We are waiting for the resolution of the new commission structure before we decide whether or not to allow our clients to switch from their old policies to new policies.

We had plans in place to expand the management team and he felt he needed to do something on his own.

Strike out on his own.

It's still going to take some time for us to work through what's been testing the markets for months before we can safely say we've hit a bottom and are set to move higher.

There had to be a different way of recognising and paying commissions, and now the life companies will be taking the risk of policy continuation by funding commission streams.

We think the valuations still can not be justified.

We own a lot of content companies, companies like Walt Disney ( DIS : Research , Estimates ).

All those things combined, it's hard to see where the market's going to move higher.

Operational efficiencies resulting from management interventions over several years, in terms of improved cost management, better quality of new business, more focused premium collection and more competitive investment performance in particular, are largely responsible for this incremental value-add for stakeholders.