Income is driven by:

• The size of our client base: New business and retention of existing clients are the key drivers of the size of our client base.
• Growth in the underlying asset base managed and administered on behalf of clients: Investment market returns and our relative investment performance are key drivers of the underlying asset base.
• The level of fees and margins priced into our products and services.

Insurance claims relate to the life insurance risk underwriting and general insurance claims that we pay to clients to protect them from unforeseen events.

Acquisition and administration cost relates to the expenses incurred in acquiring new business and running our operating activities.

Future profits