It has been a very good year for the group. The core group has performed strongly and we have made further progress in de-risking the US.

198

This will take time to resolve... I can't put a timeframe on it.

137

While the situation in the U.S. is complex, we have made good progress and remain focused on our objectives.

111

As we see it today, we would expect the core group to deliver a combined operating ratio of around 95% in 2006.

76