Good morning, everyone, 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 Molalo Lepota and [Sekofatso], who are part of our investor relations team. 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're not part of the occasion. Also, I'd like to extend a special welcome. Don't quite see all of them right now, but to our Africa chairpeople and the CEOs, they're here to spend an Africa Chairpersons Day with Jeanette tomorrow. 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 9:00 A.M. this morning, a little bit after that, till 4:30 P.M. We've designed this because we like you to interact with our executives. With that in mind, we've tried to have all the business unit executives present. Molalo and I will then facilitate an in-conversation session afterwards, with a focused Q&A. We've got a number of questions from you, 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, they're also sort of online. Those are a lot more comprehensive than you will see presented today. 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. You are able to get the full indication of that in the deck. We also today have an activation session or exhibitions outside. We thought to try and make our developments and our innovations a little bit more real, we'd allow you to interact with those. 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 stray. 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 that 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, how we're progressing against our Impact Strategy objectives. We're very proud of our achievements, we're excited to share these with you today. You see Jeanette and Risto on a regular basis, 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, 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. 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, you might say that at least for 2 of the 3, it's plain sailing to the end, why are we here still talking about this strategy? 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. When you look at the 6 objectives, not all of them have a direct bearing on the targets that we set for ourselves. It really is far more about differentiating ourselves from our competitors and setting ourselves up for competitive and sustainable success into the future. 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, we will be launching our strategy beyond 2027. Today really is about giving you the opportunity to interact and to listen to and hear from my 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. Clearly, a material shift has happened in our group. People say that they can sense that there's something quite a bit different about us as a group. You might think that it was simply a focus on these numbers and targets that we set for ourselves that have made this difference. 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 two and a half years. They all had to do with a focus on the human aspect of our business, our clients, our employees, and our advisors. For us, the real change started when we defined why we are here. I think you all appreciate how deeply passionate I am about our purpose as a group. Why are we here? To build and protect our clients' financial dreams. 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. Every employee, and it's not a small feat to do this with 15,000 people, 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. That is the why of our existence. We created our impact strategy that you're all very familiar with now, that really guides the what that we need to deliver. Even this did not focus on just numerical targets or objectives. You know our six objectives by now, of which one also focuses specifically on our clients. After we created and crafted our purpose and our strategy, we realized that without the right deliberate action, nothing would change. We spent time to define our culture and our culture behaviors, how to live our purpose, and how to deliver and execute on our strategy. We defined these six behaviors. Not 20, just six. This is all about how to deliver every single day and how to behave around each other, and specifically around our clients. Culture is tricky. It can be very vague, and it can be very intangible. Like Johann le Roux would say, "Without action, it is just fiction." We defined these six behaviors, 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 deal specifically with our clients and advisors. We are obsessed 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 two specifically deals with our federated model and how we collaborate for collective success. We also went a step further, we specified the behaviors that we won't tolerate. 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. With all of that as background, let me move on and do a quick impact strategy recap. 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 six distinct interconnected strategic objectives that we have. Every business unit CEO today here will actually base their presentation on feedback on how we're doing on our impact strategy and these six 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. Where we're reasonably confident, of course, it means that some extraordinary efforts we'll have to 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. That happens. Sometimes you have to deprioritize, or you have to reprioritize one of these objectives in response to market shifts or business opportunities. 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. As a quick recap, at a group level, we are highly confident that we will deliver on each one of our six 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. We've arrived. We've done it. 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. Not all businesses are yet at the right level, and not all metrics are yet where we would want them to be. I will touch on each one of the six strategic objectives very briefly at a very high level and give you some feedback on how we're doing. 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. We regularly assess where value is being created, and then we act decisively where change is needed. 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. We take the action that is needed all along to make the changes where we need to do so. 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. A definite highlight is that Momentum Health went live yesterday as the healthcare partner for Bonitas Healthcare, administration partner for Bonitas Medical Fund. Hannes will share how this has increased our market share and how it reinforces our position as a credible and trusted healthcare partner in South Africa. Just to give you an idea of the scope of this transaction, I've shared some numbers at our interim results, but here are 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. 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. We did all of this in four months. I think we should give the few members of the health team that's here 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 you've done an amazing job. Then also, I don't think they're listening today, but to welcome all the Bonitas members to our family. 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 six 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. 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 involved teamwork across Momentum Africa, Momentum Life, and Metropolitan. 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. Specifically later, Johann and Stephen will talk about that. Cost optimization is not a standalone 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. Also digital transformation efforts continue to allow us to save costs and to keep on investing into the future of our business. You know how passionate we all are about advice, and advice is a point of differentiation for us. 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 advisors 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. We did this by creating an advice ecosystem where Momentum Financial Planning, Momentum Consult or Consult by Momentum, and FinGlobal can share platforms, advice, processes, and standards. The focus is to enable footprint growth, vertical integration strategies that we talk about a lot, and to enable career options where our type agents can now mature through the development pipeline from MSP to end up joining Consult. Momentum Distribution Services continues to strengthen our market leadership position and market share with independent financial advisers. Lastly, Metropolitan's channel optimization and rationalization program is now fully embedded and delivering some great results. Our approach to expansion is very deliberate, 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, scaling it in a way that is disciplined and repeatable, it adds real value to both our clients and the business. I've already shared with you my excitement about our partnership with Aditya Birla Health Insurance. To maybe just elaborate on that a bit, it is now the second fastest growing health insurer in India, it is showing sustainable profitability. It took us 10 years to get there. 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 Curate. This is one of the businesses that I'm so incredibly proud of because Curate complements the group's investment ecosystem, 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, they've done this in less than three years. Our direct-to-client digital sales continue to grow across multiple business units, 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, it offers exceptional client value. Please do yourself the favor and go and see them at the store there. I know they've already sold a few. Lance specifically bought one this morning. Please go and do that. Spend the time and see what that is that we are doing. Now, purpose, I've already spoken about that. Our purpose can never be delivered or realized without exceptional client expectations and experiences. 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 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 is not a small feat. How we build trust and loyalty while client experience is a foundation for us to sustainable growth. 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 client's experiences with clear accountability and action plans per business unit. Our strategic enablers support us in the delivery of our strategy. 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 B-BBEE 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 advisors. 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. 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 Risto can do. Our impact strategy targets of 20 to seven by 2027 are doing really well. You would have seen in yesterday's quarter three results update that our earnings are at ZAR 5.5 billion for the nine months. ROE is at 23.3%, which is already well above our FY 2027 target, and we're working hard to get our VNB margin to between 1% and 2%. 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 purposes and culture, 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 FY 2023, and our disciplined execution is providing positive traction on every one of our six 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 FY 2027 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. Next year, this time, we will be sharing our strategy for FY 2030. We enter the final year of our impact strategy with clear priorities, strong momentum, and the discipline to deliver on the promises that we have made. Before I hand over to Risto, I just wanted to mention two important points. One of the best decisions we made was actually when we were developing our impact strategy, we did a survey amongst all of our stakeholders, the investor community, 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, it kept us accountable. We're going to do it again, pretty soon you will receive another invitation from us to actually participate in another survey. We really do want to ask you to participate. Your feedback really helped us to shape our strategy, it really helped to make us better. Secondly, you will see a new face here in my executive team today, a change to our structure. To enhance the focus on our product businesses and our sales environments at the Momentum Group Exco level, we have split Momentum Retail, Johann le Roux's old portfolio, into two distinct divisions. Momentum Life, housing the product business portfolio, Momentum Advice and Distribution, housing the advice and distribution portfolios. This structural change elevates 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 we start to design our strategy post FY 2027. In future, Johann le Roux will dedicate all his time and energy to advice and distribution, we've appointed Stephen van Niekerk. Steven is sitting here in the front as CEO of Momentum Life from the 5th of May. Steven has been a highly respected leader in our group since 2003, 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, Steven, to see the contribution that you will make at an Exco level. You will hear a lot more about the advice and the product businesses when Stephen and Johann present this afternoon. Thank you. I hand over to Risto. Thanks. Okay. 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. I suppose the rationale is that in December, our solvency ratio was a lot weaker than people are used to. There were a lot of questions around what happened so quickly in terms of solvency covering the life company going from two times to 1.6 times. 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 postgraduate stuff, we've got Colin van Zyl, our Chief Actuary, and we've got Tshepo there, Head of Balance Sheet Management. He's a cool guy to talk to. He talks about swap spreads and reverse repos and contango. He sounds like an investment banker. It's exciting. Okay. Jokes aside, it is a fascinating topic and very technical. We're just scratching the surface, and I'm serious about it. If you guys want to know more, you're more than welcome to help. Okay. Just starting. Why does solvency matter? First of all, we can't operate without illustrating some degree of solvency to the regulator. I can't think of any country. 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 risks you're writing and your asset liability management strategies and other mitigants. India, funnily enough, is still on a volume-based method. Our India business is basically you take 30% of your claims or 25% of your expenses. Where's Richard? You take the higher of those two. They are moving on to higher, Richard, yeah. It's 20% of gross written premium. Yeah. Okay, 20% of gross written premium of claims. Yeah. 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. 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. We're not expecting the risk-based capital to add a lot to our required capital in India. 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 AM 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 ratings, 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. 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. Then share distributions. I'd sad to admit it, we will never pay you any money to our shareholders if it meant our solvency ratios were not robustly bolstered. Your payout policies and capital distributions are also a function of solvency. Okay. 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 1.64 in December. What happened in that time period? Obviously, the yields went up a little bit. I'll talk later about the fact that a lot of these stress tests are discounted cash flow stress tests. At lower yields, those scenarios have higher present values. Yields went up. That's probably half the improvement. The other half relates to retained earnings exceeding dividends accrued for in the time period. There's operational and a technical component. Just in terms of some terminology. In the SAM world, we talk about own funds. You can think of it as 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 have to pay somebody to take over your book. 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. They'll want ZAR 110, ZAR 115 just to cover the risk of taking that book over. Alternatively, you can think of it as the capital they need to put aside to fund the book if they take it over. 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. If we burn through one times SCR, policyholder benefits are still not threatened. When I quite flippantly make some comments sometimes that one times SCR, we'll be able to pay policyholder liabilities 199 out of 200 years. In reality, it's more like 399 out 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. 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. It was a sort of like a sum of squares type of approach. This is a bit more fancy. 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. 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. 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 are allowed to take credit for the fact that, okay, first of all, we have reinsurance. We can also take credit for the fact that we can reprice the contracts after a certain period of time. That's where it also gets quite technical because we give our policyholders guarantee periods. We will say, on your policy, we will not review your premium in the next 15 years. Some policies might have seven 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. There's also limits. You can't actually reprice the full loss in almost all the cases. You can recover part of it. Okay. 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's just really own funds divided by SCR, and for us is 1.81 at the moment. Just by the way, yesterday, I think Marius asked that the yields have fallen. It was you. 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. I checked this morning, the gap between the 40-year point, this is a theoretical point. There's no 40-year bond. Okay? The 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. That extrapolation issue is halved in terms of problems. 31 March, it was about 35 basis, Colin. It has got a little bit worse since March, but we also issued Tier 2 instruments since March. I actually think the capital ratio is a bit higher than 1.81 as we speak. Colin would hate to give me a live number, but I think it's a little bit higher than 1.81. Okay. How much is enough capital? Chief Risk Officer is cringing there, but anyway. Okay. At one times SCR, in theory, we will not have assets falling below the liabilities. Remember, liabilities includes the buffer already. Assets will not fall below liabilities in 199 out of 200 years. That's the theory at one times SCR. What happens at 1.5 times SCR? Nobody quite knows because these distributions are quite complex. Assuming a Pareto type of distribution, which is more conservative than a normal assumption, that probability of technical insolvency, remember, not real. Technical insolvency goes to one in 450. At two times SCR, where the industry often operates, it goes to one in 800. If we use a normal assumption, it would become one in 4,000 or something. And then you've got the risk margin as well. At two times SCR, I would guess there's less than one in 1,000 year probability of not meeting our policyholder liabilities. 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. You have to be careful of believing regulatory models too much. You need to apply some common sense. Like are we really gonna go insolvent once in 1,000 years? Maybe once in 400 years, once in 200. Who knows? 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 gonna make here, is I think we could all operate at significantly lower ratios. Why do we like to operate at 1.82? Because other guys operate at 1.82. There's a bit of a 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're a life company. During the biggest pandemic in 100 years, I did not sleep badly one night. I mean, not one day did I worry about having liquidity to pay claims or being insolvent. I mean, that's just a practical example. Same thing with the market volatility we see. The fact that liquidity management, we've got [Esos] responsible for. That's become a bigger thing. We use derivatives and different type of structures a lot. So we're buying or we'd be 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. There's a couple of important statements there. How do we look at in This slide actually changed orders, which is good. I wanted to make a point here, like on most slides. I mentioned life companies at 1.81. You'll also note that the insurance company, Momentum Insure is at 1.72. These rigs were written for traditional companies. They were written for companies like Momentum Life, Momentum Insure. They were not written for unusual elements like Guardrisk. 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 thumbsuck one? No. But it could be higher than 1.39, 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 were 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 two types of business in a business like Guardrisk. It's their client's business and it's their own business. On the client side, you can have a big client, ZAR 3 billion of capital, ZAR 500 required capital. The regulator says you can only recognize ZAR 500 of capital. Why? In theory, the client could say, "Please can I have a dividend of ZAR 1.5 billion?" That's the view of the regulator. It is always 1 times SCR for a client. In reality, there's quite a process to get that dividend. We have independent actuaries valuing the cells, things like that. It is not quite that simple as the calculation assumes. For our client cells, we assume 1 times SCR. We have to. For our own cells, we take the real position, and that's like 2 times, 3 times capitalized. That's where we take risks on our own promoter cell. That 1.3, 1.1, you could really think of as a weighted average of lots of clients at 1 times SCR and our own cell at 2 or 3 times. If we add back the excess essence of our clients. Can we mention some names, the big companies, MTN, forget or whatever. That ratio becomes 2 for the group, roughly. Just to give you idea. The calculation was not designed for cell captives, and it maybe understates the real solvency of the cell captive business. Much earlier I said we've got ZAR 36 billion of available assets. Sorry, own funds, NAV. We put it 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, little bit of listed equity. These are assets that have a very observable market value, can be liquidated reasonably quickly. Some of the stuff like corporate bonds, maybe not quite T+3, but decent enough. If we have to get an armored truck to bring the money here tomorrow, how much can we bring? ZAR 10 billion. I don't know. ZAR 15. A big chunk of this is really short dated. This is all high-quality assets, and that's ZAR 18 billion, and it's very stable. You'll see here. We have retained earnings, payout dividends. The cash portion of our capital base is very stable. We have in red, which is illiquid assets. It's an interesting name, but in reality, most of that is loans to internal companies. We will give funding to Guardrisk Premium Finance. We have an equity interest. We actually don't own Omnia Insurance anymore. It's owned by another holding company. We will 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. For our own internal management, we say, no. We're not gonna go and sell subsidiary B when we're in trouble. We consider it not available. It comes to the calculation about ZAR 6 billion. We have the last bit, which we call the VIF asset here. This is the present value of profits that we can take credit for today. It is a bit like an EV, we have a VIF. I call it a VIF asset in the regulatory capital. That is not that easy to access. We could use reinsurance and things like that to convert it to cash, but it's quite cumbersome and expensive. That is the volatile part. That's the reason I want to show this to you. A lot of the volatility in our own funds is that last component, which is basically a long-term PV of future profits. Okay, 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 that 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're gonna hold. Okay. And it increased substantially in the last year from ZAR 11.6 billion, well, ZAR 11 billion-ZAR 16 billion. Why? Because the required regulatory capital went up. There's a link there. I'll talk about it just now. Anything above that is either deemed discretionary. 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 above ZAR 3 billion is surplus. Above ZAR 3 billion largely has been going to buybacks of late in the last few years. The reason why I use the December number of ZAR 16 billion is go back to a few slides. 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 wanna go below ZAR 20.4 billion in December. We sort of did modeling of saying, if things go really horrible on the future profits, and if things go really horrible on our own investments, loans to our own subs, what's the least amount of cash we have to have to be able to get be at ZAR 20.4 billion in any scenarios? That's one of our 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 end of the world needs to happen for us to break our one times SCR. Okay. End of the world may be a bit strong. Okay. Unlikely events. Okay. My boss has been 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. Five hundred times 1.5 is 750. 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 it will reduce, but I've been a bit reluctant to give a number. Yesterday, obviously, the first question is, are you gonna start buybacks again? The shares are cheap, I agree. It's on a 20% discount to EV. Remember, the first ZAR 3 billion is discretionary. Okay. Above that is surplus. Let's assume the ZAR 16 billion becomes ZAR 15 billion and the ZAR 18 billion becomes ZAR 19 billion. Then there's a little bit of surplus. Okay. 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'll definitely think about it. I don't want to say it's a done deal, but again, it's probably more likely than not. 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 went a bit over yesterday. I might go a little bit over today, but it's all good stuff. Our required capital declined a little bit from December to March. That big increase in the previous 12 months, a lot of it has got to do with yields. I'll illustrate it later. We showed this pie chart on the right for the first time in our results, and people found 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. Marius. 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. It's because we went through a period of time where the South African insurance industry was actually becoming more of a savings accumulation industry than an underwriting industry. On top of that, smoothed bonus products and products with maturity guarantees were very popular. Over the last 20 years, there has been quite a big migration back to being a real insurance sector in terms of underwriting mortality risk, disability risk, and so on. The largest risk for us is lapse risk, and I'll give you an example of that just now. The one I want to talk about most is operational risk, which is 10% of our required capital. Again, that is largely a volume-based metric. 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 ZAR. Have we ever disclosed what's our biggest year of operational losses? You want to disclose it? It's a fraction. It's a fraction of that. What do you want to say? Let's give a bit more detail. This is where we move under the 201 stuff now. There are four modules in the calculation. You start with operational component, which for us is ZAR 2 billion. The rest is the size of your premiums and expenses and assets. It's a volume-based metric. You have participations, which is an interesting terminology, but really talks about investing in our own subs again. Remember I mentioned we have got that ZAR 5 billion invested in our own subsidiaries. We need to treat them almost like private equity investments for simplicity. You have adjustment. The biggest adjustment by far is taxes. All these tests are done on a pre-tax basis. 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 zero. In some rare cases, we create a deferred tax asset above that, but normally we limit it to existing deferred tax liability. Area of judgment that can be debated. Then you have your calculation modules where there are quite a few, and I'll illustrate some of them. Yeah. I'll start with the underwriting one. I have three minutes and lots of slides. Lapse risk is our biggest one. 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's been so good lately, that's actually almost proportional to our expense base. The fact that we're managing expenses well is in real to introducing that. You have capital at longevity is still quite small compared to mortality. All this growth in mortality business, annuity business, it still hasn't anywhere near caught up to mortality. It has caught up, but not fully. You'll see diversification is very good across these metrics. It makes common sense because some factors like mortality and longevity are negatively correlated. I'll just check with Colin, the correlation is -0.25. Why isn't it negative one is because it's not the same people, unfortunately. You have older people, younger people, underwritten, non-underwritten. There's a negative correlation, for example, longevity and mortality. Generally, the underwriting risks diversify well. They tend to have quite low correlations with each other. Example of a test. Lapse risk. For lapse risk, we need to do three calculations, then we take the highest of them in simplicity. There's actually an additional thing we do where we combine these through a matrix, but that's postgraduate stuff, Colin. There's three tests, then we take the highest. The first test we do is we assume lapse rates are proportionally 1.5 times higher than assumed. A good example is Myriad year four lapse rate may be 8%. Now we need to assume it's 12% going forward into infinity. Clearly a problem for us. We do the calculation. The second test we do is a lapse down scenario. There's some clients, like older clients, who want to leave. There, if the lapse rate is 4%, we need to assume 2%. You take the higher of the two. Also when you lapse, this is where it gets interesting, one in 200, one in 1,000, who knows. When we assume high lapses, we can't assume the clients we want to leave. Only the clients we don't want to leave. Same thing on the downside. 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? We take the higher of those three, as our lapse requirement. Obviously, in these cases, we can take into mitigations. We would do things like on the corporate book. If 70% of the clients leave, in a few years, we will probably shrink the expense base of the corporate book quite substantially. There are those sort of mitigants you take into account. It's still an ZAR 8 billion stress test in this event. I can't believe anyone finds this stuff interesting. Michael, are you enjoying this? Good. I'm not talking to myself only. You've got mortality risk. This stress test is a lot simpler. Quite hard to calculate because you need to take into each policy into account. But for mortality rates, we assume mortality rates are 1.15 times higher. So a 70-year-old male mortality rate is 1%, now we'll use 1.15%. Okay. We'll basically assume that increased claims into perpetuity on all these clients. Okay. There is a PV factor. Mortality is a good example where even if we could fully reprice, which we cannot, we could only fully reprice after 15 years for some of the clients. We'll be incurring extra claims for significant periods of time. Those need to be discounted. You'll see the mortality risk when it increased from December 2024 to December 2025. 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. There's been modest growth, ZAR 40 million growth in the underlying sums assured, exposed to this. Most of these risks 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 smoothed bonus book is a lot smaller than the guys in finance, and I think our with-profit is smaller than the Sanlam guys and although, was it Transnet? I do not know. Okay. If you look at the next three, spread and credit, that's default and credit spreads, interest yield curve levels, and concentration, which is exposure to certain banks because that's where the concentration buys. Those all relate to fixed income. If you add up the fixed income components, I think they're bigger than the equity components. 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 two of them. Equity markets. Every month, we get a factor from the regulator saying what the stress test needs to be. This is a one-year decline. For global equities, this ranges from 29-49. For local equities, from 33-53. Midpoint being there, and then it goes up if the markets run. I mean, the regulator's thinking is quite logical. After the markets have been running, the risk of a down shock is bigger, and it could be bigger. Whereas if the markets have already fallen, the next shock will be smaller. It's like a counter-cyclical type of thinking. Makes sense. If you look at the absolute levels of stress test now 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 27%, 28%. The biggest 12-month rolling decline is 33%. We are stress testing for a 53%. JSE has only been around for 150 years, so another 70 years before I will have some data to prove that 53 is high, but who knows, okay? I am just illustrating the point that, I mean, I do not know how these assumptions were Colin, there might have been a working paper or two on these. Yeah. Okay. These are heavy stresses. Okay. 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, maybe not 20, take a 40-year point. It is about a 40% relative movement up or down. If yields are at 10, you need to stress test at 14, you need to stress test at six. Depending on your ALM position and mixture of your book, either side can bite. What is quite important here as well is that there is no bonds beyond, like, 25, 30 years. That is totally unhedged. That is where a lot of the shortfall comes from. Okay, substantial increases there. When we put it together, the market underwriting also diversifies quite well. We add operational risk as a top up. Participation being the private equity treatment of our own subs. The tax impact of all these tests, you get to the ZAR 19.9 billion. Okay. I have given you quite a quick rundown of this. Hopefully piqued some interest. There is cash. Okay. I think I was the only guy in my actuarial class who took extra accounting voluntarily. I remember reading something that always stuck with me for the last 30 years in one of the textbooks, and it said, "Revenue is vanity, earnings is sanity, and cash flow is reality." I think insurance sector is one where that is very useful, okay? Because the revenue and earnings can be a little bit less sanity than in some other sectors. Okay. How is our cash generation? Last slide. We had a lot of questions on this. Short answer is it remains robust. In the last three calendar years, we generated dividend inflows. The beauty of this, Katleho's 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. 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. Yeah. 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, Lesotho and Botswana. India injected $646 million in the last three years. If you look at net of the internal investments and preference share payments, ZAR 10.3 billion. Earning for this period was ZAR 16.2 billion. Okay. Cash to the group, net cash to the group versus earnings, 64%. Had a lot of questions in December, what does it look like going forward? The answer is probably about 70%. Remember, this includes the increase in required capital, which ate up a lot of capital. It sort of kept a lot of money in the Momentum Life company we would otherwise paid as a dividend. If I use 70% as the cash generation multiple to the next three years, I think my cash generation estimate for the next three years, the ZAR 10.3, I will probably make that a bit off of ZAR 14 billion-ZAR 15 billion. Okay. That's about 30% of market cap. Cash yield maybe 10% of market cap. That comes to the group. As we always said, we don't like to retain too much, so very small change in the holding company cash. Also interesting to see that despite the quite a big investment in India, for example, we paid out 77% of all the cash coming to the group. India's maturing, somewhere down the line, that 23% might become lower unless we find the next India. I mean, these things we don't know. Assuming there is no next India, that 23% will probably go down with some cash generation might even improve. Okay. That was my last slide. I'll now hand over to Ravi. A thought that I have is that usually when they have a really heavy lecture, afterwards, they ask an alumni person to come and talk. Just to ease things down. I'm assuming that's why I'm after Risto. Yeah. 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 three-year period. It really is around setting us up for the future. 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 three-year horizon, but are actually for the longer term. We'll talk about it in that respect, but I will also say that the speed and delivery of this does need to show certain lead indicators, even in the short term. You'll hear us talk a little bit about that as well. 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. Key to this is delivering strongly across our group, both in our business units as well as within the group center. You're going to hear a lot about that, especially from our 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. 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 two 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. We have to show that not just in our ambition, but in the results and the numbers. We'll 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 tricky part is that every competitor has access to the same technologies that we do. That's a fact. There is no competitive advantage to be had for you using a technology that somebody else can't get ahold of. It's very unlikely that's the case. 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. For today, I'll take you through three 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'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. 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 advisors, be it with clients, be it with our own employees, that is not a digital one. Everything happens on a screen. For us, business is digital. 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. When we think about this, there's two sides of this. The first side on your left is first and foremost, whose experience and whose outcomes are we trying to improve? We think about this from the perspective of our clients and their financial dreams, advisors 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. 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. The user journey defines everything we look at, and the capabilities that we then deliver should be in service to that. That's quite fundamental because it keeps us focused. 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, advisor, and commercial outcomes? Impactful is the key word there. We love innovation. We love clever tech. It's great if that's there, but it doesn't make any sense if it's not having an impact. You'll note when we talk about our we wrote our impact a little bit differently because the act was quite critical for us. We actually feel that there's far more danger from a technology perspective these days in moving too slowly than too fast. That's actually one thing that Jeanette and I really agree on from a risk perspective, that that's where our risks actually are. When we think about this, there are four 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 client advisors and our employees? How do we look at resilience? All our focus is on how do we deliver that? We deliver that through some key priorities. These are the things that when our digital, as we say, when our digital and technology teams wake up every morning, these are the five things they'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 connective tissues across our federation. Finally, how do we orchestrate valuable ways of combining human and machine together to be able to achieve these outcomes? There are four things we focus on. There are four things that when we think about anything, these are the things we've got to talk about. Client and advisor 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, 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 will you know that you've been successful? We develop capabilities in pursuit of these, not simply because new technology is available. Bit of a complicated one. It's not as complicated, I hope, as Risto's slides. 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 hearing 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 breath of the client in front of us. We also believe that it does give us benefits from a scale perspective. Federation does have a shadow side. Fragmentation can occur, and what that often ties into from a technology perspective is, if you can imagine nine 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. That is simply wasteful. 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 advisors, 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? 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. 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 capabilities 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. 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. That is operating leverage at scale for us. We build in the center when it's a future capability we need. The center also has a role in ensuring that when we have successes in our units that we can pull that through. We've started to see that a lot, including recently in work that's been done in ADHI, for example, and technologies that ADHI has been able to leverage, which we've now been able to get early access to, and been able to test in our environments. When we think about value has to be measured, it can't just be opinion. That's crucial. The other thing to think about when we look at delivery, we've got to identify the chain of value in terms of how digital delivery actually adds value. First and foremost, there are the immediate operational measures that we are going to see. These operational measures are crucial because this is often what you're going to be testing, especially when you're proofing concepts. If you're not going to see this kind of movement early on in a proof of concept or in early deployment, it tells you you've got to do one of two things: fix it fast or kill it, because it's not working. Scaling something that isn't working isn't going to make it better. We first look for operational measures. Things like speed of delivery. 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 saved, and of course, adoption and usage. Those are critical. When you see those and when those are trending 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 advisor 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. Finally, that should then drop into our numbers. That should then drop into the financials. 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. Nothing's always perfect the first time around, but it's how quickly you actually fix. This is the discipline that we actually hold ourselves to in terms of this. This part is not technology, this is just management. This is management of technology, which is crucial. 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. 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 start coming in. 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 aback by the token usage in them. When we think about this, we've asked our teams to think about this in the following way. Successful AI requires three things. It requires that the thing you're doing has to perform. It's got to do what's it say on the tin? It's got to do it. It's got to be adopted. Somebody has to adopt something, usually. 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, then that's a sign that you've gone and delivered the wrong thing. It's also a test within our operating model. Cost efficiency. It's got to cost less than the value it delivers. 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's using it. 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. We focus a lot on these things, 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 equations. You've got to be able to show the equations up front. Again, because AI is cheap to initially deliver, expensive at scale. Critical for this is the one that's around it. Responsibility is important. We prefer not to think about this as preventing us from doing things. Yes, we do feel that responsibility is an important brake, we have processes and good governance and guidelines around how we deliver AI, but it's the brakes that actually allow you to accelerate. 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 the right 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 advisor 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. There's in 3 of those areas, we have developed solutions that are already live, with 2 that have started. 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. Improve cost, speed, and quality. Four initiatives in term that give a flavor of how we've delivered. Ask AI is something we're quite proud of. Again, this is one of the things I expressed as our model, because Ask AI was a capability that was developed by the group center, deployed into our business units, into our advisor, connecting advisory and distribution teams. It currently operates across 4 of our business, our product areas in that space. What it does is tackle the questions that in the past would be asked by an advisor, 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, we're certainly seeing uptake. We've given back about 3,500 hours back to advisors based on that. In terms of intelligent operations, straight through processing, there's still a lot of claims paper that comes into us, some of it handwritten. Our ability to actually process that at speed is important across 3 of our businesses with the 4th in flight right now. We're currently processing about 400,000 pages with our own in-house capabilities. 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, is 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. 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. It is outside, and you can see them. Again, that is use of AI in terms of our decision-making in our engine rooms. To close, why do I feel that these signal future rights to win rather than just a list of wins? 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 advisor 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. 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. 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. 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 Rudelle 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 questions. Ask Risto easy questions. There we go. I don't know. It's quite hard to find a hard question for Risto. He works for me. In my defense, you did say the higher grade questions were for Colin and for Jesus, so 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, you heard me speak about it quite a bit this morning. I think what helps is that every business unit have got their own plans, because every business unit have got different clients. There are different stages of where they are in terms of how good or bad service is. The demands from clients are very, very different between, let's say, the investments business and what [GlassThis] does or what maybe Dumo's business do. I think that's very different. The fact that each leader owns their own service strategy, I think makes quite a bit difference. How do I personally keep tabs on it? I don't go to bed at night unless I've read every single client email I received that day. 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?" 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. For me, that's a way to keep tabs. I think culturally, it's a way in which to make sure that all my leaders here know that when those emails 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 and their teams than they do. 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. 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. I think that helps as well. 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 five and sort of 10 years' time? Look, I did say that the impact strategy is about setting us up. I guess that's a follow-up question. I think it would be good for my two colleagues to also weigh in on that. Undoubtedly advice. We've said it, and I think we've said it for the last two, three years. For us to generate growth, especially in the life business, we have got to increase our footprint in the MFP, the agency space. There's massive opportunity for us there. We've actually spent the last two and a half years, and Johann will talk about that later, but we've literally spent the time fixing the model, getting rid of unproductive advisors, getting them to all validate. A lot of time has been spent on actually fixing a very old model that actually would never have helped us to get there. I think undoubtedly advice. 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. Definitely that. I think smaller businesses like Curate. You often look at the profits we make or the earnings we have in the asset management space and tell us, many of you come from those businesses, and you know that we should do a lot better. I think the opportunity for us to grow there, especially with a strong distribution force and embedded vertical integration, is massive. There are still some vertical integration opportunities that we haven't really tapped into. What's great about it is assets we have already in our business, that we actually just need to earn more on. I'll pick those. Yeah. I think India is an obvious growth vector. I think Guardrisk has quite a few growth years ahead of it. I think Health has a better growth outlook than most people would guess. Our balance sheet is very strong, there's a few things we could do in terms of risk appetite reinsurance. I've also been thinking a lot about our willingness to take a little bit of market risk in terms of sort of banking terms. We're very much a back-to-back business. 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. Yeah. There's a few things. A couple of business units, 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. 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. 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? Yeah. The audience will have no idea what the PIP is. They see your slide in every proposal. They're the names. That's the acronym for the consultants we used at the time. Okay. The cost of project is going well. I think we're well over ZAR 600 million of savings. We obviously started with the easiest ones first. I still think we're gonna get very close to ZAR 1 billion. Maybe it's Jeanette's aim for ZAR 1 billion, get to ZAR 900 rather than aim for ZAR 800 and then get to ZAR 802. Yeah. 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 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, so adopted in our business. 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 a year on software that does exactly the same on AI, gives us like live benchmarks, this and that. Software is replacing expensive people with these insights. Yeah. I think we can keep our cost below inflation for the foreseeable future. As you would know well, being in the center, we have tried to focus the cost cutting more on service support functions rather than sales and distribution. We have never said no to a growth initiative because we would never try and keep costs artificially low at the expense of growth. I mean never. Yeah. Ravi, you spoke about the connected federal model. 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, most importantly, the future to upend. How do you make sure that we have the right allocations of products or, sorry, projects to the different horizons? I think it's too simplistic for us to think around sort of, 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. The critical thing for us is just making sure that we've got the visibility. So long as we have visibility, then it doesn't matter where in our estate we're actually developing new capability. Again, the rigor and the discipline that we spoke about, they apply wherever we're building and wherever we're developing. 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, 60%-80% of my effort's actually now been expended already. 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. 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 this?" It's not actually around understanding the portfolio and making sure that we are thinking about longer time horizons in the future as well. Always being assured that somebody in the group is looking at it and that we have that visibility. There have been a number of questions online. Risto, it looks as though we're going to have a fun engagement with François because he doesn't believe that we're necessarily overcapitalized. I think we'll send Colin in his direction. Colin is the chief actuary. He might agree with him. Sorry. We'll find the best answer. Can I check with Francois? 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. How do we think about investing in our own ideas? Jeanette, you had the Dare to Disrupt Challenge last year, and we're gonna see something a little later. As a result of that, M&A activity and then ultimately share buybacks. Yeah. I mean, for M&A we have very formal sort of hurdle rate frameworks, NPV frameworks, payback period. There's a whole process we go through. I mean, ultimately, like any investing, there's a bit of art and science. There's a lot of rigor, including looking at implied returns on our buybacks. Obviously the usual market implied risk premium and so on. 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. 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 in 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 reduction and so on. I think on an internal investment, sometimes you need to think a little bit beyond just the obvious financial benefits of returns. Yeah, 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're like, "This is this NPV and IRR. Which one do you choose?" Problem is, in real world, A comes now and B might never come. You look at each case one by one, and we never get in the position where we have 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 pay profile. It's never a capacity constraint. Yeah. Some people think we were a bit too rigorous on the hurdle rates. I think we did right. Yeah. Jeanette, I touched on Dare to Disrupt. Do you want to just explain what that is? It was when our capital position was a little bit different to before the risk people and the actuaries took over in December. Everyone was saying, "What are you doing to invest in your business?" I started off calling it the Billion Rand Challenge. There was lots of confusion. Is it a business that we built that could become 1 billion in size, or is it ZAR 1 billion that we invest? We got the marketing people in, and they said, "No, let's call it Dare to Disrupt." 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 of the future. It had to be something that we're not currently actively pursuing or playing in. What it was, we spent three days together in the bush somewhere, and we got some unbelievable ideas that were actually born from within and came from the business. 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 and how to develop new ideas. 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. 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 there's capital available to actually do these things. We intend to repeat that this year. I already hear rumblings because it was never a competition. Of course, as it is in our culture, it became a massive competition very quickly. Hopefully, we can keep that kind of momentum going and some new and great ideas forthcoming. Thanks, Jeanette. One of those ideas is Metropolitan. I don't want to steal Peter's thunder. We thought that we would have exhibitions and stands outside where you could actually see and experience some of that innovation. Please go and join Jan 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 a no-lapse sort of concept because you guys are always asking us what's happening with persistency in that market. We like to think that we've solved it to some extent. In the interest of time, I'm gonna 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 A.M. sharp, that will be great. Please do go and have a look at some of the exhibitions. For those online, we look forward to seeing you again at 11:00 A.M. Thanks very much. Thank you. Only a minute or two late, all my colleagues, of course, also have the liberty of taking more minutes. Let me see if I can stick to the time. I'll start with three comments, given that we can all have non-scripted time. The first one is that I'm quite disappointed, Risto, 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 RisCura. I just have one 101, and I guess my colleagues would say that's in the acronyms I use. I'll explain what they are. It's the business names. Lastly, Jeanette, I'm pleased that you only get 35 emails a day from clients. That's a joke, right? I think speaking about investments in the world of focus, which is a synonym for Trump, of course, is an exciting opportunity, right? Let me speak a little bit about our business, and I think it starts at slide 59 in your deck, which is this one. Just a quick reminder of Momentum Investments' strategic themes to support those six objectives that Jeanette highlighted earlier. 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 slides, we are quite confident that we will achieve those. 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. I guess we who see it every day think it's quite a simple business. The way to look at this is in the top left-hand side, or the top side, actually, it's asset gathering platforms, if you can call them that. Left side is the list platforms. On the right top side is the annuities business. Structured products and annuities, part of the wealth capability, if you want. At the left bottom side is the multi-manager businesses. They are investment solutions capabilities that deliver kind of house view and default solutions for partners. On the right-hand side, bottom right-hand side, the asset management capabilities that we have selected to focus on. I'll come back on some of this. Of course, at the bottom, Momentum Securities, and I'll touch on them as well a bit later. Let me start with the progress update, and I'll start with the wealth business. 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 Emma is in the room, I don't think so, 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 through the middle of the impact strategy. When we started Project Singular, which is our system of technology stack modernization program almost five years ago now, in fact, the world was 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. 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 other tech players. Given the technology space in terms of AI, digital, and data, there's a different way to deliver and a different way in which we will deliver. We have selected a far more agile approach to deliver on our modernization in the wealth business. 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. We have parted ways with FNZ, as you will know, on good amicable terms, I must say. 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. We call it liberation day a little bit in the wealth business because suddenly we control our own destiny. If I move to the-- Maybe that's those amber ratings in there is in the context of now owning the delivery far more, not being able to say, well, FNZ, da, da. Now we own it, and the team must deliver accordingly. What we have achieved so far, despite having made the decision in December, in fact, we signed the 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. We have already launched the new digital new business process on the local platform two weeks ago, which is a key requirement for our advisors 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. We started to de-risk, and I think from some of you, I might have shared that we actually have de-risked and started to de-risk 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 three months from March to May all were in excess of ZAR 5 billion net, well, new flows, not net new flows, so gross new inflows. 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 is still the case. It continues to do that. Now, what does that mean in terms of market share? Despite writing greater volumes than last year, we probably have gone back a little bit in the local platform on market share, pricing between 14% and 16% in the month, but probably should be between 16% and 18%. In the offshore business, we write around about 10% of the market share. That should be probably closer to 14% and 16%. That's where the good growth opportunities are. 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 four, five 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 advisors and to answer to advisor needs. We hope that those will counter the flatness of the market share, I guess, in the offshore space and actually lift it 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 uppermost of all of our minds. I mean it lives up to our purpose. We have to deliver in that sense. 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 advisors, though, it is a very different story. Advisors 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. 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. We will launch shortly also a new reporting solution. Those were the biggest, I think, challenges we faced from the advisor 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 path. I think, Ravi, that's also the discussions we're having with your team is how do we lift it up and we restructure the entire team in wealth business to fully support this new approach. If I move to this was one of the acronyms called SPA, and somebody said, "Well, it must be nice at SPA." I think I'm gonna change the name to Annuities and Structured Products, and it's ASP and not SPA. Anyway, that's the acronym. This is our annuities business. It continues to be, in Momentum Investments, the biggest single contributor to NHE and also to VNB. There are good confidence levels in this team and how they deliver. It's a small team, very nimble team, very efficient team in how they execute. This has also slightly moved the 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. Guaranteed annuity sales have come down massively. It's probably about half of what it was a year ago. That has a resulting impact on our VNB contribution. Whilst in our annuities business, we are still the biggest single nominal contributor to VNB, we're probably also now, as Lester and Jeanette remind me, the biggest gap in VNB, right, because of this. 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. What the team has done with the hybrid annuities to write more hybrid annuities, which is the gap product in a living annuity, 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 Faria is also, well, might be outside with a stall. I've also developed an Income Illustrator tool, which is a great almost combination of using data analytics and so forth to provide better insights for advisors 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. Quite an innovative way. Of course, NHE continues to be great, as I said, probably despite the new business, but because of the CSM release. Also remember that 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. It's very marginal onerous component remaining in that business. Please make sure you speak to Faria and Martin outside at our stall. If I then move to Sorry, I should've 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 Pia 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, actually, I think it's more about the collaboration between business units, 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, also with vertical integration and collaboration and what we've achieved. Johann might touch on that also a bit later this afternoon. Certainly in Consult, and in MFP, we've seen great turnaround. In fact, Consult far ahead of their targets, that they've set themselves for the adoption of the House View solutions and MFP and new business. Also tracking really well. I think we have reset how we operate between the different channels in our business, also internally in our business. I mentioned the level one B-BBEE for our investment businesses. Clearly, that's key for an institutional business. I see, actually, that time clock is running faster than yesterday at the dry run, I'll speed up a little bit. Yeah, I think, Dumo, you also touched, I guess, on corporate. Yes, Dumo said it. Our partnership when we focus on delivering good FundsAtWork solutions, but also for other institutional clients and how we collaborate on things like the index guarantee solutions, including the BSM team, the relationship management team in Risto's unit. 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. You can see, fairly happy with the investment outcomes. Although, if you look underneath this very broad-based measurement, which is quarter 1 and 2 performance on an asset-weighted basis over one, three, and five 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, 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. As a result, we have the Investment Managers Group, IMG, 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. This portfolio, I think, has the opportunity to do far better, and maybe this is where there's a growth vector, Risto, in our business, is the more we can do on this side. What we have achieved, and Jeanette touched on Curate having launched, in fact, not only three years ago. It's probably 18 months ago now, Jeanette. Good assets under management, good growth, actually, in the business, tracking well ahead of all of their targets. Now, 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. 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 systematics business. The two we've combined, MAM and CAIM, really one fixed income and systematics business now. Crown Agents won the Central Banking Asset Manager of the Year award for smaller central banks, which is fantastic. It shows the team that we have, it 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, that clearly in some cycles would have a challenge, specifically the offshore managers. Then I think three that I'll call out in addition to Curate. First is IMG. The portfolio's come of age, so delivering really well through the bottom line also now. 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. In fact, collectively, between the four key managers that we have in IMG's stable, have about ZAR 225 billion assets under management now. Our securities business does fantastically well. It's the only business that really celebrates market turmoil when it comes from the White House. Clearly, it's because of trading profits and the trading volatility that comes with it. Also the support that we get from the IFA community in the private client share portfolios that this team runs. Maybe lastly, I guess, Eris, the Bank of Wales opportunity is up and running, and there's developments there. Eris is probably the one that maybe have been the laggard in this portfolio for the last nine months, simply because of development opportunities that take far longer to execute than they expected as a team, but that will come back again. 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 four of those, right? 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 Dare to Disrupt also helped a little bit with that, and so forth. 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. 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 a combination of data, digital, and modeling tools to provide a better outcome for advisors, clearly, 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. The team developed an AI and large language model solution that pools together manager insights and manager commentary far quicker, so that the insights for the investment managers are there quicker for them to make decisions. In software development, it's also more widely used, I think, in the technology teams. 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. This tool generates kind of a stronger concept and even some base code as to what the proposition could be at a POC level. Far quicker to get multiple ideas to an outcome. Finally, in client experience, quite a few components that we pulled together from a Talkdesk engagement platform using robotic process automation, optical character recognition, but also sentimental analysis. We've deployed this solution in the offshore platform client center, in the MCI, in the Manco center. 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. 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. Also for us, we need to be far more focused on how we deliver on systematics. We are building a systematics capability in Robert Scharaba's fixed income systematics business. Access to private markets, quite key for many clients. The first one here is tokenization, distributed ledger technology, and I guess digital currencies. We can see, and I can certainly see in the U.K. market, in the Investment Association, or the U.K.'s 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. It certainly has the opportunity to disrupt the entire investment value chain, and we need to be aware of that. 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. In closing, these three 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. It is to make sure that we can combine our different capabilities, when we deliver solutions for clients. Also the way that we partner with the channels, with Corporate, and across our business right into the stockbroking business. Operating model. I've spoken and touched on wealth operating platform, but also in the multi and asset management business. In product and the innovation around it, a few things actually that needs to happen in that space in systematics. In tokenization and how we allow private markets access to our investors. Yeah. 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 Risto's business, BSM, Corporate, and us. 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. I think that will set us up for success. 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. It makes us unique in the guaranteed solutions, the guaranteed annuities, and the structures that we can take out to the market. 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. Thank you very much. Timo. Good morning, everyone. Good morning. Thank you for the opportunity to update you on our strategic progress as the Momentum Corporate business. 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. 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. 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. This ambition, we look to deliver to 1.6 million employees within 7,000 employers, across South Africa that we service as of today. We do this through six capability areas. Our FundsAtWork umbrella funds, our group insurance business, our structured investments and annuities business, SIA, our consulting and actuarial solutions business, which is MCA. Our standalone retirement administration business, MRA, Momentum Retirement Administrators. 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 advisor 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. Moving to the overall segment-wide progress within Momentum Corporate. On this particular slide, I'd just like to highlight two 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, 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 smoothed bonus environment. Currently tracking at 40% against a commitment of 35% allocated to Black-owned asset managers. The subject of lean. 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. 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. 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 two months to do to two days. This is with very little technology application, just people doing things better. Also within our risk and compliance environment, where our legal drafting processes are increasingly now applying lean principles and technology. 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. 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. 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 three months average Net Promoter Score of 44. 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. Yes, whilst it's still negative, the value of new business has improved year-over-year. We were at about negative 0.4% March last year, we are at a negative a quarter percent. 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. Safe to say that in this environment, a client retained is as good as, if not better than a client won. The amount of effort and time that our teams are investing in ensuring that we retain our clients has been exceptional. Zooming into the umbrella fund business. We do remain a top four player when it comes to assets under management. I'm always quick to remind people that FundsAtWork is the leading umbrella 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 FY 2027. We've also had very good traction in terms of bringing new SMEs into our business. 239 new SMEs as at quarter 3. If you compare to where we were this time last year, we had brought in approximately 154 SMEs at the same time last year. This is really on the back of the group's distribution footprint, which has seen us delivering strong new business growth year-to-date. Really to call out our intermediated distribution teams, and the collaboration with Momentum Distribution Services in Johann and Etienne'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. Really strong traction there. Then, of course, Two-pot. I will touch on that a bit further on in the presentation, but some exciting things in that space. We continue to innovate around our solutions. We've got Health4Me now embedded into the Momentum Grow SME solution, where advisors can coach for health business as they are coaching for employee benefits business. We've also rolled out a smart quote capability in the advisor space, which I'll share some interesting stats around. We've got the Metropolitan Funeral Plan now inside our product shop, which you can have a look at in the activation area, that is, to engage with the product shop. 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 zoom in, our net margin remains above our targeted range for FY 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. That AI bot has actually covered 400 questions coming from our teams who run with our annual review process, 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 de-commoditizing our group insurance solutions. You can imagine, here it tends to be very much priced as a headline. What we've been able to do here, as an example, we've rolled out smart benefit statements. 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, 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, also on the return-to-work side of things. These are elements that clients really value when it comes to the conversations around retention, especially. Quite exciting here also, the collaboration with Momentum Health. I haven't seen Hannes yet today. Oh, there he is. Yeah. The collaboration with Hannes and the team in Momentum Health, with firstly, the rollout to Woolies of an integrated health and EBE solution, we've got a few more coals in the fire in as far as that is concerned, we look forward to future successes that we'll deliver in this space. Moving on to our structured investments and annuities business. Here, I will talk to the only orange, where we are reasonably confident, this is really around our ability to deliver on our commitment when it comes to ESG-related assets as part of our overall portfolio. This is really driven by the dearth of available assets in this environment. As the investable universe expands, this is a space that we really want to be able to drive more flows into. 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. Ferdi has mentioned the collaboration with our index-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. We are essentially the engine inside the products that we distribute through those large corporate advisors. Again, there we've seen significant traction with the Golden Living Annuity as well as our Smooth Bonus products. Overall, 90% of our PVP as at the end of quarter three in this particular business was on the back of partnerships. We're also in the process of simplifying our Smooth Bonus solutions. Here, we've also rolled out a capability for advisors to quote online when it comes to with-profit solutions. I tell it 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. The contribution to the corporate business sitting at 20%. I think last year we were at about 21%. This is really a good story, especially if you consider our 25% objective for 2027. It speaks to elements of early diversification as we go forward into the future. This is a bit of a catchall 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, 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 three. To put this in perspective, if you take all of our non-intermediated channels within Momentum Corporate, as at the end of quarter three, those channels contributed 45% to our new business line. If you go back four to five years, that would have been about 20%. 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. 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 is a service, is something we spoke about last year and really great that there are seven retirement funds outside of FundsAtWork that have appointed Momentum Corporate as their retirement benefit counseling provider. To give you context here, these seven retirement funds, assets under management, ZAR 123 billion, covering 600,000 members. This speaks to some future vectors here in terms of our ability to really tap into the B2B to C theme within the employee benefits industry. On the preservation and annuity flow share for the group, we are tracking well ahead of our targets when it comes to the preservation commitment. 58% of preserved assets out of FundsAtWork go to the Momentum Group, 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. 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 Two-pot. Pre-Two-pot days, we probably processed about 8,000 claims a month across our two administration businesses. In the month of March 2026 alone, we processed 100,000 claims across the two businesses. Had we kind of remained analog, we would have needed to appoint at least an extra 136 people from a headcount perspective. By being digital and digital-first, we have been able to deliver those efficiencies. On the advisor side of things, Ravi talked about advice augmentation. We have rolled out the Smart Quote capability. Approximately 3,000 quotes which have been generated through that portal. You can imagine, the time saving here for advisors 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 email, a phone call. Great advisor 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 re-quotes, during the quoting process. Dragonfly, which you'll also see in the activation area. We've seen very strong take-up of our emergency savings solution, which speaks to what we're trying to do around Two-pot, making sure that members are able to have a far more reasonable and accessible approach when it comes to short-term financial commitments. 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 two days to 25 minutes. 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. A big-ticket item for us as we go forward is the ecosystem modernization program. 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. We are on the first part of a five-year to six-year journey. Initial commitment is two years, and we will have to earn the right to invest beyond the initial commitment for the first two years. 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. Also to ensure that it's not our people who have to support the technology, but it's the technology that actually supercharges our people. As I close, our focus areas for the next 12 months are very much in line with what you will see, 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. 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. Our right to win. Yes, we are a business at scale and a significant contributor to the group. We really want to continue along that path, delivering our part to the impact strategy commitments. Again, as they say, we can talk about a strong track record of delivery, but it's been World Cup month. They say you're only as good as your last game. Really the pressure now is on us to ensure that we continue actually to deliver, and to deliver beyond the unreasonable expectations or what unreasonable excellence, in our environment. We continue on that journey. 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 Molalo Lepota, and I am the new head of investor relations here at Momentum Group. I am very pleased to meet our analysts and investor community today. I would like to welcome to the stage, Dumo, and I also want to introduce Ferdi. We sit like this. Okay, good. Thank you both for your presentations today where you discussed the progress against the impact strategy. What I want to cover today is other topical issues that were raised by our analyst and investor community. The first question is for you, Ferdi, on Momentum Investments. Scale matters in asset management, but so too does a track record of our investment performance. The investors want a clear view of how Momentum Investments is competitive in this space, and how does one create a very coherent message to the market about Momentum Investments? There is many components in that question, actually. Maybe just one comment to ponder on. I think scale will maybe matter less in the future with technology, but I think it obviously matters, and so does investment performance. How do we show up? Because it is different for retail market and for the institutional investor, right? 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. In MDS, where it makes sense, but specifically in Consult and in MSP. I think it is all of those that actually makes up our place. Yes, probably through a wealth lens, I would say, in the retail space. In the institutional space, I think what will differentiate us and how we show up is as a partner. Dumo also mentioned kind of the partnership approach that we have, the solutions engine. 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 how we blend it into solutions. Together with Dumo's team, we do a lot of that. Collectively, I guess we target institutional community. We have been on an outcomes-based investment philosophy now probably for the best part, somewhere 15 years or so, for a long time. It's well established. We've probably coined it as the first investment manager in South Africa, that is still kind of the hallmark of what we do and how we manage money. I think that consistency over time demonstrates how we manage money for institutional investors and their clients actually on a consistent basis. The track record in the philosophy is there. Of course, in the shorter term, sometimes there are challenges, right? Specifically the concentration in markets at the moment in terms of global tech or precious metals in South Africa and so forth. We navigate through those in a very consistent, disciplined manner, following our beliefs. Thank you for that. 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 this earlier. I think our wealth platform is an excellent kind of new business flow. I think, Renee, probably on a growth basis, in the wealth platform, would have been close to ZAR 38 billion for the year to date on a net basis, 10 about. It's a good contributor. Good positive growth in that space. Year-to-date is a bit flat. Also in our multi-manager business. If we take out the legacy book, right, because remember, Philip and now Stephen were all into its Merge, I thought there's all the legacy life insurance books that we've acquired many years back. They are in continuous rundown over time, that money we manage in the multi-manager and a bit in the asset management business. If we exclude that, and in the multi-manager, we had net contributions or net inflows of about ZAR 6 billion, I think. 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 inflow again. 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. I think we, across the board, in a good place. Jeanette and I both raised Curate and the opportunity that that will bring for us, for example. 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. Thank you for that. The next question for Dumo. The corporate retirement space is consolidating, as the market knows. Investors want to understand in terms of Momentum Corporate, are we gaining market share? Are we simply defending our position? Thanks, Molalo. The environment itself is very competitive. Despite being a player where we have essentially If you look at the last five years, our story is an organic growth story. We've continued to see strong growth within our umbrella fund. From an asset under management perspective, we are still quite well-placed in terms of our top 4 position. We've been able to retain market share over the period. I also think that historically, what we've seen is more a theme that's focused on standalone to umbrella conversions. That opportunity is still there. Increasingly now, we're also starting to see umbrella-to-umbrella conversions. What we've been able to do there is to essentially relaunch FundsAtWork to the market, and a FundsAtWork 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. Our financial individual solutions that members are able to access, through our ecosystem, are starting to prove quite important. 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. Those value adds also help us to stand out in what is a very competitive environment. Of course, the work we've done around the advisor enablement. If you can make life easy for advisors, if they can get from client request to quote to installation as seamlessly as possible, that's something that is viewed positively. We see that, especially in the SME space. Thank you for that. The next topic is on Two-Pot retirement. This is for both of you, but I'll start with Dumo. The Two-pot has been a very big, significant structural change in the retirement industry. What structural change do you see in this industry linked to this? How is Momentum Corporate servicing? How is it modeled from Momentum Corporate servicing this? Look, Two-pot itself, I believe, it's fulfilling what it was intended to fulfill. 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 their 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. To have a bit of a valve for access, I think is helpful. Also preservation. The fact that preservation is now compulsory for the retirement pot is a positive. We're starting to see that coming through, even in terms of the preservation levels within our own book. We are definitely seeing that. 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 emails. It speaks to phone calls. Our ability then to ensure that we apply technology in our environment has also increased. Very happy that engagement with retirement solutions has grown. Typically, people wouldn't really look at their benefit statements. Now, I know we were not quite happy about the reasons why they are looking, because we'd like people to preserve. The levels of engagement with people's retirement benefits has been a big positive. Thank you for that. Linked to this topic, Ferdi, on the investment side, how are you thinking about the long-term flow implications of more members starting to gain access to their savings? As Dumo mentioned, people are engaging more with their benefit statement. They're more aware of what they have saved up. How do you see this changing? It depends whether it's retirement savings or other savings, right? I think we've had less of an impact in the wealth business. 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 more in the wealth space. I do think people will engage far more actively with their investments and will expect a lot more. When we look at and think about personalization in messaging and so forth, the same with Income Illustrator, right? Is how we can provide insights to investors, but also their advisors to help them to navigate kind of a challenging world out there, actually. Often the short-term need is now, but the long-term requirement will not go away, actually. I think we need to make sure, if we stick to our purpose statement of protecting and building our clients' financial dreams, it's exactly about that. It is doing both the short-term life now, where they might have specific needs, also help guide them actually to not give up on the long term, because I think that's quite important. I think personalization, that will come with technology and AI, we see that, right? How we utilize that both in benefit statements, I guess, and in the benefit counselors and how we enable in our world, I think the advisor, 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 their advisors. Thank you. I'd like to move on to questions we've received online. For Momentum Corporate, a topic we can't ignore is VNB. We've received a question from S'namilelo at Standard Bank and Daniel from Ashburton Investments. The question here is, when do you expect the VNB and margin to recover back to positive territory? What do you see as a key factor in delivering a positive VNB going forward? 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. There's a bit of a volume story there. In the bulk annuity outsourcing environment, we do need to land some successes there. Those deals, they're quite lumpy. The opportunities are few and far between. When they come, we've got to make sure that we are giving ourselves a fair shot at success there. Those two, from a new business volume perspective, will be quite critical. I think going into the next, at least going towards FY 2027, our distribution capabilities have progressed such that we do have a strong pipeline of new business, especially in the umbrella fund space. 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. As far as possible, we are doing what is within our control, we are working on. Where's wood? In the next financial year, we've got to see a significant improvement. Thank you. We have another question online from S'namile at Standard Bank. This one's for you, Ferdi. Assuming the microenvironment remains with low yields, how do you expect to defend margin again in Momentum Investments? What plans are in place to encourage life annuity sales? Clearly, we have a diverse range of solutions, right? We can navigate different markets, a large fixed income portfolio, large reserve, central bank kind of reserves management portfolio. Also, I think, quite a diverse portfolio now in Curate. You can see Curate is up there, and how we build it up. I think it is making sure that we deliver the right solutions for the right market environments. In annuities, we are dependent on the interest rate cycle because an advisor will make the choice between when is a living annuity going to give a better long-term outcome versus locking in almost at a specific rate for a specific point in time. I think our hybrid annuity, the Income Illustrator, 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. I think we've done the modeling on individual clients in partnership with MSP, they will take it out to engage. Then, of course, other solutions in the structured product space where there's a guaranteed endowment. It's also a little bit dependent on the cycle, because when is a guarantee better when you provide that versus what you expect the market will give you from an equity performance point of view. I think it is in the breadth of the portfolio that we have across the business because it includes many different components. I think we are fairly protected for different market cycles. That's good. Unfortunately, we've reached the end of our Q&A session now just to make up time for earlier on. If there are any additional questions, please feel free to grab either Dumo or Freddy outside, and they can address any detailed questions you might have. Just also on the activations and demonstrations, we do have got digital capabilities for Momentum Corporate, and Freddy, as he mentioned, has his Income Illustrator, so please feel free to explore those in the next break. Next, I'd like to welcome Peter Tshiguvho to talk about Metropolitan. Thank you. Thank you. Thank you, Molalo. A very good afternoon to you all. I am very much delighted to get an opportunity to share with you the Metropolitan progress on the Impact Strategy. What I am 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 am also going to lift up the innovative product that we are launching today. Then I am going to talk to what are we going to be focusing on for the remainder of the Impact Strategy. Lastly, I will chat to our right to win. When I speak about the right to win, I am not only referring to 2027 deliverables. It also talks to, are we really setting ourselves to win into the future? That is what I will be covering later. I am going to take you back to the beginning of the Impact Strategy. Now, this is our strategy on a page. With the true ambition, our long-term ambition is to be a household name with a product in every emerging market home. I am 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 are going to have to do a lot more. We are going to have to be innovative for us to be able to achieve that. That really speaks to growth. It also speaks to innovation, which is why the product that we will 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 would like to deliver 5% margin as well as the normalized headline earnings of ZAR 750. How are we going to do that? We identified five focus areas. Now, 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 three themes. The first one is around cost. Now here we are saying we have to make sure that we can optimize value. Now, in my view, optimize is the operative word here. It is 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. Now we talk about the solutions that we have to come up with. Already, the product that I will be chatting to, it shows understanding of the client that we really target. Having said that, we also talk about inclusivity. In my view, the product that we have launched, it also makes sure that we can be able to include some of the market which were really outside of where we have been operating. Then key again, it will be the client experience. Now how we make sure that at every opportunity that we get to engage with the client, we need to delight them. Now 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. The last two, they're 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 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. Now we say we are more biased into the new business. When you bring new business, we are happy to pay you a high percentage. 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. This is where we're gonna 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, yeah, tied agency has really served us well up until now. There are so many other new channels that we've 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. Now these are the five 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, all of those ones, it's on the sales space. Now this talks to how can we ensure that our own alternative channel can be able to generate new revenue stream. 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. The market access, while we're sitting with that, and then 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 Shembe. The numbers that we have got to date, they are not necessarily where we want them to be. 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. On the cost side, when I look into the work that we have done, we have done very well here. Yes, there is still more that we have to continue to do, but when I look into the deliveries on optimizing our costs, we have done well. 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, you have to continuously really building on that. Still on the strategy 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. This is against the ZAR 150 million by 2027, so we should be able to really deliver there. The biggest driver there, it was the optimization of the third 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 minus ZAR nine million, which was a huge issue. I got so many questions about this negative VNB. Yes, we are now in the positive territory. Have we arrived where we want to be? Definitely not. It is positive for us to have moved from -0.2% margin to now 1.2%. There is definitely quite a lot that we still have to do here. The biggest driver to where we are is the product commerciality and to a certain extent, the management of our costs 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 2024, by 2027. We're currently sitting at 94%. This has been consistently above 90%, which is something that is very much encouraging. It also explains the reason why, for the last eight years, Metropolitan has been recognized as a leader when it comes to client experience. Eight years in a row. Let me remind you, in the past, this survey was used to be done by Consulta, and then it moved to Ask Afrika. 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. You do the math. You do the math. 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 advisor retention, which is something that we would like to make sure that we build on. 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. Yes, we need to make sure that we can do a lot more, as well as on the relationship that we have with the Shembe. On the digital journey, we are happy to say we have got a digitalized value chain. You look into the advisor space. We have got all our solutions on STP, the straight-through processing, which has seen us reducing some of the headcounts 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. Now, 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 a reduction of about ZAR 15 million in expenses. Then by using machine learning, 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? We can say, "You're going to be green, or you're red, or you amber." Yes, advisors are not happy about that because when you go out to the client and you get a client, you think I have a policy. When you come back, we say, "This one is not going to come through." On the other hand, 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 [PayEd], 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%. When you look into the NTU, our NTU are also the lowest in the market right now, and this is something that has been really boosted to us by all the different initiatives that we have introduced. 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. To the exciting stuff. Unfortunately, I'm not the most animated person. This is where I should be jumping up and down. Believe me when I say there is a little man inside who's jumping up and down as I'm here. Why am I so excited about this? One, our own reason of existence, we say we build and protect clients' financial dream. Even this market, they have got their own financial dreams. We're going to enable this through this product. 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 talk 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. With this product, what are we really solving for? One of the biggest challenge we have here, clients have got a circular chart problem, where they keep taking out a funeral policy and it lapses. They take another one, it lapses. They take another one, it lapses. With this, they won't have to go through that challenge anymore. With this product, I'm 100% sure that there are so many people that we're going to impact positively. Again, insurance are also going to benefit from this. While this is a market changer, persistency challenges and those questions I kept receiving, at least some of them, I won't be getting them. Yes, I still have got a legacy book, but persistency would have been resolved by this. If there are issues that we're going to pick up, put them on the actuaries in the future, but not today. This is the no-lapse. Before I go, you take out your phone. You scan this QR code. By the time I finish with this, I may be sitting with more policies, the no-lapse funeral policies. Let me say this, as much as this is meant to be targeting the lower end of the market, I don't want you to feel excluded. Take the QR code and make sure that you get to experience how this product really works. Outside there, I have got Luke. Luke will also be able to share a lot more if you have more questions on the product. We also have a knowledge bot, which you can be able to engage outside. Some numbers. Metropolitan receives about ZAR 590 million annually for policies that lapse within the first year. ZAR 590 million, which the clients don't necessarily get the benefit because if your policy is going to lapse within the first 12 months, most of them may still be within the waiting period. Even those that are outside the waiting period, you may find that they haven't really claimed. This is the money down the drain for them. Do we benefit from this money as an insurer? No, because we haven't even recouped our own cost of acquisition. When you take that to the industry as a whole, we're talking of more than ZAR 6 billion amount of money that is not necessarily creating value for anyone. We look into the market that I'm talking about. 3% of them have got adequate cover. When it comes to death doesn't care. It will go to any other person, which is why when this happens, you will find that people don't necessarily have money, but they still have to bury their loved one. This is where they end up going to the [mashonisas], or you go to the bank to get a loan. In the end, you have created a debt that you have to really service. How does this policy really help? All what is expected of you is to pay ZAR 1,500 within 12 months. ZAR 1,500 within 12 months. Here are some of the positive year. For those who don't necessarily have the ZAR 1,500, you can first pay ZAR 200 today and then ZAR 500 in the third month, as long as you can be able to pay ZAR 1,500. This gives them flexibility. It's not a matter of saying you have to pay every month. If you do that, the cover that you would have bought by that ZAR 1,500 is for life. Two, three years later, you have got some money, you can go and top up, and then that will also increase your cover. When you get your policy confirmation, you will get a WhatsApp, which you can be able to share with friends and loved ones to say, "I have taken up a no-lapse policy from Metropolitan. You can also do the same." When those ones take up, 5% of the premium they pay, it increases your cover as well. That is the no-lapse funeral policy. We should see so many people who have seen their policies lapsing, and this would be an issue of the past. What are we going to be focusing on for the remainder of the impact strategy? The tied agency has been cleaned up. The tied agency has been stabilized. How do we ensure that we can still be able to grow without breaking anything? That's what we're going to be focusing on. In the broker space, we need to now build capacity more so to get more broker consultants. We are also going to ensure that our own direct channel can start to create more value. Given where we are, there's a lot more that we still have to do in that particular space. We are also going to ensure that partnership will build the capability for us to be able to really grow. There is an opportunity here because the only way we are going to fend off some of the competition we have is to enter into partnerships that are going to create value for us. Yes, all of this, we have to make sure that we do so that we can be able to improve our VNB. The 5% margin we have set for ourselves, it is still far off. These are the stuff that we are going to do. Costs will remain to look after it. We are also going to make sure that we look into our product commerciality. As I close, I would like to chat to the right to win. As I said earlier on, this isn't about the 2027 deliverables only. We need to make sure that beyond 2027, we can continue to grow and continue to build. We have got the modernized system, which in my view, it allows us to really engage as well as get to partner with others to be able to really grow. It makes it much more easier for our own salespeople or advisors to engage with the client. With the system that we have, I'm also aware that when it comes to policy administration, it is much cheaper compared to the legacy system that we had in the past. This put us in a very good standing. The best of class when it comes to the client experience, this has become one of the things that we have been doing well. We never arrive. We have to continue building on that. The tied agency, as I said. Lastly, it's the resilient team that we have. We have gone through so much to find ourselves where we are now. There is so much that we have to celebrate, but in saying that, in doing that, we need not to forget that we still have a lot more work that we have to do. Given where we are, our house is much more cleaner. We can now afford to lift up the head and say, "Where are other opportunities that we can take advantage of?" Thank you. I don't know if I should thank you, Peter, because all my Africa team members are looking at me to say, "When are we getting the no-lapse funeral policy?" Really great efforts there by the Metropolitan team. We will definitely knock on your doors to follow on that. I'm going to be covering Momentum International. The way I'll cover the presentation is I'll start off with the Aditya Birla Health Insurance business in India. Today we thought it might be useful to share a little bit about Momentum Services, which is our Global Capability Center, also based in India. I'll end off with Momentum Africa. This year marks the 10th year of existence and inception of the Aditya Birla Health Insurance business. Since then, we've grown the business from a complete greenfield operation to being one of the fastest-growing standalone health insurance businesses in India. We have over 24 million clients. We've got about ZAR 13 billion of revenue of gross written premiums, and a 13.7% market share. I think we are really proud about the growth and the success of the business so far and really excited about the prospects of it going forward as well. We have a very unique competitive advantage in that we focus on health first, and our offering is really simple and clear. We help you to take care of your health. If you happen to fall ill, we have health insurance to help you to get access to good healthcare as well. That's really the offering, and it's allowed us to really scale and grow faster than our competitors in that market. It's also a unique offering that's not available in other markets, where you actually are not able to embed wellness in the offering as well. We believe that our partnership with Aditya Birla Group, through Aditya Birla Capital, is a key factor in the success of the business. As the two shareholders, we continue to invest in the business and to support it through our respective areas of expertise and strength, including health risk management, including incentivized wellness, which we offer, innovation, as well as technology and AI adoption in the business as well. That's been a key factor, and I think the partners have really worked well together to support this business. We are also exploring, as Lawrence will cover later, new opportunities for Guardrisk in the Indian market as well. Of course, this business is also really well led by Mayank and his team, a really strong management team that have been very good in growing this business in a very competitive and also very complex market in India. How have we done so far? As I said, growth has been exceptional. We've achieved higher than market growth over the last couple of years. We're at 39% growth in GWP over the last year. Profitability has improved. We've seen profitability on the interest basis this year, following the break even on the Indian GAAP that we achieved last year. In addition to that, we continue to embed the Health First offering. The way it works is that because wellness is embedded in the product, we are then able to increase engagement with our clients, and through that, they are able to earn health returns. At the same time, we are able to have interventions and health coaching that allow us to improve persistency in the business as well as claims management in the business as well. In terms of things that still remain challenges, the claims experience in our group business still remains under pressure. That's been offset in terms of the combined ratio and the profitability through the reduction of the expenses of management ratio, which is now below the 35% regulated level that we've achieved now in this financial year. That's a key focus, and I think we'll continue to focus on claims management. Good progress has been made in the retail business, and now it is about finding further initiatives to improve that in the group business as well. Regulations remain a key area of focus. Regulations are continuing to evolve. Maybe the context here is that, for example, when we started 10 years ago, the current regulations that allow us to embed the wellness and incentivize wellness in our health insurance offering didn't exist. For the government of India, healthcare and health insurance are important elements for them. As a result, there's been an ongoing investment and growth in the healthcare sector and a focus on regulations that then support that. The regulations are really aimed at increasing the amount of people that have access to healthcare, so participation in the healthcare industry, but also around policyholder protection that supports that. That's a key factor that as incumbents in that market, we have to understand and then consider how do we then manage the business to mitigate the impacts of that if there is one on profitability. On that note, I'll move on to some of the regulatory changes that we've seen over the recent past. In this financial year, the one that ended in March 31, we've seen in September last year that health insurance is now exempt from goods and services tax, so that's the equivalent of VAT in our context. What that means is that it's more affordable, so healthcare is more affordable for people. The impact for us in terms of health insurers was that we weren't able to offset the input VAT credits. That then has an impact on our profitability because we weren't able to renegotiate our contracts with our suppliers and distributors prior to that taking into effect. Those are some of the things that we have to consider in terms of the implementation of regulations that make sense for the industry and that support growth in the industry going forward. However, they may have a short-term impact on profitability of the business in the short term. Other changes that we are aware of and that we are looking at potential impacts of in the future, the transition from Indian GAAP to IFRS is on the cards. We expect that to be effective from financial year 2028. That's a requirement from the regulator for all insurers. Transition to risk-based capital. We expect that also to be a requirement going forward. That may have an impact on our capital requirements, but as Risto said, we are uncertain and it's something that we'll continue to monitor, and interact with the regulators on to understand what the potential impact might be. Potential revision to commission regulations. That's also something that the regulator has started sort of asking questions about and trying to understand what the impact might be. I guess from our perspective, it is to say we understand that the regulatory context is evolving. What we need to do is to stay close to the ground, understand what the potential changes might be. Mayank and his team are quite actively involved in industry bodies in the country. They also participate and interact with the regulator on a bilateral basis to get more information and also to give input in terms of what those regulations might be. It's just a matter of being aware of what might happen, trying to pre-empt some of these changes and mitigate the impact on profitability and on capital, should there be one. I think the benefit that we have in the Aditya Birla Health Insurance business is that it is basically a digital-native business. We don't have the impact of having legacy systems that we first have to migrate from in order to be able to implement these initiatives. Having been started 10 years ago, this business is in a position where all these initiatives are being built from the base and are being able to be spread out and impact the whole of the business. Some of the things that we use, for example, we use geo-based mapping to decide on branch allocations. In a market such as India, where the population size is huge and urbanization and migration of people is quite a significant factor, that's an important factor to enable the best location of our branches. We also support advisor enablement. Understanding, getting the data around how our agents are performing and then using targeted training interventions to enable them, as well as activity management and supporting them in terms of measures, in terms of what they can do, either to train themselves or to develop themselves or to improve their activity management. We are also using it to deliver exceptional client experience. We used hyper-personalized measures on the app, specifically for clients, to help them to understand, to engage more with us and to help us to embed the Health First value proposition stronger. Sharper risk management. We've been able to use machine learning-driven fraud, waste, and abuse detection. Fraud, waste, and abuse is a key factor in the Indian market, and we've been able to reduce the amount of losses that we could be exposed to as a result of using AI and machine learning. Our underwriting coverage productivity has been improved by using large language models as well. Okay. I think really the way we look at this business, in terms of our exposure as the Momentum Group, but also overall in terms of how it's managed by the team in India, is that we have a very strong right to win. That is based on continuing to entrench and build on the Health First value proposition. We have a couple of things that we are already working on in terms of changes to products, in terms of health risk management improvements that we think will continue to increase the gap between us and our competitors in terms of this unique offering. With that, it does mean that we have to continue to focus on growth. We have to scale the model as fast as possible before competitors are able to catch up with us. We will continue to focus on a deliberate and measured approach to accelerated growth. Lastly, a focus on sustained and improved profitability, which includes ongoing interventions in terms of claims management and health risk management to support the claims ratio in the business and improve profitability. Moving on to Momentum Services. It's worth noting that Momentum Services is 100% owned subsidiary of the Momentum Group. This is our initiative that we've invested in. We call it our Global Capability Center. I wanted to share a little bit about it because I think it's a key enabler to our group strategy and our digital and AI technology ambitions that we have as a group. I think as you've seen today, a lot of the businesses are talking about the key initiatives that they're working on, and this business has been a key enabler to allow us to actually achieve some of those. The delivery model is basically in two parts. On the one side, we've got what we call staff augmentation. The Momentum Services staff are really employed by Momentum Services and then deployed into a specific business unit that has a need for a specific skill. The way that would work is a specific business may be working on a specific project, and they need a specific skill that may not be available or may be scarce in the South African market. We would source that from the India business, from Momentum Services. Momentum Services would recruit and then bring that individual to be part of that technology team in that specific business unit. It is really focused on embedding that individual in the technology team and augmenting that team with the skills that's needed for that purpose. The other part of the business is managed services, where we would then have specific projects that the Momentum Services team would scale up, put together, build, and they would then either hand them over to the business unit or they would continue to manage them in parallel within Momentum Services itself. Since we've started this business in 2025, we've been able to access 55 different types of technology skills. We now have a headcount of 260 people all sitting in a Momentum Services office in India. We've achieved ZAR 193 million of cost savings cumulatively over the last five years, of which ZAR 57 million has been in this financial year. The business has paid a dividend of ZAR 26 million and completely paid back all the capital that was invested in order to start the business. We remain really excited about the contribution that this makes to support the group's objectives. Moving on to Momentum Africa. When we started the impact strategy, you will recall that we said a few things. One of them is that we said for each market that we have a presence in and for any potential investment, we will have a set criteria that we use to assess the opportunity of that business. That includes each business being able to achieve ZAR 100 million normalized headline earnings within a reasonable time frame, being able to achieve an ROE within the group's targets, and being able to be a top three player in their respective markets. That's the one thing. The other thing that we said we will do is that we will review the operating model for the Africa business. In relation to both of those, we have exited the Ghana business towards the end of last year. September last year, that transaction became effective. That was really linked to the fact that based on our assessment, that business will not be able to meet the metrics that we required it to meet within a reasonable timeframe, at least. Also, we have concluded the transition of the Momentum Africa operating model. That has now been finally concluded. What that means is that the Namibia short-term insurance business, as well as the health insurance businesses in Lesotho, Botswana, and Mozambique, have now been transitioned to the Guardrisk and Momentum Health business units, respectively. The remaining business, which we now term the Africa Life business, is the retail life, corporate life, as well as investment management businesses in Lesotho, Botswana, and Namibia. That's what I'll be covering in my presentation today. We said we will focus on a few key focus areas. One of them relates to distribution. We really wanted to scale up our distribution, both in terms of the broker channel as well as the tied agency force. We wanted to improve the productivity of the tied agency force, and that's been a key initiative. We said we will focus on operational efficiency, and improving both the efficiency of how our employees are able to do their work, as well as introducing automation and technology in order to improve that as well. We also said we will focus on growth through strengthening existing partnerships as well as new partnerships, as well as new markets. I think that's an important element as well. We wanted to focus on client experience and client service, and just improving the way our clients experience us on a day-to-day basis. Lastly, we wanted to conclude the implementation of the product sets that we were in the process of doing. As Stephen will mention later, we have now concluded those and those systems have been implemented, and the products are now in place, which allows us to have a more holistic set of products that we can offer to our clients. How have things gone? I will do this by country. Namibia has by far been the star performer in the portfolio. We have had extremely good sales growth in Namibia, both on the corporate side as well as on the retail side. Corporate pipeline is also looking strong. We have seen good progress in terms of retail productivity, the retail tied agency channel productivity. Assets under management have improved in terms of asset investment management business. The partnerships that we have with the Lutheran Church and other partnerships as well have continued to show good contribution to APE. The Namibia business has also paid ZAR 600 million of dividends in this financial year. VNB, although it is still negative, has seen quite a significant improvement, and we see that continuing going forward. The one thing that I think is worth mentioning in Namibia is around regulations. As at 1 May this year, the FIMA Act, which sort of governs non-bank financial institutions, has become effective. Our teams on the ground are aware of it and have been preparing for it and are focusing on making sure that we have compliance, that we remain compliant, and that we make the changes in the business that are required to meet compliance with those regulations. We remain really excited about the Namibia market, both as a country, the prospects in terms of oil and gas, as well as our participation as the Momentum Metropolitan Namibia business in that market. Namibia is a really exciting market for us, and we see good prospects for it going forward. In Botswana, we have seen really strong growth in corporate sales. You will see that the contribution from the Q3 results that came out yesterday, that the contribution from sales from the Africa business has been quite significant, and the corporate business in Botswana has been a key contributor to that. We have seen really strong growth in corporate APE. I do want to also say at this point that corporate is an important factor for the Momentum Africa business as a whole. We are investing a lot. We are putting systems in place to support that business, but investing a lot in the growth of corporate as a proportion of the overall business mix because we think that is an important lever that we need to grow in that business. For Botswana, retail productivity, the tied agency channel is not at the level that we would like it to be in terms of productivity. That is something we are continuing to work on. We know what needs to be done, and now it is about actually putting the effort in and putting that in place and improving their productivity over time. The economic environment in Botswana has been very complex, with diamond sales reducing quite significantly and the low levels of diversification of that economy. We have seen the impact on our clients, both on the retail and on the corporate side. We have seen a number of retrenchments. I think the one benefit is that because we've launched the product that we have launched, we have been able to have a more holistic product set that allows us to have annuity products, for example, for clients that are being retrenched, as well as risk products that are higher margin that can offset the impact of that on the business. VNB is a specific priority. I'll talk a little bit more overall for the Africa business in terms of how we're tackling that. I think on the Botswana business, it's one of the things that we're focusing on quite a lot. Lastly, on Lesotho, corporate sales, really good there. We also launched the unit trust business in the investment management business in Lesotho, and we've seen really strong flows. I think because Metropolitan Lesotho is one of the biggest market participants, with almost 69% market share in that market, we really have a really strong presence. Therefore, when we come out with the offerings, we've seen really strong support from corporates as well as from the banking industry in terms of the unit trust offering as well. Retail productivity there as well is getting specific focus. We are not yet happy with the productivity of our retail tied agency channel, and that's something that we're working on quite closely. I think obviously the impact of the exit of U.S. NGOs had an impact on that business, which we've kept close watch on. We're still excited, I think, with the prospects and the opportunity that we can leverage from the Lesotho business. In summary, strong sales growth, 39% growth in chosen developed new business premiums over this last year for the covered business. Corporate sales growth has been really good. We're focusing on continuing to embed that and really scaling it up and continuing to maintain that. Retail systems implementation has been concluded. The operating model has been landed. I think that really sets us up so that we've got the technical teams closer to the context on the ground and able to deliver scalable products that are really relevant to our markets. We really think that the new operating model means that we have no excuses to meeting the goals that we have for each of the markets that we now have a presence in. I think we've achieved 50% new business risk to savings ratio, and that's really been an attempt to reduce the proportion of savings in the business mix and increase the risk business, which has higher margins as well. In terms of challenges, retail sales productivity, as I've mentioned a number of times before, that's something we're focusing on. We're currently achieving 1.1 policies per advisor per week against our target of 1.5, which we set for FY27, which we are actively working towards improving. Persistency remains lower than our target. VNB, as I've mentioned. In VNB, we are using a number of elements to support the improvement of that. Cost optimization is one. Operational efficiency, which also translates into improved cost, is another element. Growth in our sales and achieving scale across the business is another factor. Focusing on increasing higher margin products as well as corporate business as part of the mix is probably the last factor that we're focused on. Digital and AI. In the Momentum Africa business, our focus is on efficient operations and using digital and AI to support operational efficiency. The initiative that I've covered here is really us using AI to support our robotics process automation in the new business process. Ravi spoke about it earlier as well. We've seen significant improvements. In Namibia, it's at 95% in terms of the effectiveness and the efficiency of the robot, and therefore reducing the amount of human intervention that's required. Our focus is really on scaling that up into the wealth operations as well as in our claims management processes and extracting those benefits through actual cost savings in terms of the number of people required to fulfill those processes. Lastly, right to win. For the Africa business, as I've said, the operating model has set us up, and I think that's a key enabler to the business. We will have lean and streamlined operations that allow us to elevate our employee experience and our client experience. We will provide our clients with relevant, simple products that meet their needs on a commercial basis. I think it's important that in our context, our clients require cost-effective products. We have to deliver that, but we also have to make sure that it allows us to have profitable outcomes to be a sustainable business going forward. We are also very intentional about elevating client experience based on our understanding of the local insights and what our clients are looking for in each market. Lastly, just in closing, our focus for the next 12 months for ADHI is really on continuing to embed our health first value proposition, growth at scale, but in a measured way that we can manage. Claims management and improving the health risk management, and supporting that business to improve the case management, specifically in the group business, and improve profitability while keeping an eye out on potential regulatory reforms. Momentum Services, we will use that business to continue to support the group in its digital and AI initiatives, and therefore support the group's strategic objectives. Momentum Africa, growth is an important factor in order to get to the right level of scale and reduce the cost per policy overall for that business. Grow our corporate book, and corporate as a proportion of the overall book, and focus on product commercials and improving the mix of high margin products in our portfolio, as well as operational efficiency. Again, there, keeping an eye out of evolving regulatory requirements to ensure that we don't trip ourselves up and not be aware of what changes in that market might require. I think that's it from me. Thank you very much. Good afternoon. I'd like to welcome Peter back to the stage. Thank you both for joining me in conversation. As announced in the operating update yesterday, we saw some very promising results from both Momentum International and Metropolitan. Congratulations to you both. Thank you. In your session, Peter, you spoke about your new product. Very exciting. We've actually got a question from the audience. They say, "Is there a reasonably sized mass market that can afford to pay ZAR 1,500 of premiums in a year? What happens if you don't pay ZAR 1,500 within a year? ZAR 1,500 is a lot of money. More so when you look at it, if you expect to pay it all at once. The fact that we give you 12 months to be able to pay back, you don't have to pay it all at once, it creates a far much better opportunity for you to do that. There are so many clients who spend their ZAR 1,500 over a number of years just because they couldn't afford to really sustain it. The fact that there is flexibility, they should be able to really get to that. If you cannot pay ZAR 1,500 within 12 months, we will be able to pay back 60% of the premium that you would have paid. If by the end of, say, 12 months, you have only paid ZAR 1,000, we'll be able to pay back 60% of that, which will be ZAR 600 back to you. Ideally, we would like them to make sure that they can break it down as many times as possible. By the end of 12 months, if you have ZAR 1,500, you have got a policy for life. Thank you for that. Just as a reminder, it's one of the activation stations we have outside. If you want to understand more about the mechanics of this product, feel free to go to that station. Another question for you, Peter, is that the insurance and funeral market is highly competitive. The question here is, "How is Metropolitan building sustainably competitive position in the funeral market? This is a very difficult environment we find ourselves in. If you're thinking of the funeral market, everybody who's got data, they are now selling insurance. They're coming into our space, and that is the reality that we have out there. As Metropolitan, where we have stronger relationship, we have a role to play and make sure that we defend ourselves there. On the other hand, we need to create new revenue streams by finding new ways to get to the new clients, new ways to partner, to ensure that we can be able to see growth. Which means we're going to have to do both of these all at the same time. Some of the people who may be coming or encroaching into our own space, they may be ideal to become partners to ensure that we can be able to really grow together. It's not going to be an easy ride, we are ready to make sure that we can be able to be part of it. Thank you. I think with this launching a new product, this will help achieve global competitiveness in the market. It definitely will. Sure. The next question is for Lulama. Regarding our operations in Africa, we know that international operations usually carry a different risk-return profile in the different markets. The question for you here is, "When you think of the Africa business and your portfolio, is there one strategy that's applicable to all, or do you deploy different strategies in each market? We run the Momentum Africa business as one business. The CEOs of each country sit on the Momentum Africa ExCo, we plan together. We think there's a lot of consistency in the markets, there's a lot of similarities, actually, more similarities than differences. Our strategy is we build 80% consistency, then we adapt for the other 20% for the local market nuances. That also allows us to scale what we are building and developing, share the cost of that across all three markets as well. Thank you. Linked to that, we have a question received online from Francois, anchor for brokers. "To what do you ascribe your good performance in Namibia, and has the competition level changed or adapted in the Namibian market? I think good leadership. I really think that it's been strong leadership, disciplined execution of the plans that we have in place. Being very strict and specific about what we need to do, then following through on implementing on that. I think definitely strong partnerships. We've been very intentional about building the partnerships with our key partners. We've got partnerships with FNB. We've got the one with the Lutheran Church. Our broker partnerships are key as well. I think that's been quite a key element in terms of success. The competitive market is quite active and quite strong. We've got some of our SA-based insurers who are also active in the Namibian markets. It is a competitive environment. I think with also the prospects in Namibia, we've seen a lot more entrants into the market as well, a lot more interest in the Namibian market as well. It has forced us to be really specific about what we do, what we focus on, also to ensure that what we do, we really do well. Sakaria is here. I think, I'd attribute a lot of the success to really strong and disciplined leadership in country. Thank you for that. Now we're moving on to a topic that's on everyone's mind in terms of Momentum International, India. India is growing very strongly, with this growth, requires some capital to support this growth. One of the options to raise capital is to bring in additional shareholders. Lulama, how is the business positioning itself to acquire this capital, and how do you better position itself for future success? Okay. I have to think about it. I think you're asking me a few questions there. Firstly, I do want to say that we are really excited about the opportunities for the business. Our preference would not be to bring in additional shareholders because then we have to share. Our preference would definitely be to maintain our stake and to really grow the business. As you say, there is a need for capital. I think as the business continues to grow, there may be a need for capital, and that's something we would need to continue to be aware of. Our view is that any other shareholder would have the same requirements as we do in terms of what makes the business attractive in order to invest in it. From our perspective, that is, you really need to have a really strong competitive advantage. The India market is very competitive. It's also very fast-moving. If you don't have a very clear strategy and competitive advantage, you can really be caught up in there. I think continuing to entrench our competitive advantage is important. Growth prospects, which also links to that competitive advantage. The prospects around continued growth and gross written premiums is important, and then profitability. We think if we continue to get those things right, the business will continue to be attractive to us. Should we have a need for further capital, that would also be attractive to other shareholders. Thank you for that. We have a little bit of time before we break for lunch. I wanted to ask if there's any questions from the audience for Metropolitan and Momentum International. Should I have spoken for longer? There should be a roaming mic if anyone has a question to ask. Just a reminder, please introduce yourself and try to be as brief as possible so we can squeeze in as many questions. There's a question over here. Mark Sand from RB Morse, Sammy. Peter, just for you. Maybe just come back to this 5% VNB margin and how you get there. I mean, the last rate, you're saying, is one of the best in the industry, if not the best, at 16%. It obviously comes down to cost mix pricing. Just a little bit more granularity and color as to what the balance, which makes up the most important component of that. Is it mostly costs? Okay. Currently, or if you were to look into where we are now, yes, cost has really played a big role, as well as the price increase, the blend increase. The biggest gap, in my view, will be in the volume. We need more quality business, and more so, we need risk. That's how we can be able to really get to the numbers. If we were to look into the sales for the last 12 months, we took a little bit of a dip, and that was very much in line with the optimization of the tied agency. As much as we saw a dip in gross sales, but we were bringing quality business, which really contributed to where we are. Of that quality business, we need more of it, and that's what we have to try and focus on now. Thank you for that. Are there any other questions from the floor? Thanks. Mike Christopher, UBS. Peter, another one for you, just on the no lapse policy product. Not to be flippant, does the customer know what the word lapse means? Are you selling something that people don't really understand? Can you talk a bit about. It's quite a unique product. It's almost like a single premium whole of life product. Can you talk about how the value for money compares to a typical funeral product out there? Okay. We did some work, some research around the name lapse. Yes, people do know. The markets that we're talking about, you'll find that they've lapsed their funeral policy three, four times. Just because the re-entry boundaries are very low. When you are going through a rough time, you lapse your policy, and then when you're okay again, and then you go back. Clients do know. I also want to say it will take a lot of education for people to understand how the product works. That I'm aware of, we'll have to do quite a bit. From the value, my understanding, I don't know if Luke is here. If you are 25 or 22 or 25, you can pay ZAR 200 every month, and then in the next two to two and a half years, you would have gotten your ZAR 10,000, and then you won't have to pay again. Which means there's more value in this kind compared to someone who has taken a policy, as it is today, which would be forever if you stop, and then you're going to be able to lose the money that you have. Thank you. I think we have one more question. There's Risto. Oh. Yeah. Obviously this product is very different, we looked at it a lot. I mean, I looked yesterday. It's an unusual case, if you're 22 or 23 years old, I guess, quite young. The cheapest policy for Metropolitan at the moment is ZAR 70 a month for ZAR 10,000 cover. You can pay ZAR 940, and you get ZAR 10,000 cover for life. Within one year, you have more cover than what you had in a recurring premium policy. As you get older, it sometimes takes four or five years to build up enough life cover. For most customers, I would say, if you pay the same amount over two, three years, now you've got cover for life versus one that lapses. The value is fantastic. Hi there. Mario Ferum, ALG. My question is about India. Typically, when loss ratios are as high as 80% plus, one would be talking about re-rating your premiums. I don't hear anything in that regard. Can we please understand? Why you aren't looking at a strong premium rewriting to return to a loss ratio below 70%? Yeah. I think it's really about understanding the different parts of the book. The group business has about 80% claims ratio, really low expense ratio. The group business on its own is profitable, but that's where the higher loss ratios are. On the retail business, our loss ratio is about 47%, and there it is high expense ratios because we have to send agents out, the expense ratios are higher there. The retail business is where it's not profitable on its own, but the loss ratios are high. I think our approach has been to balance the amount of group and retail business over time. Currently, our target is about 60% retail, 40% group, and that is to balance then the impact of the claims ratio. As I said, also, we've got a lot more levers to pull in terms of retail loss ratios, in terms of just the amount of engagement and interaction that we have with the retail clients. What we're doing now is trying to bring a lot more of that into the group perspective, interact a little bit more with our group clients, give them support in terms of the wellness initiatives for their clients that we manage the loss ratios down. There, the pricing is a little bit more sticky, group clients have a lot more control and in terms of those partnerships, it's harder to bring the premium levels down. That's really the way we're managing it, is trying to improve the loss ratio through specific interventions targeted for group clients, and then balancing the mix of group and retail business over time in the portfolio. We've seen that result in an improvement over time in the overall combined ratio to the current 103%. Thank you for that. We still have a bit of time. If there's anyone else wants to ask a question, please raise your hand. Okay. We're now leading into our lunch break. Sorry, there is one. Sorry. Hello. Go ahead. Hi. Thanks. Thina Mele from SBG Securities. Metropolitan Life's 21% earnings growth demonstrates highly disciplined expense management. However, the distribution cost rationalization directly correlated with the 13% drop in new business volume. Are the cutbacks structurally complete, or is there a risk that further cost-cutting will continue to erode market footprint outside of the new product? Okay. We don't expect to see continued reduction of costs in the distribution space per se. From where we are, the optimization work has been done. It's complete. Now we need to find a way to say, how can we be able to grow from where we are without eroding the work that we have really done. Thank you. That brings us to the end of this Q&A session. We are now going to take a break for lunch. Those with special dietary requirements, please keep an eye out for the tables that have your meals on it. Otherwise, please keep an eye out for the ushers who might approach you in case you need any assistance. Please remember to be back in your seats for 1:55 P.M., so we can resume with the second part of today's program. Thank you all. Lunch is served. Thank you. Our master of ceremonies has given me an indication that I must get going. I don't have a reputation for brevity. The timer is starting, I need to start to tell my story. Thank you for coming back after lunch. We seem to have lost one or two members. Hopefully the story will make up for it. My role this afternoon is to share with you a little bit of an update on our strategic progress, give you a view of how our business has done over the last nine months, and then also give you a, I think a bit of a view of the future and our conviction, specifically with regards to the fact that we really believe that the turnaround in Momentum Insure is done. Before I continue, I think it's appropriate for me just to thank the Momentum Insure team, a few of them are in the room this afternoon, for their hard work and commitment over the last two years to get us to where we are today. My role really is just to do the presentation. When we started with our impact strategy two or so years ago, our mission was quite clear. As the Momentum Insure team, we were under no illusions that, I suppose step number 1 for us was to turn our business around and get us back to sustainable profitability. The second sort of big objective for us was then to set this business up for sustainable growth into the future. We identified five strategic objectives or outcomes that we wanted to drive. The sequence in this context is important. Around this idea of returning the business to profitability, we needed to get two things right. One is to deliver acceptable and consistent and predictable outcomes and financial results for the group. Secondly, we needed to build and establish industry comparable core capabilities that will drive profitability. Only once we have that in place, does it then start make sense to focus our efforts and attention on growth. There it's important to have a differentiated market position. It's important to be price competitive in our market. Obviously, there's value in being part of such a great group such as the Momentum Group, we need to unlock some of the benefits there. Then also focus our attention on increasing or broadening our channels and products that we do business with. I think the best way to explain this, the sequencing bit is a little bit, if we use a sports analogy. A few people in the room know that I am a bit of an endurance sports fanatic. I often use sports analogies, it's like an athlete who was seriously injured. You have to go through rehab, before you return to playing whatever sport it is. If you do so too soon, even if you think that you can win and you can fight, you sometimes run the risk of doing more harm. In our case, that was our mindset, is address profitability first. Once we have that, then we can enter more races and think about growth and driving the business forward. As I stand here today, I think we can with conviction say, and our results will confirm that the turnaround in Momentum Insure is definitely done. If I reflect on our strategic progress, a few points that I want to highlight here. In the first instance, I think given our performance over the last two years, we are confident that we certainly have it within us to deliver the kind of outcomes from a financial point of view that Risto and Jeanette expect of us. We are confident that both from an earnings and an ROE point of view, the ambitions that the group has set for us, that those are certainly within our reach. One of the critical objectives we set for our business was to ensure that our direct-to-client capability scales. It reflects how personal retail insurance in our country is sold. We wanted to make that our largest personal lines distribution channel. Over the last year in particular, we've made some great strides, both in capability. We've invested heavily in underwriting. We've invested in analytics. We've strengthened our partnerships with Momentum Retail, who enables a lot of this from a platform point of view. We've invested in our performance marketing capability, and we are very close to achieving the 40% target of new business that we set ourselves for 2017 already. Very confident around the delivery of that objective. The third objective that I want to touch on relates to our safety value proposition. Safety has been a much discussed topic with Momentum Insure over the years. We often get asked, what do we believe is the thing that differentiates us, and we firmly still believe that safety is that thing. When we started our impact strategy, we said that one of the critical things we needed to change from the past was to shift our safety value proposition away from a profitability kind of outcomes. We typically wanted to prove a hypothesis around lower claims frequency and severity, increased or improved lapse experience, which we partially achieved. Our intention was to shift it towards client attraction. Again, our view was if we have a competitive price, if we give good service, and if we have a low-cost operating model, the CVP's role is much more around attraction rather than trying to fix profitability problems, which a good quality underwriting and pricing capability should do. That was the shift that we needed to achieve. We spent a lot of time evaluating what we have in mind, Jeanette spoke earlier about our Dare to Disrupt process, and there we pitched quite a significant, and we are very excited about the idea for the future of safety. The investment required, as Jeanette said, was quite significant, and we decided to deprioritize that for this strategic cycle and to decide how we will approach it in future. What we then did was to use those resources and direct them at more pressing matters in our business. In particular, most of you are aware that we acquired the Ctrl T echnologies stack earlier on in the year. We wanted to utilize them to drive the implementation of that in our business. That acquisition fast-tracked our digital ambitions probably by 12 months. We also entered a new lead partnership with Hippo, and we needed people to execute that. Two reasonably confident components there. I'm only going to speak to one. That's the acceleration of digitalization. We think about cost efficiencies in our business twofold. One relates to the cost efficiency program that is driven from group. There we are ahead of what we committed, and we will deliver more than what we originally promised. Second relates to our ability to digitize our business. We are on track to deliver what we originally envisaged, but because of the slowdown in our premium income, more expense savings are required. Given time and capacity constraints, it may be impossible for us to deliver all of those expense savings in the remainder of the strategic planning period. If I reflect on our successes. Again, I'm very proud. We are very proud of the turnaround that our business has achieved. If you think back two years, not many of you in this room may have thought that it would be possible for our business to deliver the level of earnings and ROE that we've now delivered. Those have been, in our view, sustainable, and we've become a consistent contributor from a dividend point of view. We're in Risto's good books there. Usually, I've got a chirp from the stage in the negative. Today I escaped that. For me, that was a big win, probably the biggest win of the day. I can see him nodding. He's now making up his mind. When will be the next chance for me to just remind Brant that we've delivered nearly ZAR 900 million in dividends to the group over the last two years. Hopefully, long may that continue. The question we are sometimes asked is this improvement in underwriting outcomes, is it really sustainable? We believe that it is. We've made structural changes to the underwriting quality in our business, doing very difficult things, specifically in FY 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. 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 of just over 50% and a combined ratio just over 90%. We have said previously, if we achieve an 8% margin or a 92% combined ratio, we achieve the ROE targets and the earnings targets the group sets for us. 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, focus. Now we're in the mid-50s. Best result in the last three years. Something that, again, we are very proud of. From a digital perspective, more functionality used by more clients and more advisors with more to come. Again, in a strong and in a good position. The areas that concern us, no rocket science required there. We are disappointed by the slowdown in our premium growth. There's a slide on it, so I'm not going to explain it now. That then places pressure on expenses in our business, and I'll touch on that now in a little bit more detail. It's perhaps important to understand just how our expense and cost income ratio is made up. There's a component of acquisition cost, then there's a component of allocated cost from the group, and then there are direct expenses in our environment that we control. The acquisition cost bucket increased materially. Because we increased marketing spend in this year by 31%. It was a deliberate attempt to drive growth in our market. 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 one or two once-offs, which were quite material, which lifted us above, I suppose, flat or reducing expenses on a year-on-year basis. That relates to consulting fees for a very important procurement project that we are driving in the business. 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. There's good expense discipline in the business, and we're confident that over time we obviously can and will do a lot more. 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 three things that he referred to earlier today. That speaks to cost reduction, experience improvement or growth. If it doesn't meet any one of those objectives, we will simply not do it. 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. From a service point of view, any transaction that a client or an advisor wants to do that doesn't affect a 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 advisors. That's where the bulk of interactions in our business happens. 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. I think good application of technology. 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. Digitally, more than half of our claims can be transacted digitally. In the straight-through process fashion, around 6% of claims then go through that without any human involvement. That's marginally increased over time. 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 clients, is that it allows us then to think around more progressive applications of AI in the agentic sense. That is certainly something for the future. Now, this is the slide that I want to spend a little bit of time on, speaking around unlocking our premium growth. Again, it's important to understand what the problem is. The first point I want to make is, we get premium in three 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. 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. How do we fix and address it? Again, the solution is a little bit more nuanced. There are different challenges for each of the three primary channels that we distribute our business through. That is through our tied agents, independent brokers, and then obviously directly. I'll speak on each one of them in a minute. We often also get asked, is Momentum Insure really price competitive? The short answer to that question is yes. If I take quarter three in financial year 2024, which was the quarter where we took the most severe pricing action, 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%. We are nearly back at the levels we were prior to all of these difficult actions that we had to take. 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. It's reflected again in our claims ratio. That tells us that we are price competitive. 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. Addressing our existing channels in the direct environment, it's a question of spending sufficient money to generate more leads. As I said earlier, we spent 31% more on marketing. Unfortunately, it coincided with a period in our industry where margins have been high. Although insurers typically have remained disciplined insofar as it relates to pricing, many of them have spent that additional margin on lead generation. For the same acquisition cost today, we are generating significantly less leads than what we did a year ago. 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. 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 1st of April, all of these changes are now implemented. 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 their life or their lives look a little bit different. 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 contact center. Again, the Control technology acquisition helps us to do 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. We also have to think about new. Primary in that new category is the introduction as Hippo as a partner. For many years, if I have to be honest, I wasn't the biggest fan of aggregators. I had some strategic challenges with that. We've thought about it long and hard. We've considered them more than once, had detailed discussions, and we have now introduced Hippo as a partner in our business. We are excited about the potential that that holds from a direct point of view. We've been online for three weeks. We've seen some positive movement there, and we're excited or confident that it is the right decision for us. To close, obvious three things for us to focus on. 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, more supporting brokers through better technology in the IFA channel, and then introducing new. 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. 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. 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. Six 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. It has been inefficient. We've seen vast differences in productivity between the respective channels. 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. Lastly, the goose that lays the golden eggs at the moment is our underwriting rigor. 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. A big emphasis on reducing our procurement and legal spend. When we get that right, it should translate into a one to two percentage point improvement in our claims ratio. It's an 18-month initiative which will conclude at the end of 2027. 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. 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, a collaboration in our group. I think it's early days, but we can safely say that the collaboration between our business and where Johann's business is, both MSP and Consult, is the strongest it's been in five or six years. We are starting to see that being reflected in our new business volumes in those respective channels. The thing that we have to work extremely hard on is to ensure that we become a low-cost operating model business. That transformation is quite material, and that transformation is one that will take time. The Control Technology acquisition, again, helps us to do that faster than what we would have done without it. I'm confident that the business is healthy, as I said. The fundamentals are in place, we are most certainly much better positioned for future growth than what we were one year or two years ago. Thank you very much. Thank you, Brant. I think maybe first of all, start off by saying congratulations. Well done to our brothers and sisters in Momentum Insure for the turnaround. Definitely something to look at. For something different, Guardrisk. Same scene, different colors to the story. I think the Guardrisk business model is slightly different from the rest, it's a mixed bag of businesses into one group. Maybe for me to just stand still quickly and deal with the group and tell you what is in the group. First of all, we have the 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 Microinsurance, which is only cell captive business. Composite license, life and non-life, 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. We are finding that it is not so simple as what they made it out to be. Then, as Lulama mentioned earlier, the Momentum Insure business in Namibia. It consists of a cell captive business, a general insurer focusing on commercial lines of business, and then also a portion 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. Really a nice inclusion into the Guardrisk family, I hope we can unlock even future benefits out of this. Zakaria, thank you for allowing us to take this business. 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. Fee-based, fees based on premium, fee based on assets under management, 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%-40% of our revenue as we go on. 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? 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. 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. 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. There's good examples in the industry where insurance profits super enhance the profits of some of the retailers. 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. Right. Having that business model that is diversified, I simplify our strategy by always explaining that it's built on two 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. 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. 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. There's a lot of activity around that which will stimulate growth. Also to further develop those capabilities and scale those capabilities that we have in the business. I 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. For that, the 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 Guardrisk Commercial department. 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. 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 was set by the business and that was expected from us by the group. The only area where we are rated amber, it's not because we don't have the strategy or that we're not there, but it's more because of the fast paced 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 a year and a half ago when Risto 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. 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 26th. Also the underwriting margin. Underwriting margin, we set ourselves a target between 9% and 11%, upper limit 11%. We're slightly above the 11%. 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't afford, and we can't 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's own generated profits. Directors' value, we'll 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 a cell captive market, you need to be aware of this. 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? I think this is one where I really need to commend 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. I'm proud to say that the Guardrisk Life team actually managed to build a client base, build 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. 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. 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 made. 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. Thirdly, it allows us to take a little bit of the benefit of the underwriting profit in that space. 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. Boltron transactions. The Zest transaction, which was a significant transaction for the Guardrisk business. It's going well. They're performing well on the targets that we set for them. 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 Zest Life Guardrisk admin gap business. He's taken over, and we are slowly taking over the responsibilities of the existing management within the Zest 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. 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 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. 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 side. What makes it so significant, it's a transaction that will add anything between 7%-10% to the earnings of the Guardrisk Life business. What makes it more significant is after nine months, we've basically paid back around 60% of that acquisition. We will continue to look for some of those acquisitions where it will move the dial. The India progress, slower than anticipated. Maybe from a Guardrisk 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 itself to tell us whether the Guardrisk business model will fit within the legislation and whether there's any changes required. What we see from them coming out is the business model as it is, the legislation as it is, accommodated. 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. 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?" 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. We engaged the services of international consulting firm, helping us to really formulate and set a, 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. There's a couple of use cases. I think Andre said 32 use cases coming out of that exercise. 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. 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. I think we've done well with that. 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. 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 cell 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 had to get through manual processes. 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. I think the Guardrisk 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. I think we are very well positioned to capitalize on that. We need to make that work. Insurtech, FinTech. Now everybody developing a new platform thinks they can sell insurance. From a Guardrisk point of view, they are upsetting our distribution channels. 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. 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. We are working through that. 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 to focus on that. If we employ 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. 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 risks that exist. 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. Mind the existing client book, see if you can increase the share of premium that we take. Then the international expansion, India. 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. Then also the utilization of AI in this process. 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 guardrails 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 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, risk taking, key for the guardrails business, right to win. 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 guardrails business that can take this business from good to great, and that's what we're aiming for. Thank you. Sho. What a privilege to be part of a business like this that has such a meaningful impact on its clients and its shareholders, Jeanette. It's a real privilege to be here and share a bit about our business with you. 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 dry. It's not an age thing, it's a stress thing. 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 pants are falling off and this thing is heavy and I don't know. I don't know. Spoke to Margaret this morning about the problem. Before we start, perhaps because I assume there's interest on NHI and the impact on the industry, perhaps just a quick thought on that. I'm saying it with huge respect to the need of society to have access to health. We really have huge respect. I mean, our purpose is more health for more people for less, which speaks to that. 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 or is still suggested in the NHI Act. There's so many flaws in it that even a child of probably grade 1 can see it. I'm very comfortable. Lawrence, I don't know who of you and me are the most gray, but I think there's grayness in what's happening out in the industry and the efforts that we 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 meaningful in the South African society and perhaps even into the public sector where public sector is struggling. I'm not going to say anything on it. We've decided move on, focus on business and do what is necessary. With that then 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 health business is positively tracking our F27 target strategy. We are 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 delightful that what we saw three 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, 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 three areas which you will again see through the presentation, which is worth noting. 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 am not blaming or being a victim, not at all, but it is tough out there. None of the players are growing, net growth in the middle and higher income market. It is a tough space. We are not getting to those targets. In the middle, lower, and low income market, we are doing exceptionally well because there is a new need. It is not churn business to move around, et cetera. Our desire is not just to be a low-income provider with a Momentum brand. We really want to play in the whole market. The second one, Multiply, all of you know, we did put some fantastic targets because that is who we are. We are not getting to the volume targets yet. 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 and the advice. It is the same channel that gives us half business. There was that, I think we swam that journey fairly well. We redefined the value proposition, it takes time and again to settle that into the client base and the advice space, I think we are good there. Servicing from a digital point of view, still a bit of challenges, we are also getting there. In the last few months, we actually saw a sensible tick-up in the numbers, which gives me confidence that we saw the problem right, we had the right plan to fix, we are getting there. Multiply a bit behind, 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. I think all of you know it, I saw some articles even today in the Burger, interesting articles on this. We are very delighted with the Bonitas take-on. You have seen it, I think Jeanette shared it also in our quarterly update. What it did to our business as an administrator, it really added to our market share. It also, the thing that really excites us is the opportunities that it will create for us in the open market. We are excited. We switched the light switch yesterday, 1 minute past 12:00 Monday morning. It is a huge take-on. It is new systems, new people, really crap data. Everything is going according to plan, we can almost say this, "We knew it. We did this. We knew this." One thing happened, you know, just for your understanding, when Bonitas decided on the RFP, I hope one day before I die, we will get out of RFP stuff in this industry. In any case, we got the admin contract. I do not know how well you guys know the industry, we, members of billing claims, call center, that stuff. PHA, a competitor in Durban, got the managed care contract. Managed care is where you touch the industry. You know the pre-ops and the medicine management stuff like that. Perfect, we work beautifully together, data integration done, et cetera. As I don't know, as somebody once yesterday, the PHA telephone system didn't work. The minute that happens, especially in the benefit consumption space, it's chaos. By fluke, our brand makes us famous, and everybody with a problem call our call center. Our call center yesterday received some 9,000 calls. We had some 4,000 emails and thousands of WhatsApp web chat stuff. 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. The previous administrator is now sharing with members that still call them just to call Momentum. I actually think our Momentum call center there in Francistown, they're also getting calls. Because it's our brand that attract the. Because we create safety and comfort for people. It's wild, a little bit out there. It's noisy. Today is better than yesterday, and tomorrow will be better than today because we know what the issues are, and everybody's working together to solve it. In short, we're very happy with the Bonitas take-on, and it will have a substantial impact on our business going into the future. Progress update. I actually said it now already, but you can see there, and I'm color blind, but I can read. The majority are highly confident. One or two reasonably, and you will see that reasonable one. That's the channel stuff, et cetera. The one that coming through, right through. 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. It's quite a thing. The pipeline was heavy. We got Bonitas as a client, and then that internal priority has been reprioritized. Some of the stuff in the business was reprioritized because of the Bonitas opportunity. 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 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, Dumo, on the corporate side to create enough. Can I call it money? It was money, Dumo, so that they could afford health cover for 22,000, I wanted to say millions, 22,000 employed and uninsured people in their space. 22,000 employees in Woolies now have access to health, which they in the past didn't have. It was absolutely, I used a terrible word the previous time, I won't do it again, Jeanette, but it was humbling goosebump stuff. If you walk into a Woolies and you speak to the people, it is absolutely fantastic. 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. 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. GEMS and all of you who've been here in the past, we've always been on that thing and Al is luckily here. 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. This year we celebrated 20-year relationship with GEMS. We also renewed the contract for another at least 5 years. None of those two things are necessarily great for sustainability into the future. Al 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. Fantastic achievement. I think that new year is something to celebrate for us as a business. News24 for 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 Momentum Health, Health4Me 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 after the whole family's already eaten. In that context, to be able to get an award like that in the industry from a credible outside party was absolutely fantastic. Twice in a row. We're very chuffed with that. Again, not with the glamour of the award, but with the certainty of the content that we take to the market, which is acknowledged by the market at large. Well done to the business and it's a fantastic space to be. Our partnership with Bonitas already spoke to that. Remember there for us, it's not about getting another open scheme to administer. We don't want to be in that trap. 2 open schemes and one administration business doesn't work. 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. The last point there, I said it earlier, very strong earnings on track for our FY 2027 target as well. We are comfortable that we will get there. You can guess what we said the previous time. I might 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, I'm happy we'll sort that one out. 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. All in all good. Perhaps on the right-hand side bottom, we are very excited about our progress into international markets, I think Lulama shared some of the African countries we now also supporting. Following the success of India, we're starting to look at alternative international regions, 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, digital and AI. 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. As we stand here today, I think Jeanette shared it 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. 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. With 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%, some are ZAR 1 billion odds. We can't afford to get it wrong. We need to get as much as possible of that through the systems. We currently receive, process, and pay 98.5% of that ZAR 100 billion. 98.5%. You've listened to the guys in the rest of the businesses trying to get to 60% because they get paper claims and it's complex and stuff. It's impossible for us to run a health business if you don't do 98% or 99%. We've been forced by the industry when the industry standardized on codes, both diagnostic codes, treatment codes, and tariff codes, which is all linked. If somebody send that to you electronically, you assess and you pay, which helps us a lot. With that said, we have huge lots of data, and we have well-standardized data. The quality of data is good. When you have that, then you can play with AI. 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. Our Health4Me product, 70% of all clients engage digitally with everything. They don't pick up a phone, nothing. Digital engagement, which is absolutely phenomenal. 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. I'll show you something there. 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 a whatever. You actually get some incentives for that to keep you nudging into the right direction. 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. It's really great. Go and have a look. What's coming next? Before or by September at least, we're improving also the ease of doing business for advisors with proper AI technology. Health Buddy, that bold thing is, 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 their health real-time on that spot and help them navigate their plan benefits and access to the right providers. Fantastic. We're doing it with hospitals and pharmacies so that we get a comprehensive view of the different clients into an app which will be on the phone of all our clients. That's digital, high level, but I'm going to show you one or two graphs. This is the Health4Me graph, and you'll see the top line, 70% of Health4Me clients engage digitally. What is important there, because of that we've increased the member base with 39%, the client base, without increasing cost. We've been able to execute the product at a lower cost and increase client experience satisfaction. Digital, the things that we hear, focus on efficiency and focus on client experience. There is an example that is really working. 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. 19% of all engagement where the client thought they need to see a doctor is closed by AI triaging. It's early days, and 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. Again, here we've been able to reduce cost, increase quality of outcomes, and improve client experience. This one, please go and have a look outside. It is really lekker. Emerging trends. There's so many things in the industry that we can say about emerging trends, digital, or whatever it may be. The one thing that excites us is that the industry has this underlying trend now to consolidate. 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. We, the one on the-- with the Momentum Health at the bottom. With the Bonitas take on, we improved our administration market share to 30% of the market. Just interesting, when we sold Discovery to [R&D] to be listed, we started in 2003 with 0% market share. In a non-growing, stagnant, highly competitive, mature industry. We grew from 0% market share to 30% market share as an administrator. We're really chuffed with that. 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 there the expense pressures for the costly technologies is pushing people. 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. Very interesting, and hopefully in a 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 optimized service levels. We're currently swimming. We knew it was coming. We know what to do to solve it. It is going to keep us busy for the next three, four 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. Then growth in the open market. What we do know is that retail growth in an open market will not make us champions. It is not gonna happen. It is just not gonna grow us to. Currently, our open market share is 3.1%. With 3.1% market share, we just don't have enough margin to throw behind what is necessary to grow market share. We continue to do what is right for channels. Build those channel partnerships, build the right technology, make it easy, et cetera. Big focus. Second thing, collaboration with Dumo from employee benefits point of view. We know there's growth opportunities in that integrated value proposition. There's also other employee benefits 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 benefits books, which is really exciting to us. 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. We will do so. Those are the key focuses for the next 12 months. 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 in technology to make our clients truly happy with the experience that they have. That's our story. 11 seconds. You made it. Thanks. If you can join me on the couch. Lawrence and Brant. 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 us insight to 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. Brant, you started off announcing that you've now opened a new channel, hippo.co.za. 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. It is a tricky game. Can you give us a sense of how you play that pricing game tactically and, what you've learnt about your pricing through that engagement? Yeah. Thanks, Rowan. That's a difficult question. We're three weeks in, but we're learning rapidly. Maybe, I suppose the first point is, aggregators, I suppose 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. For us, there's more than just the immediate lead benefit. There's also strategic learning that will happen over time. We will stay very disciplined in terms of our pricing. No red hanger sale days just to win the business. When we did the business case, we had certain assumptions around our success rates. The%, 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 three. We had an assumption set around average premium values. Our experience to date has been that from a quote opportunity point of view, we are performing more or less where we intended. What is interesting is that where we rank in the top three, we are being clicked through. Where clients choose us less or lower than what we initially anticipated. 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? 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 premiums. There's a lesson for us there. Again, back to my earlier analogy, when we get to quote, we are very successful. I think we convert more than two-thirds of the quotes that we actually do in the Hippo.co.za channel. 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. Over time, the actuarial team will implement that. It's been a valuable learning curve for us, but it's very early days. We remain extremely excited about the opportunity that it presents to us. Thanks. Lawrence, 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?" 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. 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. The cell 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 a client, which means your selection is a much more stricter process that you follow. 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. The main focus is on more risk taking and over time starting to share risk back to the client. Just talk about the financing models. Say again. Premium financing options, how you may structure different models. Premium financing has always been there. It's a supplementary business to the Guardrisk business. 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. That's where premium finance come in. 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. Hannes, 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. Yeah, Rowan, without a doubt, business success is about sustainable margin positive growth. What we're currently getting right is to get growth in the low income market. We're 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. That's absolutely fantastic. Our margins are not high there. It's thin margins, right? In that middle and higher income market, in open scheme space is exceptionally tough. Everybody is having that problem. 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. Now people are happy to let go of bad risk. If somebody else makes a mistake with rich benefits at a low price, then members move there. There's no market share growth. 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, branding, and advice. To be able to take that 3.1% to, what I think from economic point of view, you probably need 15% in a market like this to be able to show a little bit of stuff. It's tough. The one thing, as I said, is in partnership with my partner here from employee benefits point of view. There's no doubt because the value proposition is different, and we can co-fund, and the employer can save in places, and there's synergy. I'm bullish that can happen. 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. The nice thing is that consolidation energy at this stage is speaking to us and not to other players. 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. Then, when we speak, we visit the advisor and we have a cup of coffee. At least you get a rusk as well. You're not only getting coffee. Yeah. Are there any questions from the audience? Question from Mike. Can you hear me? Yeah. Mike Christopher, UBS again. One question for each of you. I think, Brant, firstly, it looks to me like you've got a bit of a volume problem when it looks like your claims ratio's fantastic. 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 three years? I don't have an exact number, Michael, but the fixed bit is far better than, or more than half. Where is Timmy? Timmy can give me a nod. 70%. 70 fixed. Yeah, 70 fixed. 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. That are expensive resources, which doesn't scale significantly with volume reducing. That's a thing that we need to address. Again, as I said earlier, the expense challenge in the business partially is 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. Our direct expenses and 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. Now we have a headcount freeze. 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. In the direct channel, we are already there. In the agency and IFA channels, we are not. 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. 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. 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. There are many opportunities if we can change the business model friction that existed in the past for us to extend that. 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. 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 volumes thing, and it will also address cost to serve in the IFA channel. 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. The challenge isn't really there, and that's why we want to scale it. I hope that that's given you a bit of a sense of how we're thinking about it and where the challenges lie. Yes. It has. Thank you. Hannes, maybe a quick one for you on Bonitas. It clearly sounds like the integration or the take-on's 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? Sorry. We haven't seen any move away from Bonitas before yesterday. I think we must accept that it was very stable until, let's say, Sunday night. There was a bit of noise last week because they rolled forward pre-authorisation medicine management a week before, which sits with PSA, but not huge noise. 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 as us. Growing the lower income market and struggling in the middle and higher income market. Yesterday it was proper noise. We kind of expected it, but now for the telephone problem that we had. 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. We should be able to manage this in the right way without loss. We believe that we will be able to get that, and we haven't seen any losses up to now. Great. Thank you. Lawrence, 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 sole owners? What defines a bad risk for a 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. No, 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. 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 two, three-year period. A bad year will probably be where you lose a significant client. Fortunately, we don't have that overexposure or concentration into one single client. Anymore. Anymore. Yeah. Listen, we closed the number 2 cell that we opened 30 years ago last week, which was one of the almost a sentimental close of a cell. Yeah. Any other questions in the room? One online, Brant. An interesting one. Some of your competitors have expanded internationally. Is that something that you've considered? Not at the moment, Brant. I think we're comfortable that there's still enough runway in our market. There's capabilities that we can strengthen. I think should we come to that point where the runway looks less than what is appetizing, one could 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. It's Yeah. 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. There still are the activation stands. At the back of your agenda is a list of the activations. Please tick them off and make sure that you see everyone. They will also be there for the drinks after the session at sort of 4:30 P.M. If you can be back here at quarter to, that would be great. Thanks very much. Well done. 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. Give me one moment just to thank Jeanette for entrusting this portfolio to me. Thanks to my group exco colleagues, my new colleagues. Thank you for the warm welcome. Johann, worked with you for very long. Obviously, a very talented individual. Your energy, enthusiasm, and passion is absolutely contagious. I just want to say thank you. The business will continue in your honor with that sort of mindset. Back to today. I will skip through the recap. It is in the pack. I'll go straight to the strategy update. Thought useful just to give you a sense of what this Momentum Life portfolio looks like. Four product businesses, the business I looked after. The Myriad, the protection business. Investo, which is the recurring savings business. Merge, which is our product management and administration business, the one that took care of the migration. Phillip du Preez, you look a little bit better this year, I guess, compared to last year. You pull off last year's in the audience. Then the trust business, which pretty much says what it is. It's our trust administration, estate administration, and also our wills business. I have one of my team members here who look after our 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 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, our advice and distribution business, Johann'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. Lastly, we need to build service and propositions for our advisors in the way of great product propositions and innovation from an onboarding perspective. Those are the three key levers for growth in the Myriad portfolio. Over the last year, we've built a lot of capability to entrench or strengthen the long-term competitiveness of this business. Actually, the slide sort of said, "Attain 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 is derived is NRG speak to many of the risk advisors 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 are very happy with cementing those top 1 and 2 spots in those two categories. We are a big player in large business assurance deals. We have a great underwriting capability. And in partnership with our channels, that is something which we have really thrive in. We, for the second year, completed our LifeReturns reassessment, and I will speak a lot about LifeReturns today. But towards the end of March, we completed just over 24,000 client reassessments. And what is amazing about it is it is done with mobile technology. Clients do it in the comfort of their own homes. They get a health assessment. They also do a fitness assessment. It is convenient, and it is absolutely free to clients. And there are many reasons why this capability almost forms the backbone of the risk strategy, and I will talk about that a little bit later on. In the LifeReturns 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 is 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. That was a big change for us, not just an enhancement in the proposition, but also our 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 have all had a chance to look at the Momentum Estate Plan stall outside. Peter, I do not have the marketing flair that you had in slides and energy. I once upon a time used to be called a marketing actuary, which is a terrible oxymoron. Marius for me and you who grew up in the Free State, oxymoron, words that do not work together well, like a humble fly-half or a fast prop. Or for the golfers in the room, maybe a quick 18 holes or a quick round of golf, those things there. I will 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 advisors. And why I say that, why this proposition does it, is every single client needs an estate plan and needs what this product offers. If it is more relevant to a broader base of clients, it is more relevant to a broader group of advisors, whether you are a general practitioner, a risk specialist, or an investment specialist. Really an attempt to broaden risk sales out there. The product is very comprehensive. It does the basics, gives you cost of winding up your estate, extra liquidity, but it goes so much further. And also indemnifies capital gains tax and also estate duty upon your death. To add a further cherry on top of this cake is that on death of the insured life, the cover is transferred free of underwriting and premiums to the surviving spouse. Because as most of you will know, if you bequeath assets to your spouse, capital gains tax and estate duty is only payable on the death of the second to die. This product really does all of that in one solution. 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 advisors in the market, is a real winner, we believe. Jovek, I think, is in the business. In the audience. We grew direct-to-client sales by 32% year-on-year. That business is really tracking well. Glad to report that even the quality metrics in this business also in line with assumptions. Yes, we would've wanted 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 Johann 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 LifeReturns proposition. I'm confident we're going to have a positive outcome towards the end of this financial year. Investo, moving over to Investo, our recurring savings product. This business is really about simple, convenient savings solutions. It relies heavily on digital capability because it's a lower margin product. You need digital capability both for advisor ease of use and experience, but also, to support a profitable product. Johann said last year, in this same room he said, "This Investo business will either go digital or they will go home." I'm glad to report this 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. In practical terms, this means a process that normally takes a couple of hours now all the way squashed down to under 15 minutes for a case to be issued. Great achievement for this business, but also transforming a traditional call center model into more self-service model to also improve efficiency in this business. At the same time we launched the Momentum Estate Plan last year, we also launched the new Investo offering. A simpler product, improved the profitability. You put all of that together, better sales, better efficiency and we're very happy to report that significant improvements in the VNB margin on the Investo product. This team has set very high targets for themselves in terms of client experience and advisor footprint. Slightly lagging behind on those aspects, but really a business I believe that is in very, very good shape. The Merge business, this as I said, is our product management and administration business. Last year completed a migration that's called the biggest migration in the industry's history. To date or at this date, close to 2.2 million contracts administered by the Merge business across three segments: Africa, Metropolitan and Momentum. Really, a business that has made a big impact in the last year. Further efficiencies we extracted, as Philip tells me, this business spent a lot of the last year on post-migration stabilization. In the process extracted a further ZAR 10 million of savings on top of the already ZAR 90 million recognized last year. In a business like the Merge business, you will continuously focus on product rationalization. You'll try and simplify it to improve your efficiency. In parallel, you'll 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. Lastly, I think Lulama 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. As I said, setting them up for success. 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 run-off, and therefore expense efficiency will be top of mind, even though we've had lots of great success already in this portfolio. Momentum Trust, won't say too much about this business. It's the walls capability, the estate administration, and also trust administration. Not a massive contributor to the Momentum bottom line at this point. It forms such a crucial part of the advice process and such a crucial building block from an advice perspective. It is inherently a product business that needs to make money. For that reason, I'm very glad that this business forms part of the Momentum Life portfolio. Next year, the focus will be on improving commercials and making a more valuable contribution to the bottom line for the group. An example of the Estate Plan is a collaboration between this business and the Myriad business that speaks to that aspect. Right, I hope 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. 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. Investo completely paperless, Myriad the same. The Estate Plan that you see outside was born a digital product. It never has had any paper processes with it. Following on from that, we will continuously try and move to a self-service model, both for client experience obviously, but also from an efficiency perspective. Fast Track underwriting. One out of six cases where clients use screening at new business stage 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 models. It's really, I believe, the future for underwriting, and I'll speak about that a little bit more in detail a little bit later. Let's pause a little bit on the LifeReturns. 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 it's someone activating through a Fast Track process or the annual reassessment process. 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. You'll see the last day of March 31, we did more than 4,000 digital reassessments, and pretty much most of them were actually in the afternoon. As one of my product actuaries say, clients can exercise their right to procrastination, and behavioral scientists tell me that if you don't tell a client they only have four days to do something, they absolutely do nothing. In the last four days, we reassessed more than 10,000 clients. An example of scale here and something we want to build on. Just on the reassessments and the technology, it really creates value for all stakeholders. From a Myriad perspective, we obviously need to protect the integrity of a risk selection model and a discount model. 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 engaged 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. When last did you check your blood pressure? 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. 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 a advisor proposition or what we call an AI-enabled advice proposition. Effectively telling an advisor, "Here's your copilot." This is the next thing you can speak to your client about. Lastly, in the estate 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. Typically friction in life insurance onboarding from a risk advisor perspective lies in three 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? Thirdly, now that you've gone through that, you've got to go through an underwriting process. What's great about this solution, it packages all three of those aspects into one compressed process, point of sale, a plan can be issued. We're very excited about this as a new lever for growth. Maybe just a summary I would make for this slide is that I would say the AI, the agenda of digital transformation for our group is now really starting to connect client value, efficiency, and advisor enablement in a much more coherent and efficient way at scale than ever before. Got a couple of minutes left. I'm sure there will be questions about VNB. Here it's a real positive trajectory. I know some of these results were also disclosed yesterday. Maybe just a story here that it wasn't without any effort here. I think a deliberate effort to improve on our VNB values. Maybe let me touch on a couple of aspects here. Investo sales up in the single teens. A real positive story for Investo and the new product and the sales around that. That 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, Merge, product efficiency across the portfolio and even from an advice perspective. Those ingredients then obviously likely to give you significant improvements in VNB, as you can see on the right-hand side. I list the Momentum Estate Plan there too, because although it's in its infancy, 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. My dream would be that if all these aspects could stay the same, what we've done with LifeReturns 2.0 and what Johann will explain to you a bit later, that we can continue with this upward trajectory from a VNB perspective. 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. In closing, maybe 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 distribution channels. You can see Johann itching to go. He 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 Momentum Estate Plan. 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. Advisors don't live in an onboarding journey only. They live in an advice process and then connecting to an onboarding process. The key is to match these two and also integrate them. 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. We should be implementing a radical enhancement to that with a project we had with one of our major reinsurers from an 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 in a 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. From a product leadership perspective, it's perhaps one thing to be at the top, but to defend a position of leadership in underwriting ease of business will be a real focus for my team. I've spoken about the new LifeReturns offering, but I won't be surprised if the Myriad team get it done to launch a product enhancement in the next 12 months period. 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, LifeReturns, and some of the self-service capabilities. They are maturing nicely. The bottom line, I guess, in many ways, we've got a trusted product and service solution that is relied on by advisors to help our clients to build and protect their financial dreams. That will remain a cornerstone of our proposition. I thank you for that. I hope you can see that the portfolio has made progress. What remains now following the unbundling is for us to just intensely focus on delivering great advising client experiences in our business. On that note, I will hand over to you, Johann. Thank you, Stephen. 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. Now 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. 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? This unbundling really allows us to lift the DNA narrative around the advice game plan. I've now handed over product responsibilities. I'm on this side of the fence. I'm looking to giving great feedback to Ferdi 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. Our product businesses should tell their stories to the market through the advice funnel. It's one against four. I hope you guys are ready. Peter, you're safe. You Metropolitan. I've realized, actually, that because we've got a big agency channel, buddy, you can join me. It's two against four. I realized this morning, Ravi speaking about his own-- Ravi's got a burning passion, a desire for the capability set that's embedded in Advice Technologies. It's a great partner. Three against four, really. 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 advisor propositions. Guys, that's a team to beat in the industry. That you should hear is actually what we're driving to deliver. I'm gonna give feedback on the sales side, but be part of a bigger ecosystem delivering on that promise. It sounds like a broken record. I've often spoken about the import of advice-led and digital-led distribution. 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 if you're right to win, they don't even have a right to play. Strategies are not unique. Let's be honest. It's how you interpret the game plan and how you execute on that that really makes a difference. What's sitting in my portfolio at the moment? Really three domains. The first one, really our IFA product distribution business or NDS, partnering with all the product businesses competing in the independent financial adviser shelf space. Gonna 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. This is really the place where we invest in our own advisor environment. Hannes 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 a third, I would say, in collectively, 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. 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 they really stitch together the product and channel ecosystem and how we show up in the world and are out there. Quick recap on the strategic ambition of NDS, 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. Pretty simple. When they say preferred business partner for IFAs, providing them with specialist knowledge, technology capabilities, 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. Their tails up, and I'll share with you some of their successes later on also. Our advice ecosystem. Yes, really vesting the advice DNA for us as a group. What you can see there in terms of their own footprint growth, whether in Consult or in a fee 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 echoes in most team meetings in our group today. That is it. It is important that we grow our own timber in terms of those two specific channels going forward. You can see Consult targeting growth in in-house assets. Ferdi already spoke about that. They passed that target already. Ferdi, 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. Let's just quickly kind of catch the themes. If you look at NDS there, really confident or highly confident. Tails up, as I've said before. The only one they struggle a little with is 100% digital adoption in the IFA practice space. Why is that? I think many of the independent financial advisor practices have developed ways of work habits over many years. They deal with multiple product providers, not just Momentum. It takes time for them to really move there. As the industry evolve, I think we're quite confident around that. Specialist BC footprint or business consultant footprint, really partnering with those, I think is really strong. 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 tension you need to lift the tide for the whole team. You know 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. A team that I think will really do well. This is the important slide. Feedback on their progress. 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 two, three 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'll be taking to the market for very specific reasons, which I'll discuss in the next round. They've almost got different game plans within. It's not just specialization at a product business level, also at an advisor segment level. There are many smaller IFA practices out there that we fight for business. How do they remain sustainable and relevant in the future? We've seeded an initiative called Momentum Advisor 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. 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. We're closing the loop around the IFA model from that perspective. Product launches. Ferdi spoke about Momentum Wealth International, opportunity to grow market share there. Stephen spoke about the new Momentum Estate Plan, the new Investo. I think, Stephen, you underestimate the impact of the new LifeReturns model. I think that's gonna really hit the market, in terms of new market share gains. It's really great to experience the vibe when the product businesses go to market with NDS and telling our stories to financial advisors 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 NDS. Challenges. This is a big one. It's actually been with us for five, six years. We've got more than 5,000 contracts with independent financial advisors, but only about 2,200, 300 are deemed supported. In other words, the minimum level of sales we get from them. We struggle to lift that level to 2,500. I'll speak about that. That's the one area. You might ask why such great sales and you haven't grown that. I'll speak about that so shortly. I already mentioned the digital adoption. Here are some real numbers for NDS IFA product distribution, you can see that's for the 12 months ended 31st March. You can see some really great APE 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. This month, they will say, "This is the best ever for," let's say health or for Myriad or for Investo or for investments. There'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% KGA, 10% in the last year, both in the insurer-sponsored advice network space. Consult will sit in there. Consult's about 70% of that block. The advice-owned network space, we've done really well over the past few years. That's the IFA network strategy I speak about. You can see MAP there, Momentum Advisor 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. We're very excited about the outcomes from this and that specific initiative. 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 moot point. They drive the technology, the advisors use it, whether they're in Consult or Momentum Financial Planning. Momentum Financial Planning, in fact, is actually quite a rockstar in that space. We're not really that concerned, with the digital adoption narrative. I think it's important how they support the in-house solutions. The next slide will show what really is a great outcome for us in that space. They have to play with our processes clearly. That's really a nice ecosystem. It was important to drive efficiencies in that space, specifically in Momentum Financial Planning, our tied agency. Of course, where we're struggling a little bit is some of the richer client propositions. In the case of Consult, as an example, remember 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. That is a battle for them. We've got the tech, but it's really the process of learning that. In the agency force, we're actually vesting 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 many new guys on board. If you don't have proper supervision, you actually waste your energy. That's a bit of a natural constraint. We are fixing that, but that is a constraint. 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. Those aren't sales targets, just minimum production levels for every advisor, depending on your tenure. More seasoned advisor, 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. Thirdly, we now are proud contributors of positive net cash flows to Momentum Investments. We've still got some work to do with our existing book, new business, I think less than 40% went into Momentum Investments. 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 nice story at this point in time. For Consult, which is kind of the more seasoned advisors, 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 advisors generate. Revenue growth actually is quite important for us. You use those monies again to run the business and vest new advisors, in that specific group. FinGlobal, our immigration advice businesses. I think I can just say that relative to the deal metrics we're still, we're probably running at 10% higher. In terms of the earnings outcomes, they've already contributed dividends back to the group. It's really nice, and they're getting more traction aligning with our group capabilities. I think in favor of 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 MVP slide. This is the slide that excites me most. What you can see there is the percentage of advisors in Momentum Financial Planning that meet the validation requirements. Increased from 35%-65%, and 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 APE sales outcomes for agency channel 12 months ended March year-over-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. This is really important for us and Stephen also supporting your business. Brant spoke about the partnership with Momentum Financial Planning. The new guys really focus on life business and on investments. Short term, really, we pass to the agency team in Brent's area, Momentum Insure. We really want to focus on life business and obviously, traditional investment business. Stephen, that is the answer that you've been looking for. From a Consult perspective, you can see the key thing here is the 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. Lawrence also spoke about that. Probably the second-largest of such nature in the industry, short-term advisors, more than 100. Wealth management. Protection also in there, but you can see the growth in head count. Quality is very important in this space because you're revenue-focused. It's really important for us to get that right. A final thought before I close on our digital workspace. Last year, I spoke extensively about a tech platform upgrade in our advisor space, Advisor Connect, going live in March 2025. I just wanted to show you a 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 the new business onboarding into that platform. Hannes also spoke about that. I think Dumo, you also spoke about that. That's really the new landscape for how we deal with independent financial advisors. 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 advisor audience. It started as a knowledge base, AI layer. There's another layer on top of that to ensure quality. I think Momentum Insure branch 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. I can say it is now done. One left. Started as a contact center modernization project, but it's actually a way of work. You call 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 fiddle with some of their way of work processes. 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. Ravi, also thank you for your contribution and your support from the group digital and technology office. What's next? Looking at the year that lies ahead. It is about growth. That is what this business is besotted with. What you can see on the slide, I've taken all three 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 advisor growth lacks APE growth, looking at those slides. The two blocks on the right, that's our own advice businesses. That really sets us up for the future. Investing new agents, I think LIMRA stats will say that if you manage to vest one out of every seven new to-be financial advisors, you've meet the global benchmark. One out of seven. Beating that means you're top quartile performer. It's a long slog. Vesting an advisor, I think, takes five, 10 years sometimes for them to really mature and come of age. It is a long game. The good news is that is why we are building beyond impact strategy. That is Momentum Financial Planning. The great thing we are celebrating in this business is a phenomenal connection between Momentum Financial Planning and Consult inside the advice. Let us call it a bridge. Advisors that want to become IFAs will now naturally go to Consult and not to another place. They remain in our ecosystem. That is a great outcome that we already celebrate. That job is basically done. That is 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. How do you celebrate such phenomenal sales outcomes, but you have not managed to grow the supporting advisors, that 2,300 number supporting IFAs? The reason is quite simple. What specialization did for us, it went deeper. We extracted more from existing advisors. We could not get to all the advisors 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. How do we get to all advisors? The next game plan that we are developing, well, I have submitted the plans. Looks cool. They really solve this problem, is to further specialize, but at the same time stretch that advisor 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 MDS Specialization 2.0 looks like. I think that is really magic for this team. That is where we want to be. Two-year slog to get there. That is the magic for MDS. As you can see, the growth collectively in our advice business averaged around just 11%, 12%. That is a good kick-off in terms of the future advice capabilities of this group. I can conclude on our right to win. Specialization within MDS. Product specialization. Keep the independent independent through Momentum Advisor 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 advisor. We are besotted with their success. Their success is our success. They vote with their feet, and hence our support models need to change over time. We believe we have 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 are we investing our advice, business ecosystem, the radical change in Momentum Financial Planning Agency, also our Consult plays together, sharing advice tech, sharing culture, sharing commerciality, getting the numbers right. We are very excited about that. That is something we never had in the group, really. That is growing and will take us from strength to strength. I do not want to labor, Ravi, that digital transformation is never over. Ravi said something that is quite profound. You do not 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 is critical for our ecosystem. Advisor footprint growth, supporting in NDS, our IFA distribution, and that is probably the most difficult thing to get right. That's the one where you invest in the long game, beyond impact strategy. That is the one where we've developed extensive advisor 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. The magic in our group, our mojo, is how we stitch them together, how we orchestrate almost a competitive game plan in a coherent way across the ecosystem. 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. Every day, when our business units become stronger, invest in their own capabilities, and become better and stronger, it's stitching together this ecosystem. This grounds who we are. 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. I probably need to sit. Now for questions. Thanks, Johann. Thanks, Stephen. Kicking 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's just set out his plan about how he's changing it and how he's confident he's gonna 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. 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 gonna compete hard. I guess it's been very sort of single-digit growth at best in the IFA market. 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 advisor in the middle end of the market. I think we've seen advisors drift more to the middle, to the upper due to commercial reasons. I think you need to have an agency force to be a, you know, to obviously broaden client reach. Johan, we are an advice business, 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, Ravi's assisting you with building tools that assist those engagements. At what point in the far future might that change? 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, it's a, it's a valid question. Rowan, I think you must appreciate where we're heading. When I say where we're heading, it's how, you know, in, in years to come. We've got the privilege of anchoring currently our business in the independent financial advisor space. 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. That really makes for great product business capability. However, when you move into the advice space, I think there are two gains that really comes to mind. Advisor, yes, our own ecosystem, we believe that's to stay. 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, ConsultConnect, that will make it very easy for Guardrisk and for Momentum Insure to play there and compete. That's one example. There are many others. The platform you create and make it easier for advisors that hook technology on their way to stay. What I think what is happening in the group, which is even more exciting-It's not just the MFT game plan or the Consult game plan. 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 Brent's business and Health already playing there extensively. We're heading to a space where we can stitch together the advice narrative across this ecosystem. From a direct-to-client product business play into a tied advisor play. I think in the long run, you'll find a mix between them that's quite spectacular. That is the dream, but we're starting to get the building blocks ready to get there. I think that's going to be the next round. Actually, I'm not so concerned about that. You will find ways to make the advisors richer and better, but you'll also find better ways to connect that ecosystem with a direct-to-client space and that evolution. Remember, if you roll back our group five years, the direct-to-client narrative was quite immature. That's coming through. The advice businesses are coming through. We're still grounded in i5, that's okay, but we're going to stitch together a Momentum advice narrative across the direct to client and their own advisor ecosystem. 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. Hence the investment in advice technologies is not just to help advisors, but it's also to get into the direct client space going forward to get that right. I won't be around to see that, but I'll certainly hold onto my shares because I think it's gonna happen and it's gonna have a real positive outcome. Thanks, Johann. Are there any questions in the room, [Warwick?] There are 120 people online. Please also do feel online if you'd like to raise a question, please put it into the chat. Topelo, a question online. Yes, we will be reporting separately on life versus distribution, certainly in the narrative, to keep you abreast of how Johann's grand plans are supporting that share price that he's hoping for. [Warwick]. Thanks. [Warwick Pan from RL Williams Stanley] again. Two related questions really, probably predominantly for Stephen. You spoke about evolving product portfolio. Can you share some of the obvious product gaps that you think you have and where it evolves to from here? Johann, you said LifeReturns 2.0 will hit the mark. Just give us a little bit more as to why you think, what does hit the mark mean? Is it gonna enhance C and B? Is it a volume growth story? What is the difference between LifeReturns 1.0? I will answer that. I'm the sales champion, Stephen is the B and B champion. I can just say that going forward. No, there was one little needle in LifeReturns where the advisor 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. I think what Stephen and the team have done, they've really taken that. Stephen, you can say more about that discomfort out of the system. LifeReturns almost speaks to two audiences. You've got the audience that wants more stability, and then you've got those really smart fit performers out there that are comfortable where there's more health differentiation, fitness impact, on the premium discount. Yeah, I think just really listening to the excitement in our own distribution teams. They're blown away by the recent announcement, which went out last week, Stephen, if I'm not mistaken. It is a natural evolution of the LifeReturns strategy. I'm really excited about the comfort we can inject into the advisor space around the client engagement strategy. Maybe, Stephen, you can add. No, I guess it's really about the fact that you want to have a risk selection mechanism. 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 in the insurance industry gets standard rates and clients pay the same premium. You believe inherently that those risks can be better classified. In doing that, you create the sort of friction and the engagement fatigue that we've had possibly in older models. LifeReturns was setting that on a more modern path with better technology. 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. The model now just takes that certainty to a next level by really for the vast majority of the clients. More than probably two-thirds of the clients really just need to engage with us, and they get rewarded by keeping a discount. If you're really in the top level of discounts, you have to complete a fitness assessment, and that could bring some variability into it. 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 micromanaging discount changes. I think that's really going to be quite successful. 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. 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 lives, if that makes sense. That does. Thanks. 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 Estate Plan narrative. I think in investor proposition, I think that's been a fantastic transformation for that product from a V and B perspective. In my slides, I think there are some aspects that I think still have a little bit of runway, and I think if in the sales world the production lifts, that will lift the investor business. They're trying to pilot propositions For a 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 that the product is very comprehensive and applicable to almost all clients who can speak to an advisor. When you look at our broad contract range with advisors and how many of them actually support risk business, our challenge was really to say, can we get more advisors to do risk business by providing a simpler solution, both from an advice perspective, onboarding, and benefit selection. 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 a 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. I guess that is a 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 gets on its feet. Well, maybe I can add to that. I think what the estate benefit does, it challenges some of the existing distribution recipes, if that makes sense. It does also elevate the need to really align with advice practices, kind of advice narrative. When you especially deal with the bigger IFA networks, there's a great opportunity for us to plug into that specific conversation. That, obviously, what Stephen and team is also trying hard to release. It almost kick-starts a new journey, almost a new product journey for us in many ways, both from that. Stephen, I guess you've got that new platform also that you can use for that. Yeah. 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 advisors to do business. I think our next chapter will be around benefit comprehensiveness because we are concerned in the market, it's almost a full back to life cover away from valuable living, what we call living benefits, critical illness and disability. It's almost a trend that we often have seen reversed the moment you tell a nice story in the market again. Remind the advisors again about the usefulness of a disability by refreshing the offering. I guess that's probably in store for the Myriad team next up. Thanks. Thanks. A question from Mike at the club. Thanks. Sorry. I know it's getting late, so I'll try keep it brief. Related to Warwick's product question, we've got a sizable or formidable competitor out there trying to build out a very simple non-underwritten life product. What are your thoughts around that, particularly in the world where clearly you've pinned your mast against advice, 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. What are your thoughts around producing some sort of simple life product that maybe doesn't need advice? Yeah, I assume you're perhaps referring to some of the bank competitors. I think direct protection business is still probably only around 20% of protection business in the market. I think we see that spend growing. I guess to assist advisors, you'd want to make processes easier from an onboarding perspective and sort of stimulate that. I think it's more important to get an advisor 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 advisor footprints 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. I guess that's why the advisor business we have is of the best quality. I guess access to clients is important. We play a strong game in direct to client, but our recipe, as you heard, is around- Yeah. Maybe adding to that, I mean, you can maybe add. The direct to client Myriad business does play in a different market segment a little bit. We try to play in the top half of that segment, if that makes sense, with some underwriting. Yes, the persistency experience is similar to short-term insurance, if that makes sense. It is a different model. You need to adjust your product model also to be commercial in that space. It is a different mindset around that. Having said that, we probably, what is your average client age now for new clients in, what is it, 35, 40? Advisor or direct? No, as like can you compare the two? I think what's a direct, 27. 37. 37 direct, I think in the advisory space, it's probably in the mid 40s. 40. That gives you a sense. It's not 25. I mean, maybe that's the whole 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. Yeah. I think also you can execute fulfilling that need in Dumo's world through Dragonfly, which is what he's built. That there's a simple way to increase your life cover without underwriting through that sort of platform. Yeah. I guess, we've seen many businesses out there with attempts to make the process and the product very simple from an onboarding perspective, but client access is just not there. I guess the competitor advantage for these competitors, the fact that you have a client access. Just putting a proposition out there that's simple and quick, I don't think secures success. Yeah. Maybe one thought. I think one mustn't confuse the word advice with advisor. Advice is a broader term that covers many other distribution strategies also. When we use the word advice, it is also direct to client, other models to get the business from, but it's not necessarily always advisor. My business, yes, that's advisor-led. You should appreciate that. We want to stitch together the advice narrative across the advisor ecosystem and the direct-to-client ecosystems in a grouping time. Right. I think that concludes our in-conversation sessions for today's program. I hope you enjoyed the discussions today. 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. 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, 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. Also just everyone online and everyone here, we really so appreciative that you were here the whole day. I know it was a long day. We all feel it. 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 Oh, here. Wait. Okay. There it is. Thank you. At the launch of our impact strategy two years ago, I presented 10 of the 11, what we called Right to Win or features way back then, that I think quite a few of them were actually aspirational for us. 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. I think you've heard this today so many times from my team that they now are a reality. Two 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 two years. On a personal level, I can honestly say that I couldn't be prouder to be the CEO of this group. 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, two years ago. Not just because we are doing such a great job for our clients every single day, really because of this team. I think you felt the energy right to the end here. It's always great to have Johann on last because no matter when you put him on, you know Johann is going to have the energy. 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. I think just maybe considering, I used this yesterday in my closing in our interim results, worth sharing again, that now with where we are, and especially with Benita's take on that, has made a very big difference. Considering the span of our business across Momentum Retail, Momentum Corporate, and the Momentum Health markets, we now literally serve one in 10 South Africans with a product, and they're our clients. 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, we literally a month away from doing that. No, we aren't. We there now. 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 Johann 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. 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. 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 P.M. yesterday afternoon, we delivered our slides, they started printing right through the night. They wanted to do little ring binders, I said, "Over my dead body," look what they've produced. This morning at 9:00 A.M., someone was coming down the lift with boxes to deliver that incredible product. I think that is who we are, that is what we have in our business that is so magic. From my side, thank you very much, please join us for a drink and something to eat. Thank you