is looking at it and that we have that visibility.

And then there have been a number of questions online. Risto, it looks as though we're going to have a fun engagement with Francois because he doesn't believe that we're necessarily overcapitalized. So I think we'll send Colin in his direction.

Colin is a Chief. Actually might agree with.

But I think that there are a lot of questions around capital allocation. I think, Risto, you explained well where our high-quality assets are and that we want a 3 billion buffer, and then we've got space for investment and things like share buybacks. But how do we think about investing in our own ideas? Jeanette, you had the debt disrupt challenge last year, and we're going to see something a little later as a result of that, M&A activity and then ultimately share buybacks.

Yes. So yes, I mean, for M&A, we have very formal sort of hurdle rate frameworks, NPV frameworks, payback period. So there's a whole process we go through. I mean, ultimately, like any investing, there's a bit of art and science, but there's a lot of rigor, including looking at like implied returns on our buybacks, obviously, the usual market implied risk premium and so on. So on M&A, there's a very rigid framework. Internal investments are quite often quite tricky because sometimes you need to invest in your business just to remain relevant. And that's where you need to really think about the second and third order impacts of not doing it. A good example recently is we're updating our consolidation software and finance. I mean it's not that easy to put a business case down except that it saves a lot of time and pain and error reductions and so on. So I think on an internal investment, sometimes you need to think a little bit beyond just the obvious financial benefits of returns. But yes, I mean, we're also lucky that our balance sheet is strong enough that in corporate finance or finance courses, you always get these questions like you have investment A, B and C and they like this is NPV and IRR, which one do you choose? Problem is in real world, A comes down and might never come. so you look at each case one by one. And we've never been in a position where we had to walk away from a deal because of capacity constraints. I mean we only walk away from investments or internal projects because we don't believe in the payoff profile. It's never a capacity constraint. Some people think we were a bit too rigorous on the hurdle rates. I think we're just right.

Jeanette, I touched on debt to disrupt. Do you want to just explain what that is?

Yes. So I mean it was when our capital position was a little bit different to before the risk people and the actuaries took over in December. And everyone was saying, but what are you doing to invest in your business? So I started off calling it the ZAR 1 billion challenge. But then there was lots of confusion. Is it a business that we built that could become ZAR 1 billion in size or is the ZAR 1 billion that we invest. So then we got the marketing people in and they said, no, let's call it debt to disrupt. And it was literally giving every one of my Exco members and their teams the opportunity to present an idea. It couldn't be business as usual. It had to be disruptive. It had to be a business for the future. It had to be something that we're not currently actively pursuing or playing in. And I mean, what did we spend 3 days together in the bush somewhere, and we got some unbelievable ideas that was actually born from within and came from the business. Now some of them is such that we've actually put them into Ravi's space to do kind of rapid development of the ideas and testing and all of the fancy words that Ravi used on how to develop new ideas. And some others like Guardrisk and Insure had ideas that is much longer term and that actually we will leave to those businesses to go and to pursue, but we've allocated capital to them to be able to go and pursue those ideas to not be constrained by I've got to do it from my own bottom line. We'll still be measured, of course, but the opportunity that leaves capital available to actually do these things. And I mean, we intend to repeat that this year. I already hear rumblings because it was never a competition. And then, of course, as it is in our culture, it became a massive competition very quickly. So hopefully, we can keep that kind of momentum going and some new and great ideas forthcoming.

Thanks, Jeanette. So one of those ideas is Metropolitan. I don't want to steal Peter's thunder, but we thought that we would have exhibitions and stands outside where you could actually see and experience some of that innovation. So please go and join [ Yan ] and buy one of those sort of policies through WhatsApp, which is what we're doing, and it's a very different concept. It's an Collapse sort of concept because you guys are always asking us what's happening with persistency in that market. And so we think we like to think that we've solved it to some extent. In the interest of time, I'm going to call it there. There are a couple of questions online, and my team and I will respond to you. Thanks very much for your questions during the session. Please keep them coming through. For those in the room, we'll have coffee for 15 minutes. And if you can be back by 11:00 sharp, that will be great. Please do go and have a look at some of the exhibitions. And for those online, we look forward to seeing you again at 11. Thanks very much.

Thank you. [Break]

But then all my colleagues, of course, also have the liberty of taking more minutes. So let me see if I can stick to the time a little bit. So -- but I'll start with three comments given that we can all have one script at time, right? So the first one is that I am quite disappointed, [indiscernible] that you didn't show investments as a growth vector business, but that must have been an oversight. I think. The second one is the 101 and 201 classes of [indiscernible], I just have one 101, and I guess my colleagues would say that's in the acronyms that I use. So I'll explain what they are, the business names. And then lastly, Jeanette, I'm pleased that you only get the 35 e-mails a day from clients. That's a joke, right? So I think speaking about investments in the world of Potus, which is a synonym for Trump, of course, is an exciting opportunity, right? So let me speak a little bit about our business. And I think it starts at Slide 59 in your deck, which is this one. So just a quick reminder of Momentum Investments strategic themes to support those six objectives that Jeanette highlighted earlier. And of course, and I don't come back to these again other than maybe VNB is all of these financial targets at the bottom of the slide, we are quite confident that we will achieve those. But perhaps VNB, and I'll touch on VNB again a bit later in another slide. I think it is worthwhile to reflect again on what our business consists of. Often, I guess, analysts and partners would say, well, it's quite a complex business. But I guess we who see it every day, I think it's quite a simple business. And the way to look at this is in the top left-hand side or the top side actually is asset gathering platforms, if you can call them that. Left side is the list platforms. On the right top side is the annuities business, so structured products and annuities part of the wealth capability, if you want. At the left bottom side is the multi-manager businesses. So they are investment solutions capabilities that deliver kind of health care and default solutions for partners. And on the right-hand side, bottom right-hand side, the asset management capabilities that we have selected to focus on. And I'll come back on some of this. Of course, at the bottom, Momentum Securities, and I'll touch on them a bit later. But let me start with the progress update, and I'll start with the wealth business. Now on this slide, you can see there's a few ambers here, and I'll come back to those because I think the management team, and I'm not sure if he is in the room and who runs the business, it is actually in the context of the next comment that I'll make. As most of you know, it is in this business where we have made one of the biggest strategic changes in the middle -- through the middle of the impact strategy. When we started Project Singular, which is our system or technology stack modernization program almost 5 years ago now, -- in fact, the world is very different. The way of technology was very different and how we thought to execute was different. However, when we look back and consider and reflected a little bit towards the end of 2025 of where we are heading, it was clear that our clients will need a far more flexible and a responsive approach to deliver outcomes for them. This means a more agile delivery model, operating model and so forth. And it also meant that having a single technology partner is probably not the way of the future. In fact, there are many articles that's been written in the last few months by big providers, also the tech players. And given the technology space in terms of AI, digital and data, there is a different way to deliver in a different way in which we will deliver. So we have selected a far more agile approach to deliver on our modernization in the wealth business. And we will deliver still the same objectives that we have set out in Project Singular, which was to create far more digital processes, but also to set up the business for a future almost Wealth 3.0 world that will look very different in the context of distributed ledger technology and a few other capabilities. So we have parted ways with FNZ, as you all know, on good amicable terms, I must say. So in fact, they came to the same conclusion that we did that our strategic intent and requirements for the future were very different where they were and where we are. So I think we call it liberation Day a little bit in the wealth business because suddenly, we control our own destiny. So if we move to the -- and maybe that's those [ amberatings ] in there in the context of now owning the delivery far more and not being able to say, well, FNZ, right? So now we own it and the team must deliver accordingly. What we have achieved so far, I think despite having made the decision in December, in fact, we signed a partnering agreements with FNZ close to midnight New Year's Eve actually in 2025, announced it to the teams midway through January when they were back from leave. And we have already launched the new digital new business process on the local platform 2 weeks ago, which is a key requirement for advisers and a key, I think, frustration in the market also that we could not deliver that, and we're waiting for this panacea of one single platform. Of course, we started to derisk and I think from some of you, I might have shared that we actually have derisked and started to derisk some of our capabilities already midway through 2025. Our Momentum Wealth business, of course, is also a great writer of new business, and it continues to do that. In fact, the last 3 months from March to May, all were in excess of ZAR 5 billion net -- well, new flows, not net new flows, but gross new inflows. And in fact, May was the first ZAR 6 billion month, Jeanette, in the wealth business, which is fantastic. That was a single big deal, but it's still the case. So it continues to do that. Now what does that mean in terms of market share? In fact, despite writing greater volumes than last year, we probably have gone back a little bit in the local platform on market share. I think between 14% and 16% in any month, but probably should be between 16% and 18%. And in the offshore business, we're right now about 10% of the market share. So that should be probably closer to 14% and 16%. So that's where the good growth opportunities are. To counter, I guess, the offshore lack of adequate business as we would call it in the [ teams ], we will also soon launch the new business digital process for the offshore platform, probably in the next 4, 5 weeks. But we have also launched new pricing structures and two new products on the offshore platform to be far more competitive in that space for advisers and to answer to adviser needs. And we hope that those will counter the flatness of the market share, I guess, in the offshore space and actually lift up to where we think it should be to 14% and above. We continue to focus on good client outcomes. As Jeanette said, I think it is upper most of all of our minds. I mean it lives up to our purpose. We have to deliver in that sense. But I think in terms of end consumer investors, we are doing quite well in the NPS scores, although a lot more needs to happen. And I think the digital journeys will also help to solve a lot of that. From advisers, though, it is a very different story. Advisers have a far more, I think, critical view of how we deliver, and you can see that play out in the need for digital journeys across the platform, but also a reporting solution. And both of those, we will solve the new business digital journeys in the next 6 weeks, as I say, on the offshore platform, having launched the local platform. And we will launch shortly also a new reporting solution. And those were the biggest, I think, challenges we faced from the adviser community out there, and we could see that in the NPS scores. None of these would have been possible if we decided to stick to our old strategy of a single technology part. And I think, Ravi, that's also the discussions we're having with your team is how do we lift it up and we restructured the entire team in wealth business to fully support this new approach. If I move to -- and this was one of the acronyms called [ SPAR ] and somebody said, well, it must be nice at SPAR. So I think I'm going to change the name to annuities and structured products and it's ASP, not SPAR, I don't know that's an acronym. This is our annuities business. It continues to be in Momentum Investments, the biggest single contributor to NHE and also to VNB. And there are good confidence levels in this team and how they deliver. It's a small team, a very nimble team, very efficient team in how they execute. But this is also slightly muted confidence levels given the interest rate cycle in which we find ourselves at the moment, which is consistent, I guess, to all our competitors and what you would see in the market. So guaranteed annuity sales have come down massively. It's probably about half of what it was a year ago. And that has a resulting impact on our VNB contribution. So whilst in our annuities business, we are still the biggest single nominal contributor to VNB, we're probably also now, as Riso and Jeanette reminds me, the biggest gap in VNB, right, because of this. But this will come back, I'm sure, when the cycle adjusts and as we start to write hopefully, even lower margin, but more structured products also. On the flip side, though, we do see a similar pickup, in fact, a greater pickup in the living annuities on the wealth platform. And what the team has done with the hybrid annuity is to write more hybrid annuities, which is the [ GAP ] product in a living annuity. And that makes up about 12% of our current annuity flows or guaranteed annuity flows in the GAP product. Ravi also mentioned some of these showcases outside. This business, I think also -- might be outside with the store, have also developed an income illustrator tool, which is a great almost combination of using data, analytics and so forth to provide better insights for advisers and for clients as to how to improve the longevity of an income profile over the lifetime of a retired individual. The team also launched new business -- new quotation tools where you can look at multiple quotations and then on a straight-through basis, get it into the quotation. So quite an innovative way. And of course, NHG continues to be great, as I said, probably despite the new business, but because of the CSM release. And also, remember about a year ago, we spoke a lot about the onerous contracts that we have. We have the capital product, which is a back-to-back one in the annuities business, and we have fully resolved that. So it's very marginal onerous component remaining in that business. Please make sure you speak to [ Faria ] and Martin outside at our store. If I then move to -- sorry, I should have skipped these slides. If I move to multi-management, consists of the local and the U.K.-based multi-manager business as well as equilibrium, the DFM and our MANCO business, MCI. All components in this business, I think Per is also in the room, performing quite well and very confident about the targets that they have set themselves and what they will achieve. Of course, a multi-manager and Investment Solutions business is a key component of enabling collaboration within Momentum Investments. We might call it vertical integration, but actually, I think it's more about the collaboration between business units, but also between the channels, the list platforms and our asset management capabilities at the back. We are very pleased where we are actually with the partnerships that we have, but also with vertical integration and collaboration, what we've achieved. Johann might touch on that also a bit later this afternoon, but certainly in Consult and in MFP, we've seen great turnaround. In fact, Consult far ahead of their targets that they set themselves for the adoption of the house view solutions and MFP a new business also tracking really well. So I think we have reset how we operate between the different channels in our business, but also internally in our business. I mentioned the Level 1 [ B-BBEE ] for our investment businesses. Clearly, that's key for an institutional business. And I see actually that time clock is running faster than yesterday at the dry run. So I'll speed up a little bit. Yes. And I think, Dumo, you also touched, I guess, on corporate, there's -- do sitting. And our partnership when we focus on delivering good funds and work solutions, but also for other institutional clients and how we collaborate on things like the index guarantee solutions, including the BSN team, balance sheet management team in Risto's unit. So I think -- thank you. I think we can do a lot more, and we are doing great and I think great alignment between our businesses. Of course, volatile markets causing sometimes challenging nights for our investment professionals and investment teams. But you can see fairly happy with the investment outcomes, although if you look underneath this very broad-based measurement, which is quartile 1 and 2 performance on an asset-weighted basis over 1, 3 and 5 years, there are different solutions with different makeups and different mandates that will have a challenge and so forth, and we need to work through those. In asset management, and this is kind of where there's quite a few names in here. But remember, there's quite a few things that we set out to do in this portfolio. We have decided many years ago actually that active equity management belongs in specialist teams. And so as a result, we have the Investment Managers group, ING, where we hold shareholding in a number of asset managers. We've created Curate about a year ago, and I'll speak a bit about that. And this portfolio, I think, has the opportunity to do far better and maybe this is where there's a growth vector, row in our business is the more we can do on this side. What we have achieved, and Jeanette touched on Curate having launched not only 3 years ago, it's probably 18 months ago now, Jeanette. So good assets under management, good growth actually in the business, tracking well ahead of all of their targets. Clearly, that ZAR 56 billion is also made up of assets that were in some of the funds that became Curate funds because they took on the mandate. They are exclusive mandates and some managed internally, but mostly managed by external managers. So Curate will be a key part and continue to be a key part post-impact strategy also in our business. A few other key items maybe to quickly call out is that Crown Agents, our fixed income and Systematics business. So the two we've combined MAM and CAM, really one fixed income and Systematics business now. But Crown Agents won the Central Bank's Asset Manager of the Year award for Central for smaller central banks, which is fantastic. It shows the team that we have, which shows the capability that we have, and it shows how we show up with central banks in emerging markets. Good investment performance across the board in these businesses. Of course, in Curate, there are some managers that are style specific, but clearly, in some cycles, we would have a challenge, specifically the offshore managers. And then I think three that I'll call out in addition to Curate. First is ING. The portfolio has come of age, so delivering really well in terms -- well to the bottom line also now. And I think we've now set them up for growth from where they are. The portfolio kind of where it started as almost start out managers are now all well-established managers and all contributing. And in fact, collectively between the four key managers that we have in ING stable have about ZAR 225 billion assets under management now. Our securities business did fantastically well. It's the only business that really celebrates market turmoil when it comes from the White House is because of trading profits and the trading volatility that comes with it, but also the support that we get from the IFA community in the private client share portfolios that this team runs. And then maybe lastly, I guess, [ Eris ], the bank health opportunity is up and running and there's developments there. But Eris is probably the one that maybe has been the laggard in this portfolio for the last 9 months, simply because of development opportunities that take far longer to execute than they expected as a team, but that will come back again. I spoke about a bit of the volatility in the markets, but that's also the opportunity in this business. When I look at digital and AI initiatives, I thought I will showcase or speak about 4 of those, right? And maybe the biggest takeaway from this is that there are many, many of these initiatives in the group. And I think what Ravi and the team and I guess, us as a broader management team did achieve is the focus on innovation across the business. Maybe debt to disrupt also helped a little bit with that and so forth. But certainly, the adoption of what AI can do and digital can do and data can do is far more broader in our businesses now than before. And instead of seeing it as a threat, mostly it as an opportunity, maybe PIP also helped a little bit, Risto, in order to make sure people need to think very differently around how they deliver. Income illustrator, I've spoken about. It's the combination of data, digital and modeling tools to provide a better outcome for advisers really when they advise their clients on retirement outcomes. In the manager research, and I think it's well known that AI and digital is probably key in this part of the investment value chain is in the research engine. And the team developed an AI and large language model solution that pulls together manager insights and manager commentary far quicker so that the insights for the investment managers are there quicker for them to make decisions. And then in software development, it's also more widely used, I think, in the technology teams, but we started to use a platform, which is an ideation platform, which is actually fantastic where multiple people, in fact, across different businesses can participate with ideas. And this tool generates kind of a stronger concept and even some base code as to what the proposition could be at a POC level. So far quicker to get multiple ideas to an outcome. And then finally, client experience, quite a few components that we pulled together from a talk desk engagement platform using robotic process automation, optical character recognition, but also sentimental analysis. And we've deployed this solution in the offshore platform client center and the NCI and the MANCO center. And we can see the difference in the NPS scores just after having done that actually because the nature of the engagement is far different than before, and that will soon also be deployed in our broader and bigger domestic local platform service center. Three emerging themes, and I'm slightly out of time here. The one that's new on this slide, maybe from what I would have shown before because I think systematics, quantitative investing is the way of the world, I guess, and also for us, we need to be far more focused on how we deliver on systematics, and we are building a systematics capability in [indiscernible] fixed income systematics business. Access private markets, quite key for many clients. But the first one here is tokenization, distributed ledger technology and I guess, digital currencies. And we can see and I can certainly see in the U.K. market and the investment association with the U.K. Treasury and the Bank of England, there is a big focus

And we can see and I can certainly see in the U.K. market and the investment association with the U.K. Treasury and the Bank of England, there is a big focus on making sure that this can land in an effective ecosystem because this will provide for far better investment decisions and wealth management. But it certainly has the opportunity to disrupt the entire investment value chain, and we need to be aware of that. And we are working to really understand that and doing a few proof of concepts to be ready when the ecosystem is ready in this regard. Then in closing, these 3 things, no different again to what we will focus on collaboration, -- it's a better word for vertical integration because it is exactly what it is, but it is to make sure that we can combine our different capabilities when we deliver solutions for clients and also the way that we partner with our channels with corporate and across our business right into the stock broking business. Operating model, I've spoken and touched on wealth operating platform, but also in the multi and asset management business. And then product and the innovation around it, a few things actually that needs to happen in that space in systematics, but in tokenization and how we arrive private client -- private markets access to our investors. Yes. And then the structured product range in Faria's business and guaranteed endowments and we will build out on the index guarantee solutions that we build in combination between AristO's business, BSM, corporate and us. And finally, this is just a quick comment. Nothing really has changed here, but I guess the key things that will set us up for winning is the people that we have in our business, not on this slide. I think it is our people, the belief of our people and the adoption of innovation and new thinking across the business. And I think that will set us up for success. But then, of course, all of those things are important, the wide range of capabilities we have and the way we look at technology to unlock opportunities, the balance sheet that we have, and Risto went a long way to explain the strength of the balance sheet. So we quite -- it makes us unique in the guaranteed solutions, the guaranteed annuities and the structures that we can take out to the market. And then, of course, our distribution strength, which is key for us as a business and as an investment solutions provider as a wealth platform and so forth, it is the right place and a great place for us to be. So thank you very much.

Good morning, everyone. Thank you for the opportunity to update you on our strategic progress at the Momentum corporate business. So as Jeanette mentioned, what really drives us and propels us as a group is our purpose, which is to build and to protect our clients' financial dreams. And driven by that purpose, our winning aspiration as a Momentum corporate business is to be the leading digitally led employee benefits business in South Africa. We want to do so in a manner that is premised on sustained profitability. But ultimately, what we want to be able to achieve by doing this is to ensure that all who are employed in South Africa have access to employee benefits. I think we have a very deep appreciation of the role that employee benefits plays and the role that it can play when it comes to deepening and broadening financial inclusion in our country. So this ambition, we look to deliver to 1.6 million employees within 7,000 employers across South Africa that we service as of today. And we do this through 6 capability areas, our funds at work umbrella funds, our group insurance business, our structured investments and annuities business, SIA our consulting and actuarial solutions business, which is MCA, our stand-alone retirement administration business, MRA, Momentum Retirement Administrators and our member solutions distribution capability and client education capability, which is the B2C of our B2B business. I think when we walk into any pitch, we are quite confident because we know we are able to partner with a client or an adviser and solve for their needs, yes, because of these capabilities, but also because of the broad set of capabilities that reside within the Momentum Group. Now moving to the overall segment-wide progress within Momentum Corporate. On this particular slide, I'd just like to highlight 2 areas. The first one is really around our ESG commitments, which we are well on track to deliver on. We have targeted a 23% carbon footprint reduction by 2030, and we have been quite consistent in terms of our delivery around that, and we are on track to meet that commitment. We've also looked at the transformation of our asset manager base, especially in the smooth bonus environment, currently tracking at 40% against a commitment of 35% allocated to black-owned asset managers. Then the subject of lean. So the lean discipline, which was made famous by Toyota in terms of how they approach production and driving efficiencies within the production cycle is a discipline that we have applied and have rolled out into the business. And I think for me, what really excites me here is the fact that we are seeing this discipline now being applied beyond IT, beyond ops. So within our skills development area in human capital, we have applied some of these disciplines in how we prepare our reporting, how we actually assess our skills development programs. In some cases, we've been able to reduce work that sometimes take 2 months to do to 2 days. And this is with very little technology application, just people doing things better. And then also within our risk and compliance environment, where our legal drafting processes are increasingly now applying lean principles and technology. Then yesterday, we had the operating update. I'm very happy to report that we remain on track in terms of our earnings delivery and also quite happy with where we are in terms of our cost-to-income ratio. Yes, indeed, the big challenge for us is really around the value of new business. And you will see I've highlighted an overall challenge here just around the level of competitiveness in the environment, fee pressure in the environment as well. I think clients want more and more, but really looking to pay less and less. And this is the continuum within which we find ourselves and we need to compete. I'm quite happy about our Net Promoter Score, really excited about that. If you recall, this time last year, we had a rolling 3-month average Net Promoter Score of 44. And through the work that the teams have been diligently driving, we now sit at a Net Promoter Score of 56 as at the end of March. And yes, whilst still negative, the value of new business has improved year-on-year. We were at about negative 0.4% March last year, and we are at negative 0.25%. But I think what does frustrate me is that I have to use the word negative before each of these numbers, and that's what we continue to solve for. We've been able to retain strong market positions across our key businesses, and I'll talk to that briefly. But safe to say that in this environment, a client retained is as good as, if not better, than a client won. So the amount of effort and time that our teams are investing in ensuring that we retain our clients has been exceptional. Now zooming into the umbrella fund business. We do remain a top 4 player when it comes to assets under management. But I'm always quick to remind people that Fund@work is the leading Ambrell fund in South Africa in terms of the number of members under administration at 600,000 members. I'm also quite happy that we are sitting at ZAR 109 billion in assets under management as at the end of March, well on track to deliver on our ZAR 110 billion assets under management commitment for financial year 2027. We've also had very good traction in terms of bringing new SMEs into our business, 239 new SMEs as at quarter 3. Now if you compare to where we were this time last year, we had brought in approximately 154 SMEs at the same time last year. And this is really on the back of the group's distribution footprint, which has seen us delivering strong new business growth year-to-date and really to call out our intermediated distribution teams and the collaboration with Momentum Distribution Services in Johan and Etien's teams. We've also seen very good progress in terms of our digital engagement. 4 million digital engagements registered as at the end of quarter 3. To put this in perspective, we had 4 million digital engagements for the full year in the last financial year. So really strong traction there. And then, of course, Tupod, I will touch on that a bit further on in the presentation, but some exciting things in that space. And we continue to innovate around our solutions. We've got Health for Me now embedded into the Momentum Grow SME solution, where advisers can quote for health business as they are quoting for employee benefits business. We've also rolled out a smart quote capability in the adviser space, which I'll share some interesting stats around. And we've got the Metropolitan Funeral plan now inside our product shop, which you can have a look at in the activation area, at least to engage with the product shop. Then moving on to the group insurance business. Very happy here that we remain a top 3 player and doing so whilst retaining this discipline around profitable growth. If I then zoom in, our net margin remains above our targeted range for financial year 2027. And this has really been a testament to the work done by our teams on pricing disciplines, but also applying data analytics insights into how we look at our annual review cycles. We actually have an AI bot that we have built, which essentially absorbs the roles of 3 bots -- and that AI bot has actually covered 400 questions coming from our teams who run with our annual review process and thereby really streamlining our processes when it comes to our annual rate review cycles, but also quick establishment of insights as part of that process. We've also done some good work around decommoditizing our group insurance solutions. And you can imagine, I mean, here, it tends to be very much priced as a headline. But what we've been able to do here, as an example, we've rolled out smart benefit statements. So for the first time in the group insurance industry, members are now able to access benefit statements. This tends to be more for the umbrella fund environment, and we have now done this in the group insurance space. We've also driven early intervention efforts with our clients when it comes to disability, proactive disability, case management and also on the return to work side of things. And these are elements that clients really value when it comes to the conversations around retention, especially. And then quite exciting year also the collaboration with Momentum Health. I haven't seen Hannes yet today. there is, yes, the collaboration with Hannes and the team in Momentum Health with firstly, the rollout to Woolies of an integrated health and EB solution. And we've got a few more calls in the fire in as far as that is concerned, and we look forward to future successes that we will deliver in this space. Then moving on to our structured investments and annuities business. Here, I will talk to the only orange where we are reasonably confident. And this is really around our ability to deliver on our commitment when it comes to ESG-related assets as part of our overall portfolio. And this is really driven by the dearth of available assets in this environment. So as the investable universe expands, this is a space that we really want to be able to drive more flows into. Now the structured investments and annuities business this time last year was managing approximately ZAR 58 billion in assets. It's quite pleasing, therefore, that we are now at over ZAR 70 billion in assets under management as at the end of Q3 against a 2027 target of ZAR 65 billion. We've seen significant growth in this business. largely on the back of partnerships, internal partnerships. Freddie has mentioned the collaboration with our Inex Guaranteed solutions, Momentum Investments as well as the balance sheet management teams under Risto, very good collaboration there. We also have third-party partnership arrangements where we actually co-create product. And we are essentially the engine inside the products that we distribute through those large corporate advisers. And again, there, we've seen significant traction with the Golden Living annuity as well as our smooth bonus products. So overall, 90% of our PVP as at end of quarter 3 in this particular business was on the back of partnerships. And we're also in the process of simplifying our smooth bonus solutions. Here, we've also rolled out a capability for advisers to quote online when it comes to with-profit solutions. understandably where the cycle is now in the market, demand for those solutions slightly less, but we are gearing ourselves and ensuring we are prepared for when the cycle does shift. And then the contribution to the corporate business sitting at 20%. I think last year, we were at about 21%. So this is really a good story, especially if you consider our 25% objective for 2027. It speaks to elements of earnings diversification as we go forward into the future. So -- this is a bit of a catch-all slide. Here, we talk about the direct client engagement part of the business, where we have our business development capability as well as Momentum Consultants and actuaries. Very happy here that Momentum Consultants and Actuaries continues to grow and to grow profitably and also to contribute in terms of its contribution to the broader group. We've also seen good progress when it comes to our own direct business development capability and that capability contributing 13% as at the end of quarter 3. Now to put this in perspective, if you take all of our nonintermediated channels within Momentum Corporate, as at the end of quarter 3, those channels contributed 45% to our new business line. If you go back 4 to 5 years, that would have been about 20% -- so our omnichannel approach and omnichannel distribution strategy is certainly starting to show up in terms of our delivery. Our Momentum retirement administrators business, MRA, delivered 100% client retention in a highly competitive environment. And again, the group contribution here also quite significant. If you look at annuity flows from the clients that we administer in that space, you're looking at about ZAR 3 billion on average in annual annuity flows that go into the rest of the group. Retirement Benefit counseling as a service is something we spoke about last year and really great that there are 7 retirement funds outside of funds at work that have appointed Momentum Corporate as their retirement benefit counseling provider. To give you context here, these 7 retirement funds, assets under management, ZAR 123 billion, covering 600,000 members. So this speaks to some future vectors here in terms of our ability to really tap into the B2B2C theme within the employee benefits industry. On the preservation and annuity flow share for the group, we are tracking well ahead of our target when it comes to the preservation commitment, 58% of preserved assets out of funds at work go to the Momentum Group and then 42% of annuity flows moving towards our target of 45% for 2027 going to the Momentum Group. Challenge here, I think it's really around decision-making cycles around consulting appointments, but a very strong pipeline in that space as well. Then to the topic of digital transformation, this is quite big for us. And as Ravi has outlined, quite a disciplined approach that we follow. Just to give you a sense on TruPot, pre-TruPot days, we probably processed about 8,000 claims a month across our 2 administration businesses. And in the month of March 2026 alone, we processed 100,000 claims across the 2 businesses. Now had we kind of remained analog, we would have needed to appoint at least an extra 136 people from a headcount perspective. So by being digital and digital first, we have been able to deliver those efficiencies. And then on the adviser side of things, Ravi talked about advice augmentation. We have rolled out the SmartQuote capability, approximately 3,000 quotes, which have been generated through that portal. And you can imagine the time saving here for advisers in being able to ensure that they can actually quote on their own. If there are any parameters they want to test, they can retest those particular parameters within minutes, whereas this would have taken an e-mail, a phone call. So great adviser experience, but also then the time it has saved us within our pricing teams, 7,000 hours that we've been able to save by actually avoiding the up and down when it comes to especially recquotes during the quoting process. And then Dragonfly, which you will also see in the activation area, we've seen very strong take-up of our emergency savings solution, which speaks to what we are trying to do around TuPot, making sure that members are able to have a far more reasonable and accessible approach when it comes to short-term financial commitments. And then in our tender management space, we've actually been able to reduce the time it takes to produce version 1 of a tender response from 2 days to 25 minutes. So that enables us to really focus our time on co-creating and also just making sure that we refine our solution to meet specific client requirements. We've also had some great developments within our IT dev space, which Ravi also mentioned. Here, work that we typically do in a month, we are now able to do in a week. Then a big ticket item for us as we go forward is the ecosystem modernization program. So we are investing in our technology. And here, it's really across all layers. It's the middleware, it's the data, it's the architecture, it's the business process management capabilities, our digital engagement solutions. So we are on the first part of a 5-year to 6-year journey. Initial commitment is 2 years, and we are going to -- we will have to earn the right to invest beyond the initial commitment for the first 2 years. But ultimately, what we are looking to do here is to improve client experience to ensure that we are able to deliver at a lower cost to serve in what is a pressurized margin environment. And then also to ensure is not our people who have to support the technology, but it's the technology that actually supercharges our people. So as I close, our focus areas for the next 12 months are very much in line with what you will see in the -- is it a book -- we call it a book. in the booklet, yes. It's in line with what you will see in the booklet. And big focus here being around our distribution, making sure that we are able to deliver a meaningful turnaround in our value of new business and then the modernization and digital transformation of our business. And then our right to win, yes, we are a business at scale and a significant contributor to the group. And we really want to continue along that path, delivering our part to the impact strategy commitments. But then as they say, you may -- we can talk about a strong track record of delivery, but it's being World Cup months, they say you're only as good as your last game. So really, the pressure now is on us to ensure that we continue actually to deliver and to deliver beyond the unreasonable expectations or unreasonable excellence in our environment. So we continue on that journey and to drive our omnichannel distribution strategy in partnership with our various parts of the business that we collaborate with in the group. Thank you very much.

Good morning, everyone. For those who missed the intro earlier today, I would like to introduce myself. My name is [ Manela Lapaudsa ], and I'm the new Head of Investor Relations here at Momentum Group. I'm very pleased to meet our analysts and investor community today. I'd like to welcome to the stage Dumo, and I also want to introduce Freddie. Thank you, both, for your presentations today where you discussed your progress against the impact strategy. What I want to cover today is other topical issues that were raised by our analysts and investor community. So the first question is for you, Freddie, on Momentum Investments. Scale matters in asset management, but so too has a track record of our investment performance. investors want a clear view of how Momentum Investments is competitive in the space? And how does one create a very coherent message to the market about Momentum investments?

There's many components in that question actually. So maybe just one comment to pond on. I think scale will maybe matter less in the future with technology, but I think it obviously matters and so does investment performance. So how do we show up because it's different for retail market and for the institutional investor, right? So in the retail market, we show up as a wealth provider to clients as a solution provider. And often in the investment side, as the house view solution to our retail channels that we have, right, in MDS, where it makes sense, but specifically in consult and in MFP. And I think it is all of those that actually makes up how they see us probably through a wealth lens, I would say, in the retail space. In the institutional space, I think we -- what will differentiate us and how we show up is as a partner. Do also mentioned kind of the partnership approach that we have the solutions engine. So whether it is a default solution of which we have quite a wide range, well established. I'll come back to the investment performance and the philosophy just now. or whether it is for an institutional client where we enable them to construct their own solutions using our administration capabilities, unitization platform, but also things like IGF and so forth, and now we blend it into solutions. And together with Duma's team, we do a lot of that. So collectively, I guess, we target institutional community. We have been on an outcomes-based investment philosophy now probably for the best part, somewhere here, 15 years or so, I think, for a long time. So it's well established. We're probably coined it as the first investment manager in South Africa, and that is still kind of the hallmark of what we do and how we manage money. And I think that consistency over time demonstrates how we manage money for institutional investors and their clients actually on a consistent basis. And the track record in the philosophy is there. But of course, in the shorter term, sometimes there are challenges, right? So specifically the concentration in markets at the moment in terms of global tech or precious metals in South Africa and so forth. But we navigate through those in a very consistent, disciplined manner following our beliefs.

Linked to that question, for the investors and analysts who are looking to model the business, where would you say the strong inflows are coming in versus institutional versus retail cash flows?

Look, I touched on it earlier. I think our wealth platform is an excellent kind of new business flow. I think probably on a gross basis in the wealth platform would have been close to ZAR 38 billion for the year-to-date and on a net basis, ZAR 10 billion about. So it's a good contributor. So good positive growth in that space. Annuity is a bit flat. But also in our multi-manager business. If we take out the legacy book, right, because remember, in Philip and now Stephen's world, I think there's emerge and so forth, there's all the legacy life insurance books that we've acquired many years back. Now they are in continuous rundown over time and that money we manage in the multi-manager and a bit in the asset management business. If we exclude that in the multi-manager, we had net contributions to net inflows of about ZAR 6 billion. I think if you exclude that, then it's negative because of that large book. So clearly, the challenge for us is to replace that. The same in asset management, small negative outflow. But actually, if you exclude the legacy book, then it's a positive a positive inflow again. So I think we -- at the cusp, and even if you look at a net basis, including the legacy books, then the drop in outflows is material from last year to this year. So I think we're across the board in a good place. And then Jeanette and I both raised Qurate and the opportunity that, that will bring for us, for example. So I think we've got a broad-based business with lots of opportunity for growth. And I think those that are doing well, that should do well are doing well, and I think we will lift the rest up in the years to come.

The next question is on for Don. The corporate retirement space is consolidating as the market knows. Investors want to understand in terms of momentum in corporate, are we gaining market share? Or are we simply defending our position?

Thanks, Mon. Look, the environment itself is very competitive. And despite being a player where we have essentially -- if you look at the last 5 years, our story is an organic growth story. We've continued to see strong growth within our umbrella fund. From an assets under management perspective, we are still quite well placed in terms of our top 4 position. So we've been able to retain market share over the period. I also think that historically, what we've seen is more a team that's focused on stand-alone umbrella conversions. I mean that opportunity is still there. But increasingly now, we're also starting to see umbrella to umbrella conversions. And what we've been able to do there is to essentially relaunch funds that work to the market and the funds that work that actually speaks yes, to the core offering, but also speaking to where employee benefits, where we believe employee benefits is actually going to increase levels of individualization. So our financial individual solutions that members are able to access through our ecosystem are starting to prove quite important. And then also our value-added service offerings. Hello Doctor is probably the most used of those value-added offerings in partnership with Hannes and the health business. So those value adds also help us to stand out in what is a very competitive environment. And then, of course, the work we've done around the adviser enablement. So if you can make life easy for advisers, if they can get from client request to quote to installation as seamlessly as possible, that's something that is viewed positively, and we see that especially in the SME space.

Thank you. The next topic is on 2-part retirements. This is for both of you, but I'll start with Timo. So the 2 part has been a very big significant structural change in the retirement industry. What structural change do you see in this industry linked to this? And how is Momentum Corporate servicing -- how is the model for Momentum Corporate servicing this?

Yes. Look, Twparts itself I believe it's fulfilling what it was intended to fulfill. So yes, solving for immediate needs when it comes to members' financial requirements. I think very often, the question we get asked is, this is my biggest asset. A lot of members would ask us this. They'll say these are the biggest financial asset and they can only benefit from it if they retire or die or if they resign. That was not going to be sustainable. So to have a bit of a valve for access, I think, is helpful. But also preservation, the fact that preservation is now compulsory for the retirement part is a positive. And we're starting to see that coming through even in terms of the preservation levels within our own book. We are definitely seeing that. But fundamentally, it has changed what service looks like in our environment. I spoke about how the number of claims has exponentially grown. It speaks to e-mails. It speaks to phone calls. So our ability then to ensure that we apply technology in our environment has also increased. But very happy that engagement with retirement solutions has grown because typically, people wouldn't really look at their benefit statements. But now I know we're not quite happy about the reasons why they are looking because we'd like people to preserve but the levels of engagement with people's retirement benefits has been a big positive.

And linked to this topic, Freddie, on the investment side, how are you thinking about the long-term flow implications of more members start to get access to the savings? As Dumo mentioned, people are engaging more their benefit statement, they're more aware of what they have saved up. So how do you see this changing?

So it depends whether it's retirement savings or other savings, right? I think we've had less of an impact in the wealth business, I mean, maybe initially a little bit and less so now. Maybe it's the nature of the business and the strong advice nature of the business, -- do in the wealth space. But I do think people will engage far more actively with their investments and we'll expect a lot more. And so when we look at and think about personalization and messaging and so the same with income Illustrator, right, is how we can provide insights to investors, but also their advisers to help them to navigate kind of a challenging world out there actually because often the short-term need is now, but the long-term requirement will not go away actually. And I think we need to make sure if we stick to our purpose statement of protecting and building our clients' financial teams, and it's exactly about that. It is doing both the short-term life now where they might have specific needs, but also help guide them actually to not give up on the long term because I think that's quite important. So I think personalization and that will come with technology and AI, we see that, right? So how we utilize that both in benefit statements, I guess, and the benefit counselors now we enable in our world, I think the adviser, but also clients. I think clients will act and interact probably more directly as time comes and would want to engage, and we need to be ready for that so that we also provide the right information to enable them to have the right conversations with the...

I'd like to move on to questions we've received online. So for Momentum Corporate, a topic we can't ignore VNB. So we've received a question from Sam at Standard Bank and Daniel from Ashburton Investments. And the question here is, what do you -- when do you expect the VNB margin to recover back to positive territory? And what do you see as a key factor in delivering a positive VNB going forward?

Yes. Maybe I'll start with the last part of the question. A key factor for us is really around being able to win more large corporate risk business. So there's a bit of a volume story there. And then in the bulk outsourcing, bulk annuity outsourcing environment, we do need to land some successes there. Now those deals, they're quite lumpy. The opportunities are few and far between. But when they come, we've got to make sure that we are giving ourselves a fair shot at success there. So those 2 from a new business volume perspective will be quite critical. I think going into the next -- at least going towards F '27, our distribution capabilities have progressed such that we do have a strong pipeline of new business, especially in the umbrella fund space. So that should be a positive for us. We've also done some work around our functional cost analysis, which will also give us a few positive tilts that we can look forward to the path to positive is a tough one, especially because there's a big dependency on the external environment. But as far as possible, we are doing what is within our control, we are working on. So where is wood? Yes. But I mean, in the next financial year, we've got to see a significant improvement.

And we have another question online from Sunila at Standard Bank. This is for you, Freddie. Assuming the macro environment remains with low yield, how do you expect to defend margin against gain in momentum investments? And what plans are in place to encourage life annuity sales?

So clearly, we have a diverse range of solutions, right? So we can navigate different markets, large fixed income portfolio, large reserve central bank kind of reserves management portfolio. And also, I think, quite a diverse portfolio now in Kate, can see up there and how we build that up. And I think it is making sure that we deliver the right solutions for the right market environment. In annuities, I mean, we are dependent on the interest rate cycle because an adviser will make the choice between when it's a living annuity going to give a better long-term outcome versus locking in almost at a specific rate at a specific point in time. I think our hybrid annuity and so the income illustrated, therefore, is quite key because it has a place still today, even at the margins where we are today, actually to ensure the longevity of income and to protect capital for many. And I think we've done the modeling on individual clients in partnership with MFP and so they will take it out to engage. And then, of course, other solutions in the structured products space, where there's a guaranteed endowment also a little bit dependent on the cycle because when there's a guarantee better when you provide that versus what you expect the market will give you from an equity performance point of view. So I think it is in the breadth of the portfolio that we have across the business because it includes many different components. So I think we are fairly protected for different market cycles.

Unfortunately, we reached the end of our Q&A session now just to make up time earlier on. If there are any additional questions, please feel free to grab either D or Freddie outside, and they can address any detailed questions you might have. And just also on the activation and demonstrations, we do got digital capabilities for Momentum Corporate and Freddie, as you mentioned, has an income illustrator, so please feel free to explore those in the next break. Next, I'd like to welcome Peter Juo to talk about Metropolitan. Thank you.

Thank you, Muraro, and a very good afternoon to you all.

So I'm very much delighted to get an opportunity to share with you the Metropolitan progress on the impact strategy. So what I'm going to be covering here today, I will be talking about how we have performed against the objectives that we have set for ourselves. I'm also going to lift up the innovative product that we're launching today. And then I'm going to talk to -- what are we going to be focusing on for the remainder of the impact strategy. And lastly, I will chat to our right to win. Now when I speak about the right to win, I'm not only referring to 2027 deliverables. It also talks to are we really setting ourselves to win into the future, and that is what I will be covering later. Now I'm going to take you back to the beginning of the impact strategy. And this is our strategy on a page. Now with the true ambition, our long-term ambition is to be a household name with a product in every emerging market hall. I'm very much aware that for a company that has been there for more than 127 years, how do you really make this a reality? It means how we have been selling policies is not sufficient. We're going to have to do a lot more. We're going to have to be innovative for us to be able to achieve that. And that really speaks to growth. It also speaks to innovation, which is why the product that we'll be talking to later, it really falls into the category to ensure that we can achieve the ambition that we have for ourselves. On the other hand, when we achieve this, we are also going to make an impact from the communities that we really operate in. For 2027, we'd like to deliver 5% margin as well as the normalized headline earnings of ZAR 750 million. So how are we going to do that? We identified 5 focus areas. And these focus areas are the ones that will ensure that we can be able to deliver on the objectives that we set for ourselves. The same objectives, they are also underlined by 3 things. The first one is around costs. And now here, we're saying we have to make sure that we can optimize value. And in my view, optimize is the operative word here. It's not a matter of reducing cost for reducing that. Key here is when we continue to optimize here, we also have to relate this to the revenue that we really generate. That is going to be key for the period up until 2027 and beyond. The next theme is around the client. Everything we do, we have to make sure that we put the client at the center. And I will talk about the solutions that we have to come up with. Already, the product that I will be chatting to, it shows the understanding of the client that we really target. Having said that, we also talk about inclusivity. And in my view, the product that we have launched, it also makes sure that we can be able to include some of the markets which were really outside of where we have been operating. And then key, again, it will be the client experience. and how we make sure that at every opportunity that we get to engage with the client, we need to delight them. And this is not a department or a responsibility for the front-facing client, all of us in the value chain. We need to make sure that we fully understand our own client value proposition so that we can be able to deliver on that. And then the last 2, they are about sales growth. Here, we have to make sure that where we have got market access, can we optimize? As an example, there are some of the relationships that we have with certain unions where in the past, we used to only to pay, say, for example, 5% on the premium that we're collecting irrespective of whether they bring in new or they keep their book as it is. We have changed that. And now we say we are more buyers into the new business. When you bring new business, we are happy to pay you a high percentage. And then for the in-force book, we pay a little bit lower. That is to try and see how can we be able to maximize on the relationships that we have. I'm also very much aware that for us to be able to grow, we need to find new opportunities to generate new revenue. And this is where we're going to look into the partnerships as well as looking into any other individual that has got access to data. As long as we are aligned on the interest, we can be able to go and make sure that we can access that. From the diversified distribution, as I said earlier, for a company that has been there for 127 years, yes, tied agency has really served us well up until now. There are so many other new channels that we have introduced. But now is the time for us to think outside of the box to say, how can we ensure that we have got diversified distribution channels, which will ensure that the different kind of clients out there, we can be able to really catch them. And now these are the 5 focus areas which will ensure that we can be able to really deliver on our objectives. Now how are we doing? You will see we're sitting with some of the areas where it's Amber and all of those ones -- it's on the sales space. And now this talks to how can we ensure that our alternative channel can be able to generate new revenue streams. Some work to be done there. Already, we're currently busy with the optimization of both the broker as well as the call center space. There's some work that is going into this to ensure that we can be able to get more sales from that particular area. Yes, the market access, while we're sitting with that, and we're not seeing the penetration that we want both in the private as well as the public sector, more work has got to be done there. In commercial partnerships, in the last 12 to 18 months, we have been talking about the relationship with Chamb. And the numbers that we have got to date -- they are not necessarily where we want them to be. But in my view, we haven't given up. There's still a lot more that we can do there to ensure that we can be able to get more clients from that particular area. Looking into the tied agency space, we've done well there. After the optimization, we have seen that we have now stabilized the area. Now it's a matter of how can we ensure that we start growing without necessarily losing the basics that we have put in place, and that is one thing that we'll continue to really build on. And then on the cost side, when I look into the work that we have done, -- we have done very well here. And yes, there is still more that we have to continue to do. But when I look into the delivers on optimizing our costs, we have done well. And then, yes, we have done the migration. And now it's a matter of how can we ensure that our own policy administration system is stable, which is something that it is very much achievable, and we should be able to deliver on that. From the client experience point of view, yes, there is quite a lot that we still have to do because when it comes to client experience, you never arrive. You do this and then you have to continuously really building on that. Still on the strategic progress. From the cost point of view, when I said we have done well, to date, as at the end of Q3, we have delivered ZAR 126 million cost base reduction, which is a positive thing. And now this is against the ZAR 150 million by 2027. So we should be able to really deliver that. The biggest driver there, it was the optimization of the tied agency space. We have also done the migration, and there were some automations that has been done, which all of them has contributed to the number that we see there. VNB, this has been a huge challenge. Last year, this time, we were sitting with in minus 9 million, which was a huge issue. I got so many questions about this negative VNB. And yes, we are now in the positive territory. But have we arrived where we want to be? Definitely not. But it is positive for us to have moved from minus 0.2% margin to now 1.2%, but there is definitely quite a lot that we still have to do here. And the biggest driver to where we are is the product commerciality and to a certain extent, the management of our cost as well, which is something that we're happy about, but there is a lot of work that we still have to do. Client satisfaction. We have set a target of 84% by '24 by '27. We're currently sitting at 94%. And this has been consistently above 90%, which is something that is very much encouraging. It also explains the reason why for the last 8 years, Metropolitan has been recognized as a leader when it comes to client experience, 8 years in a row. Now let me remind you, in the past, this survey was used to be done by Consulta, and then it moved to us Africa Orange. The fact that even that couldn't really get us to be unset on the role, that means there is something we're doing well there. That said, let me also remind you, I joined the group in 2017 and 2018, I took over as the CEO. So you do the math. You do the math. Now this is for everyone in Metropolitan because when it comes to client services or client experience, it is not a department, but everyone else is really involved and the team work together to ensure that we can be able to deliver that. Yes, productivity has been stabilized at 4%, and we have also seen an improvement when it comes to adviser retention, which is something that we would like to make sure that we build on. Now looking into areas where we still have to do a lot more. They are all sitting in the distribution space. The public sector as well as the private sector penetration, we are behind target there, but there are plans to see how we can be able to catch up, but a lot of work will have to go into that space. Looking into the diversified distribution channel, our biggest challenge has been sitting in the alternative channels. And yes, we need to make sure that we can do a lot more as well as on the relationship that we have with the Chamber. Now on the digital journey, we are happy to say we have got a digitalized value chain. You look into the adviser space, -- now we have got all our solutions on STP, the straight-through processing, which has seen us reducing some of the headcount in the business. The best way to see the progress we have made in the digital space is to look into the benefits that we have really generated. First, we have reduced -- we used to have more than 925 indoor staff. We're currently sitting at just above 700, which is a reduction of 16% in headcount, but without breaking anything in the system, which to me, it is a positive thing. The straight-through processing has seen reduction of about ZAR 15 million in expenses. And then by using machine learning, -- now we did the propensity to pay model, which now can be able to make sure that we see, will this client be able to afford to pay the premium or not. And then we can say you're going to be green or you red or you amber. Yes, advisers are not happy about that because when you go out to the client and then you get it done, you think I have a policy. When you come back, we say this one is not going to come through. But on the other hand, and then more so in the long run, they get to benefit because they get policies which stays with us longer. Our NTU has really improved just because of what we have introduced there. We also solve for flexibility when it comes to payment through the pay ad, and that as well has contributed to the retention that we have. Based on the NMG stats on the funeral policies, we have got the best retention in the market. We're currently sitting with a lapse rate of about 16%, and the market is sitting at 22.1%. And when you look into the NTU, our NT are also the lowest in the market right now, and this is something that has been really built towards by all the different initiatives that we have introduced. And yes, through all of this, we have also seen a saving in commission expense, which in the end contributed ZAR 9 million towards the VNB that we see here today. Now to the exciting stuff. And unfortunately, I'm not the most animated person. This is where I should be jumping up and down. So believe me when I say there is a little man inside who's jumping up and down here. Now why am I so excited about this? One, our own reason of existence, we say we build and protect clients' financial dream. And even in this market, they have got their own financial dreams. Now we're going to enable this through this product. Now we're talking about our ambition to be in each and every South African household name. This product is definitely going to help us to achieve the ambition that I talked about. Thirdly, I'm passionate about this market. This is an opportunity for us to really make an impact by ensuring that we can include them into the financial space. Now with this product, what are we really solving for? One of the biggest challenge we have here Clients have got a secular chart problem where they keep taking out a funeral policy and then it lapse. They take another one, it lapse. They take another one, it lapse. Now with this, they won't have to go through that challenge anymore. And we're in those good books there. Usually, I've got a turf from the stage in the negative. So today, I escape that. So for me, that was a big win, probably the biggest one of the day. I can see nodding. So he's now making up his mind when will be the next chance for me to just remind brand. We've delivered nearly 900 million in dividends to the group over the last 2 years and hopefully, long may that continue. The question we are sometimes asked is, is this improvement in underwriting outcomes? Is it really sustainable? And we believe that it is. We've made structural changes to the underwriting quality in our business, doing very difficult things, specifically in financial year 2024. In actual fact, we haven't had to take any underwriting specific action from a pricing perspective in the last financial year and this current financial year, pointing towards, in our view, sustainability in our results. If you do a comparison between us and the other listed and short-term insurers, the improvement in our claims ratio, the improvement in our combined ratio is more significant, and we are now operating at levels comparable to or better than most of them. So even if one argues that there was a benefit, which there was of benign, whether and you count that back, we still end up with a claims ratio of just over 50% and a combined ratio just over 90%. And we have said previously, if we achieve an 8% margin or a 92% combined ratio, we achieved the ROE targets and the earnings target the group takes us. So we think, again, turnaround is sustainable. From a client experience perspective, similar to Dumo a year ago, we were also NPS dedicated plan focus. Now we're in the mid-50s best result in the last 3 years. So something that, again, we are very proud of. From a digital perspective, more functionality used by more clients and more advisers with more to come. So again, in a strong and in a good position. The areas that concern us, no rocket science required there. Obviously, we are disappointed by the slowdown in our premium growth. I'm going to spend -- there's a slide on it. I'm not going to sort of explain it now. And obviously, that then places pressure on expenses in our business. And I'll touch on that now in a little bit more detail. So it's as important to understand just how our expense and cost-to-income ratio is made up. So there is a component of acquisition cost. Then there's a component of allocated costs from the group and then there are direct expenses in our environment that we control. The acquisition cost bucket increased materially. So because we increased marketing spend in this year by 31%, it was a deliberate attempt to drive growth in our market. So one can explain, and you would have expected the increase in our acquisition cost ratio. From a group point of view, all the benefits of the work that has been done across the group. We've obviously also seen that in our environment, from a direct expenses perspective, there were 1 or 2 on ours, which were quite material, which lifted us above I suppose, flat or reducing expenses on a year-on-year basis. And that relates to consulting fees for a very important procurement project that we are driving in the business, a little bit of additional audit fees. If we normalize for that, our year-on-year expenses have remained flat. It actually reduced marginally remuneration expenses, headcount, all of those have reduced. So there's good spend discipline in the business. And we're confident that over time, we obviously can and will do a lot more, and I'll explain why in a minute. When we think about digital and AI, very aligned to the way that Ravi positioned it earlier, our digital and I suppose, approach is anchored in our strategy. And we are aiming to achieve exactly the three things that you referred to earlier today. That speaks to cost reduction, experience improvement or growth. And if it doesn't meet any one of those objectives we will simply not do it. So our focus in the last year has been more on digitalization as opposed to AI. And we've really made great strides in strengthening the digital capabilities in our business. So from a service point of view, any transaction that the client or an adviser wants to do that doesn't affect the client's premium, they can now do on digital platforms. That has removed 5,000 transactions from our contact center. The next frontier, and this is where the control acquisition will help us is to drive any transaction which affects a client's premium to do that digitally, again both for clients and for advisers. And that's where the bulk of interactions in our business happens. So in the future, you can certainly expect an improvement as a result of the efficiencies we'll gain through the utilization of technology. From an AI point of view, it's sometimes difficult to distinguish between the hype and what is real. We have, I think, some solid applications in our business, in the actuarial environment, marketing content development, software development. We're classifying complaints in a different way as a result of the use of AI. So I think good application of technology. But over time, certainly, there will be great opportunities for us. From a claims point of view, we've also made some good strides. I often remind people that we were the first insurer in the country to introduce a straight-through process for claims we know human is involved. Now adoption has been our challenge. So digitally, more than half of our claims can be transacted digitally the straight-through process fashion, about 6% of claims then go through that without any human involvement. That's marginally increased over time, and we are obviously driving more of that into the future. But the Control Technology acquisition will help us to do once we've implemented this full end-to-end digital capability for servicing new business and for clients is that it allows us then to think around more progressive applications of AI in the genetic things, but that is certainly something for the future. Now this is a slide that I want to spend a little bit of time on speaking around unlocking our premium growth. So again, it's important to understand what the problem is. The first point I want to make is we get premium in 3 ways. It's either by keeping or losing clients it's by renewing existing clients and it's by new business. Although there aren't consistent industry statistics around lapses, our lapses compare extremely well to what we understand to be the industry average, at least 20% or 30% better. So lapsing isn't the problem. The challenge is new business. We are simply not writing sufficient new business for the policies that lasts on a monthly basis. So how do we fix and address it. Again, the solution is a little bit more nuanced. There are different challenges for each of the 3 primary channels that we distribute our business through that is through our tied agents, independent brokers and then obviously, directly. And I'll get -- I'll speak on each 1 of them in a minute. We often also get asked that is momentum insure really price competitive. And the short answer to that question is yes. If I take quarter 3 in financial year 2024, which was the quarter where we took the most severe pricing action, and I compare our percentage of quotes that have become policies today across all of our channels. Our conversion ratio has increased by 72% and our side agency force in the IFA environment by 70 and in the direct channel by 77%. And we are nearly back at the levels we were prior to all of these difficult actions that we had today. But there's 1 big difference. The big difference is that we are now writing that new business at the right margin, given the quality and the rigor of our underwriting and pricing processes. And it's reflected again in our claims ratio. So that tells us that we are price competitive. So if I have to go back to my athlete analogy, the athlete is fit, the athlete is healthy. We've done our area. We may just enter this athlete in more rates and we will then compete because when we are in a race, we certainly stand as good a chance as anyone in -- now addressing our existing channels. In the direct environment, it's a question of spending sufficient money to generate more leads. And as I said earlier, we spent 31% more on marketing. Unfortunately, it coincided with the period in our industry where margins have been high. And although insurers typically have remained disciplined in so far as it relates to pricing, many of them have spent that additional margin on lead generation. So for the same acquisition cost today, we are generating significantly less leads than what we did a year ago. So that's why you've not seen this increase in expense or marketing expenses translate into an uptick that's visible from a new business point of view. In the tied agency channel, our agents are simply not productive enough and we don't have enough productive agents. Now we have reorganized and completely repositioned that channel on a significant basis in the last 6 months. We have changed operating model, remuneration. We've given them a new name. We've changed leaders. We've disrupted our channel. From the first of April, all of these changes are now implemented. And I know I'm not allowed to speak about the future or perhaps the present, but we can already see how that's changing the way -- we are attracting experienced tied agents out of the industry and how we are keeping our better agents now that the life or their lives look a little bit different. But it will take time for us to see that flow through into results. our broker channel, we are performing well. We are meeting our expectations. It's the channel in our business where we are addressed or meeting our budgeted targets. The thing to address there is ease of doing business. We've never had the technology capabilities, which allows a typical specialist short-term insurance broker to through technology, engage with our business other than dealing through our contract rate. Again, the control technology acquisition helps us to do so. So in the next 6 to 12 months, those things will become online, and we will be a much more attractive destination for specialist short-term brokers than what we were previously and even today. Then we also have to think about new primary in that new category is the introduction as Zip as a partner. Now for many years, if I have to be honest, I wasn't the biggest fan of aggregators. I had some strategic challenges with that, but we've thought about it long and hard. We've considered them more than 1 had detailed discussions, and we have now introduced deeper as a partner in our business. And we are excited about the potential that, that holds from a direct point of view. And we've been online for 3 weeks. We've seen some positive movements there, and we're excited. We're confident that it is the right decision for us. Then to close, obvious 3 things to focus on: So the first is unlocking sustainable growth, the plans that I've spoken to now, but it is fixing and addressing and optimizing what we have. need in direct, more productive tied agents in the agency force who are supporting brokerage to better technology in the IFA channel and then introducing you. Then from an expense point of view, all of the technology improvements we are making will over time start helping to make a more material contribution to reducing our cost to serve and reducing our cost-to-income ratio. Control technology is a critical, I suppose, building block in that. Then we will continue to implement the remaining group cost optimization initiatives. As I said, we are running ahead, and we'll hopefully deliver more than what we originally promised. And then we're making quite a fundamental change as part of our cost efficiency drive, and that is to align our service models across our business. So 6 years ago, when we acquired the Alexander Forbes insurance business, it resulted in us having multiple types of service models in our business. It was great at the time. It also gave concept the Alexander Forbes clientele that they will not be disrupted, but it has been inefficient. We've seen vast differences in productivity between the respective channels. So we've taken a decision to align all of them in 1 model, which over time will lead to definitely better scale from a service point of view greater efficiency and service consistency. And then lastly, the goose that lays the golden egg at the moment is our underwriting rigor. So we will continue to mature our pricing capability, a lot of work being done by our actuarial team around data GI and other data sources to provide us with an ever broader and deeper data set, and then a big emphasis on reducing our procurement and legal spend -- when we get that right, it should translate into a 1 to 2 percentage point improvement in our claims ratio. It's an 18-month initiative, which will conclude at the end of 2027. So from a right to win point of view, this is a combination of things that we believe now give us a right to win today and then also things that we must still do better in future to win then. So where do we think we are winning today pricing and underwriting has moved into that category in our. Client experience, in our view, has moved into that category. We are providing leading experience in our industry. things that we will have to further work on a collaboration in our group. I think it's early days, but we can safely say that the collaboration between our business and whereas your non businesses, both MSP and consult is the strongest it's been in 5 or 6 years. And we are starting to see that being reflected in our new business volumes in those respective channels. Then the thing that we have to work extremely hard on is to ensure that we become a low-cost operating model business. But that transformation is quite material, and that transformation is one that will take time. But the control technology acquisition, again, helps us to do that faster than what we would have done without it. So I'm confident that the business is healthy, as I said, the fundamentals are in place, and we are most certainly much better positioned for future growth than what we were a year or 2 years ago. Thank you very much.

Thank you, Brand. I think maybe, first of all, I'll start off by saying congratulations to our well done to our brothers and sisters in momentum ensure for the turnaround, definitely something to look at. Now for something different, Guardrisk, Francine, different colors to the story. I think the Guardrisk business model is slightly different from the rest, and it's a mixed bag of businesses into one group. So maybe for me to just stand still quickly and deal with the group and tell you what is in the group. So first of all, we have the Guardrisk, General Guardrisk insurance business, which consists of the Guardrisk non-life cell captive business as well as the general insurance business where we take underwriting risk. Then we have Guardrisk Life, which is predominantly a cell captive and ARP provider, very limited risk taking currently in the Guardrisk Life space. Guardrisk micro insurance, which is only cell captive business, composite license, life and non-life, but playing in the entry level of the market. Initially, the intention from the regulator was for a micro insurance license to be a low capital model, a very easy model in the business to implement and to actually maintain. And we are finding that it is not so simple as what they made it out to be. And then as Lulama mentioned earlier, the momentum insurance business in Amedia, it consists of a cell captive business, a general insurer focusing on commercial lines of business and then also a portion in personal lines business. The Momentum Insure business is now fully integrated into the guardrisk process. I think for this year, they are exceeding our expectations from a business performance point of view. So really a nice inclusion into the Guardrisk family, and I hope we can unlock even future benefits out of this. [indiscernible] yes, thank you for allowing us to take this business. Then maybe just our revenue composition. We always talk about the Guardrisk revenue composition. Currently, 65% of our revenue still comes from that solid base in the captive cell captive business. as fees based on premium fee based on assets under management and then 35% on underwriting profit where we have a focus on growth. We envisage that for the foreseen future. This proportion will probably stay in the business. Our underwriting component will probably continue to be between 35% and 40% of our revenue as we go on. And then I often get asked a question, how sustainable is the Guardrisk growth? How sustainable is that solid growth that you've seen in the past in the Gates business. And except for saying it's hard work and having a super dedicated team focused on revenue generation, our business model, to some extent, talk to that. I think, first of all, this is a business model that is very diversified in terms of the business that we do. It's very diversified amongst the clients that we have as well as the industries that we serve. And that -- that's really one of the shields that we have in this business against any serious NOx. The COVID period showed us that where 1 part of the business wasn't doing well, the other part of the business actually excelled and outperformed our expectations. Then the second element that comes from our Gates business model and the uniqueness of the business model that we sometimes forget and we don't always talk about it, but the fact that we have over 200 cell owners who individually also have teams driving their business growth driving their own business strategies, trying to enhance, increase the business, enhance the portion of financial services profits to the profits. And there's good examples in the industry where insurance profits super enhance the profits of some of the retailers. And I think we forget the success of our clients is very often the success of Guardrisk. It's a gratis client meetings, I always make the point that their success is our success. And I think we sometimes will get that element in the business model. All right. So having that business model that is diversified, I simplify our strategy by always explaining that it's built on 2 pillars. The first one is to build on the solid foundation of the cell captive business. And the second element is building the underwriting portion of the business that we have available. Building on the solid foundation of the cell captive business, we are very aware that we need to add value to the process that we offer our sell clients. It's not good enough like 50 years ago by just providing a cell. You now need to get involved in the data analytics. You need to get involved much more in the pricing. You need to support the client. You also need to partner potentially clients with service providers for administration services, you also sometimes need to partner some of them with distribution channels. So we are very acutely aware that our strategy has to focus on that, and we are well positioned to do that. Alternative funding models -- the typical cell captive model is an expensive model from a capital point of view. It's very rewarding at the end, but it is capital intensive. So we had to come up with a model, which is much more efficient in terms of using capital. On the Guardrisk General Insurance, I mean the fact that it's a relatively new brand in the general insurance market, focusing on that commercial corporate lines of business, specialist lines One of the key things that we need to do is make sure that we maintain the relationship with our brokers. We have to build the relationship. We have to keep the relationship with the brokers, and we have to make sure that the Bates brands are getting out there. So there's a lot of activity around that which will stimulate growth. And then also to further develop those capabilities and scale those capabilities that we have in the business. I've previously mentioned that our bolt-on transactions was not only focused on enhancing earnings, but it was also to get the right skills in the business to take this underwriting business to the next level. And for that, in new partner services. The acquisitions that we've done over the last couple of years, they are now representing the Guardrisk corporate department and the [indiscernible] commercial department. So it's business units that's now in the Guardrisk space. With the key strategies, it then resulted on very specific focus areas, very specific tactics that we decided on very specific projects and breaking them down into the smaller pieces allowed us to focus and focus some of our resources on the key items to produce the growth that we want in the business. I think if you look at the slide, on the next slide, I will give you the reasons why we are in most of them fully confident or highly confident that we are going to make targets that were set by the business and it was expected from us by the group. The only area where we are a rate at Amber, and it's not because we don't have the strategy or that we're not there. But it's more because of the fast pace of change that we see in the digital area. It is critical for us to make sure that we keep up with a fast-changing pace in the business and that we make sure that we execute very focused on those strategies that we have. If we look at the next slide, I think, first of all, the targets that were set maybe 1.5 years ago when Arista challenged us with 1 billion next year. We sort of took the challenge, but we were also not sure whether we're going to do it. But I think we are well on track. If you look at our earnings, we set ourselves earnings upper end that we want to grow with at least 15% per annum. We're well above that level with the earnings that we put on for the quarter end March. Then also the underwriting margin underwriting margin, we set ourselves a target between 9% and 11%, up a limit 11%, we're slightly above the 11%. And again, I think it talks to the nature of the Guardrisk business because we have this fee-based solid foundation in the cell captive part, we can be very selective in terms of our underwriting. We can pick the risk that we write we can walk away from a marginal type of business. We can walk away because we can force and we can sustain the business with the fee part. ROE is something that we actively manage. You've seen a number of dividends that we've paid to the group over the last couple of years, and we don't have any reasons to foresee that it will not change. I think one of the significant parts of the Bordes business is we've never asked for additional capital. Even the acquisitions that we've done over the last couple of years, we funded it out of Guardrisk-owned generated profits. Directors value will set ourselves a target that we want to grow the Guardrisk directors value with at least 25% over the 3 years. I think we're currently standing on 28%. So we weren't on track to do that. Albeit certificate I think operating in a corporate market, operating in the sales captive market, you need to be aware of this. And for Guardrisk Insurance, we did some research with our clients. They indicated the level 3 is what they expect. So we put that as a target. And we're now actively managing the Guardrisk business to maintain a level 3 should today come that we are not permitted to use the momentum exaction and be part of the Momentum Group's BEE writing. Geographical expansion, I'll talk about India in a second. In terms of the progress that we're making there. What have we done over the last couple of months to sustain the growth in the Guardrisk business. And I think this is one where I really need to commensurate the latest life business. The last one of their biggest clients. Everybody was asking us what's going to be the impact of the loss of that 1 big client. And I think it is -- I'm proud to say that the Guards Life team actually managed to build a client base built on an existing client base with additional products and bring new clients and mine the new clients to the extent that we haven't really seen a blip on the Guardrisk Life performance with the loss of that single decline. Currently, we don't have a single decline where we are so dependent on it from a revenue point of view. So that also talks to it. Underwriting opportunities, Richard and the team on the non-life side, on the underwriting side, they continue to look for opportunities. They continue to look for opportunities in our existing client base to see where we can share risk and where we can participate in the -- and with the reinsurance optimization, it will also play a significant part. Focus on alternative offerings. We have signed up our first client on the alternative offerings that we've. And why is it so exciting for us. It's because this 1 single client actually touched on 3 very specific strategies that we have in the business. The first one was the alternative capital model Secondly, it's a client that brings in embedded products into our space. And thirdly, it allows us to take a little bit of the benefit of the underwriting profit in that space. Then the incorporation of the Namibia business, as I said, they're really performing above expectations. We've rolled out the Gardes team. They are now supporting the Namibia team with the development of new products development in that market. And we're also strengthening the relationships with some of those corporate brokers that you have operating both in the South African and the Namibia environment. Bolt-on transactions, the Z transaction, which was a significant transaction for the Guardrisk business. It's going well. They're performing well on the targets that we've set for them. And we've gone through a process where we fully integrated them now into the gate space, where we have a general manager, I don't see Harbor here, but Harbor is our General Manager for the [indiscernible] is taken over and we are slowly taking over the responsibilities of the existing management within the gas within the life business. areas where we maybe need to pay attention going forward and where we have seen some challenges. First one is the digital transformation. And I'll say more about the digital transformation in a minute when I talk about AI and what we've done with the data. But for us, it is important that we make sure that we could keep our foot on the execution of our digital strategies suitable acquisition targets, I think where the industry is at the moment. Every single person in the chain in specifically non-life insurance are currently making money. So there's not a lot of companies out there that's available for sale or where you see some consolidation. But again, we've done a transaction in Guardrisk' Life little bit of risk sharing on the Guardrisk Life Sight and what makes it so significant. It's a transaction that will add anything between 7% and 10% due to earnings of the Guardrisk Life business and what makes it more significant is after 9 months we've basically paid back around 60% of that acquisition. So we will continue to look for some of those acquisitions where it will move the dial. Then the India progress slower than anticipated -- maybe from a Guardrisk's point, we are impatient. Maybe we want it to happen too fast. I think what is important for us, we have a very solid business case for the India market. We've done extensive research with a third-party consultant in that market. We've engaged with potential clients. There are real interest in the Guardrisk business model coming into the India market. We've also engaged the services of two very prominent legal firms in India self to tell us whether the Gardes business model will fit within the legislation and whether there's any changes required. And what we see from them coming out is the business model as it is the legislation as it is accommodated. So it will be more important for us now to go back and convince the regulator. We've solidified our position with our partner at [indiscernible] in February, where they still support the initiative. They're still part of it. They're still in it with us. They arranged some of the conversations with us. And the next step now for us is really to get in front of the regulator and to have those difficult conversations with the regulator. Then digital AI focus, a lot of focus, a lot of talk about AI, but the Guardrisk business sat back 18 months ago, and we said, how are we going to make a success of using AI, which is so prominent in the insurance industry. And it was very clear for us as a business that we need to get our data sorted out. We need to get a proper strategy and process around our data. It's not only our own data. It's all the data coming in from the third parties that we need to deal with. So we engaged the services of international consulting firm helping us to really formulate and set -- I almost want to say best practice data strategy for the Guardrisk business, something that we'll talk to our business model and that will take us to the next level where we can really build under AI. So there's a couple of use cases. I think under 32 use cases coming out of that exercise. And we are slowly building on some of those use cases where a lot of focus -- it's on the use of AI using agents to replace some of the manual work that we've done previously, specifically on checking the accuracy, the completeness of the data that we have. Then also in our pricing, specifically on the catastrophe modeling. It's not only for us to get our pricing and our underwriting right, but it's also to show to the reinsurers that we know what we're doing in this space because we are a large rights of business in the corporate and commercial space. And I think we've done well with that. And then the digital reform, the focus on the new administration platform that we have in the GI business which will make it easier for brokers and anyone to engage with us. And then also a policy administration or an administration system in the cell captive space where previously, we were very much focused on manual work getting the information into our system reporting back to clients. We are working on an administration system where it will in future for self clients to be able to go and have a real-time look at what their results look at look like what is in the cell and also for them to update the information that we usually had to get through manual processes. Then emerging trends that we see in the market. We all know about it, the banks, the retailers, all of them with strategies coming in to sell insurance enhancing their business profits with financial services profits looking at insurance. And I think the Guardrisk captive model is really well positioned to capitalize on that. The reasons for the cell captive model is still very much the same as what it was a couple of years ago. Easy access for someone without insurance knowledge to enter the market. There's someone else that takes care of your compliance needs, and there is an element of a sale benefit that you get coming in. So I think we are very well positioned to capitalize on that, and we need to make we need to make that work. In [indiscernible] everybody developing a new platform things they can sell insurance. But from a Guardrisk's point of view, they are upsetting our distribution channels and again, I'm saying the gates business used to be an analog platform. It used to be a generation 1 platform business. We now need to convert ourselves into a new generation platform business and we have a couple of partners in the fintech insurtech environment that's currently working on providing us with the right that one to do that. International capacity coming into our market, specifically specialist lines of business in the higher end of commercial and corporate. We see that happening. It's something that we need to deal with. We see that happening every now and then in the cycle. So we are working through that and then digital development to keep the focus on the digital development for us. In closing, our focus for the next 12 months, where will the growth come from? First of all, the underwriting portion, local relationships, critical for us to get that right. Also collaboration in the group Momentum Consult, momentum. We are going to enter into agreements with them to see if we can enhance the relationships, enhance that collaboration and build a proper business around that relationship data analytics and pricing for us for us to focus on that. We've employed the right people. We'll get it right reinsurance optimization. It's not so much only our own reinsurance. We're probably one of the biggest buyers of reinsurance in the market, but it's also to see whether we can participate sometimes on some of the structures, maybe a 2%, 5% line on some of the larger corporate risks that exist. And then the risk participation opportunities. I've always said that we're in a very unique position to cherrypick the good risks in the market. Revenue diversification alternative capital solutions. We've got the one client on the books. It's now for us to roll that out and get the word out there that we have an alternative solution. New products, alternative distribution channels, new products, not so much new products with new clients, but also new products with existing clients, mine the existing client will see if you can increase the share of premium that we take. And then the international expansion, India is still there. digital modernization, definitely, for us, greater focus on the execution. We're bringing in some additional resources, senior resources to help us with the execution in that space. I think it's going to take us to the next level. It will keep us up to date with what is happening and then also the utilization of AI in this process, and we're working closely with Ravi and the team to see to where we can do that. Our right to win set for having a very dedicated specialist team of people in the Guards business that really focus on the couple of items that will make this business grow. First of all, we need to reinforce and enhance the cell captive value proposition. We are, by far, delevering the market, but it should not make you complacent. You see it continue to reinvent yourself. You should continue to bring up something more to the table. The alternative capital solutions, extended product offerings in the market and then the selected risk participation is taking [indiscernible] business right to win and then a deliberate focus on some of the digital automation and the AI that we have. I am confident that we have a team, a very dedicated team of people in the Guardrisk business that can take this business from to treat, and that's what we're aiming for. Thank you.

A privilege to be part of the business like this, there's such a meaningful impact on its clients and its shareholders to it. So it's a real privilege to be here and share a bit that our business with you. And thank you for spending your time with us in your interest in our business. We really appreciate that as well. I normally have water because markets [indiscernible] so please bear with me if he does go that way. Actually, before I go there, let me just start because I know there's probably into this, I'm sorry my pants is falling off, and this thing is heavy. I don't know. I don't know. I spoke to market this morning about the problem. So yes. Before we start, perhaps because I assume there's interest in NHI and the impact on the industry, perhaps just a quick thought on that. And I'm saying it with you to expect to the need of society to have access to health. Really -- we really have huge respect. I mean, our purpose is more for more people for less, which speaks to that name. But also we know that and I hope you know that we've in the past, let's say that we do not agree with the method and the model that was suggested is still suggest that the act. There's so many floors in that pit even a child of probably Grade 1 can see it. And I'm very comfortable loans. -- don't know if you are the most trade. But I think there is greatness in what's happening out in the industry and the efforts that we made at conceptual model legal level by the private industry I seem to get to a stage where for now, we can probably all be comfortable that the private health industry we'll continue to participate and contribute meaningful in the South African society and perhaps even into the public sector where public sector is struggling. So I'm not going to say anything on it. We've decided to move on, focus on business and do what is necessary. Now with that being said, just a recap. And this is the trend that you'll see in the -- in the whole discussion. The top 1 there, this is an overall trend, very comfortable that our health business is positively tracking our F 27 target strategy. We are really, really happy that what we see happening in the business is aligned to what we promised. It also speaks to what's happening with our earnings, and what is the light for that what we saw 3 years ago and promised the business in the market, when you executed well and it plays out into the commercial picture of the way it is playing out. And it's actually just comforting to experience it as we got it right, both the problem and the plan and the execution of the plan, and we're very comfortable with that. There are 3 areas, which you'll again see through the presentation. which is worth noting. And the first 1 is growth in the momentum branded segment space is a challenge. We admit that we're not getting to the volumes that we thought and that we targeted to get. And the industry is not growing. Market is tough, single big competitors that are not blaming or being a victim, not at all, but it is stuff out there. And one of players are playing in our growing net growth in the middle and higher income market. It's a tough space. So we're not getting to those targets. But in the middle of lower and low-income market, we're doing exceptionally well. because there is a new need. It's not churn business to move around, et cetera, et cetera. But our desire is not just to be a low-income provider with the momentum, but we really want to play in the whole market. Then the second one, multiply all of you know, we did put some fantastic targets because that's who we are. And we're not getting to the volume toes yet. And predominantly, perhaps I think when we exited multiple asset group for a group product. There was quite a lot of noise in channel at highest channel. And it took us time just to settle the credibility in the advice. It's the same general that gives our self business, so there was that, and I think we shine that journey fairly well. We've redefined the value proposition, and it takes time and again to settle that into the client base in the pipe, but I think we're good there. Servicing from a digital point of view, still a bit of challenges, but we're also getting there. In the last few months, we actually saw a sensible pickup in the numbers, which gives me confidence that we saw the problem right, we had the right plan to fix and we're getting there. So multiply a bit behind, but we also have 2 or 3 good bulk opportunities now that will help us with volumes and give us the product to scale so that we can get the experience space to be justifiable in the commercials. Then I think all of you know it, and I saw some articles even today in the burger interesting article on this. We are very, very delighted with the bond it has taken. And you've seen it, I think the net share it also in our quarterly update, but it did to our business as -- as an administrator, it really added to our market share. But it's also the thing that really excites us is the opportunities that we will be for us in the open market. So we're excited we switched the light switch last yesterday, 1 minute past 12 Monday morning. And it is a huge deco. New systems, new people really crept data [indiscernible]. And then everything is going according to plan. And we can almost say this you knew it, we did this, you knew this. And then 1 thing happened. And you know just for your understanding, when Bonitas decided on the RFP, I hope 1 day before I die. We'll get out of RFP stuff in this industry, but in any case, we got the Admen contract. I don't know how well you guys know the industry, but we membership pulling claims call center, that stuff and PHA, a competitor in Berlin got the managed care contract. Our managed care is where you touch the industry, you know the pre-option the medical management stuff like that. Perfect. Were beautifully together data integration fund, et cetera, et cetera. And as I don't know, as somebody wants estate PHA telephone system didn't work. on a minute that, that happens, especially in the benefit consumption space it scales. And by Fluke, our brand makes us famous and everybody with a problem called our call center. So our core since yesterday, received some 9,000 calls. We had some 4,000 e-mails and thousands of watts up web jet stuff. So it was quite an interesting day to get through. Some of it has been solved this morning by PSA, but there's still noise in this space. And the previous administrator is sharing with members that still call and just full momentum. So I actually think our momentum call center there in front as they're also getting cold. So because it's our brand that attracts because we create safety and comfort for people there. So it's while a little bit out there. It's noisy. But today, it's better than yesterday and tomorrow will be better than today because we know what the issues are and everybody is working together to solve it. But in short, we're very, very, very happy with the Bonitas taken, and it will have a substantial impact on our business going into the future. progress update. I've actually said it now already. But you can see the color blind that I can read. The majority highly confident on not to reasonable, and you will see that reasonable one, that's the channel stuff, et cetera, et cetera. And then the one that's coming through right through. And remember, that was something we promised the market that we're going to move all our clients to one system to get the efficiencies of 1 system. But it's quite a thing. The pipeline is heavy. And then we got Bonitas as a client. And then that internal priority has been reprioritized. So some of the stuff in the business was reprioritized because of the Bonitas opportunity. But we're happy, we understand why. We know when it will happen now, and it will deliver on the grid and we get there. High level, and you'll be surprised if things repeat itself. What we achieved over the last year, that first point, you all know of the Woolworths take on, which really was a humbling experience for us. We were able, with my partner Domain the corporate side to create enough. Can I call it money? [indiscernible], do me so that they could afford health cover for 22,000, I wanted to say, million, 2,000 employed and uninsured people in their state. 2,000 employees in Worth now I have access to health, which then the past didn't have. It was absolutely -- I used the parable work to prior time. I won't do it again [indiscernible], but it was humbling goosebump stuff. And if you walk into a worsen you speak to the people, it is absolutely fantastic. So it was absolutely fantastic. What is more important of that is that as a group, we saw what is possible in the employer market by combining health and employee benefits. It's immense the value that we can unlock. And that capability is something that we're really excited about, and we're speaking to more clients, and we definitely see that we can make a difference for even more people into the future. Then James, and all of you who have been here in the past, we've always been on that thing, an earliest local year that James is something, it's the bulk of fuel business, what's going to happen if you don't get the [indiscernible], I'm going to die. I'm going to die. I'm going to die. But this year, we celebrated 20 years relationship with James. We also renewed the contract for it another at least 5 years. And one of those two things are necessarily great for sustainability into the future. But Eli and team working very hard and positively on changing the model into a more sustainable relationship for both parties, which will help us to get past these ups and downs and emotional stuff. So fantastic achievement. All thing that you hear is something to celebrate for us as a business. Then news 24 or 2 years in a row, we received the health solution business of the year in the industry. Now if you put that into context, remember, we mentum [indiscernible], combined 40,000 families, 800,000 benefits. If you compare that with the big players, it's my new. It's like your late some coming in and asking for food after all family has already eaten. So now in that context to be able to get an award like that in the industry from a creditable outside party was absolutely fantastic. And then we -- so we're very tough to that. But again, not with the glamor of the award, but with the certainty of the content that we take to the market, which is acknowledged by the market at large. So welcome to the business, and it's a fantastic space to be. In our partnership with Bonitas Ranpak to that. But remember there for us, it's not about getting another open scheme to administer. We don't want to be in that trap. Two open schemes in one administration business doesn't work. So we really see synergies into the open market with that partnership so that we can actually step up and create relevant competition into over congested industry. And then the last point there, I said it earlier, very strong earnings on track for our F 27 target as well. And we are comfortable that we will get there. You can guess what we said the pre-year time, I may not say it. But it will give us an average of 27% annual growth rate for the 3 years, which is absolutely stunning for us as a business to achieve something like that. Experience challenge, organic growth in the open market. It is the one thing that we need to solve. It's a difficult nut to crack. Multiply, we're busy with that, and maybe we'll sort that one out. And then the reprioritization of some plans because of the Bonitas thing, which we just postponed some stuff, which will then slow down the expense base reductions that we promised you. But all in all, good perhaps on the right-hand side bottom. We are very excited about our progress in the international markets, and I think Lulama shares some of the African countries, we now also supporting. And then following the success of India, we're starting to look at alternative international regions. And hopefully, in 6 months or a year from now, we can delight you with an absolutely fantastic new opportunity that we will bring to our business. Digital is something that everybody speaks about, and it's probably something that's yet to stay or not probably, it is something that you have to say digital and AI. And as a health business, I think we're a little bit point because we were forced by the way that the industry work to be on top of data and data definitions and digital efficiencies for many, many, many years. And as we stand here today, I think to net share that this morning that including the Bonitas business, we will now be paying -- I'm sorry for this. We will now be paying receiving, processing and paying claims in more than 100 billion per year. And we do it now. We do it real time, 270 million per day every day of the year. It's a lot of transactions going through the system. Now with that, that is not possible if you don't do it with good technology. It's just not possible. Both from an accuracy point of view, you can think if you get the accuracy wrong with 1%, 1 billion. So we can't afford to get it wrong. So we need to get as much as possible of that through the systems. Now we currently receive, process and paid 98.5% of that 100 billion. 98.5%. Now you've listened to the guys in the rest of the business is trying to get to 60% because they get paper claims and it's complex and stuff.

And we're in those good books there, usually, I've got a chur from the stage in the negative. So today, I escaped that. So for me, that was a big win, probably the biggest win of the day. I can see nodding. So he's now making up his mind. When will be the next chance for me to just remind B, we've delivered nearly ZAR 900 million in dividends to the group over the last 2 years, and hopefully, long way that continues. The question we are sometimes asked is, is this improvement in underwriting outcomes, is it really sustainable? And we believe that it is. We've made structural changes to the underwriting quality in our business, doing very difficult things specifically in financial year 2024. In actual fact, we haven't had to take any underwriting specific action from a pricing perspective in the last financial year and this current financial year, pointing towards, in our view, sustainability in our results. If you do a comparison between us and the other listed short-term insurers, the improvement in our claims ratio, the improvement in our combined ratio is more significant, and we are now operating at levels comparable to or better than most of them. So even if one argues that there was a benefit, which there was of benign weather and you count that back, we still end up with a claims ratio just over 50% and a combined ratio just over 90%. And we have said previously, if we achieve an 8% margin or a 92% combined ratio, we achieve the ROE targets and the earnings target the group sets for us. So we think, again, turnaround is sustainable. From a client experience perspective, similar to Dumo a year ago, we were also NPS in the low 40s, dedicated plan focused. Now we're in the mid-50s best result in the last 3 years. So something that, again, we are very proud of. From a digital perspective, more functionality used by more clients and more advisers with more to come. So again, in a strong and in a good position. The areas that concern us, no rocket science required there. Obviously, we are disappointed by the slowdown in our premium growth. I'm going to spend -- there's a slide on it. I'm not going to sort of explain it now. And obviously, that then places pressure on expenses in our business. And I'll touch on that now in a little bit more detail. So it's important to understand just how our expense and cost-to-income ratio is made up. So there's a component of acquisition cost, then there's a component of allocated costs from the group and then there are direct expenses in our environment that we control. The acquisition cost bucket increased materially. So because we increased marketing spend in this year by 31%. So it was a deliberate attempt to drive growth in our market. So one can explain and you would have expected the increase in our acquisition cost ratio. From a group point of view, all the benefits of the work that has been done across the group, we've obviously also seen that in our environment. From a direct expenses perspective, there were 1 or 2 once-offs, which were quite material, which lifted us above, I suppose, flat or reducing expenses on a year-on-year basis. And that relates to consulting fees for a very important procurement project that we are driving in the business, a little bit of additional audit fees. If we normalize for that, our year-on-year expenses have remained flat. It actually reduced marginally. Remuneration expenses, headcount, all of those have reduced. So there's good expense discipline in the business. And we're confident that over time, we obviously can and will do a lot more, and I'll explain why in a minute. When we think about digital and AI, very aligned to the way that Ravi positioned it earlier, our digital and AI I suppose, approach is anchored in our strategy. And we are aiming to achieve exactly the 3 things that he referred to earlier today that speaks to cost reduction, experience improvement or growth. And if it doesn't meet any one of those objectives, we will simply not do it. So our focus in the last year has been more on digitalization as opposed to AI, and we've really made great strides in strengthening the digital capabilities in our business. So from a service point of view, any transaction that a client or an adviser wants to do that doesn't affect the client's premium, they can now do on digital platforms. That has removed 85,000 transactions from our contact center. The next frontier, and this is where the Control acquisition will help us is to drive any transaction which affects a client's premium to do that digitally, again, both for clients and for advisers. And that's where the bulk of interactions in our business happens. So in the future, you can certainly expect an improvement as a result of the efficiencies we'll gain through the utilization of technology. From an AI point of view, it's sometimes difficult to distinguish between the hype and what is real. We have, I think, some solid applications in our business in the actuarial environment, marketing content development, software development. We're classifying complaints in a different way as a result of the use of AI. So I think good application of technology. But over time, certainly, there will be greater opportunities for us. From a claims point of view, we've also made some good strides. I often remind people that we were the first insurer in the country to introduce a straight-through process for claims where no human is involved. Now adoption has been our challenge. So digitally, more than half of our claims can be transacted digitally in the straight-through process fashion, about 6% of claims then go through that without any human involvement. That's marginally increased over time, and we are obviously driving more of that into the future. What the Control Technology acquisition will help us to do once we've implemented this full end-to-end digital capability for servicing new business and for claims is that it allows us then to think around more progressive applications of AI in the gigentic sense, but that is certainly something for the future. Now this is a slide that I want to spend a little bit of time on speaking around unlocking our premium growth. So again, it's important to understand what the problem is. The first point I want to make is we get premium in 3 ways. It's either by keeping or losing clients. It's by renewing existing clients and it's by new business. Although there aren't consistent industry statistics around lapses, our lapses compare extremely well to what we understand to be the industry average, at least 20% or 30% better. So lapsing isn't the problem. The challenge is new business. We are simply not writing sufficient new business for the policies that lapse on a monthly basis. So how do we fix and address it? Again, the solution is a little bit more nuanced. There are different challenges for each of the 3 primary channels that we distribute our business through. That is through our tied agents, independent brokers and then obviously directly. And I'll get -- I'll speak on each one of them in a minute. We often also get asked, but is Momentum Insure really price competitive? And the short answer to that question is yes. If I take quarter 3 in financial year 2024, which was the quarter where we took the most severe pricing action, and I compare our percentage of quotes that have become policies today across all of our channels, our conversion ratio has increased by 72% in our tied agency force by 80% in the IFA environment by 70% and in the direct channel by 77%. And we are nearly back at the levels we were prior to all of these difficult actions that we had to take. But there's one big difference. The big difference is that we are now writing that new business at the right margin given the quality and the rigor of our underwriting and pricing processes. And it's reflected again in our claims ratio. So that tells us that we are price competitive. So if I have to go back to my athlete analogy, the athlete is fit, the athlete is healthy. We've done our rehab. We must just enter this athlete in more races, and we will then compete because when we are in a race, we certainly stand as good a chance as anyone to win. Now addressing our existing channels in the direct environment, it's a question of spending sufficient money to generate more leads. And as I said earlier, we spent 31% more on marketing. Unfortunately, it coincided with a period in our industry where margins have been high. And although insurers typically have remained disciplined in so far as it relates to pricing, many of them have spent that additional margin on lead generation. So for the same acquisition cost today, we are generating significantly less lead than what we did a year ago. So that's why you've not seen this increase in expense or marketing expenses translate into an uptick that's visible from a new business point of view. In the tied agency channel, our agents are simply not productive enough, and we don't have enough productive agents. Now we have reorganized and completely repositioned that channel on a significant basis in the last 6 months. We have changed operating model remuneration. We've given them a new name. We've changed leaders. So we've disrupted our channel. From the 1st of April, all of these changes are now implemented. And I know I'm not allowed to speak about the future or perhaps the present, but we can already see how that's changing the way how we are attracting experienced tied agents out of the industry and how we are keeping our better agents now that the life -- or their lives look a little bit different. But it will take time for us to see that flow through into results. Our broker channel, we are performing well. We are meeting our expectation. It's the channel in our business where we are addressed or meeting our budgeted targets. The thing to address there is ease of doing business. We've never had the technology capabilities, which allows a typical specialist short-term insurance broker to through technology engage with our business other than dealing through our contact center. Again, the Control technology acquisition helps us to do so. So in the next 6 to 12 months, those things will become online, and we will be a much more attractive destination for specialist short-term brokers than what we were previously and even today. Then we also have to think about new Primary in that new category is the introduction as Hippo as a partner. Now for many years, I have to be honest, I wasn't the biggest fan of aggregators. I had some strategic challenges with that, but we've thought about it long and hard. We've considered them more than once, had detailed discussions, and we have now introduced Hot as a partner in our business. And we are excited about the potential that, that holds from a direct point of view. And we've been online for 3 weeks. We've seen some positive movements there, and we're excited or confident that it is the right decision for us. Then to close, obvious 3 things for us to focus on. So the first is unlocking sustainable growth, the plans that I've spoken to now, but it is fixing and addressing and optimizing what we have, leads in direct, more productive tied agents in the agency force, or supporting brokers through better technology in the IFA channel and then introducing new. Then from an expense point of view, all of the technology improvements we are making will, over time, start helping to make a more material contribution to reducing our cost to serve and reducing our cost-to-income ratio. Control technology is a critical, I suppose, building block in that. Then we will continue to implement the remaining group cost optimization initiatives. As I said, we are running ahead and we'll hopefully deliver more than what we originally promised. And then we're making quite a fundamental change as part of our cost efficiency drive, and that is to align our service models across our business. So 6 years ago, when we acquired the Alexander Forbes insurance business, it resulted in us having multiple types of service models in our business. It was great at the time. It also gave comfort to the Alexander Forbes clientele that they will not be disrupted. -- but it has been inefficient. We've seen vast differences in productivity between the respective channels. So we've taken a decision to align all of them in one model, which over time will lead to definitely better scale from a service point of view, greater efficiency and service consistency. And then lastly, the goose that lays the golden eggs at the moment is our underwriting rigor. So we will continue to mature our pricing capability, a lot of work being done by our actuarial team around data, GIS and other data sources to provide us with an even broader and deeper data set and then a big emphasis on reducing our procurement and legal spend. When we get that right, it should translate into a 1 to 2 percentage point improvement in our claims ratio. It's an 18-month initiative, which will conclude at the end of 2027. So from a right to win point of view, this is a combination of things that we believe now give us a right to win today and then also things that we must still do better in future to win then. So where do we think we are winning today? Pricing and underwriting has moved into that category in our view. Client experience, in our view, has moved into that category. We are providing leading experience in our industry. Things that we will have to further work on collaboration in our group. I think it's early days, but we can safely say that the collaboration between our business and where is youan,uan's businesses, both MFP and Consult is the strongest it's been in 5 or 6 years, and we are starting to see that being reflected in our new business volumes in those respective channels. Then the thing that we have to work extremely hard on is to ensure that we become a low-cost operating model business. But that transformation is quite material and that transformation is one that will take time. But the Control Technology acquisition, again, helps us to do that faster than what we would have done without it. So I'm confident that the business is healthy, as I said. The fundamentals are in place, and we are most certainly much better positioned for future growth than what we were a year or 2 years ago. Thank you very much.

Thank you, Brant. I think maybe, first of all, start off by saying congratulations to our -- or well done to our brothers and sisters in Momentum Insure for the turnaround, definitely something to look at. Now for something different, Guardrisk, same theme, different colors to the story. I think the Guardrisk business model is slightly different from the rest, and it's a mixed bag of businesses into one group. So maybe for me to just stand still quickly and deal with the group and tell you what is in the group. So first of all, we have the Guardrisk General or Guardrisk Insurance business, which consists of the Guardrisk Non-life cell captive business as well as the general insurance business where we take underwriting risk. Then we have Guardrisk Life, which is predominantly a cell captive and ART provider, very limited risk taking currently in the Guardrisk Life space. Guardrisk Micro Insurance, which is only cell captive business, composite license, life and non-life, but playing in the entry level of the market. Initially, the intention from the regulator was for a micro insurance license to be a low capital model, a very easy model in the business to implement and to actually maintain. And we are finding that it is not so simple as what they made it out to be. And then as Lulama mentioned earlier, the Momentum Insurance business in Namibia, it consists of a cell captive business, a general insurer focusing on commercial lines of business and then also a portion and personal lines business. The Momentum Insure business is now fully integrated into the Guardrisk process. I think for this year, they are exceeding our expectations from a business performance point of view. So really a nice inclusion into the Guardrisk family, and I hope we can unlock even future benefits out of this. Safara, yes, thank you for allowing us to take this business. Then maybe just our revenue composition. We always talk about the Guardrisk revenue composition. Currently, 65% of our revenue still comes from that solid base in the cell captive business. fees based on premium, fee based on assets under management. And then 35% on underwriting profit where we have a focus on growth. We envisage that for the foreseen future, this proportion will probably stay in the business. Our underwriting component will probably continue to be between 35% and 40% of our revenue as we go on. And then I often get asked the question, how sustainable is the Guardrisk growth? How sustainable is that solid growth that you've seen in the past in the Guardrisk business. And except for saying it's hard work and having a super dedicated team focused on revenue generation, our business model to some extent, talk to that. I think, first of all, this is a business model that is very diversified in terms of the business that we do. It's very diversified amongst the clients that we have as well as the industries that we serve. And that's really one of the shields that we have in this business against any serious knocks. The COVID period showed us that, where one part of the business wasn't doing well, the other part of the business actually excelled and outperformed our expectations. Then the second element that comes from our Guardrisk business model and the uniqueness of the business model that we sometimes forget and we don't always talk about it, but the fact that we have over 200 cell owners who individually also have teams driving their business growth, driving their own business strategies, trying to enhance, increase the business, enhance the portion of financial services profits to their profits. And there's good examples in the industry where insurance profits super enhance the profits of some of the retailers. And I think we forget that the success of our clients is very often the success of Guardrisk. At the Guardrisk client meetings, I always make the point that their success is our success. And I think we sometimes forget that element in the business model. All right. Having that business model that is diversified, I simplify our strategy by always explaining that it's built on 2 pillars. The first one is to build on the solid foundation of the cell captive business. And the second element is building the underwriting portion of the business that we have available. Building on the solid foundation of the cell captive business, we are very aware that we need to add value to the process that we offer our cell clients. It's not good enough like 30 years ago by just providing a cell. You now need to get involved in the data analytics. You need to get involved much more in the pricing. You need to support the client. You also need to partner potentially clients with service providers for administration services. You also sometimes need to partner some of them with distribution channels. So we are very acutely aware that our strategy has to focus on that, and we are well positioned to do that. Alternative funding models, the typical cell captive model is an expensive model from a capital point of view. It's very rewarding at the end, but it is capital intensive. So we had to come up with a model which is much more efficient in terms of using capital. On the Guardrisk General Insurance, I think the fact that it's a relatively new brand in the general insurance market, focusing on that commercial corporate lines of business, specialist lines, one of the key things that we need to do is make sure that we maintain the relationship with our brokers. We have to build the relationship. We have to keep the relationship with the brokers, and we have to make sure that the Guardrisk brand are getting out there. So there's a lot of activity around that, which will stimulate growth. And then also to further develop those capabilities and scale those capabilities that we have in the business. I've previously mentioned that our bolt-on transactions was not only focused on enhancing earnings, but it was also to get the right skills in the business to take this underwriting business to the next level. And for that, inUE, Partner Risk Services, the acquisitions that we've done over the last couple of years, they are now representing the Guardrisk Corporate department and the Guardrisk Commercial Department. So it's business units that's now in the Guardrisk space. With the key strategies, -- it then resulted on very specific focus areas, very specific tactics that we decided on very specific projects. And breaking them down into the smaller pieces allowed us to focus and focus some of our resources on the key items to produce the growth that we want in the business. I think if you look at the slide, on the next slide, I will give you the reasons why we are, in most of them, fully confident or highly confident that we are going to make the targets that were set. by the business and that was expected from us by the group. The only area where we are rated amber, and it's not because we don't have the strategy or that we're not there, but it's more because of the fast pace of change that we see in the digital area. It is critical for us to make sure that we keep up with the fast-changing pace in the business and that we make sure that we execute very focused on those strategies that we have. If we look at the next slide, I think, first of all, the targets that were set maybe 1.5 years ago when Ristow challenged us with ZAR 1 billion next year, we sort of took the challenge, but we were also not sure whether we're going to do it. But I think we are well on track. If you look at our earnings, we set ourselves earnings upper end that we want to grow with at least 15% per annum. We're well above that level with the earnings that we've put on for the quarter end March '26. Then also the underwriting margin. underwriting margin, we set ourselves a target between 9% and 11%, upper limit 11%. We're slightly above the 11%. And again, I think it talks to the nature of the Guardrisk business. Because we have this fee-based solid foundation in the cell captive part, we can be very selective in terms of our underwriting. We can pick the risk that we write. We can walk away from a marginal type of business. We can walk away if we can force and we can sustain the business with the fee part. ROE. ROE is something that we actively manage. You've seen the number of dividends that we've paid to the group over the last couple of years, and we don't have any reasons to foresee that it will not change. I think one of the significant parts of the Guardrisk business is we've never asked for additional capital. Even the acquisitions that we've done over the last couple of years, we funded it out of Guardrisk own generated profits. Directors' value, we have set ourselves a target that we want to grow the Guardrisk directors' value with at least 25% over the 3 years. I think we're currently standing on 28%. So we're well on track to do that. Our BEE certificate, I think operating in a corporate market, operating in the self-captive market, you need to be aware of this. And for Guardrisk Insurance, we did some research with our clients. They indicated the Level 3 is what they expect. So we put that as a target. And we're now actively managing the Guardrisk business to maintain a Level 3 should the day come that we are not permitted to use the Momentum exemption and be part of the Momentum Group's BEE rating. Geographical expansion, I'll talk about India in a second in terms of the progress that we're making there. What have we done over the last couple of months to sustain the growth in the Guardrisk business. And I think this is one where I really need to commentate the Guardrisk Life business. They lost one of their biggest clients. Everybody was asking us what's going to be the impact of the loss of that one big client. And I think it is -- I'm proud to say that the Guardrisk Life team actually managed to build a client base built on an existing client base with additional products and bring new clients and mine the new clients to the extent that we haven't really seen a blip on the Guardrisk Life performance with the loss of that single big client. Currently, we don't have a single big client where we are so dependent on it from a revenue point of view. So that also talks to it. Underwriting opportunities, Richard and the team on the non-life side, on the underwriting side, they continue to look for opportunities. They continue to look for opportunities in our existing client base to see where we can share risk and where we can participate in the risk. And with the reinsurance optimization, it will also play a significant part. Focus on alternative offerings. We have signed up our first client on the alternative offerings that we've. And why is it so exciting for us? It's because this one single client actually touched on 3 very specific strategies that we have in the business. The first one was the alternative capital model. Secondly, it's a client that brings in embedded products into our space. And thirdly, it allows us to take a little bit of the benefit of the underwriting profit in that space. Then the incorporation of the Namibia business, as I said, they're really performing above expectations. We've rolled out the Guardrisk team. They are now supporting the Namibia team with the development of new products, development in that market. And we're also strengthening the relationships with some of those corporate brokers that you have operating both in the South African and the Namibia environment. Bolt-on transactions, the ZE transaction, which was a significant transaction for the Guardrisk business. It's going well. They're performing well on the targets that we've set for them. And we've gone through a process where we fully integrated them now into the Guardrisk space, where we have a General Manager. I don't see Gerber here, but Gerber is our General Manager for the ZLife Guardrisk AMedCap business has taken over, and we are slowly taking over the responsibilities of the existing management Gardriskin the ZLife business. Areas where we maybe need to pay attention going forward and where we have seen some challenges. The first one is the digital transformation. And I'll say more about the digital transformation in a minute when I talk about AI and what we've done with the data. But for us, it is important that we make sure that we keep our foot on the the execution of our digital strategies. Suitable acquisition targets. I think where the industry is at the moment, every single person in the chain in specifically non-life insurance are currently making money. So there's not a lot of companies out there that's available for sale or where you see some consolidation. But again, we've done a transaction in Guardrisk Life, a little bit of risk sharing on the Guardrisk Life side. And what makes it so significant, it's a transaction that will add anything between 7% and 10% to the earnings of the Guardrisk Life business. And what makes it more significant is after 9 months, we've basically paid back around 60% of that acquisition. So we will continue to look for some of those acquisitions where it will move the dial. Then the India progress, slower than anticipated. Maybe from a Guardrisk point, we are impatient. Maybe we wanted to happen too fast. I think what is important for us, we have a very solid business case for the India market. We've done extensive research with a third-party consultant in that market. We've engaged with potential clients. There are real interest in the Guardrisk business model coming into the India market. We've also engaged the services of 2 very prominent legal firms in India self to tell us whether the Guardrisk business model will fit within the legislation and whether there's any changes required. And what we see from them coming out is the business model as it is, the legislation as it is accommodated. So it will be more important for us now to go back and convince the regulator. We've solidified our position with our partner, Aditya Birla in February, where they still support the initiative. They're still part of it. They're still in it with us. They arranged some of the conversations with us. And the next step now for us is really to get in front of the regulator and to have those difficult conversations with the regulator. Then digital, AI focus, a lot of focus, a lot of talk about AI. But the Gardris business sat back 18 months ago, and we said, how are we going to make a success of using AI, which is so prominent in the insurance industry. And it was very clear for us as a business that we need to get our data sorted out. We need to get a proper, proper strategy and process around our data. It's not only our own data. It's all the data coming in from the third parties that we deal that we need to deal with. So we engaged the services of international consulting firm, helping us to really formulate and set -- I almost want to say best practice data strategy for the Guardrisk business, something that will talk to our business model and that will take us to the next level where we can really build on the AI. So there's a couple of use cases. I think, Andre, 32 use cases coming out of that exercise. And we are slowly building on some of those use cases where a lot of focus is on the use of AI, using agents to replace some of the manual work that we've done previously, specifically on checking the accuracy, the completeness of the data that we have. Then also in our pricing, specifically on the catastrophe modeling, it's not only for us to get our pricing and our underwriting right, but it's also to show to the reinsurers that we know what we're doing in this space because we are a large writer of business in the corporate and commercial space. And I think we've done well with that. And then the digital reform, the focus on the new administration platform that we have in the GGI business, which will make it easier for brokers and anyone to engage with us. And then also a policy administration or an administration system in the cell captive space where previously, we were very much focused on manual work, getting the information into our system, reporting back to clients. We are working on an administration system where it will in future for our clients be able to go and have a real-time look at what their results look like, what is in there, what is in the cell and also for them to update the information that we usually have to get through manual processes. Then emerging trends that we see in the market. We all know about it. The banks, the retailers all of them with strategies coming in to sell insurance, enhancing their business profits with financial services profits looking at insurance. And I think the Guardris cell captive model is really well positioned to capitalize on that. The reasons for the cell captive model is still very much the same as what it was a couple of years ago. Easy access for someone without insurance knowledge to enter the market. There's someone else that takes care of your compliance needs, and there is an element of a scale benefit that you get coming in. So I think we are very well positioned to capitalize on that, and we need to make that work. Insurtech, fintechs, everybody developing a new platform thinks they can sell insurance. But from a Guardrisk point of view, they are upsetting our distribution channels. And again, I'm saying the Guardrisk business used to be an analog platform. It used to be a generation 1 platform business. We now need to convert ourselves into a new generation platform business. And we have a couple of partners in the fintech insurtech environment that's currently working on providing us with the right backbone to do that. International capacity coming into our market, specifically specialist lines of business in the higher end of commercial and corporate, we see that happening. It's something that we need to deal with. We see that happening every now and then in the cycle. So we are working through that and then digital development to keep the focus on the digital development for us. In closing, our focus for the next 12 months, where will the growth come from? First of all, the underwriting portion. broker relationships, critical for us to get that right. Also collaboration in the group, Momentum Consult, consult by momentum. We are going to enter into agreements with them to see if we can enhance the relationships, enhance that collaboration and build a proper business around that relationship. Data analytics and pricing, key for us, key for us to focus on that. We've employed the right people, we'll get it right. Reinsurance optimization. It's not so much only our own reinsurance. We're probably one of the biggest buyers of reinsurance in the market, but it's also to see whether we can participate sometimes on some of the structures, maybe a 2%, a 5% line on some of the larger corporate that exist. And then risk participation opportunities. I've always said that we're in a very unique position to cherry pick the good risks in the market. Revenue diversification, alternative capital solutions. We've got the one client on the books. It's now for us to roll that out and get the word out there that we have an alternative solution. New products, alternative distribution channels, new products, not so much new products with new clients, but also new products with existing clients, mine the existing client book, see if you can increase the share of premium that we take. And then the international expansion, India is still there. Digital modernization, definitely, for us, greater focus on the execution. We're bringing in some additional resources, senior resources to help us with the execution in that space. I think it's going to take us to the next level. It will keep us up to date with what is happening and then also the utilization of AI in this process, and we're working closely with Ravi and the team to see to where we can do that. Our right to win set for having a very dedicated specialist team of people in the Guardrisk business that really focus on a couple of items that will make this business grow. First of all, we need to reinforce and enhance the cell captive value proposition. We are, by far, the leader in the market, but it should not make you complacent. You should continue to reinvent yourself. You should continue to bring something more to the table. The alternative capital solutions, extended product offerings in the market and then the selected risk participation and risk taking key for the Guardrisk business right to win and then a deliberate focus on some of the digital automation and the AI that we have. I'm confident that we have a team, a very dedicated team of people in the Guardrisk business that can take this business from good to great, and that's what we're aiming for. Thank you.

A privilege to be part of a business like this that has such a meaningful impact on its clients and its shareholders to. So it's a real privilege to be here and share a bit about our business with you. And thank you for spending your time with us and your interest in our business. We really appreciate that as well. I normally have water because my mouth gets dried, not aging stressing. So please bear with me if it does go that way. Actually, before I go there, let me just start because I know there's probably interest. I'm sorry, my are falling off and this thing is heavy. I don't know. I spoke to Margaret this morning about the problem. So yes, before we start, perhaps because I assume there's interest on NHI and the impact on the industry and perhaps just a quick thought on that. And I'm saying it with huge respect to the need of society to have access to health. I really -- we really have huge respect. I mean our purpose is more health for more people for less, which speaks to that. But also we know that -- and I hope you know that we've in the past did say that we do not agree with the method and the model that was suggested or is still suggested in the NHI Act. There's so many flaws in that even a child of probably Grade 1 can see it. And I'm very comfortable. Lon, I don't know who of you me are the most gray. But I think there's grayness in what's happening out in the industry and the efforts have been made at conceptual model, legal level by the private industry to, I think, to get to a stage where for now, we can probably all be comfortable that the private health industry will continue to participate and contribute meaningfully in the South African society and perhaps even into the public sector where public sector is struggling. So I'm not going to say anything on it. We've decided to move on, focus on business and do what is necessary. Now with that being said, just a recap, and this is the trend that you'll see in the whole discussion. The top one there, just as an overall trend, very comfortable that our wealth business is positively tracking our F '27 target strategy. We are really, really happy that what we see happening in the business is aligned to what we promised -- it also speaks to what's happening with our earnings. And what is the lightful that what we saw 3 years ago and promised the business and the market, when you execute it well and it plays out into the commercial picture the way it is playing out, then it's actually just comforting to experience it as we got it right, both the problem and the plan and the execution of the plan, and we're very comfortable with that. There are 3 areas which you'll again see through the presentation, which is worth noting. And the first one is growth in the Momentum branded segment space is a challenge. We admit that we're not getting to the volumes that we thought and that we targeted to get. The industry is not growing. market is tough. single big competitor. I'm not blaming or being a victim, not at all, but it is stuff out there. None of the players are playing in are growing net growth in the middle and higher income market. It's a tough space. So we're not getting to those targets. But in the middle, lower and low-income market, we're doing exceptionally well because there is a new need. It's not churn business to move around, et cetera, et cetera. But our desire is not just to be a low-income provider with a momentum brand. We really want to play in the whole market. Then the second one, multiply and all of you know, we did put some fantastic targets because that's who we are. And we're not getting to the volume targets yet. And predominantly, perhaps I think when we exited multiply as a group for a group product, there was quite a lot of noise in channel and advice channel. And it took us time just to settle the credibility in the advice. It's the same channel that gives us health business. So there was that, and I think we swam that journey fairly well. We redefined the value proposition, and it takes time and again to settle that into the client base in the advice space, but I think we're good there. Servicing from a digital point of view, still a bit of challenges, but we're also getting there. In the last few months, we actually saw a sensible pickup in the numbers, which gives me confidence that we saw the problem right, we have the right plan to fix, and we're getting there. So multiply a bit behind, but we also have 2 or 3 good bulk opportunities now that will help us with volumes and give us the product to scale so that we can get the expense base to be justifiable in the commercials. Then I think all of you know it, and I saw some articles even today in the Burger, interesting articles on this. We are very, very delighted with the Bonitas takeout. And you've seen it, I think Jeanette shared it also in our quarterly update, but it did to our business as an administrator. It really added to our market share. But it also -- the thing that really excites us is the opportunities that it will create for us in the open market. So we're excited. We switched the light switch last yesterday, 1 minute past 12 Monday morning. And it is a huge take on. It's new systems, new people, really data. And then everything is going according to plan. And we can almost say this. We knew it, we did this, we knew this. And then one thing happened. And you know just for your understanding, when Bonitas decided on the RFP, I hope one day before I die, we'll get out of RFP stuff in this industry. But in any case, we got the Aman contract. I don't know how well you guys know the industry, but we -- membership billing claims, call center, that stuff. And PHA, a competitor in Durin got the managed care contract. Now managed care is where you touch the industry. You know the pre-off and the medicine management and stuff like that. And perfect. We work beautifully together data integration done, et cetera, et cetera. And as I don't know, as somebody wants yesterday, the PHA telephone system didn't work. Now in a minute that, that happens, especially in the benefit consumption space, it's chaos. And by fluke, our brand makes us famous and everybody with a problem called our call center. So our call center yesterday received some 9,000 calls -- we had some 4,000 e-mails and thousands of WhatsApp web chat stuff. So it was quite an interesting day to get through. Some of it has been solved this morning by PHA, but there's still noise in the space. And the previous administrator is now sharing with members that will call them just call momentum. So I actually think our momentum call center there in front that they're also getting calls. So because it's our brand that attract -- because we create safety and comfort for people there. So it's wild a little bit out there. It's noisy. But today is better than yesterday and tomorrow will be better than today because we know what the issues are and everybody is working together to solve it. But in short, we're very, very, very happy with Monitas take on, and it will be -- have a substantial impact on our business going into the future. Progress update. I've actually said it now already, but you can see there, and I'm color blind, but I can read. The majority are highly confident, 1 or 2 reasonably and you will see that reasonable one, that's the channel stuff, et cetera, et cetera. And then the one that's coming through right through. And remember, that was something we promised the market that we're going to move all our clients to one system to get the efficiencies of one system. But it's quite a thing. The pipeline was heavy. And then we got Bonitas as a client and then that internal priority has been reprioritized. So some of the stuff in the business was reprioritized because of the Bonitas opportunity. But we're happy. We understand why. We know when it will happen now, and it will deliver on the goods when we get there. High level, and you'll be surprised if the themes repeat itself. What we achieved over the last year, that first point you all know of the Woolworths take on, which really was a humbling experience for us, we were able with my partner, Dumo on the corporate side to create enough -- can I call it money? -- plus money, Do, so that they could afford health cover for 22,000, I wanted to say millions, 22,000 employed and uninsured people in the space. 22,000 employees in Woolworths now have access to health, which in the past didn't have. It was absolutely -- I used a terrible word the previous time. I won't do it again, Jan, but it was humbling goosebump stuff. And if you walk into a Woolworths and you speak to the people, it is absolutely fantastic. So it was absolutely fantastic. What is more important of that is that as a group, we saw what is possible in the employer market by combining health and employee benefits. It's immense the value that we can unlock. And that capability is something that we're really excited about, and we're speaking to more clients, and we're definitely seeing that we can make a difference for even more people into the future. Then GEMS and all of you who have been here in the past, we've always been on that thing and Ali is luckier that GEMS is on tender, it's the bulk of your business. What's going to happen if you don't get the tender. I'm going to die, I'm going to die, I'm going to die. But this year, we celebrated 20 years relationship with GEMS. We also renewed the contract for another at least 5 years. And all of those 2 things are necessarily great for sustainability into the future. But Oli and team working very hard and positively on changing the model into a more sustainable relationship for both parties, which will help us to get past these ups and downs and emotional stuff. So fantastic achievement. Oli, thank you that new year is something to celebrate for us as a business. Then News24, 2 years in a row, we received the Health Solution Business of the Year in the industry. Now if you put that into context, remember, we Momentum, Health, Health for M combinedly, 400,000 families, 800,000 beneficiaries. If you compare that with the big players, it's minute -- it's like your late son coming in and asking for food of the old family is already in. So now in that context, to be able to get an award like that in the industry from a credible outside party was absolutely fantastic and then twice in a row. So we're very jupped with that. But again, not with the glamor of the award, but with the certainty of the content that we take to the market, which is acknowledged by the market at large. So well done to the business, and it's a fantastic space to be. Then our partnership with Bonitas already spoke to that. But remember, there for us, it's not about getting another open scheme to administer. We don't want to be in that trap. Two open schemes in administration business doesn't work. So we really see synergies into the open market with that partnership so that we can actually step up and create relevant competition into an over congested industry. And then the last point there, I said it earlier, very strong earnings on track for our F '27 target as well. And we are comfortable that we will get there. You can guess what we said the previous time. I may not say it, but it will give us an average of 27% annual growth rate for the 3 years, which is absolutely stunning for us as a business to achieve something like that. Experience challenge, organic growth in the open market. It is the one thing that we need to solve. It's a difficult nut to crack. Multiply, we're busy with that, and I'm happy we'll sort that one out. And then the reprioritization of some plans because of the Bonitas thing, which we just postponed some stuff, which will then slow down the expense base reductions that we promised to you. But all in all, good, perhaps on the right-hand side bottom. We are very excited about our progress into international markets. And I think Lulama shared some of the Africa countries we're now also supporting. And then following the success of India, we're starting to look at alternative international regions. And hopefully, in 6 months or a year from now, we can delight you with an absolutely fantastic new opportunity that we will bring to our business. Digital is something that everybody speaks about and it's probably something that's here to stay or not, probably it is something that's here to stay in digital and AI. And as a health business, I think we're a little bit spoiled because we were forced by the way that the industry work to be on top of data and data definitions and digital efficiencies for many, many, many years. And as we stand here today, I think Jeanette shared this morning that including the Bonitas business, we will now be paying -- I'm sorry for this. We will now be paying -- receiving, processing and paying claims in more than ZAR 100 billion per year. And we do it -- we do it real time, ZAR 270 million per day every day of the year. It's a lot of transactions going through the system. Now with that, that is not possible if you don't do it with good technology. It's just not possible. Both from an accuracy point of view, you can think if you get the accuracy wrong with 1%, ZAR 1 billion. So we can't afford to get it wrong. So we need to get as much as possible of that through the systems. Now we currently receive, process and paid 98.5% of that ZAR 100 billion. 98.5%. Now you've listened to the guys in the rest of the business is trying to get to 60% because they get paper claims and it's complex and stuff. Now It's impossible for us to run a health business if you don't do 98% or 99%. Now we've been forced by the industry when the industry is standardized on codes, both diagnostic codes, treatment codes and tariff codes, which is all linked. So if somebody send that to you electronically, you assess and you pay, which helps us a lot. Now with that said, we have huge lots of data, and we have well standardized data. The quality of data is good. Now when you have that, then you can play with AI. And we've been investing in digital and AI for some time. Three things I want to share with you today. The one is member self-servicing, so our [indiscernible] product. 70% of all clients engage digitally with everything. They don't pick up a phone, nothing, digital engagement, which is absolutely phenomenal. And then Hello Doctor, I'll show you a graph on that, how we see Hello Doctor. Remember, that's our virtual provision technology where members engage virtually with a [ GP ]. And we've now included AI technology that they don't even engage with a doctor. It's a machine that do the diagnosis and close the loop and i'll show you something there. Then on multiply, there's something out there. If the food and the stuff is not good enough, just go and have a look for yourself. It's really great where we use technology for you to assess your health status and it gives you a score, a healthy heart score, which we call and that converts into what we call an active day or whatever. And you actually get some incentives for that to keep you nudging into the right direction. So it's really great. You could either do a face thing or a finger thing and you kind of know that you -- fine or you're not fine. So it's really great, go and have a look. What's coming next before or by September, at least, improving also the ease of doing business for advisers with proper AI technology. And then [ Health Buddy ] that [indiscernible], that's the thing that I really like. We're building this fantastic app with AI, which will be in every client's pocket. There's 4.5 million clients out there now, which will help them understand their situation with regards to their health real time on that spot and help them navigate their plan benefits and access to the right providers. So fantastic, we're doing it with hospitals and pharmacies so that we get a comprehensive view of the different clients into the app, which will be on the phone of all our clients. So that's digital. High level, but I'm going to show you 1 or 2 graphs. This is the Health4Me graph, and you'll see the top line, 70% of Health4Me clients engage digitally. And then what is important there because of that, we've increased the member base with 39%, the client base without increasing cost. So we've been able to execute the product at a lower cost and increase client experience satisfaction. So digital, the things that we hear focus on efficiency and focus on client experience. There is an example, that it's really working. Doctor, Hello Doctor triaging. I've already shared a lot of it. The thing here that excites us is that AI triaging, where a client engages with the technology through digital triaging and 19% of all engagement where the client thought they need to see a doctor, is closed by AI triaging. And it's early days, I don't want to tell the story again about the aviation thing. But one day, we'll see more of this coming through in society when there's a bit more credibility that comes through. And again, here, we've been able to reduce cost, increase quality of outcomes and improve client experience. Then this one, please go and have a look outside it is really like -- and then emerging trends. There are so many things in the industry that we can say about emerging trends, digital, whatever it may be. But the one thing that excites us is that the industry have this underlying trend now to consolidate. Now remember, this graph is the graph I think that Jeanette used to show our growth in [ market share ]. And we're really excited about that. Now we -- on the -- with the momentum at the bottom. And we -- with the Bonitas take on, we improved our administration market share to 30% of the market. And just for interesting, when we sold Discovery to [ RMB ] to be listed, we started in 2003 with 0% market share, in a nongrowing stagnant, highly competitive, mature industry. So we grew from 0% market share to [ 50 ]% market share as an administrator, and we reach with that. But the thing that really excites us, there's a consolidation thing happening in the industry on two levels. Both administration level because there's serious cost pressure, and you will see on the right-hand side, the other expense pressures for the costly technology, is pushing people. But there's also in the risk pool space, starting to be pressure around sustainability of risk pools to be relevant in a very competitive market with a very strong monopolistic player. So very interesting. And hopefully, in the few months or so, we can share some exciting news around that. In closing, you can think for yourself, I don't want to duplicate. Three things for us for the next 12 months. Bonitas implementation and optimize service levels. We're currently swimming. We knew it was coming. We know what to do to solve it, but it's going to keep us busy for the next 3, 4 weeks to make sure that the client base settles well. Key priority for us. Once that is sorted, to continue with our health One Health optimization, which we promised the market, the migration of the other big clients, Momentum Health and Health4Me to a single platform so that we can get the scale and the efficiencies that we promised the market and then get out in the open market. What we do know is that retail growth in the open market. Will not make us champions. It's not going to happen. It's just not going to grow as to -- currently, our open market share is 3.1%. 3.1% market share. You just don't have enough margin to throw behind what is necessary to grow market share. But we continue to do what is right for channels, both [indiscernible] channel partnerships, build the right technology, make it easy, et cetera, et cetera, a big focus. Second thing, collaboration with Dumo from an employee benefit point of view, and we know there's growth opportunities in that integrated value proposition. And there's also other employee benefit players in the market who doesn't have Health and would like us to partner with them, so that they can also protect their employee benefit books, which is really exciting to us. And then that third one, seeking amalgamation opportunities at scale. We need to get our open market business to north of 15% of open market share so that we can have scale in the different discussions, right, from Marketing and Branding to Advice to Purchasing so that we can actually compete properly in that market, and we will do so. So those are the key focuses for the next 12 months. And our right to win, exactly what we said the previous time, better health outcomes, our collaboration with employee benefits, winning with sustainable offers or solutions and our ability to execute client delight, where we will invest more and more and more in technology to make our clients truly happy with the experience that they have. And that's our story. 11 seconds.

You can join me on the couch Lourens and Brand. While they're coming up, just to remind everyone in the audience and online that our speakers may stray to give an immediate 12-month outlook as they give a sense of their progress towards meeting the impact targets. When this is done based on several assumptions, primarily the continuation of the trajectory of the markets and their performance, economic and demographic experience and successful execution of our strategic initiatives. There are assumed to be no material adverse changes to regulation, tax or macroeconomic conditions. Brand, you started off announcing that you've now opened a new channel, [indiscernible] . Now like you, I'd also be nervous. You win the business if you've underpriced and you don't get any business if you've overpriced. So it is a tricky game. Can you give us a sense of how you play that pricing game tactically and what you've learned about your pricing through that engagement?

Thanks, Rowan. That's a difficult question. We're 3 weeks in, but we're learning rapidly. So maybe I suppose the first point is aggregators globally are a trend that we believe is there to stay. Many insurers in our country have kicked against it for a long time, but that dam wall broke many years ago. We are the 13th insurer on that platform. I think if one thinks about the future and you think about the role that AI will play in how people will seek advice and price comparison, engaging in an aggregator is a good test case to sort of flex one strategic muscle to learn there. So for us, there's more than just the immediate lead benefit. There's also a strategic learning that will happen over time. So we will stay very disciplined in terms of our pricing. So no red hanger sale days just to win the business. So when we did the business case, we had certain assumptions around our success rate. So the percentage again of quotes that will be converted to sales. We had a fair view of how many of the quote opportunities we will at least rank in the top 3. We had an assumption set around average premium values. So our experience to date has been that from a quote opportunity point of view, we are performing more or less what we -- where we intended. What is interesting is that where we rank in the top 3, we are being clicked through, so where clients choose us less or lower than what we initially anticipated. So we're trying to figure out exactly what that is. Is it a brand story? Is it a value proposition story? Is it a speed story in the way that we get information back to those consumers. So there's lessons to be learned there. We can see that we are competitive on lower value premium quotes and less competitive on higher value premium quotes. We believe it has to do with the excess and the way that some of our competitors change excesses to get to lower premium. So there's a lesson for us there. Again, back to my earlier analogy, when we get to quote, we are very successful. We -- I think we convert more than 2/3 of the quotes that we actually do in the [indiscernible] channel. So again, price competitiveness in that sense isn't a problem, but it's not as a result of us having to discount it in any way. Our pricing capability will allow us to, I suppose, learn lessons around price elasticity in that channel. And over time, the actuarial team will implement that. So it's been a valuable learning curve for us, but it's very early days, but we remain extremely excited about the opportunity that it presents to us.

Lourens, two questions have come in for you. One from Adrian, just sort of saying, please, can you provide detail on the demand and pipeline for new sales? Are there any macroeconomic or other factors that increase or decrease the demand? And then Daniel asks, could you give more color on the alternative funding models for sales?

I think the first one on the pipeline of potential new sales. The guys made a comment the other day, it's probably the best pipeline that they've seen in 18-months that we have on the books now. And I don't so much think it's economic factors, but it's the change that you see taking place in the industry. I mentioned about retailers looking at opportunities. You're looking at fintechs and insurtechs looking at opportunities to enter the insurance space. And the sale-captive model is a very efficient way of doing that. If you talk to our alternative capital models, it is a model where we take more underwriting risk. We share in a much bigger part of the underwriting risk with the client, which means your selection is a much more stricter process that you follow, but it's built around that. It is models that you already see in the market. We are just coming up with a slightly deviated version of what you already see in the market. But the main focus is on more risk taking and over time, starting to share risk back to the client.

Let's talk about the financing models?

Say that again?

Like the premium financing options, how you best track to different models?

Yes. Well, premium financing has always been there. It's a supplementary business to the Guardrisk business. The premium financing is more -- it's very prevalent in the space where you have large corporate risks, large corporate premiums that need to be paid, where people would go for an annual premium, but they don't have the cash flow to pay that on a monthly basis, and that's where premium finance come in. And very low-risk business because we only do business where it is cancelable and refundable, which means if the client stops paying back the premium or the finance agreement, the policy is canceled and the premium pro rata paid back.

You touched on your industry. You've had a tough time with a lot of noise around NHI. You've got an open scheme market that's sort of reducing in size, corporate schemes that aren't opening up anymore. How do you manage a business in this regulatory uncertainty? And how do you position it for future growth?

I thought I said it. Yes, Rowan, without a doubt, I mean, business success is about sustainable margin positive growth. Now what we're currently getting right is to get growth in the low-income market. And we're very, very happy that we're actually getting it right, because we're making a difference in the lives of people who struggle to afford life. So that's absolutely fantastic. But the margins are not high there. It's thin, thin margins. In that middle and higher income market in the open scheme space is exceptionally tough. I mean but everybody is having that problem. And to be fair, if you look at the larger open schemes, nobody is growing market share. It's almost a fight for profile, for sustainability. People are happy to let go of bad risk, if somebody else makes a mistake with rich benefits at a low price, then move there. But there's no market share growth. Now our challenge is at 3.1% of the open market, you just don't have enough margin to fund growth properly, right through the value chain from marketing and branding and advice to be able to take that 3.1% to what I think from an economic point of view, we probably need 15% in a market like this to be able to show a little bit of stuff. So it's tough. The one thing, as I said, is in partnership with my partner here from an employee benefits point of view. There's no doubt because the value proposition is different and we can go find and the employer can save in places and the synergies. So I'm bullish that, that can happen. And then with the last thing -- not the last thing, but the huge opportunity at this stage out there is because of the majority of the licenses, struggling to be sustainable because of the lack of margin positive growth. There is a consolidation energy in the industry. Now the nice thing is that consolidation energy at this stage speaking to us and not to other players. So when we can bring that together, and I do think that we can, we can be very close to 15%, 20% of the market share. And then when we speak, we visit the adviser and we have a cup of coffee, at least you get a rusk as well. You're not only getting coffee.

Are there any questions from the audience? Question from Mike.

Can you hear me?

Yes.

Mike Chirstelis, at UBS again. One question for each of you, I think, Brand, firstly, it looks to me like you've got a bit of a volume problem when it looks like your claims ratio is fantastic. The expense ratio clearly has some challenges in it. Can you maybe give us a split of fixed versus variable costs in your cost base and how much that sort of shrinking the top line has hurt you over the last 3 years?

I don't have an exact number, Michael, but the fixed bit is far better than or more than half where you can give me a odd. 70%. Mike.

70 fixed?

Yes, 70% fixed. Because we've done quite a lot actually in the operational environment to optimize and drive productivity. The mix of our staff complement has shifted where the majority are now back-office staff and that expensive resources, which doesn't scale significantly with volume reducing. So that's a thing that we need to address. But again, as I said earlier, the expense challenge in the business partially self-inflicted on the acquisition side of the equation because we've invested in growth. We've spent 31% more on marketing. It's a sizable increase for us. And our direct expenses and the remuneration expenses are flat or reducing. Headcount has reduced. We haven't appointed a claims or a service person probably in the last 2 years. We have a headcount free. So we are making progress. Volume is obviously the solution. We won't be able to shrink ourselves to greatness in infinity. We probably need to make about 25% more sales than what we currently do to start changing the lapse into a positive client growth sort of story. Now in the direct channel, we are already there. In the Agency and IFA channels, we are not. So we need to do more in the direct channel because that's where the opportunity in Retail Insurance sits for us given the capabilities we have. We think that we can be successful to compensate for the areas where we may struggle a bit. And I think the area where we will struggle the most to catch up to our own ambition is in the tied agency environment. It's a tough place, and we've made really fundamental changes, as I explained a little bit earlier. So the recovery may take a little bit longer. We think that we are playing underneath or below our market share in the broker environment. We are part of the group that's really the champion of independent financial advice in our industry. So there are many opportunities if we can change the business model friction that existed in the past for us to extend in the last I would say, 6 or 9 months, we've had more large corporate brokers approach us to add Momentum Insure to its panel off the back of price competitiveness, great service than what I've had in the previous 5 years combined. So once we can fix the technology component, which control gives us, we really think that there's an opportunity to see quite significant growth in that channel, which will address the volume thing and it will also address cost to serve in the IFA channel. So we hope that, that cost-to-income ratio in that channel can then get to below the 40% mark at a minimum. The direct channel is already doing better than most of the large direct insurers barring perhaps the green and purple one. We're a mid- to low 30s business there where the others are closer to 40%. So the challenge isn't really there, and that's why we want to to scale it. So I hope that's given you a bit of a sense of how we're thinking about it and where the challenges lie.

Yes, it helps. Hannes, maybe a quick one for you on Bonitas. Clearly, it sounds like the integration with the [indiscernible] has gone well. Can you give us any sense of what the membership of Bonitas has done since the announcement of the move? I'm just trying to get a sense, have they seen maybe a pickup in clients moving away from them?

We haven't seen any move away from Bonitas before yesterday. And it was -- I think we must accept that it was fairly stable until, let's say, Sunday night. There was a bit of noise last week because they rolled forward pre- and medicine management the week before, which sits with [indiscernible], but not huge noise. So we haven't seen any loss. As a matter of fact, Bonitas has continued to show growth in the lower income market, and they have exactly the same problem with us, growing the lower income market and struggling in the middle and the higher income market. Now yesterday, there was proper noise, and we kind of expected it, but now for the telephone problem that we had. But I'm confident that the channel behind Bonitas is almost like a tight agency channel with people who are really loyal to the purpose of Bonitas solving for clients. And we should be able to to manage this in the right way without loss. So we're bullish that we will be able to get that, and we haven't seen any losses up to now.

Great. And Lourens, last one for you. I mean it strikes me that your business is in really good shape. Your competitors are growing nicely as well. I don't quite know what is a bad year for Guardrisk. What keeps you up at night other than maybe credit risk in some of your cell owners? What defines a bad risk well-diversified cell captive insurer like yourself?

That's a good question. What is a bad year? I really think a bad year will be one -- I can tell you a challenging year. A challenging year is when you get concentration in a particular client and that client then decides to get their own license because that's one of the risks in the Guardrisk business. That's a challenging year. But like I said in the presentation, the Guardrisk Life guys just dug in there. They made plans, and they actually replaced a significant portion of fee revenue in a 2, 3-year period. A bad year will probably be where you lose a significant client. And fortunately, we don't have that overexposure or concentration into one single client anymore. Yes. Listen, we closed the # 2 sale that we opened 30 years ago last week, which was one of the almost a sentimental close of a sale, but yes.

Any other questions in the room? One online, Brand, an interesting one. Some of your competitors have expanded internationally. Is that something that you've considered?

Not at the moment. So I think we're comfortable that there's still enough runway in our market. There's capabilities that we can strengthen. And I think should we come to that point where the runway looks less than what is appetite and one can consider it, but it's not part of our plans at present, no. There aren't too many success stories of South African short-term insurers expanding internationally. I think there's only one. So...

Yes. We looked at the Indian market for general insurance, it's not an option.

Right. Any more questions? We're going to have a quick leg stretch now. Let's try and do it in 10 minutes. And there still are the activation stands. At the back of your agenda is a list of the activation. So please tick them off and make sure that you see everyone. And they will also be there for the drinks after the session at sort of. So if you can be back here at quarter 2, that would be great. Thanks very much. [Break]

Good afternoon, everybody. I trust you had a good -- by the look of all the snacks. You clearly had a good coffee break. It is my pleasure to talk to you today about the new Momentum Life portfolio and give you feedback on that. So give me one moment just to thank Jeanette for entrusting this portfolio to me. Thanks to my group [indiscernible] colleagues or new colleagues. Thank you for the warm welcome. And new ones who worked with you for very long. Obviously, a very talented individual, but your energy, enthusiasm and passion is absolutely contagious. So I just want to say thank you. The business will continue [ Johan ] with that sort of mindset. So back to today, I will skip through the recap. It is in the pack. I'll go straight to the strategy update, but thought useful just to give you a sense of what this Momentum Life portfolio looks like. product businesses, the business I looked after, the Myriad, the protection business, Investor, which is the recurring savings business; Merge, which is our product management and administration business, the one that took care of the migration. Philip D [indiscernible], you look a little bit better this year, I guess, compared to last year, but you pull off last year's in the audience and then the Trust business, which pretty much says what it is. It's our Trust Administration, the state administration and also our [indiscernible] business. I have one of my team members here who look after our digital my -- Myriad digital team. That's also within my team, but not a product business per se. I guess my story really today is about impact and real deliberate steps forward in the impact strategy for this business. I will start with Myriad. Now Myriad business really is about three key aspects. We continue to strengthen our partnerships with our sales channels with Advice and Distribution business, Johan's business, whether it is the MFP business, footprint in MFP business or in MDS. Secondly, we aggressively try and build direct-to-client business. And then lastly, we need to build service and propositions for our advisers in the way of great product propositions and innovation from an on-boarding perspective. Those are the three key levers for growth in the Myriad portfolio. And over the last year, we've built a lot of capability to [indiscernible] or strengthen the long-term competitiveness of this business. Actually, the slide sort of said attained market-leading position in underwriting innovation, we changed it because for the second year, we are really seen as market leaders from an ease of doing business and underwriting perspective. How that's derived is NMG speak to a lot of -- many of the risk advisers in the market and they ask them who do they see as the top from an ease of business perspective and underwriting perspective. And we're very happy with sort of cementing the top 1 and 2 spots in those 2 categories. We are a big player in large business assurance deals. We have a great underwriting capability. And in partnership with our channels, that's something which we really sort of thrive in. We, for the second year, completed our Life returns reassessment, and I'll speak a lot about life returns today. But towards the end of March, we completed just over 24,000 client reassessments. And what's amazing about it is it's done with mobile technology. Clients do it in the comfort of their own homes. They get a health assessment. They also do fitness assessment. So it's convenient and it's absolutely free to clients. And there are many reasons why this capability almost forms the backbone of the risk strategy, and I'll talk about that a little bit later on. In the Life Returns sort of construct still, a couple of weeks ago, we launched a significant enhancement in this proposition. We increased the discount certainty because in a model where there's discounts and discounts are evaluated, there will be concerns around certainty. We made massive improvements in the discount certainty to clients and also the ease of use of the reassessment process. So that was a big change for us, not just an enhancement in the proposition, but also our sort of a show of confidence from our business that this is a proposition that remains key to the Myriad business plan. I hope by now, you've all had a chance to look at the Momentum Estate Plan stall outside. Peter, I don't have the marketing flare that you had in slides in energy, I once at a point of time used to be called the marketing actually, which is a terrible oxymoron, minus for me and you grew up in the free state, oxymoron words that don't work together well, like a humble fly off or a fast prop or for the golfers in the room, maybe a quick [indiscernible] or a quick round of golf, those things. So I'll give it my best go. I think this product is an attempt to broaden risk business in the market to a broader audience of risk advisers. And why I say that, why this proposition does it is every single client needs an estate plan and needs what this product offers. And if it's more relevant to a broader base of clients, it's more relevant to a broader group of advisers, whether you're a general practitioner, a risk specialist or an investment specialist. So really an attempt to broaden risk sales out there. Now the product is very comprehensive. It does the basics, gives you cost of lining up your estate, extra liquidity, but it goes so much further and also indemnifies capital gains tax and also state duty upon your debt. To add a further cherry on top of this cake is that on death of the insured life, the cover transferred free of underwriting and premiums to the surviving spouse because as most of you will know, if you [indiscernible] assets to your spouse, capital gains tax and the state duty is only payable on the death of the second to die. So this product really does all of that in one solution. So yes, there is a market player out there in this space, but this proposition from a comprehensiveness point of view and given our access to advisers in the market is a real winner, we believe. [indiscernible], I think, is in the business. We -- in the audience, we grew direct-to-client sales by 32% year-on-year. So that business is really tracking well. And also glad to report that even the quality metrics in this business also in line with assumptions. Yes, we would have wanted to get -- to have a slightly higher market share at this stage from an MDS perspective and also slightly lagging from an MFP footprint perspective. I'm not too concerned given what Johan will share a little bit later in what the MFP game plan is and also how we're tweaking the MDS distribution model. Add to that the new Life Returns proposition, I'm confident we're going to have a positive outcome towards the end of this financial year. Investor, moving over to Investor, our recurring savings product. Now this business is really about simple and convenient savings solutions. It relies heavily on digital capability because it's a lower-margin product. So you need digital capability, both for adviser ease of use and experience, but also to support a profitable product. And Johan said last year, in this same room, he said this investor business will either go digital or they will go home. And I'm glad to report as business is still around and really has modernized extremely well over the past year. This business has now launched a complete end-to-end new business onboarding process that is fully digital. And in practical terms, this means a process that normally takes a couple of hours now all the way slashed down to under 15 minutes for case to be issued. So a great achievement for this business, but also transforming a traditional call center model into more self-service service model to also improve efficiency in this business. At the same time, we launched the estate plan last year, we also launched a new [ Investo ] offering, a simpler product, improved the profitability. So you put all of that together, better sales, better efficiency, and we're very happy to report that significant improvement in the VNB margin on the Investo product. This team has set very high targets for itself for themselves in terms of client experience and adviser footprint, so slightly lagging behind on those aspects, but really a business, I believe, that is in very, very good shape. Now the Merged business, This, as I said, is our product management and administration business and last year completed a migration that's called the biggest migration in the industry's history. And to date or at this date, close to 2.2 million contracts administered by the Merged business across 3 segments: Afrika, Metropolitan and Momentum. So really a business that has made a big impact in the last year. Further efficiencies were extracted. As [indiscernible] tells me, this business spent a lot of the last year on post-migration stabilization, but in the process, extracted a further ZAR 10 million of savings on top of the already ZAR 90 million recognized last year. And in a business like the merged business, you will continue to focus on product rationalization. You'll try and simplify it to make your -- to improve your efficiency. And in parallel, you will also ensure that you build robust product models to ensure that you can continuously keep track of the integrity of systems, processes and product values. And then lastly, I think [indiscernible] spoke about this achievement really setting up the Africa business for success. We contracted with an external platform vendor to really set up the Africa business from a new business perspective.Teams were created around product, operations and service, and those teams moved into the Africa business and as I said, setting them up for success. It might sound a little contradictory now, but the focus for this team will be to continuously focus on expense management. It is a book that is in runoff, and therefore, expense efficiency will be top of mind, even though we've had lots of great success already in this portfolio. Momentum Trust, I won't say too much about this business. It's the world's capability, the state administration and also trust administration and not a massive contributor to the Momentum bottom line at this point. But it forms such a crucial part of the advice process and such a crucial building block from an advice perspective. But it is inherently a product business that needs to make money. And for that reason, I'm very glad that this business forms part of the Momentum Life portfolio. So next year, the focus will be on improving commercials and making a more valuable contribution to the bottom line for the group. And an example, our the state plan is a collaboration between this business and the Myriad business that speaks to that aspect. That sort of takes care of the product businesses. Really like to focus a little bit on some of the digital and AI transformation initiatives and how they've added value in this business because I really feel like it's one of the key proof points of how this business has changed over the last 12 months. I spoke about Investo digital onboarding. But in fact, the Myriad business already has complete end-to-end digital onboarding solutions available. In other words, you can do it completely paperless. So Investo completely paperless, Myriad is the same. And the estate plan that you see outside was born a digital product. It never has had any paper processes with it. And following on from that, we will continuously try and move to a self-service model, both for client efficient client experience, obviously, but also from an efficiency perspective. Fast track underwriting. 1 out of 6 cases where clients use screening that new business space gets issued completely without traditional underwriting, no medicals -- no traditional medicals, no traditional underwriting. That doesn't mean there's no underwriting quality, it's just done by the great digital technology enabled by AI model. So it's really, I believe, the future for underwriting, and I'll speak about that a little bit more a little bit later. Let's pause a little bit on the life returns. I said I'll speak about it a bit more. To date, we have completed 130,000 screenings, whether it is at new business stage when clients are getting a discount or calculating their discount or with someone activating through a fast track process or the annual reassessment process. So it's a great example of scale. That graph doesn't have any headings on it. I'll explain it. It actually shows the reassessment on a given date towards the end of the reassessment, what we call the reassessment season at the end of March. So you'll see the last day of March, 31 March, we did more than 4,000 digital reassessments and pretty much most of them were actually in the afternoon. As one of my products actually say clients can exercise their right to procrastination, and behavioral scientists tell me that if you don't tell a client that only have 4 days to do something, they absolutely do nothing. And in the last 4 days, we assessed more than 10,000 clients, so an example of scale here and something we want to build on. And just on the reassessments and the technology, it really creates value for all stakeholders. From a Myriad perspective, we obviously need to sort of protect the integrity of a risk selection model and a discount model. But you want to do it in a simple, easy and convenient way, and that's what the reassessment screenings do. From a client perspective, you get a blood pressure reading, we test your stress levels, and we really play back valuable health insights to clients. In fact, over the last period, hundreds of clients were contacted about outlier results. And many of them engage with us, the vast majority are very comfortable to engage with us in a similar way to what Anna said. Engage with us, and we actually change what we believe their health outcomes are. We get them on treatment and change their health. You know that 50% of all heart attacks and strokes are related to high blood pressure. And when last did you check your blood pressure? So the point of the story here is if we get clients to engage in the model, we really believe that we can change health outcomes and obviously, underwriting outcomes for this portfolio. And then the last point, which almost completes that sort of triangle, the fact that the client does a reassessment gives us consent to gather data in the industry about clients, their credit score, their financial information, and we really then can package that information by using AI into an adviser proposition or what we call an AI-enabled advice proposition and effectively telling an adviser, here's your copilot. This is the next thing you can speak to your client about. Lastly, then the state plan. I spoke about the product comprehensiveness, but it's not just the product that's comprehensive and unique, it's also the onboarding solution. And typically, friction in life insurance onboarding from a risk adviser perspective lies in 3 areas. It's the advice process, how much cover do you need. It's the benefit selection process, what premium pattern do you need, what sort of benefits you select. And thirdly, now that you've gone through that, you've got to go through an underwriting process. And what's great about this solution, it packages all 3 of those aspects into one complex process, point of sale, a plan can be issued. So we're very excited about this as a new lever for growth. So maybe just a summary I would make for this slide is that I would say -- the AI agenda of digital transformation for our group is now really starting to connect client value, efficiency and adviser enablement in a much more coherent and efficient way at scale than ever before. A couple of minutes left, I'm sure there will be questions about VNB. And here, it's a real positive trajectory, and I know some of these results were also disclosed yesterday. And maybe just a story here that it wasn't without any effort here. I think a deliberate efforts to improve on our VNB values. And maybe let me touch on a couple of aspects here. Investo sales up in the single teens. So a real positive story for Investo in the new product and the sales around that. They also improved the profitability of the product. Add to that cost efficiency, not just in the product businesses of Myriad and Investo, but as you've heard today and emerge, but as you've heard today, product efficiency across the portfolio and even from an advice perspective. So those ingredients then obviously likely to give you significant improvements in VNB, as you can see on the right-hand side. I list the estate plan there, too, because although it's in its infancy, and the real ambition is for the first couple of years is to get 5% of our sales through this solution. Because of the modern platform, the sort of streamlined underwriting and the digital processes, this product is already adding to the top line VNB. So my dream would be that if all these aspects could stay the same, what we've done with Life Returns 2.0 and what Julian will explain to you a bit later that we can continue with this upward trajectory from a VNB perspective. So the summary here would be the portfolio is not standing still. We've modernized the offer, and we're introducing new levers for growth in the portfolio. So in closing, maybe -- so a couple of growth focus aspects. They'll be familiar. I've mentioned them already. From a growth perspective, we will, aggressively is the wrong word, partner with our distribution channels. You can see Johannes itching to go, you will come and paint a colorful picture of that portfolio in a couple of minutes. We will further scale direct to client sales. Our ambition is to get to a 15% number. I'm very positive we will get to that number. I've spoken about the estate plan. So because it's a slightly different product to Myriad, we'll really invest in improving the market access to this product. From a digital perspective, we've pretty much completed the full journey from an onboarding process. But advisers don't live in an onboarding journey only. They live in an advice process and then connect into an onboarding process. The key is to match these 2 and also integrate them. So that will be in the next step of our digital agenda from a process perspective. The 1 in 6 from a fast track perspective, that we aim to move to 1 out of 3. And we should be implementing a radical enhancement to that with a project we had with one of our major reinsurers from a transformation -- underwriting transformation perspective, lifting that rate, which is for us, our game plan. There are a lot of policies and cases that are simpler to underwrite. We want to make sure we can underwrite them efficiently and streamlined way, where we can focus on very complex business cases or complex insurance cases with a more personalized service in partnership with our distribution partners and our great underwriting team. We'll continue improving self-service, specifically probably in the Myriad business focusing on claims service. And then from a product leadership perspective, it's perhaps one thing to be at the top, but to defend the position of leadership in underwriting ease of business will be a real focus for my team. I've spoken about the new Life Returns offering, but I won't be surprised if the Mart team get it done to launch a product enhancement in the next 12-month period. So in conclusion, our right to win channel partnership, that's where the energy happens. That's where the game plan gets executed. We've got great digital product capabilities, whether it's onboarding, fast track, life returns and some of the self-service capabilities. So they are maturing nicely. And then the bottom line, I guess, in many ways, we've got a trusted product and service solution that is relied on by advisers to help our clients to build and protect their financial dreams, and that will remain a cornerstone of our proposition. So I thank you for that. I hope you can see that the portfolio has made progress. So what remains now following the unbundling is for us to just intensely focus on delivering great adviser and client experiences in our business. And on that note, I will hand over to Jan.

Thank you, Stephen. Good afternoon, everybody. It's my privilege to close the business unit feedback sessions this afternoon. They say you leave the best for last. I hope not to disappoint. Yes, I've got the privilege to talk about probably the most important theme and the most exciting theme in our business. That's the theme of growth, giving feedback on our progress, showcasing our progress and how we're executing the game plans of the different advice and distribution businesses in the group. Before I get there, just setting the scene a little bit. Jeanette spoke about the unbundling of the Momentum Retail portfolio. Many reasons, growth one of them. But I think one has to acknowledge that the inherent DNA of a product business is very different from the inherent DNA of an advice business, okay? And this unbundling really allows us to lift the DNA narrative around the advice game plan. So I've now handed over product responsibilities. I'm on this side of the fence. I'm looking to giving great feedback to Fady and Dumo and Stephen and Brent, for example, the product guys because what you must hear is that often speaking to the advice teams, they've got a very different picture and our product businesses should tell their stories to the market through the advice funnel. So it's 1 against 4. I hope you guys are ready. Peter, you're safe, you're metropolitan. And I've realized actually that because you've got a big agency channel buddy, you can join me. So it's 2 against 4. And then I realized this morning, Ravi, speaking about his own -- Ravi has got a burning passion and desire for the capability set that's embedded in advice technologies. So it's a great partner. So 3 against 4 really. But it's actually quite a serious point because there are not many businesses, groups in South Africa that's got strong product DNA and strong advice DNA in the same group. Add to that modern technology DNA, putting them together, great client and adviser propositions, guys, that's a team to beat in the industry. And that you should hear is actually what we're driving to deliver. I'm going to give feedback on the sales side, but we're part of a bigger ecosystem delivering on that promise. So it sounds like a broken record. I've often spoken about the import of advice-led and digital-led distribution. Now we see the themes of advice and digital connecting our world. The team that doesn't get that right in the industry doesn't -- no matter your right to win, they don't even have a right to play. Our strategies are not unique, let's be honest, it's how you interpret the game plan and how you execute on that, that really, really makes a difference. So what's sitting in my portfolio at the moment? Really 3 domains. The first one, really our IFA product distribution business or MDS, partnering with all the product businesses competing in the independent financial adviser shelf space, going to give a lot of feedback regarding their progress. The spirit of this business is about partnerships and specialization, and I'll unpack that as I go through the conversation. Next up, really investing in advice for future growth. That's the Momentum advice ecosystem, kind of a strategic cluster where we leverage advice technologies, advice cultures, commerciality. But this is really the place where we invest in our own adviser environment. Hanna shared about the health progress 30 years ago, 0% to 30%. 25 years ago, the contribution from that block to the Momentum business was 0. Currently, it's about 1/3, I would say, collectively, but that's setting us up for the future. What you should hear, therefore, is impact strategy doesn't stop when you finish, you're actually already building a base to grow in the next 10, 20 years from that. And then the digital team that connects the ecosystem, I'm not going to speak too much about them. There's one slide. Ravi already gave extensive feedback, but it really stitches together the product and channel ecosystem and how we show up in the world out there. Quick recap on the strategic ambition of MDS, our IFA product distribution. Remember, they're not in the business of giving advice, they're in the business of partnering with other independent advice businesses out there. All right. Very simple. When they say preferred business partner for IFAs, providing them with specialist knowledge, technology capabilities and making their life easier, in very simple terms, they just want to be the undisputed heavyweight in the IFA product distribution industry in South Africa across all our product lines. That is a team to beat. The tails up, and I'll share with you some of their successes later on also. Our advice ecosystem, yes, really besting the advice DNA for us as a group. What you can see there in terms of their own footprint growth, whether in consult or MFP or tied agency, very ambitious targets that we set for ourselves. Some will say these are unreasonable targets. Working with the group CEO, the theme of unreasonable is echoes in most team meetings in our group today. So that is it. But it is important that we grow our own timber in terms of those 2 specific channels going forward. You can see Consult targeting growth in in-house assets. Fredi already spoke about that. They passed that target already, Fredi. MFP wanted to double the in-house from a new business perspective. They've already exceeded that target already. So we're actually pivoting the KPI. I'll share with you that shortly also. But let's just quickly kind of catch the themes. So if you look at MDS there, really confident, we're highly confident, tails up, as I've said before. The only one that struggled a little bit is 100% digital adoption in the IFA practice space. Now why is that? I think many of the independent financial adviser practices have developed ways of work habits over many years. They deal with multiple product providers, not just Momentum. So it takes time for them to really move. But as the industry evolves, I think we're quite confident around that. Specialist BC footprint, our business consultant footprint, really partnering with those, I think, is really strong. And the key one for me, the most important one to highlight again is the incredible professional partnership. There's actually a lot of use the word creative tension maybe on creative tension. There's nothing like creative pension Jeanette to lift the tide for the whole team, that half-time locker rooms conversation, impact strategy, we just passed the half-time score. So that's really what many of the conversations currently is about. But yes, a team that I think will really do well. This is the important slide. Feedback on their progress. Now excellent growth in sales. I will show you some numbers on the next slide. I think the specialist distribution footprint was a big decision, was it 2, 3 years ago, that's really coming of age. What you will hear from me towards the end of this presentation, there's a next round of that, that we're taking to the market for very specific reasons, which I'll discuss in the next round. They've almost got different game plans within, and it's not just specialization at a product business level, also at an adviser segment level. So there are many smaller IFA practices out there that we fight for business. How do they remain sustainable and relevant in the future? So we've seeded an initiative called Momentum Adviser Partnerships, where they can procure practice management support services from us, be it compliance, be it CRM type solutions, and we help them to stay relevant and sustainable. And that's really hitting the mark at the moment. At the same time, obviously, they've got a bespoke strategy on some of the bigger IFA networks where the dynamic, the conversation with that management team is different from what you will have a smaller IFA practice. And that's also doing very well. We've seen some real market share gains there also. Consult also in that space, a nice house for IFAs that do not want to remain small and independent that want to join a bigger network. So we're closing the loop around the IFA model from that perspective. Product launches, Pat, you spoke about Momentum Wealth International opportunity to grow market share there. Stephen spoke about the new estate plan, the new Investo. I think you estimate the impact of the new Life returns model, I think that's going to really hit the mark in terms of new market share gains. But it's really great to experience the vibe when the product businesses go to market with MDS and telling our stories to financial advisers out there. Momentum Health also plugged into some of the technology platforms. I think Hannes might have mentioned that and suddenly, the health sales also doing really well within MDS. Challenges, this is a big one. It's actually been with us for 5, 6 years. We've got more than 5,000 contracts with independent financial advisers, but only about 2,200, 2,300 are deemed supporting. In other words, a minimum level of sales we get from them. We struggled to lift that level to 2,500. I'll speak about that. That's one area. Now you might ask why such great sales, you haven't grown that. I'll speak about that shortly. And then I already mentioned the digital adoption. Here are some real numbers for MDS, IFA product distribution. You can see that's for the 12 months ended 31st March. You can see some really great API outcomes, 18% growth. That is phenomenal. We're really celebrating awesome sales from this channel at the moment. It's not just in total, they also celebrate wins in every product line. So this month, I will say this is the best ever for, let's say, health or for Myriad or for investor or for investments. So it's actually a real nice narrative in this business. What I do like to show is the contribution from the bigger IFA networks. You can see around 20% CAGR, 10% in the last year, both in the insurer-sponsored advice network space, Consult will sit in there, consult is about 70% of that block, and the advice-owned network space, we've done really well over the past few years. So that's the IFA network strategy I speak about. And then you can see map there, Momentum Adviser Partnerships where we're supporting the smaller IFA practice to remain sustainable and relevant. It's only 11% of the total business, but you can see the APE growth from that specific effort. So we're very excited about the outcomes from this and that specific initiative. Okay. So let's move to Momentum Advice, where we now move from IFA product distribution into our advice businesses ecosystem. In this environment, digital adoption is kind of a moat point. And they drive the technology, the advisers use it, whether they in consult or Momentum Financial Planning, Momentum Financial Planning, in fact, is actually quite a rock star in that space. So we're not really that concerned with the digital adoption narrative. Also, I think it's important how they support the in-house solutions. The next slide will show, but really, it's a great outcome for us in that space. They have to play with our processes clearly. So that's really a nice ecosystem. And it was important to drive efficiencies in that space, specifically in Momentum Financial Planning or tied industry force. Where we're struggling a little bit is some of the richer client propositions. Now in the case of Consult as an example, they deal with 150 product providers out there that needs to connect with their platform, their CRMs, relevant product data, stitch that together with your advice narrative. So that is a battle for them. We've got the tech, but it's really in the process of landing that. And in the agency force, we're actually investing new talent quite nicely, but we've got some constraint in terms of the, let's call it, the supervision capability set we have. You can only bring so much -- so many new guys on board. If you don't have proper supervision, you actually waste your energy. So that's a bit of a natural constraint. We are fixing that, but that is a constraint. So what really excites me, talking about the successes in this advice business ecosystem, first talking to our tied agency channel, we've basically doubled agent productivity since we've introduced what we refer to as validation requirements. So those aren't sales targets, just minimum production levels for every adviser, depending on your tenure, so more seasoned adviser, the bar lifts to just almost layman's language, retain your license to be an agent of Momentum Financial Planning. Vertical integration, we stopped measuring doubling. So fairly, we now are proud to contribute to a positive net cash flows to Momentum Investments. We've still got some work to do with our existing book, but new business, I think less than 40% went into Momentum Solutions. Today, that's 70%, 80%, just to see the turnaround in the culture and the dynamic in our tied agency channel. It's a really, really, really nice story at this point in time. And then for Consult, which is kind of the more seasoned advisers, their revenue growth is actually the key thing because Consult as a business share in a portion of the advice fees and commissions that the consult adviser generate. So revenue growth actually is quite important for us. We use those monies again to run the business and invest new advisers in that specific. And [indiscernible] Global, our immigration advice businesses, I think I can just say that relative to the deal metrics, Vista, we're probably running at 10% higher in terms of the earnings outcomes. They've already contributed dividends back to the group. So it's really nice and they're getting more traction, aligning with our group capabilities. I think in [indiscernible] Consult, they've already exceeded their growth in terms of the in-house assets. And as I said, a very proud achievement in terms of digital adoption. This is the NEP slide. This is the slide that excites me most. What you can see there is the percentage of advisers in Momentum Financial Planning that meets the validation requirements increased from 35% to 65%, but that number is getting better every day. It's quite a culture shift in that business, and that fuels quite a bit of sales recovery. The graph on the top right shows you the OPE sales outcomes for agency channel 12 months ended March year-on-year, you can see things are starting to happen in that space. We're quite excited about that. From a Momentum Financial Planning perspective, it's a new operating model. It's a new management team. It's a new advice culture, new way of managing the business, all actually happened and started to come together for us, I would say, from July onwards, beginning of this financial year. And this is really important for us and Stephen also supporting your business. Brian spoke about the partnership with Momentum Financial Planning. So the new guys really focus on life business and on investments. Short term, really, we pass to the agency team in Brian's area, Momentum Insure. We really want to focus on life business and obviously, traditional investment business. So Stephen, that is the answer that you've been looking for. From a Consult perspective, I mean, you can see the key thing here, it's a revenue growth line. You would celebrate 18%. They are -- obviously, I'm giving them a different message. That's not good enough. We want at least 30%. That's what we're chasing in this business. It's really coming of age. Strong short-term insurance contingent also. Lotus also spoke about that, probably the second largest of such nature in the industry, short-term advisers, more than 100. And then wealth management, protection also in there, but you can see the growth in headcount. Quality is very important in this space because you're revenue focused. It's really important for us to get that right. And then a final thought before I close on our digital workspace. Last year, I spoke extensively about a tech platform upgrade in our Adviser space, Adviser Connect going live in March '25. I just wanted to show you before and after picture, you can see the world has changed completely. The world has also changed completely for all the product businesses in the group stitching their quotes engines and then new business onboarding into that platform. Hannes also spoke about that. I think Dumo, you also spoke about that. So that's really the new landscape for how we deal with independent financial advisers. Ravi spoke about Ask AI at the bottom. Ravi, about 20,000 queries per month at the moment. We're rolling it out to a broader adviser audience. It started as a knowledge-based AI lever. There's another layer on top of that to ensure quality. I think Momentum Insure brand is also going to use that tech now inside the Momentum Insure business. It's a great example how we're leveraging these technologies across the group. There's one left. Then I can say it is now done. One left started as a contact center modernization project, but actually a way of work. Recall Ravi's slide spoke about process and way of work. That's really a channel tech upgrade that we need to land. All the product businesses will fill with some of their way of work processes. But when that's done, I can say we've changed the company from where it was 10 years ago, decades old to a shop that runs on modern technology. That's a great achievement, guys to really get that right. And Ravi also thank you for your contribution and your support from the group digital and technology office. So what's next looking at the year that lies ahead. It is about growth. That is what this business is bed with. What you can see on the slide, and I've taken all 3 blocks, our IFA distribution shop, our agency channel momentum and consult. You can see APE growth is phenomenal. That's over the past year. One should celebrate that. That's a great outcome. What you should also see is that adviser growth lacks APE growth looking at those slides. Now the 2 blocks on the right, that's our own advice businesses, that really sets us up for the future. Now investing new agents, I think [indiscernible] will say that if you manage to invest 1 out of every 7 new to be financial advisers, you've meet the global benchmark, 1 out of 7 being that means your top quartile performer. So it's a long shot. So investing an adviser, I think, takes 5, 10 years sometimes for them to really mature and come of age. So it is a long game. But the good news is that's why we're building beyond impact strategy. That's Momentum Financial Planning. The great thing we're celebrating in this business is a phenomenal connection between Momentum Financial Planning and Consult inside the advice, let's call it a bridge. So advisers that want to become IFAs will now naturally go to Consult and not to another place. They remain in our ecosystem. That's a great outcome that we already celebrate. That job is basically done. That's quite awesome. What you should see there is the discussion on MDS, IFA distribution. In fact, that number is kind of flattish over the impact strategy period. Now how do you celebrate such phenomenal sales outcomes, but you haven't managed to grow the supporting advisers, that 2,300 number supporting IFAs. And the reason is quite simple, what specialization did for us, it went deeper, we extracted more from existing advisers, but we couldn't get to all the advisers out there. Our distribution footprint in MDS, our business consultants is smaller than most of the other competitors in the industry. By design, it means that your APE to consultant ratio is market-leading. But how do we get to all advisers. So the next game plan that we're developing, well, I've submitted the plans, looks cool. They really solved this problem is to further specialize, but at the same time, stretch that adviser footprint. To do that commercially was a challenge. They solved for that. We will launch this probably in July, latest August. The market will start seeing what NDS Specialization 2.0 looks like. And I think that's really magic for this engineer. That's where we want to be, 2-year slot to get here. That is the magic for MDS. But as you can see, the growth collectively in our advice business averaged around just 11%, 12%. So that's a good kickoff in terms of the future advice capabilities of this group. So I can conclude on our right to win. Specialization within MDS, product specialization, keep the independent, independent through Momentum adviser partnerships, focus on the bigger IFA networks, close the gap between them, strengthen your footprint. I mean one thing you can say about the Momentum team, we truly understand the needs, asks and ethos from the independent financial adviser. We've bed with their success. Their success is our success, but they vote with their feet. And hence, our support models need to change over time. We believe we've got the recipe to truly compete in this market segment. That is an important right to win. The next one I spoke about extensively, how we're investing our advice business ecosystem, the radical change in Momentum Financial Planning Agency, but also our consult plays together, sharing advice check by tech, sharing culture, sharing commerciality, getting the numbers right. We're very excited about that. That's something we never had in the group really that's growing and will take us from strength to strength. I don't want to labor Ravi the digital transformation is never over. Ravi said something that's quite profound. You don't solve connection problems, Ravi, through centralization. You solve it with discipline, execution, discipline. This is how you connect. This is how you plug into this platform. This is where you go. I think that's critical for our ecosystem. A adviser footprint growth, supporting an MDS, our FA distribution and that is probably the most difficult thing to get right. But that's the one where you invest in the long game beyond impact strategy. And that is the one where we've developed extensive adviser value proposition, systems, and I think that is something that today, completely different even from where we were a year ago, which leaves me with probably the final thought. The Momentum Group is not an integrated financial services group. We are, however, a highly connected, federated ecosystem. Our power sits in the fact that every business unit needs to develop profound muscle, competitive muscle in their specific area of expertise. And the magic in our group, our merger is how we stitch them together, how we orchestrate almost a competitive game plan in a coherent way across the ecosystem. Now if you make a good stew, if every ingredient is top-notch and you find a real way to connect them in a very special way, you've got a game plan that's hard to beat. And every day, when our business units become stronger, invest in their own capabilities and become better and stronger stitching together this ecosystem, this grounds who we are. And this is how we will show up. We believe fundamentally, that is the most important fact that will secure our right to win in industry way beyond impact strategy. This is our way, and it's really great to be part of such a team. Thank you.

Now for questions. Thanks, Sharan. Thanks, Stephen. King off with you, Stephen. Jeanette, in her question or answer to the question, what are the key drivers for 3 to 5 years is a strong agency force. Johann has set out his plan about how he's changing it and how he's confident he's going to deliver that. What does a strong agency force mean to your business in terms of its financial performance in 3 to 5 years' time?

Well, at the moment, I think from a sales perspective, I think 70%, 75% of the business actually comes from the IFA space. So I know that part of the business is possibly commercially more challenging due to the competition. We trust our game plan in there, and we know that we're going to compete on. But I guess it's been very sort of single-digit growth at best in the IFA market. And therefore, the reliance on a growing agency force is very, very important from a risk perspective, both to protect the margin, but also, I guess, to reach clients that are more accessible perhaps to an adviser in the middle end of the market. I think we've seen advisers drift more to the middle to the upper due to commercial reasons. So I think you need to have an agency force to obviously broaden client reach.

Jan, we are an advice business, and you passionately told us how that changes our DNA relative to sort of competitors. In the upper and affluent sort of space, it is very much a face-to-face model and Ravi is assisting you with building tools that assist those engagements. At what point in the far future might that change? And are we well positioned to live in a world where all of a sudden, the youngsters are starting to go a little bit more digital?

I think it's a valid question. Rowan, I think you must appreciate where we're heading. I want to say where we're heading, it's now in years to come. We've got the privilege of anchoring currently our business in the independent financial adviser space. Now what that means, there's a lot of pressure on your product businesses to be top-notch in terms of delivering competitive product, service and so on. So that really makes for great product business capability. However, when you move into the advice space, I think there are 2 games that really comes to mind. Adviser, yes, our own ecosystem, we believe that's to stay, but it's how you empower them through our technology platforms that I spoke about. In fact, I forgot to mention actually that Consult actually recently launched their own short-term insurance platform, Consult Connect, that will make it very easy for Guardrisk and for Momentum Insure to play there and compete. So that's one example. There are many others, but the platform you create and make it easier for advisers and do technology on the way to stay. But I think what's happening in the group, which is even more exciting is it's not just the MFP game plan or the consult game, you've also got the product business, and you've seen a lot of that developing strong capabilities to acquire clients directly. Some business like Stephen's business and Brun's business and health already playing there extensively. So we're heading to a space where we can stitch together that advice narrative across this ecosystem from a direct-to-client product business play into a tied adviser play. So I think in the long run, you'll find a mix between them that's quite spectacular. Now that is the dream, but we're starting to get the building blocks ready to get there. And I think that's going to be the next round. So actually, I'm not so concerned about that. You will find ways to make the advisers richer and better, but you also find better ways to connect that ecosystem with the direct-to-client space. And that evolution, so remember, if you roll back a group 5 years, the direct-to-client narrative was quite immature. That's coming through. The advice business is coming through. I mean we're still grounded in IFO, that's okay, but we're going to stitch together a Momentum Advice narrative across the direct-to-client and the own adviser ecosystem. So that's going to make that something really special and a force to be reckoned with in our ecosystem. I think it's going to put us apart from our competitors out there. And hence, the investment in advice technologies is not just to help advisers, but it's also to get into the direct client space going forward to get that right. Now I won't be around to see that, but I'll certainly hold on to my shares because I think it's going to happen and it's going to have a real positive outcome.

Thanks, Jan. Are there any questions in the room, Warwick? There are 120 people online. And so please also do feel online, if you'd like to raise a question, please put it into the chat. a, a question online. Yes, we will be reporting separately on life versus distribution, certainly in the narrative to keep you abreast of how Johan's Grand plans are supporting that share price that he's hoping for.

Warwick Bam from RMB Morgan Stanley again. Two related questions, really probably predominantly for Stephen. Just I mean, you spoke about evolving product portfolio. I mean, can you share some of the obvious product gaps that you think you have and where it evolves to from here? And then Johan, you said Life Returns 2.0 will hit the mark. Just give us a little bit more as to why you think -- what has hit the mark mean? Is it going to enhance VNB? Is it a volume growth story? What is the difference between [indiscernible].

I will answer. I'm the sales champion Stephen champion. I can say that. I think there was -- I think one of the key -- there were one little needle in life returns where the adviser market had some concerns, and that was some concerns around premium discount volatility, specifically in that, let's call it, the 10%, 20% discount level mark. And I think what Stephen and the team has done, they've really taken that. Stephen, you can say more about that discomfort out of the system. So Life returns almost speak to 2 audiences. You've got the audience that want more stability and then you've got those really smart performers out there that are comfortable where there's more health differentiation, fitness impact on the premium discount. And yes, I think just read listening to the excitement in our own distribution teams, they've blown away by the recent announcement, which went out last week, Stephen, if I'm not mistaken. So it is a natural evolution of the life return strategy, but I'm really excited about the comfort we can inject into the adviser space around the client engagement strategy. But maybe Steven, you can add.

I guess it's really about the fact that you want to have a risk selection mechanism. So you want to classify risk a little bit more accurately. -- just think about the current landscape, anything from a 22 BMI to a 35 BMI and the insurance industry gets standard rates and clients pay the same premium. So you believe inherently that those risks can be better classified. But in doing that, you create the sort of friction and the engagement fatigue that we had possibly in older models. So Life returns was setting that on a more modern path with better technology. But I guess we were ambitious around how we wanted discounts to change over time and acknowledging that there's perhaps less appetite for change and more of a demand for certainty when you're in a long-term product, not like a short-term product where everything gets changed, possibly gets changed more regularly. So the model now just takes that certainty to the next level by really for the vast majority of the clients, probably 2/3 of the clients really just need to engage with us and they get rewarded by keeping a discount. And if you're really in the top level of discounts, you have to complete the fitness assessment and that could bring some variability into it. So it's just about streamlining that, minimizing variability and creating better certainty that you can actually keep it regardless of possible health changes later on. It's about the engagement and understanding your health that we think will give us value in the underwriting world, not as much about really micro managing discount changes. And I think that's really going to be quite successful and a way for us to compete in a market that is not a price-led market. It's really still a product-led market, but you have to be within a certain price range. So just to protect our value and be competitive, it really is a great lever for us to enhance engagement and reward those lives without being just there to cherry pick the most healthy life, if that makes sense.

And just the first question on, I guess, your product portfolio at the moment and where you see that evolving?

I think maybe I'll connect it to the state plan narrative. I think in investor proposition, I think that's been a fantastic transformation for that product from a VNB perspective. And in my slides, I think there are some aspects that they think they still have a little bit of runway. And I think if in the sales world, production lifts, that will lift the investor business. They're trying to pilot propositions for freelance economy, gig economy. I think that's a narrative that you hear often in product businesses. How do you speak to a more newer generation that works in a different way to others. Actually, even Peter's product speaks to that aspect. I guess when you go to the Myriad context for us was just the product is very comprehensive and applicable to almost all clients who can speak to an adviser. But when you look at our broad contract range with advisers and how many of them actually support risk business, our challenge was really to say, can we get more advisers to do risk business by providing a simpler solution, both from an advice perspective, onboarding and benefit selection. So I think our answer to that would be to say, okay, we think we can broaden applications of risk products for a broader range by introducing something that is universally quite accepted as the need, estate planning and the need for it. You don't have to be an expert in risk business to be able to put a product like that. So I guess that was the start of a developing story from a growth perspective. Some other ideas, but I guess that would be one that we'd want to make sure get on its feet.

Maybe I can add to that. I think what the state benefit does, it challenges some of the existing distribution recipes, if that makes sense? But it does also elevate the need to really align with advice practices kind of advice narrative. And when you especially deal with the bigger IFA networks, there's a great opportunity for us to plug into that specific conversation, but that's obviously what Stephen and team is also trying hard to release. So it also kickstarts a new journey -- almost a new product journey for us in many ways, both from that. And Stephen, I guess you've got the new platform also that you can use for that.

I guess there's less product -- there's some runway around product, but I guess a lot has been around process, making it easier for advisers to do business. But I think our next chapter will be around benefit comprehensiveness because we are concerned in the market, it's almost still back to life cover away from valuable living what we call living benefits, critical illness and disability. So it's almost a trend that we often have seen reversed at the moment you tell a nice story in the market again and remind the advisers again about the usefulness of disability by refreshing the offering. So I guess that's probably in store for the [indiscernible].

Thanks. A question from Mike at the top.

Sorry, I know it's getting late, so I'll try to keep it brief. Related to Warwick's product question, I mean, we've got a sizable or formidable competitor out there trying to build out a very simple non-underwritten life product. What is your thoughts around that, particularly in the world where clearly, you've pinned your mast against advice, but there seems to be a bit of a move to go direct through other institutions and have a product where no underwriting, in my view, introduces a lot of lapse and reentry risk. But what are your thoughts around producing some sort of simple life product that maybe doesn't need advice?

Yes, I assume you perhaps referring to some of the bank competitors. Yes, I think direct protection business, I think, is still probably only around 20% of protection business in the market. So I think we see that spend growing. I guess to assist advisers, you'd want to make processes easier from an onboarding perspective and sort of stimulate that. But I think it's more important to get an adviser in front of a client, I think, from a growth perspective for us. I don't think the product solution solves that. I think the footprint and building out adviser footprint from our perspective, I think is a better recipe for growth than just a product. I think you raised interesting comments around the economics of it. It's almost the easier you make it for a product to get sold, expect it for it to be the easiest product to fall off. And I guess that's why the adviser business we have is of the best quality. So I guess, access to clients is important. We play a strong game in direct to client, but our recipe, as you heard is around...

I mean you can maybe add. So the direct-to-client Myriad business does play in a different market segment a little bit. We're trying to play in the top half of that segment, if that makes sense for some underwriting. But yes, the persistency experience is similar to short-term insurance, if that makes sense. It is a different model. So you need to adjust your product model also to be commercial in that space. So it is a different mindset around that. Having said that, we probably -- what is your average client age now for new clients in what's it 35, 40?

Adviser or direct?

Can you compare the 2?

I think what's a direct 37 direct. And I think in the advisory space, it's probably in the mid 40s.

So that gives you a sense, but it's not 25. I mean that's the point that you should hear. I think that's a more difficult environment to play, but you need a very bespoke business model for that.

And I think also you can execute fulfilling that need in Dumo's world through Dragonfly, which is what he's built. So there's a simple way to increase your life cover without underwriting through that sort of platform.

Yes. So I guess, I mean, we've seen many businesses out there with sort of attempts to make the process and the product very simple from an onboarding perspective, but client access is just not there. So I guess the competitive advantage for these competitors is the fact that you have a client access, but just just putting a proposition out there that's simple and quick, I don't think secure.

Yes. Maybe one -- I think one mustn't confuse the word advice with adviser. Advice is a broader term that covers many other distribution strategies also. So we -- when we use the word advice, it is also direct-to-client other models to get business from, but it's not necessarily always adviser. My business, yes, that's adviser led. You should appreciate that. So we want to stitch together the advice narrative across the adviser ecosystem and the direct-to-client ecosystems group in time.

Right. I think that concludes our conversation sessions for today's program. I hope you enjoy the discussions today. And thank you all for your participation. Thank you, particularly for those people online. We had many of you, and I hope that you stayed engaged. There are some refreshments afterwards for those of you who don't want to tackle the traffic just yet. And if there are some of the activations that you haven't yet engaged with, please do so. I know you thought that you were last and obviously not least, but I think it's more important that we hand over to our CEO for a final goodbye.

You're doing so well. I thought you had me off the hook there. Thank you. So also just everyone online and everyone here, we're really, really so appreciative that you were here the whole day. I know it was a long day. We all feel it. But I think you'll also agree with me that there's still such amazing energy in this room. Okay now, you need to press the button because I think there's a slide that I need to show who's got the -- so at the launch of our impact strategy 2 years ago, I presented 10 of the 11 what we call right to win or features. Way back then that I think quite a few of them were actually aspirational for us. And we positioned it then firstly, as we keep on calling it, which is a strategy term, right to win. In our terms, it was what we believed was going to create growth for us, make us competitive and help us to actually distinguish ourselves from some of our competitors out there. But I think you've heard this today so many times from my team that they now a reality, 2 years of disciplined execution of our strategy means that this is now who we are, it's embedded in how we think and how we operate on a daily basis. Of course, right at the top, I've added purpose and culture just because I believe that, that is one of the aspects that actually is part of the magic and the energy in our business that we've been unleashing over the last 2 years. Now on a personal level, I can honestly say that I couldn't be prouder to be the CEO of this group. And not just because our results have been so exceptional and they have been. Quarter after quarter, half year after half year, we've just hit all of what my team called unreasonable way back when 2 years ago. Also not just because we are doing such a great job for our clients every single day, but really because of this team. I think you felt the energy right to the end here. It's always great to have Johan on because no matter when you put him on, you know Johan is going to have the energy. But I think you could see and feel the difference in this business, the passion and this incredible team that is helping to deliver on our promises every single day. And then just maybe considering, and I used this yesterday in my closing in our interim results, but worth sharing again that now with where we are and especially with the Bonitas take on that has made a very big difference. Considering the span of our business across retail, corporate and the health markets, we now literally serve 1 in 10 South Africans with a product, and they are our clients. And I think, therefore, you would understand our deep passion to deliver for those clients and to do what's right for them every single day. As we enter the last year, and we're literally a month away from doing that, we -- no, we aren't. We already -- we're there now. We -- I have no doubt that with this team, we are going to hit every single one of those targets. I have all the confidence that with this energy and the way in which we've been working together, the way in which, as Johannes said, it's more than collaboration, the way in which we've connected our business across our federation, I have absolutely no doubt that we're going to hit those targets. So I think from my side, just to all of you, thank you for your time today. We know that it's very valuable, and we're really appreciative of that. And I have to just also say a thank you to the people not in the room, the people behind the scenes that have made this amazing day possible. You'll appreciate that at 5:00 yesterday afternoon, we delivered our slides, and they started printing right through the night. They wanted to do a little ring binders, and I sit over my dead body and look what they've produced. This morning at 9, someone was coming down the lift with boxes to deliver that incredible product. And I think that is who we are and that is what we have. In our business, that is so magic. So from my side, thank you very much. And please join us for a drink and something to eat. Thank you.