Good afternoon, ladies and gentlemen, and welcome to the Momentum Group operating update for the nine months to March 2026. All participants will be in listen-only mode. A question and answer session will follow the formal presentation. If you should require operator assistance during the conference, please key in star and then zero on your telephone keypad. Please note that this event is being recorded. I will now hand over to the Group Chief Executive Officer, Jeanette Marais. Please go ahead. Thank you. Good afternoon, everybody, and welcome to our operating update for Q3 of F 2026. I am joined on this call by our Group Finance Director, Risto Ketola, as well as Rowan Burger and Mulalo Liphosa from our investor relations team. We are almost at the end of year two of our Impact strategy, and I am very satisfied that we continued the positive earnings trajectory into the third quarter. Remember that our earnings target for this financial year is ZAR 6 billion, and we reported that normalized headline earnings grew by 15% year-on-year to ZAR 5.5 billion at the end of the nine months. This performance was underpinned by good earnings contributions across all our operating business units. Those businesses who had exceptional earnings in F 2025 have maintained their performance, and the others have shown strong growth. We are excited to see our Africa segment showing a positive earnings number year-to-date, not just over the quarter. New business sales grew by 15%. This was supported by healthy investment flows in Momentum Corporate, significant corporate scheme wins in Momentum Africa, and continued growth in Momentum Investments wealth platform. Single premiums grew by 15%, following favorable equity markets, while recurring premiums increased by 7%. But despite sales growing, our VNB declined by 4% to ZAR 347 million, and our new business margin contracted to 0.5%. This decline continues to be due to the decline in VNB and Momentum Investments following an industry-wide shift from life annuities towards living annuities. This was partially offset by a notable VNB recovery in Momentum Retail and Metropolitan Life. Both businesses managed to lift their VNB to achieve the lower end of our target, with Momentum Retail at 1.1% and Metropolitan at 1.2%. Momentum Corporate and Africa's VNB margin improved, but it is still in the negative, and Momentum Investments VNB continued to decline. VNB remains the most significant challenge across the group and will require extraordinary effort and focus in the final year of the Impact strategy. Improving client experience is also a key focus in our Impact strategy. This is not an easy dial to move, but we have started to see a significant shift in this financial year. We continue to measure our progress and have clear strategies for business to continue improvement how we make our clients feel. At 23.3%, our ROE remains well above the target of 20% we had set for the end of F 2027, and it remains the highest in the industry. A testament to our capital management discipline. A big milestone for us is that today marks the first day of Momentum Health administering the Bonitas scheme. Just to illustrate the scope of this transaction, this is the biggest move of a medical scheme from one provider to another in the history of the medical scheme industry in South Africa. As from today, our annual value of claims processed on behalf of members and paid to providers will increase from around ZAR 70 billion per year to ZAR 100 billion. That means we 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 involvement. We employed more than 500 additional employees to administer Bonitas. We set up a new building in Sandton to house the dedicated business. We are opening 21 bespoke Bonitas walk-in centers across the country during June and July. We achieved all of this within six months. Finally, just on an outlook. The global operating environment and South African growth prospects remain under pressure, causing uncertainty for consumers and investors. These dynamics are not unique to us. Industry peers face similar headwinds. We believe that our diversified business model, disciplined capital management, and robust risk management approach position us competitively to navigate this environment and to continue delivering value to our clients. These are factors outside of our control. We believe in focusing on what we can control, which is managing our business responsibly to be competitive and to focus on growth. I'm encouraged by the excellent earnings performance we achieved over the past quarter. We remain well positioned to sustain our growth trajectory, which is supported by our federated business model, diversified earnings streams, disciplined capital allocation, and strategic investments in new capabilities, including the onboarding of Bonitas and the continued scaling of our India operations. With one year to go to the end of our impact strategy, we are proving that we are successfully executing our strategy. We are well-placed to meet our strategic objectives. We have seen improvements in VNB. We continue our focus on improving VNB margin, driving sales volumes, and managing our expenses. We look forward to providing further details at the Capital Markets Day tomorrow. I now hand over to Risto to share a bit more detail. Yeah. Thanks, Jeanette. I'm just going to make a couple of additional points that when I read the operating update, I thought this may be not obvious. I saw a comment from one of the analysts this morning, referring to the ZAR 44 EV number we have in the statement on the buybacks. That's actually the number from December. The closing EV at the end of March was ZAR 46.43, before the dividend that was paid in early April. It went to like ZAR 45.33 thereafter and pretty back at about ZAR 46 now. The discount to EV if we bought the shares back was actually a little bit higher than I think people realized that we should have maybe qualified for 45. 44 was the December number. The other thing is that on the sales side, Metropolitan is the only business where sales went backwards a little bit. One thing I did check this morning is the sales numbers are down, is it 19%? Yeah. Okay, no, it's 13% combined. The actual number of agents is down 39%. On average, that's the average monthly number of agents. I think it's a great outcome. I have spoken before about just how much the cost of running that sales force is reduced and the quality is improved. I think definitely a 40% reduction in the size of the entourage versus 13% reduction in sales is a great outcome for VNB. It's pleasing because it shows you that sometimes when you take very drastic action, it actually pays off. Probably gives us confidence to look at further activities that will hopefully then lift the VNB. I also noticed that there were some comments about the Momentum Insure and Guardrisk numbers being a little bit lower in the third quarter. I just want to confirm that that is only the investment returns. Both Guardrisk and Momentum Insure do invest a little bit in equities, and obviously, the January to March period was quite poor for that. I can actually confirm that Momentum Insure had the best quarterly claims ratio in that third quarter. There were some weather-related claims there, but it was still a great quarter in terms of underwriting. Guardrisk is a very diverse business, but their underwriting results were also very much in line with the first six months. There's a little bit of a slowdown you're seeing in quarter three is purely the equity impact on the investment returns. There were some very positive comments on Momentum Africa, obviously, we take good solace as the business is showing some improvements in a lot of areas. I do want to just point out that the new operating model, which we'll talk more about tomorrow, it is increasing the cost base of that business. You need these volumes to be higher. As you do the actuarial assumption changes at year-end, there might be some negative expense adjustments you need to make. Maybe just moderate the expectation for year-end there. Then very good news that a lot of people picked up is India is now profitable on an IFRS 17 basis. I don't really see a reason why it won't continue to be profitable and continue to grow those profits. I mean, the business is still very fast-growing. If you want to do some simple maths, we're growing gross written premiums by about ZAR 3 billion-ZAR 4 billion a year. That requires about ZAR 1 billion-ZAR 1.5 billion of capital to support that growth every year. Even if earnings pop up to a ZAR few hundred million, there's still a ZAR 1 billion shortfall that the shareholders need to make up in terms of supporting the growth. We're probably looking at about ZAR 400 million per annum as our capital contribution for the next few years to support the growth, even though the business is profitable. It is a nice problem to have because we would love to have more businesses that require capital for growth. Okay? India is a good story. Beyond that, James already mentioned ROE remains at 23.3% very strong. We're really happy with that. Overall, there are a few new things. I mean, Bonitas is very exciting. Obviously, the India outlook is better. At a very high level, I think we're extracting as much earning out of the business as we humanly can. Very focused on expenses, cost optimization. You will see tomorrow a lot of usage of AI and making sure we're not behind the technology curve. Yeah, the one concern still is actual top-line growth. The volumes are good. VNB needs to be better. From the earnings side, can't really think we could do better. I think I'll hand back. We're happy to take questions now. Ladies and gentlemen, we will now be conducting the question and answer session. If you'd like to ask a question, please key star then zero on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may key in star then two to leave the question queue. Have we lost the line? Sorry, ma'am. Can you hear me now? Hello, can you guys hear me? Yes, Mike, we can hear you. Sorry, we lost the call for a bit in the room. Yeah, apologies. I think I lost it as well. Thanks for the time, guys, and well done on another really good earnings print. Just four questions, if I can. Firstly, your CSM commentary. Sorry. Yes, we can hear you, Mike. Go ahead. Yeah. Sorry. On your CSM commentary, I just want to make sure that there were no estimate changes at quarter end. This is essentially a product of new business and accretion and release rather than anything else. The second question, obviously, market's very turbulent at the end of March. Can you comment at all about the direction of travel for investment variances since March end and what we should expect based on where we are today? The third question is around the guidance for the shareholder segment for the remainder of the year. Quarter four, we saw a very wild swing from what was a reasonable quarter three to quite a big negative in quarter four. Maybe if you can just give us some sort of comment on what to expect. The last question I've got around the Momentum Investments mix changes. Can you comment at all about the kind of IRR you're earning on the weaker mix? In other words, I don't know if there's a way that we can calculate it, but if there's some sort of comment you can give as to what sort of IRR you generate on living annuity versus guaranteed annuity volumes. Any commentary on that sort of basis would be great. Thanks very much. I hope you heard all of that. Yes, we got that. Thanks. I mean, Rowan, the line wasn't great, but let's see if we can get through all of them. I can confirm that there was no assumption changes. Obviously, there will be some experience variances that will impact the CSM, and your market returns would have had maybe a bit of a weakening impact on the VFA component of the CSM. To answer your question, no, there is no assumption changes. Investment variances, I'm looking at here, the nine-month number was ZAR 540 million positive. I think, what was the interim stage? It was ZAR 400 million. Okay. It was definitely a positive quarter, despite the equity markets being negative. I'm just thinking now, we had no credit defaults, so the credit spread M1 would have been a substantial thing. Think of it as ZAR 100 million, let's say ZAR 100 million-ZAR 150 million positive for the quarter. Your IRR question is interesting because I haven't looked at it recently. When I looked at the IRRs on annuities, it was really high. Payback periods were very short because remember, annuities, the commissions are also regulated to be only 1.5%. The payback periods are very pleasing on the eye on the guaranteed annuities. I haven't done the same exercise for living annuities. I can do it for you. It will be very unlikely it's as good as the guaranteed annuities. Rowan, make an action point for me to look at it. The shareholders in quarter four. What was the question again? In the prior year, we saw a large change from Q3 to Q4 in the shareholders segment. I think that was largely driven by the VC funds. If you consider this quarter, I don't think your guess is as good as mine just in terms of those VC funds. We have seen sort of write-downs on those. I don't know if Christophe wants to give a little bit more color. One thing, though, is that there is capital that is allocated to the business units, and they earn returns on that, and the shareholders earn returns on the free assets. Those are slightly lower for the shareholders, from the 31 December capital calculations. Yeah, Rowan, I agree with that. I mean, the only thing else I can think about is obviously fourth quarter, we also normally invest for the bonus pool. Yeah. I think this year, I think we're pretty fully provided. At this moment, it looks like it's sufficient. That's great. Thanks, guys. Thank you. The next question comes from Marius Strydom of Austin Lawrence Gidon. Marius, your line is open. You can ask your question. Can you hear me? Good afternoon. Thanks, Marius. Sorry about that. My question is with regards to solvency. We saw an improvement in your SCR cover from December to March, and that was clearly due to, well, impacted by the bond yield moves. We've seen bond yields decline again since March, almost to similar levels, where they were in December. Obviously, the issues with regards to the longer duration bond yields, and the extrapolation may not be as extreme now as they were at 31 December. The question is, should we expect a better outcome for SCR at June, even if bond yields remain at current levels? Number two, have you taken any steps, and what you're thinking around risk-based capital efficiency steps that may be taken going forward? Yeah, Marius. We'll expand on this a bit tomorrow, you're right. The capital ratio improvement from December to March, probably half of it relates to the yield curve movement and the other half relates to retained earnings. I'm actually thinking the SCR, the required capital, I think in the last company fell by ZAR 500 million from ZAR 20.4 billion to ZAR 19.9 billion over the quarter. Yield curve has a lot to do with that. We still have four weeks to go before end of June, I do expect the capital ratio to be better than it was in December. The extrapolation impact is not as severe at the moment as it was in December, hopefully that remains on course. That's obviously external to us, that is a yield curve provided by our regulator. In terms of actions we're doing, we have been looking a lot in terms of how we calculate the SCR, what our management actions are, how we model tax in the stress tests, how we interpret certain of the standards. We've done a lot of work on, let's say, the calculation side of it. At this stage, we have not changed our hedging policies. We have been debating whether we sort of relax on the earnings hedging. Remember, we hedge the earnings as much as we can, which means there's some volatility in solvency. If we increase the solvency hedging, it will introduce earnings volatility because you can't hedge both of them. You have to choose which one you hedge. For now, we have not increased the hedging on the solvency side, we're still exposed to the same external events. I think the SCR calculation, now that we're reinterpreting some of the components, I think will yield a slightly more positive result. Obviously based on that, we will assess our own target for high-quality liquid assets, which we set at ZAR 16 billion in December. I think it's more likely than not that it will be lower than ZAR 16 billion in June. There is four weeks to go. You're right. We have to watch those yield curves and particularly the long end of the yield curve. Okay. Thank you very much. Ladies and gentlemen, just a final reminder. If you'd like to ask a question, you're welcome to key star and then one on your telephone keypad. We have a follow-up question from Michael Christelis of UBS. Please go ahead. Michael, the line is open. Hi, guys. Sorry, I'm not sure if you can hear me. Yeah. Thanks. If no one else is going to ask, I want to ask about the Metropolitan margin. I estimate it is about 2.5% for Q3. Do you think you are now sustainably in that 2%-3% range, or what do you think the margin does from here? Is there room for that to lift up towards the 4%-5% range you have been targeting for a few years? Most definitely. We do expect it to improve further, going forward. The actions we have taken have made an impact, but they will continue to make a bigger impact when there is still a few adjustments or changes in terms of product features and basically the distribution models as well. I do think that it can still improve. I think the 5% may be a stretch, but improvement definitely. Yeah. The team remain very committed and focused on the 5%. Maybe we are a little bit more bearish on whether or not they are going to get to exactly 5, Mike. They are still making good progress. We continue to track it, and we continue to see the improvements they are making. That is great to hear. Thank you. Maybe just a last comment. One of your peers made some pretty cautious comments around persistency and the expectations for the rest of this year. Is there anything you can say about what persistency has done since quarter-end, given the fuel price hikes and your expectations for the rest of the year? I'm looking at the management reports here now. Obviously, there's a bit of a lag here. We're still not seeing any worsening in terms of lapses. Remember, you can miss one or two payments and not lapse the policy. I haven't heard of any, there's no increase in lapses, and I have not heard from the business that there's been a noticeable increase in failed debit orders or stop orders. It's 30 days. Mike, I think I have told you before that we seem to be a bit out of cycle because we had our own persistency problems a couple of years ago. We have implemented and continue to implement continuous improvements to our collections mechanisms and the quality of business. We're tightening new business acceptance. We're improving our collection capability. We continuously hear that our business is a little bit more lower middle market than the higher low income market. There's a number of factors why we might be different to some of the competitors. Again, the short answer to your question is no. I have not seen any management information showing higher lapses yet. It could still come, because if I'm thinking of now, we're in first of June. I probably have probably visibility of lapses to the end of April. The May lapses won't be through yet because they will try to collect now and so on. I will say, Mike, that April sales were a little weaker than March. I think that that was more of an Easter effect, because they came through strongly in May. Seasonality more than- Yeah. Yeah. Actually, Mike, I think this is a brag a bit. Mike, wait. I want to brag quickly. I want to go to the Metropolitan slide here. Yeah. The total PCR is the highest since February 2021. How's that? Okay. That's our collection ratio. Okay. All the effects we have done to improve our collections, to date, is showing an upward increase. Like I said, there's a lag in this data. This particular ratio's got a three-month lag. Sort of how many of the premiums you collected in the last three months. Maybe it turns from here, but quite a pretty picture as we stand here looking at the last two years. Sometimes we help, sometimes we cover. Excellent. What about retail affluent in Momentum Life? There was some deterioration there amongst your peers in quarter four last year. Have you seen anything there? Again, definitely not statistically significant. In my internal presentation on the results, I actually comment on improving persistency experience in Momentum Retail. Yeah. The persistency and expense experiences were better in the nine months than the previous nine months. Remember, these are results as of March, though. I mean, fair enough. I haven't seen since then. Generally, the collections are extremely high in this market. I mean, missed premiums are the exception rather than the norm. It's very different to me. Excellent. Thank you, guys. I appreciate it. Our next question comes from Warwick Bam of RMB Morgan Stanley. Please go ahead. Good afternoon, everyone. Thanks very much. I have one question on costs. I mean, your cost savings initiatives are starting to show up meaningfully in your direct cost growth, which grows just 1%. As your savings initiatives start annualizing, how should we think about cost growth into 2027? Just remind us how you've dealt with these cost savings and the embedded value, especially with reference to the potential for expense variances at year-end. Yeah. Great question. I should have actually had that on my bullet points. Been quite busy today, so I had to prepare for this call a bit on the fly. Warwick, I'm actually looking here. Our cost in the January to March quarter was 4% lower than the same quarter last year. 7% lower than the same quarter two years ago. Yeah. Our optimization project, because it's rolling over time, it's going to have almost a bigger and bigger impact every quarter that goes past. As we sit here, June is always interesting because people want to bring expenses in before year-end. I think there's a big chance we end up flat year-on-year from the current 1%. Which will be better than we expected. I think we went into the year expecting 2%-3% cost growth. Next year, we're budgeting for about 2% budgeted increases. If we continue to keep the focus, we might get closer to zero. It can't continue forever, although certain technological changes might give us a bit of a longer leeway now. The project is going well. In terms of EV, we have not allowed for anything beyond next year's budget. Next year's budget was used as a starting point for expense assumptions. I think it means that in most cases, you might have slightly better expense assumptions than last year. Except Africa, where we have now implemented a more their own controlled model, which means they have more expenses in Africa. It will definitely help the VNB and EV a little bit over the next couple of years. Remember, we're probably assuming about, what, 4% or 5% inflation for the, let's say, three, four years after next year. If we can come in at closer to zero, that's obviously quite a big impact. That's ZAR 500 million a year impact in a 0.5 versus zero. Very helpful. Thanks. They say you can't shrink your way to greatness. You can shrink yourself to some breathing space, perhaps, yeah. Thank you. The next question is a follow-up from Marius Strydom of ALG. Please proceed. Hi again. This time I'd like to ask about Momentum Corporate. You mentioned, with reference to Guardrisk and Momentum Insure, that investment markets had a lot to do with the slowdown. In the third quarter, we obviously saw a slowdown for Momentum Corporate as well. I think the NHE for the quarter was ZAR 260 million versus ZAR 427 in the first quarter, ZAR 449 in the second quarter. I just wanted to understand how much of that slowdown was related to markets versus underwriting and other experience Yep. Yeah, good observation. Corporate had a negative investment variance in the third quarter. Remember, their book is not as long-dated as the retail books, and they also have a lot more inflation than liabilities. Their net variances are not always in sync with the retail operations. That shows small negative variance, which looks different. I also noticed that the disability and PHI experience is a little bit lower than last year. The mortality experience actually continues to look good compared to last year and the year before. I think last year they benefited a lot more from IBNR releases than in the current year. Gentlemen, please remain online. We seem to have lost the main venue. Please remain online, and the speaker Thank you. Will be joining us shortly. Thank you. Ladies and gentlemen, apologies for the delay. Please remain online, and the main speakers will be rejoining us shortly. Thank you. Does that mean we're back on the call? Thank you, ma'am. You are back, Marius, your line is open again. Thank you. Okay. Yeah, sorry, I missed everything after IBNR releases stuff. Yeah. I don't think I said anything valuable. No. I was just saying, you're right. The net variance was negative because of different factors. If anything, there might have been a small decline on year-on-year claims experience, but nothing major. Overall, the mortality experience looks really good still. Disability and PHI is a little bit less exciting but still decent. All right. ZAR 260 million as a quarterly run rate is lower than what you would normally expect. It is. Sorry, I was distracted because the [Muria] guys just sent me a message. They're saying that by end of April, the debit orders experience remains exactly like the previous month. That has been zero impact in April debit orders. Okay. That's the addition there. Marius, you're right. Thank you. Just a final one from me. Just with regards to Africa, I'd like to The third quarter was a loss of ZAR 48 million. Am I right? Could you just speak to that, the outlook for the full year? I'm going to go there. Generally, the results in Africa are a lot more volatile than in South Africa, because we can't hedge the market exposure to the same degree. It's just practically impossible. We also invest heavily in government bonds there. The NAV is quite large compared to operating profits. The investment returns on the NAV has quite a substantial impact on earnings. I'm just trying to go to my own notes here. You know what? It doesn't explain the loss. Remember the first quarter, which was very good for Africa, still included a little bit of profits from Ghana. We had sort of like an exit profit on Ghana. I'm looking at the investment variances, what they were like. Africa had a negative investment variance in the third quarter as well. That would play a role there. If you come tomorrow, I'll dig up a bit more detail. A lot of that is mark-to-market on the bonds as a result of the increase in interest rates. Okay, most of it is investment on a liquidity then. Yeah. Okay. Thank you. See you tomorrow. The next question comes from Senamela Mabebe of SBG Securities. Go ahead. Thank you. Well done on the Indian business and turning into a profit. It's clear that the business is starting to show improved operating leverage by increasing revenue at a faster rate than expenses. I suppose just two questions there. Given that the combined ratio is still greater than 100%, is the strategy to gain more returns from investments than underwriting, or is it just purely from waiting for the business to grow? The second one to that is that the claims ratio increased 33% to reflect an increase in benefit utilization. What is management's strategy just in response to that if this is a continuing trend? Yeah. Okay. First of all, the Indian business is predominantly annual premiums. The float is quite big on this business. I don't think you'll ever get a combined ratio much below 100. In fact, I've done some calculation. Even at a combined ratio of 102, 101, we'll actually generate quite decent ROEs. Because the float is probably, I don't know, two-thirds of annual net premiums. The investment equity can be very substantial. In terms of benefit utilization, we continue to do a lot of work like trying to get hospitals converted to only cashless claims. Very difficult for us to start fighting with the policyholder or rather try manage it with the hospital before they provide services. There's quite a few industry actions also to share data and so on in terms of wastage in some of the hospital groups. We're continuously refining our benefit structures. We actually find that we get better claims ratios on your higher summative type of business. That is a focus area for us as well. We're also moving a lot of the administration into our own offices versus third-party administrators. When we started, we were small, we didn't have the scale to really justify doing everything ourselves. We used third-party administrators to handle the claims, but we find that we get better outcomes when we do it ourselves, so we're doing it in-house now. Yeah, the claims ratio is a big focus. I sort of hinted earlier in the call that I'm quite pleased with what we've seen recently. Part of it is also that there's a couple of listed competitors now which have also been forced to increase their focus on profitability, which I think has made the whole industry a little bit healthier. We're all benefiting from that. The industry seems to be rationalizing a little bit from being growth at any cost to being a bit more balanced between growth and profitability. Okay. Thanks, Risto. Thank you. Does that conclude your questions, ma'am? Conclude questions. Senamela, does that conclude your questions? Yes, that concludes my questions. Thank you. Thank you so much. Our next question comes from Thapelo Mokonyane of Investec. Please go ahead. Good day. Can you hear me? Okay. Yes, we can. Okay, cool. Good day to everyone. Yeah, I have a question, just one question. You probably are going to touch a bit on this tomorrow at the Capital Markets Day. Yes. How should we think about share buybacks, just given what has happened? What needs to happen for you to resume your share buyback? Just talk to that, and just a bit of guidance on how should we think about it. Thank you. At this time, the EV is still quite substantial. Obviously, if we have surplus capital, I think our preference at this stage will be to buy back shares rather than distribute special dividends. We increased our internal view of required high-quality capital. In other words, sort of cash and money market equivalents and so on, from ZAR 11.6 billion to ZAR 16 billion in December. That basically meant that we effectively utilized our surplus capital to shore up the capital base of the life company. If we reduce the internal view of required high-quality liquid assets substantially in June, that might then result in sufficient surplus capital to restart buybacks. I think it is a little bit early or premature to speculate how likely that is, but it is something we will look at year-end. We look at it every six months. How much do we pay shareholders? We try to stick to our dividend policy, pay out a percentage out of our earnings. If there is surplus capital, buybacks would be our preferred course of action at the moment. There is a possibility of declaring a share buyback program if everything stays the way it is today. If we just freeze everything to the end of June, there is a case where buybacks are possible. That's what you're saying? I think anything is possible, and I'm trying to answer this without getting into trouble. I think the last time we showed you how much sort of high-quality liquid assets we have, I think the number was about ZAR 18 billion. That was ZAR 16 billion required and ZAR 2 billion discretionary. We would like to hold sort of ZAR 0-ZAR 3 billion in discretionary capital to be able to do any mid-size bolts on M&A as and when needed. If that required capital drops, let's say, from ZAR 16 billion-ZAR 14 billion, and available capital goes from ZAR 18 billion-ZAR 19 billion, then there might be some surplus at year-end. I think that the calculation you'll have to do is, how much will that ZAR 18 billion grow over the six months? On its own, I don't think it will be enough. That combined with possibly a lower view on required capital going forward, we might do buybacks. Yeah. Yeah. We all wait in anticipation to see the yield curve on 30th of June. Earnings for the year as well. Yeah. Okay. No, thank you so much. Thank you. The next question comes from Francois du Toit of Anchor Stockbrokers. Please go ahead. Anchor Stockbrokers, please. Hi, guys. Can you hear me? Yes, we can. Excellent. Thank you. Just a bit of color on your life versus non-life earnings overall. Obviously, we know Momentum Health is all life. Yeah. -life insurance is all, sorry, non-life, all non-life. But maybe just within Momentum Investments and shareholders, how has that split from [my advance? Related to that, maybe just a bit of color around the strong earnings growth in the Momentum Health business, Momentum Insure business as well. I guess where we've come from and given also what we've heard from some of the non-life insurance competitors out there, this growth is ongoing and kind of surprising for me at least. Your non-life business is performing very well. No, that's for sure. I'll answer the Momentum Health one first. If I look at the pre-tax earnings in Momentum Health, the three quarters, we've probably gone like ZAR 100 million, ZAR 200 million. The ZAR 200 million in the second quarter was a positive surprise because of some fee catch-ups. The ZAR 200 million in the third quarter, I think, is quite normal because most of the fee increases come through 1 January. There's an increase in our revenues because of annual escalations on various contracts. Bonitas, I had a look. I think the cost in Bonitas was only like ZAR 6 million or ZAR 8 million in the quarter. A lot of that will come through in this last quarter. The third quarter results that are here were still unaffected by the investment into Bonitas. I see that Rowan is trying to search for the covered, non-covered split for you on investments. I do know that they moved the book at very strong results. There was no default, and other variances were also positive. I mean, the annuity profits will have also been up. Have you got that split there? I was looking for the shareholder split. Look at the investment one. That will be an easy one. One second. Give us 30 seconds that we can open the details here. Thank you. We should probably print out those, the matrix. For these calls associated with profitability covered, non-covered by product line. Thank you. That'll be helpful for me because I use it in- -the values for the covered businesses. Okay. Covered was ZAR 779. That's investments. Yeah. Okay. Covered was ZAR 779, which means- Non-covered is ZAR 992. Yeah. ZAR 100 and- It's ZAR 120. ZAR 120 for non-covered investments and ZAR 770 for covered. Excellent. Okay. Good runway compared with the first half of the year. Thank you. Yeah. Are you happy with that? That's all from me for now. Thank you. Thank you. Ladies and gentlemen, with no further questions in the question queue, we have reached the end of the Q&A session. I will now hand back to Jeanette Marais for closing remarks. Marais. Thanks, everyone, for joining. I don't have anything much to add to this except to invite you again to join us tomorrow for our Capital Markets Day. We had all of our dry runs today. Maybe just one last thought. Risto was bragging, so maybe let me do this. We actually realized today just by kind of looking at some of our numbers that considering the span of our businesses across retail, corporate, and health markets, we now literally serve about one in 10 South Africans as clients of our group, which I think is quite an amazing number for us. Now, of course, the take on of Bonitas has helped with this, but we don't often share those kinds of numbers. To be thinking that one out of every 10 South Africans are clients of the group is something that makes us really proud. I hope to see you all tomorrow. The team is ready for you, so I think it's gonna be a good day. Lovely. Thank you very much, ma'am. Ladies and gentlemen, that concludes today's event. Thank you for joining us. You may now disconnect your line.