Good morning and welcome. It is always a wonderful pleasure and an honour frankly for me to present our results.

The results this morning are for the full year to 20 to 30 June 2026 of our group Discovery. At the outset, it's been a a really tremendous year, and I want to just thank our team, all of the Discovery people, Vitality people globally.

It's been a remarkable year with a huge amount of work, and I hope that comes through clearly in the presentation to scale of what you've achieved. Thank you for that.

Let me start by by being clear. It has been a strong year.

This is in fact the second year of our five-year cycle from 2025 to 2029 inclusive. It's been a strong year financially.

You can see normalised profit up 17%, normalised headline earnings up 21%. I think hopefully more importantly, you'll see the strategies embedded in the group in the two composites I think are quite unique and powerful and in fact are rolling out just in a few weeks' time, and I hope you'll see that through through the presentation.

Just to make the point, we have followed I think a very coherent strategy in a very disciplined way based on our purpose of making people healthier and enhancing their lives, and that has in fact intensified across the group through our model. We have navigated carefully an environment, a macro environment, of considerable complexity, two really disruptive forces: AI, which I think you'll see is kind of ubiquitous throughout the group, and you'll see that clearly; and and kind of macro geopolitical rupture creating some volatility that makes that creates complexity, but I think we've navigated that well.

We've interpreted the trends that affect our industry I think appropriately and evolved our business model in the appropriate way as you can see, manifesting in two business composites, Discovery South Africa and Vitality Global. Both are focused in their markets in the right way, and I hope I make that clear to you.

Then finally, manifesting in a financial framework and a capital allocation methodology we believe is rational and appropriate given where the organisation is at. The results have many different dimensions to them.

I'd like to show you three slices, in a sense, of of of of what we've done over year over the year. The first is financial results and the framework, an organisation that's growing strongly, generating cash, deleveraging, but building at the same time platforms for future growth.

Secondly, a focus on our Vitality shared-value business model, make it more effective, focusing on the efficacy, its relevance, but making sure critically we can manage and demonstrate the effect on customers, which we call Alpha, shareholders, which we call Alpha, customers, which we call EX, and I'll talk about that later, and the societal effect of the model. There's been considerable performance, development and the ability to demonstrate very very clearly.

Then finally, I'd like to take you through the business strategies, the two composites, Discovery and Vitality, and illustrate carefully how both are focused carefully in their markets with the right strategy. Let me start with the financial results.

You will have seen them at a high level. Just to make the point, we have I think a very disciplined financial framework and rational capital allocation process where the business where the group is at this point in time is a high rate of growth, a high intrinsic rate of growth, focus is on growth, cash generation through a high conversion rate, and then a clear, rational approach to allocating capital between dividends to shareholders, leverage, and of course investment in new initiatives, and finally, the result coming out of is return on equity.

Our focus is of course on growth and on cash conversion, and you can see in the slide the framework that we gave, the the intention that we've tried to achieve over this five-year cycle: a growth corridor of 15% to 20%, a cash conversion ratio of 60% to 70%, a careful focus on new initiatives, not spending more than 5% on new initiatives, leverage in the 10% to 20% range, and importantly, dividend cover a five it's been a five times cover, bringing that down over time, and an ROE going from 15% climbing up higher over over the over the period. The period under review I think has been remarkably strong.

Firstly, just to talk to the actual macro environment, I made the point AI you will see is ubiquitous across across the organisation. The actual the actual macro environment has been very complex, but one that I think we've managed well.

There are a few themes and many many moving parts, but to make the point primarily, the rand appreciating created some some pressure on our earnings because, of course, we report in rands and our earnings in foreign currency come down. The effect of that is kind of a 2% reduction.

I'll talk more to that. The effect of of long-term interest rates in South Africa coming down with inflation coming down has meant kind of an has meant an appreciation of the present value of assets of store of value.

You'll see that coming through. We had a reduction in the yen that affected our global business, and I'll take you through that later.

Generally, something I think we managed well. We've We've run our organisation according to seven distinct risk principles, and I think that played out very well.

I think we've managed the volatility well. The group is resilient, and I think different parts of the group, as they play out, illustrate that within reason, despite volatility, the earnings growth is in line with what we expected to achieve.

Not a simple environment, but one that I think we've managed well. Get to operating profit.

First, you can see the operating profit grew 17% to just over 17,75 billion. I think that's a very strong growth.

You can see graphically over the last number of years just how quickly the organisation has grown. Again, to make the point, we're in the second year of this five-year cycle.

I think we're very pleased with how the organisation has performed. It's the first time and I think it is a milestone that the the operating profit has exceeded a billion US dollars, which is which is which is an important milestone.

I think quite symbolic in a sense. If you look at the actual detail on the slide, it kind of illustrates the two composites, Discovery South Africa growing at 16% in the high end of the range, Vitality growing at 21%.

It would have been 26% on a like-for-like currency basis, but very happy with that performance. The two together create the 17% growth of the group.

If you cast your eye over the actual slide, you can see the the South African composite performed remarkably well. Our big businesses, Discovery Health, Life and Invest, all performing strongly.

Excellent performance from Insure, you'll see that later in the presentation. The bank really turning strongly to profitability and exceeding our expectation, giving the 16% growth in total.

Globally, the global business is broken up into the UK, Ping An and Vitality Global Markets, that that covers all of our our focus outside of the UK into one into one business, and outside of Ping An. You can see the UK performed remarkably well, and really you'll see in the presentation just how the model, the Vitality shared-value model, has played out in that regard.

Ping An also performed well. Again, the currency effect on all of these.

Vitality Global Markets is a very important business. The the yen depreciation over the period affected a contract asset in Sumitomo Life, and given the size of the earnings, it did have that it did have that effect on earnings, but you'll see how we we are dealing with that going forward.

Bringing it all together, you can see how the earnings has played out. We're investing considerably in Vitality AI, and excited about what it can do, and that's an important part of our strategy going forward.

That is kind of a a breakdown of the operating profit. You'll see the detail in the presentation.

On the new business side, new business of the insurance businesses grew by 6%, of the non-insurance businesses, we look at total income, growing by 10%. It's kind of a tale of a number of different cities.

You can see South Africa, robust growth of 8%, the big businesses growing I think very competently. You'll see that in the presentation.

Vitality UK had an exceptional period, 14% up. Ping An Health coming down 6%.

If you followed us at the interim period, we explained one of the one of the big developments at the interim period was that Ping An Health lost the use of the Ping An Life distribution channel, which was in fact half of its channel at that point in time. We were expecting a bigger hit than 6%, but the team has done a remarkable job in terms of diversifying both product and distribution channels, and I think we're very happy with that result.

On the non-insurance income, you can see Bank grew by 31%. Health insurance products, Flexicare, Gap Cover grew 30%, which I think is remarkable.

Vitality Global Markets, hit by the yen, declining 10%. You'll see the You'll see the detail a bit later in the presentation.

The quality of the group I think is demonstrated well in the embedded value. Now just bear in mind, the embedded value does not does not cover many of the uncovered businesses: the Bank, our global businesses, etc.

I think it provides a very good illustration of how the group is progressing. The return on embedded value 14.1%, the total growth in EV to 140 just under 143 billion rand as you can see.

If you look at the actual components of the embedded value, I think it's very pleasing. VNB The VNB grew up grew by by 31%, the unwind of the discount rate, very strong non-economic experience variances of a positive nature added added over 2 billion, up 33% from the period, illustrating the quality of the group and illustrating we are performing ahead of actuarial assumptions.

Then interestingly, the profit from non-covered businesses, from the Bank and the other issues, coming through very strongly. The actual capital value and the equity value of these businesses is not in the EV, but you can see the profit comes through into the into shareholder value.

What's an interesting observation is, in fact, that profit is actually higher in quantum than the VNB, it's actually adding more to the embedded value, and I think that's an important dynamic. You can see that creates an operational EV up to 146 billion.

The effect of lower rates of interest added 6.3 billion to the embedded value, but the Forex effect nearly kind of took out 4.8 billion. When you bring it all down, you get to the 14.1%.

I think it's it's a good growth rate, but I think it illustrates the quality of how the group of how the group is evolving. The other important measure is just cash generation.

The opera- operational cash flow is excellent over the period, up 26% to just 11.3 billion. You can see that in the left-hand chart, that very very strong growth.

Importantly, you can see the cash conversion ratio far ahead of our expectation. We had our cash conversion ratio in the 60% to 70% area in our corridor around what we set out to achieve.

You can see the cash conversion at 85%. You can see the 11.3 billion.

We use that that that cash to pay dividends, finance costs. We repaid additional debt, leaving us with 3.6 billion of net cash flow over the period.

The manifestation in terms of the group's capital position is very very favourable. We're in a very strong capital position that makes us resilient, it gives us optionality, and I think that's important.

You can see the strong cash conversion, you can see that all of our entities are well capitalised, and you can see the leverage is coming down nicely. On a like-for-like basis, leverage came down to 12.8% in the very low part of of the range.

We acquired our head office, and we did that by raising debt and acquiring the assets. If you if you count that debt, it adds it takes the leverage up to 15.4%.

Even with that, that's a reduction, and bear in mind, the lease obligations was kind of the same risk anyway. On a like-for-like basis, the 12.8% I think is important.

Even if you add in the building, it it does not do anything dramatic to the leverage ratio. Again, very much in line with where with where we'd like to be.

The effect of all of this can be seen on the face of the income statement. I'm going to make just a few basic comments about about how the gearing works because I think as a group grows, just an intellectual level, we'd like to see the bottom line grow faster because the finance costs are hopefully stable or going down.

You see the effect of that. Operating profit up 17%.

You can see the finance costs have come down on account of two things: one is a lower cost of financing, I think our team did a great job in in optimising the the the the debt structures; in addition, we reduced debt, we've paid down I think 3 billion of debt over the last over the last two years, you see that coming through; the other is just the accounting treatment of the lease termination kind of as an asymmetry between the asset use of use of the building asset and the actual obligation of the lease, that throws out a once-off release of 1.463 billion as you can see; and then the sale of our CNT asset, partial sale, added a further 211 million. When you bring it all together, you can see profit before tax up 35% as opposed to the 17% profit from operations.

The effective tax rate slightly down, bringing profit after tax up 38%. When you when you add all the headline earnings adjustments, you get headline earnings up 34%.

When you make the adjustments to normalised headline earnings, for example taking off that once-off lease termination, normalised headline earnings up 21%. Really, I think the the recon is really the normalised profit from operations up 17% and normalised headline earnings up 21% as I said at the outset of the of the presentation.

Given the the scale of the group, given the cash generation and the strength of the group, we have made the decision to drop the dividend cover from 5 down to 4.5. Therefore, the dividend payable is simply a mathematical derivation of that: total earnings divided by 4.5 minus the interim divid- minus the interim dividend.

That throws out a dividend of 273 cents per share, a final dividend, which is a 36% growth. The full-year dividend, adding interim, is 384, total dividend is 384 cents per share, a 33% growth.

If you add it together, you'll find it's a total of a 4.5 times dividend cover. We're very pleased that the dividend growth illustrates the strength of the group and the strength of the cash generation of of of the group.

In summary, from the financial results, as I said at the outset, I think the model we're using is is absolutely appropriate given where the group is at. The priority is on growth, on cash conversion, and then a very rational allocation of capital.

You can see in the table kind of the targets we set, just transposing that model into a vertical table. You can see the targets that we set in the five-year plan.

F'25 I think we performed remarkably well, a lot faster growth than we expected, but you can see all the other metrics in '25 very much in line and directionally correct. In F'26, an excellent performance.

The profit in South Africa was mid-range of the of the target, cash conversion dramatically better, spend on new lower, FLR coming down quite substantially, dividend cover now coming down, the return on equity jumping by just over a percentage point to 16.5%. That will come up over time as the Bank obviously generates profitability, but it was mitigated by the IFRS 17 release of profits from from the life companies.

If you look at where we're heading, the group is strong. We really have increasing confidence that by the end of 2029, we should be at the middle to the upper end of our of our earnings range around around the growth corridor, and confident of that and the cash generation, giving us, we think, strong optionality.

A strong set of financial results, we are very pleased with. I want to I want to talk a bit about the business model if I can.

It's a fundamental issue. It's core to our purpose, but it's fundamental around what we're doing, our competitive advantage, and our ability to add value to all to all to all stakeholders that we serve.

Fundamentally, we are trying to get to a point where the business model is repeatable, scalable, understandable, but measurable in the distinct areas, kind of to shareholders, the idea of Alpha that we started speaking about last year and at the last results presentation, but also understanding how it affects customers, lifespan and healthspan, the EX, the actuarial concept of of life expectancy, and then society, the societal effect. We need to understand that, measure it, and demonstrate and report on it.

I think that's very important. I thought maybe just as as a slight just as a slight digression, if I can, I wanted to just explain at a higher level, at a macro level, kind of our our belief in the relevance of the business model and what we are doing, and what our industry can do at scale.

Just understand the complexity of of the funding of healthcare at a global level. There are some fundamental things taking place.

The first is just depopulation. Fertility rates around the world have come down dramatically, and therefore all countries are depopulating.

In fact, the only country, to my understanding, that is not, the only countries are Sub-Saharan Africa and the US with immigration. Most countries are depopulating, and you see that on the left-hand side with the ageing of populations.

The proportion of people above 65 is climbing, and this projection works in 5, 10, 15 years. It's actually not that far out into the future.

By the end of our planning cycle, we're kind of in some of these scenarios, it actually is very important. Firstly, ageing of populations.

The effect of that on the second chart is that as people get older, chronicity creeps in, and therefore healthcare costs tend to rise. You can see that dramatic increase in healthcare costs based on age.

That's kind of an actuarial derivation, but crudely, just a heuristic, people over 65 consume 3.5 times the healthcare of people under 65. Now the problem is to the third piece of it is that the dependency ratio, the working-age people to pensioners, is going down.

Healthcare systems are funded by the tax base, by workers funding the entire healthcare system. You get to a point here where if the same number of pensioners to working population, that tax burden becomes very very hard to bear.

You get kind of this multiplication of difficulty. Then the final point to make, well-known in in health economics, is the Baumol's cost disease.

The economist Baumol spotted very cleverly that healthcare costs tend to rise always above CPI, typically CPI plus 3% to 5%, because in healthcare, unlike other industries, technology doesn't bring costs down. We've never seen efficiency in healthcare.

That may change with AI, but until now, what technology does, and that's excellent, it creates things more things that healthcare can do, but it adds cost to the system. You have you have a commodity that's inflating above inflation.

When you cross-multiply these things, you find that in 5 years, 10 years, 15 years, the actual healthcare burden on the tax base becomes incredible. The effect of that cumulatively by 2030 in these countries is 13% to 25%, by 2035, 30% to 57%, and by 2040, you see that, 50% to doubling.

It's quite remarkable. The effect of the combined effect of of ageing populations with the cost of healthcare creates an unassailable or or an incredibly difficult and vexing problem.

It turns out one of the only ways we can affect that is to make people healthier. When you do the analysis, it turns out that compressing morbidity is the most powerful thing.

Lengthening lifespans on its own is not as helpful. We need to lengthen lifespan, but healthspan at the same time.

That's exactly what we are doing and trying to do at a systemic level. The health insurance industry, the life insurance industries have such considerable scale, they'll become more relevant over time.

Health insurance is likely to grow when you do the analysis. Importantly, these are industries that are completely aligned to customers.

When customers are healthier, they do better. At scale, these are industries that cover billions of people.

The ability to do that, to bring down costs and make people healthier is real. On the right-hand side of the chart, you will have seen this analysis from me many many times.

The causal effect of behaviour change is so dramatic on lifespan and healthspan that it's an easy payback. It's one of the only things that can bring down this burden.

Expect these kind of forces to accelerate, and expect our industry hopefully to metamorphosise over time. We are focusing hard on trying to make that transformation where we are into an industry that is not just transactional, but making people healthier.

That talks to the micro focus of our group on our model. As I said before, shareholders, customers, society, how the value chain has played out.

The Vitality model has evolved from kind of a simple Vitality structure attached to an institutional business to a complex structure now with Google. We're working on hyper-personalisation, understanding the value chain completely from pricing, behaviour change, optimised retention to sharing incentives in the right way, the hyper-personalised way that gets behaviour change and creates the right form of economics.

You should be able to measure these things in three distinct issues: Alpha, the excess returns that shareholders get through the effectiveness of the model; EX, the added lifespan and healthspan that individual customers get by engaging in the model; and thirdly, SX, society, the positive the positive societal impact arising from compressing morbidity. Those things should be completely and totally measurable.

What is exciting is, in this particular year, I think the ability to illustrate Alpha, EX and SX has been remarkable. It's been a remarkable period to illustrate how powerful the model has worked.

We began publishing the Alpha Alpha coefficient last year, and you can see across the screen all of our different businesses in the '25 year that continued in 2026 and in fact, in many cases got stronger. In the case of the UK, you can see the internal rate of return on new business up to risk-free plus nearly 10%, operating margin up to 19.2% in VitalityHealth.

Insure, the margin really came up to nearly 15%. Discovery Life and Invest businesses, slightly down on last year, there was business mix change, but still, excellent return.

In the Discovery Health Medical Scheme, the Alpha really is the cost of healthcare, it's not a for-profit entity. We'll We'll measure that at the end of this year going into the 2027 year.

Our expectation is not very different from 18, close to 18% cost per benefit per unit per unit of benefit difference to the average in the market. Then you'll see in the Bank, the mathematics we believe will bring the cost-to-income ratio down very very quickly.

It's just broken even and made a profit, this is an early time, but the mathematics look very clear. The point to be made here, as you can see throughout the group, the effect of the model, of better pricing, of better behaviour change, of selective lapsation, positive selective lapsation, and then volume scaling it in terms of of excellent new business and the scale of the group.

Importantly, at the individual level, to individuals, we're making effect on the individual's life, how they live, their healthspan, their lifespan, how they drive, how they manage money. That's important.

You can see it in a combined effect in the excess claims savings that were achieved across across the group. In fact, over this financial year, 2.2 billion of excess claims savings came through.

You can see the distribution of it on the slide, it's quite remarkable, I think. Discovery Life over a billion.

In the UK combined, nearly three-quarters of a billion. Insure's excess claims savings or or the claims savings value of claims savings nearly half a billion.

I made the point about the Bank and the Discovery Health Medical Scheme. It's a remarkable performance, and I think that's a theme that came through over the entire construct of the year.

The EX is very much intact, and lets us evidence strongly the effect we're having on individual customers, and that gets back to our purpose. From a societal perspective, we we measure very carefully and report accurately in our ESG reporting exactly the effect we have on people.

What we're seeing over the year, 54 million lives affected through us and our partners. We've measured 725 million healthy activities, and our actuarial actuarial analysis illustrated that we saved over 5 million life years, which is quite remarkable.

We gave back 17 billion in value through the shared-value model, through premium reductions, cashbacks, paybacks, benefits, etc. It's a remarkable kind of illustration of shared value.

What is important to point out, it's interesting, it's it may be coincidental, but I think a wonderful illustration of the balance of the model. The operating profit of the group was 17 billion.

The shared value given to customers was 17 billion. To an extent, kind of the two stakeholders, shareholders versus customers, an equality of value, and I think that's that's very powerful and important.

The model really is getting considerable considerable traction, and you now see it evidenced in the results under review. We continue to evolve the model.

I think the step into into sleep and making sleep a critical component of this next generation of Vitality has been incredibly successful. Using all of our data, we understood the causality effect of better sleep: 7% lower hospital claims, 24% reduction in mortality.

The way the team has rolled out the sleep benefit and will be rolled out globally has been absolutely, I think, tremendous. You can see from the graph, the take-up of sleep has been faster than any other benefit we've rolled out, far faster than Active Rewards, which has been probably one of the most successful things I think we've done in terms of changing behaviour.

Sleep has been even faster than that and will, over time, architect into exactly the same form. Already 16% of our members have have reported improved sleeping habits, and I think that's that's, of course, incredible.

The model is getting considerable considerable traction, and I think we now have the the ability to evidence it in exactly how it plays out in the various in the various constituencies. I want to turn to the businesses and give you an inkling on the on the business strategy.

I'll make comments at a high level on the different businesses, but give you an insight as to where we're going. The two composites I think are are are incredibly well-positioned.

There are two distinct derivations of the Vitality shared-value model that are going to play out. We've worked hard over the year to build them, and they and then and they get continued attention and focus.

In the case of Discovery South Africa, the power of the idea of the Super-Bank strategy. The Super-Bank is really forming and will be launched in October, and that's a big step, a second phase I think in the evolution of Discovery Bank.

Then Vitality AI, we launched it in London with Google late in the calendar year, kind of towards the end of of H1, and we're now launching in New York in two weeks' time, just considerable more intensity around Vitality AI, getting it to partners and getting it to prospective partners. These are two very very important derivations of the Vitality shared-value model that we hope will take us into a very very different space.

Let me talk to each of the each of the composites. Firstly, Discovery South Africa had a tremendous period, earnings up 16%.

I made the point, and you will have seen that our kind of our our corridor of of intended earnings is 12 12.5% to 17.5% growth. At 16%, we're in the upper end of that band, I think a very very good performance.

The businesses are all remarkably strong. The strategy over this five-year cycle is three pieces: one, scale the Bank to excellence and leadership; two, make sure all of our Discovery businesses are growing and are leaders in their category; and three, the Super-Bank strategy, pull all of this into an integrated architecture on the face of the Bank.

That's what we we set out to do. I think the progress in this period has been absolutely tremendous.

The Bank itself has performed ahead of expectation. You can see on the face plate of of of the slide, very strong growth: total clients up 26%, deposits up, gross advances up 40%, revenue up 31% as you can see, considerable growth in revenue and profit now flipping very strongly, and that kind of growth in profit mathematically we expect we expect to continue.

If you look at the different dimensions of the Bank, growth, quality, efficiency, all I think are exceptionally good, and really talk to the hypothesis behind the Bank: shared value, digital, full-service bank, and then ultimately integration, which talks to the Super-Bank strategy. If you look at growth, daily sales continue to climb, now to over 1,500 per day.

You can see the quality of the advances book, the home loan book fully fully 80% or 90% of it is prime plus or super prime, which I think is is obviously important. The credit loss ratio stays low.

Very interesting on the servicing side, the use of AI and technology has been tremendous in in this period. You can see the kind of servicing load, the second graph from the left, was fully voice call like in January 2025.

You can see now that AI has taken over more than 50% of it, it's quite remarkable, and other bits of technology in-app calling, which is where we're moving with the Bank, has taken up a lot of it, and voice call is now a small piece of it. It allows us now to grow the client base significantly while keeping kind of the call volume flat, again talking to efficiency and importantly, quality of service to our clients.

Effectively, the Bank is a very complicated business, extremely complicated, but the profitability actually, as we've shown before, is arithmetically quite easy to calculate. It's client growth, number of clients, times the profit per client.

The profit per client is revenue per client less expenses per client less impairments per client. That is effectively gives us the profitability.

The important point is, I think that the the three issues here: shared value, which gets a better level of impairments, better growth, better behaviour, better better revenue per people come through; the full-services nature means that people are buying a lot from the Bank, driving NIR and NII; and of course, the digital nature of the Bank, giving a kind of a fixed-cost base that now is is largely fixed, with some variability, but remarkably efficient. You can see that in how the expenses are coming down as we grow.

You get this strong growth, flat revenue, flat impairments per client, reducing expenses. That creates a mathematically geared effect, as you can see in how the profit has turned around and has given us confidence that we can achieve the 3 billion profit target before acquisition costs by 2029.

That is the ambition, and how we are progressing, we feel increasing comfort that that, in fact, is achievable. To an extent, I would put it to you that the Bank the Bank kind of is finished its first phase of evolution, now profitable.

Client receptivity is quite remarkable. We thought we'd show you this: the the Ask Afrika survey came out I think a few days ago.

Again, we ranked number one in banking, number two in private banking, which is quite remarkable. If you look at NPS scores compared to others, dramatically better.

The Bank, from a profitability perspective, from a dynamics perspective, is performing I think incredibly well. The client receptivity is remarkable, it's in a very very it's in a very strong position.

Thank you. It's in a very very strong position as as I think you can see.

The way forward is really the the case for the Super-Bank. Because just bear in mind, it's an amazing statistic, nearly 70% of people joining the Bank now are not Discovery members.

They have no Discovery products whatsoever. The opportunity to bring them into back into the Bank, to get them to engage in the Bank, but of course, to get them to buy other Discovery products because they all work together so well, is incredibly strong.

In the middle of the chart, you can see, in fact, that if you superimpose the Bank client base over the rest of Discovery, it's actually quite a small footprint. There's millions of members in the Discovery base that aren't members of the Bank.

From both sides, the potential to grow is quite significant. We know on the right-hand side of the chart that as people integrate our products, they integrate faster and more.

Intellectually, the potential for growth is quite remarkable in terms of the Bank. From a structural perspective, and this this is the opportunity.

The Bank, in and of itself, is now loaded with functionality. All of our businesses of scale are on exactly the same architecture, the Vitality shared-value model.

They fit onto the face of the Bank. We have considerable data and AI capabilities across the entire group of all of our customers.

It provides a unique opportunity to create this this this platform that is different, a Super-Bank that is different, a bank that is really not a transactional instrument, but an integrated control layer for customers' entire economic life, orchestrating financial needs, health needs, ecosystem needs, and converting verified behaviour change into real value that the clients feel. What you will see rolling out in October conceptually, I'm showing it here, but the actual products will come out, is really I think advancement on three fronts, value to customers on three fronts.

One is kind of manage and functionality. As the Bank grows its functionality and the ecosystems grow, you get kind of this ability to access the ecosystem from health, to fitness, to travel, to fuel, to food, etc.

That's what you will see. Kind of the cross-section of those, which creates considerable functionality, access, management capabilities for customers on the face of the mobile.

The second is is kind of the Bank is forming the rails of of the group. To an extent, when you analyse the power of the Bank, security, anti-fraud, payment systems is actually the tool for all of the products.

Again, going forward over time, whatever product you buy from Discovery, whether you're a bank account whether you're a bank account holder or not, you'll be using the rails of the Bank, and that gives us the ability to offer you dramatically more value. Then finally, and I think very exciting, is that we can exponentially drive shared value.

What we're doing at the moment is on on the vertical of that of the right-hand side, is really the the traditional Vitality shared-value model. Vitality drive, health, money.

People get discounts and incentives and rewards, and that's great. Bringing them together in a much more concerted way, much more consistent way, easier to understand and more powerful, but critically now, bringing the different products onto the face of the Bank creates portfolio value.

When you bring the two together, you get kind of an exponential effect on shared value. You will see, hopefully in October, I think significant enhancement to the benefits and the structures of the Bank that drive that shared value.

It really is forming into a very very powerful composite maker. The year has been a busy one building this.

The Bank team has done a remarkable job, as have all of the businesses getting ready for this, and you will see that play out in in October. I want to make some comments on the the South African businesses.

They performed well and they're in very strong positions. Discovery Health had I think a remarkable period.

Despite its scale, new business up 10%, normalised profit up 9%. You can see you can see non-scheme lives growing 22%.

I showed you the growth of new business earlier. Massive membership kind of under under administration.

What is interesting, and I do want to commend the Discovery Health team, is the complexity of managing the healthcare for nearly 4 million people is quite remarkable. Just bear in mind, the medical scheme population is largely static given regulation, given minimum prices, etc.

While the country is growing and getting younger, the medical scheme population is not. You have kind of a microcosm of that situation I showed you earlier about depopulation, ageing.

All of that is taking place inside the medical scheme space. It is manageable, as I said before, by focusing on compressing morbidity.

That is exactly what the Discovery Health team is doing. If you look on the left-hand side of the chart, it is quite remarkable over 10 years, you can see increasing chronicity inside the base that we cover.

Before, the number of people with chronic ailments was much smaller. Today, fully 33% of the members we cover have one, two or three or more chronic conditions.

The cancer prevalence has gone up 120%. The Discovery Health Medical Scheme has has 46% higher cancer prevalence than the other schemes combined.

It's quite It's quite remarkable. The fact is, it's the de facto standard.

If you're sick, you want to be covered by the Discovery Health Medical Scheme, and that's a good thing, that's what we do. You can see the scale of the problem.

The way it's been managed is through all of the tools that we've spoken about: the Vitality shared-value model, personal health pathways. You can see from the data the Discovery Health Medi- Discovery Health published the effect of it: bringing mortality down by nearly 6% over the past 10 years; dramatically better life expectancy for people living with cancer, up 7 years over the last 15 years; better survival rates.

Across the board, much better results coming out. Then a critical thing, the ability to keep filling up the scheme with new members.

There's a natural lapse progression. Just to keep the scheme stable requires 280 to 300,000 new lives a year.

The ability to to continue to do that, to have the power of innovation, distribution channels, you can see that, and in fact in this period under review, was in fact a record period. Over 310, 320,000 members joined the Discovery Health Medical Scheme.

When you remove this complexity and you look kind of above the water at the medical scheme, it just is calm and strong. It remains incredibly powerful: 57%, 58% market share, bigger than the combined the combined sum of all the others; customer satisfaction, you can see very little buys and buy downs, people stay very very stable, less than 2% of people actually buying down, people staying for what they have; the lapse rates remain very much in control; solvency levels significantly above 25%, over 35%, 33 billion of reserves sitting in the scheme.

You can see that while there's considerable complexity of managing healthcare of the individuals, the effect of all of the tools being used, from distribution, managed care, population management, Vitality, personal health pathways, is having a remarkable effect on the stability of of the system. Very well-positioned going forward.

Let me turn to Discovery Life. I think the primary thing to call out, I think robust robust operating profit growth up 6%.

The primary thing to call out is just is the remarkable mortality and morbidity experience that drove growth, that drove cash generation. You can see the cash generation has been climbing significantly, but really a strong increase in growth, 67% cash conversion to over 3.8 just under 3.9 billion of cash.

New business up 1% in total, but that was somewhat affected by automatic contribution increases, inflation coming down bringing that effect down. If you strip out the effect of inflation, it would be a 9% increase in new business.

We should do more of that, but we still I think are about the 30% market share, but we must focus on that very carefully. Value of new business up 43%, driven primarily by lower rates by lower rates of interest.

If you look at the actual build-up to embedded value, you can see I think the quality of the business. The first piece on left-hand side showing total experience variances up to 1.2 billion, as you can see.

Total non-economic experiences up 800 million. You can see the mortality and morbidity scale on the left-hand side, and you see policy alterations bringing it down.

The policy alterations is a very important issue for us to manage. We have taken a number of steps over the year.

Those are now built into the systems, and we expect that policy alts negative to come down quite significantly over the next 18 months. We hope the mortality profit continues.

We are feeling optimistic about how the progression of expected variances is likely to play out. You can see the improved VNB margin.

If you go to the right-hand side, the embedded value growth of just under 23%. Without the effect of interest rates, up 12%, and I think a very good progression: positive experience variances, good VNB and the unwind of the discount rate, giving you that 63 billion of of embedded value.

Finally in Discovery Life, sorry, very importantly, I did we did want to show you just this the effect of mortality. It's quite a remarkable I felt analysis, just showing you where that mortality experience is performing so well.

How Vitality works is as people engage, we expect lower mortality, and that's in the expectation. What this chart shows on the left-hand side, it's a busy chart, but but let me just show you what what what what it means is essentially year by year in the different statuses.

What you will see if you cast your eye to the right-hand side of of of the chart of of that first graph, you can actually see as people engage, mortality comes down. In fact, year by year, that improvement has got better and better and better, and that's what's driving that excess mortality gain.

Bear in mind that people in Silver, Gold and Diamond are quite substantial. 40% of the base is engaged, is in Silver, Gold and Diamond.

When you see that excellent progression of engagement and the causal effect on mortality, you see that coming through in mortality gain. The other piece of analysis I think is is is absolutely wonderful and important socially, is it's a more powerful effect for the over-50-year-olds.

The over-50-year-olds had a better effect on mortality, and you can see on the extreme right-hand side, the 35% of those of those 50-year-olds that are engaged created 90% of their gain. It's a it's a remarkable result, and it's it's some of the dogma I think we have to we have to deal with.

People often think, "I'm now over 50, over 60, I have a chronic illness, I've smoked my whole life, I'm not fit, it's too late for me." That is not the truth.

The data shows clearly that when you're older and sicker, doing these things has even a bigger effect on your relative mortality. You see it coming through.

At the individual level, we're making a real difference to individuals, but a composite level in Discovery Life, you can see it coming through. I think that's that's important.

To end off on Discovery Life, just to make the point about the the technical issues of IFRS 17. You can see the growth in the store of value driven primarily by lower long-term rates of interest.

The store of value, the CSM, the risk adjustment and the IFR growing significantly by 66% 66% to just under 40 billion as you can see. We've opted for OCI treatment, and we've tried our best to kind of minimise economic volatility out of our P&L.

This comes through the IFR, it doesn't doesn't come through the the P&L. I think that's right, else you get this massive bloating and reductions as interest rates move up and down.

I think it's done that well. There are some distortions.

The lower the lower inflation creates a negative that will come through in an IVE charge in this year, which we'll manage carefully. You can see how the the development of the store of value has happened, and you can see the components of life segment earnings on the right-hand side.

I think a very very good performance. Discovery Invest, I'll be very clear and very quick.

I think it's been an excellent year, very linear performance and an excellent performance: gross flows really net flows growing strongly, new business up 13%, assets under management crossing 200 billion, operating profit growing 9%, really a factor of the previous period had a few once-offs from asset liability managing management that created some once-off profits. If you took that out, the growth would have been 22%, which I think is kind of in line with what you would expect with growth in assets of of of that of that scale.

Very good performance and very happy with that. Discovery Insure had a great year, normalised profit up 24%.

The call-out is just the operating margin growing to nearly 15% and and really a an incredible performance from a loss ratio perspective. You can see gross new business up 2%.

We need that to be higher, we need to grow off the space. There's been a very strong focus on quality of new business over the last two years, and I think that's the right thing to do.

It really is a fantastic evidencing of how the model works. It demonstrates it clearly.

On the left-hand side, there's a focus with pricing power of how the model works, and I think the value proposition is very special. Fully 90% of our clients coming in are superior risk profile.

Once they come in and they engage, you can see the loss ratios come down with increasing status, they drive better, claims come down. Then you get the selective lapsation effect.

People that are engaged doing better tend to stay, and those aren't tend to leave. Over time, you get this mathematical issue of of seeding the book with the right clients, the book getting better, losing the right clients, keeping the right clients, and you get this kind of effect on the loss ratio.

The fact is, we're in a good underwriting cycle. I think most of the property and casualty short-term insurers will publish good results.

I think if you look at that actual progression of the loss ratio, you can see that kind of linear effect. It wasn't a great year from a weather perspective.

We had the floods in Cape Town, etc., and effectively, that did affect the numbers. Directionally, you can see the loss ratio has come down 30% over the last number of years to under 50%.

I think an excellent performance in and of itself, but I think a great evidencing of how the Vitality shared-value model is playing out in the context of of of Insure. Let me end on the Discovery South Africa composite.

I think a great performance, the businesses are well-positioned. The primary strategy, which rolls out in the year, is really the real evolution of the Super-Bank strategy, and you'll see that playing out across a number of dimensions.

Let me turn to the global business, Vitality. A very very important year.

This is a seminal times for our globalising of our capabilities. 18 months ago, we brought it all under one business, and the business now is focused in three areas.

There are three distinct strategies based on those three areas. Number one, Vitality UK: make it excellent, make it a leader in life and health insurance in the UK, and make it a centre of excellence for all of our expansion.

All of the IP hubs, the technology, the R&D is taking place, it takes place throughout the group, but it's centred in the UK for the globalisation of that IP. Secondly, scale our global markets through partnerships and equity stakes.

We brought all of our different pieces together. Vitality US, which was quite a small component in in in the structure, now is in the central in in the central management, and the entire management is now now done on a regional basis.

Then finally, Ping An Health: drive it to scale, continue to drive its expansion through products and distribution. It's an exceptional company to keep their growth going.

You can see the earnings at 21% was in the low side of the corridor, affected in rands by the currency on a like-for-like basis, as I made the point, 26%, not far off the kind of mid-point of what we of what we would have expected. Vitality UK had a tremendous year.

It is really performing remarkably well. The team has done an unbelievable job.

Again, I think it really is evidencing of the Vitality shared-value model. At a composite level, normalised operating profit growing 52% as you can see, but the scale of the business is big, covering over 2 million lives in the UK.

It's a it is a substantial player in the in the UK market. Let me turn to the two businesses within it.

I think you can see the dynamics. The call-out in VitalityHealth is really the profit up 65% to just under 84 million pounds.

New business was up 4%. It's a complex market.

There's kind of two there's two opposing forces: a very complex NHS that that creates demand for private health insurance; on the other side, an environment of inflation and lack of affordability, lower economic growth that makes affordability a problem. You have these two issues kind of in a sense kind of coalescing.

We are focused very much on making sure we price like Insure, the business properly. Lives covered grew to just under 1.1 billion.

If you look at the dynamics, and you saw this I think at the interims, a fantastic performance, and really again the same value chain that is driving the Alpha: pricing power and being very careful about the ability to actually get premium yield, despite the fact that claims have been going up significantly given, more usage of private medical insurance and broader categorisation of what is covered. You can see the strong correlation and causal effect as people engage in Vitality, claims come down.

Same effect on lapsation: we are keeping better lives and losing the less engaged. Then the effect on margin up to 9.2%, above the 7.5% margin guidance we've given out there.

I hope we can keep that margin and keep it sustainable. We wouldn't do it at the expense of growth, but we are feeling confident about its about sustainability of profit in VitalityHealth.

VitalityLife had an exceptional period. The call-out there is the new business growth of 25% as you can see, and the quality of the new business.

The normalised profit, being released through IFRS 17 with a strong growth of 27%, covering now over a million lives in the UK. Again, I'm, I'm making the same I sound like a broken record, but it the kind of repetitiveness, the repeatability of the model and how it plays out just in different ways comes through in the year under review.

This is a complex, commoditised market. Using the dynamic pricing of the Vitality shared-value model lets us be price-competitive, but keep profitability where it should be.

You see that in the period under review, over the last few years, the number of advisers selling for VitalityLife has grown by 77%, market share has grown to just under 16% despite a very very competitive suite of companies we compete with. You can see again the same correlation, cause causal effect on claims as people engage in Vitality.

Then the value of of new business on the right-hand side has climbed by 67%. It's a remarkable performance, and I think hard-won by the team.

You can see on the second graph from the right, the profitability per policy has stayed kind of where it is, it's kind of flat in the black. Even with the growth, we're keeping the profitability there.

The pricing models of of how the team are using the shared-value model has been exceptionally effective. It's really the volume that's driving expenses down per policy, driving up this value of new business as you see it as you see it coming in.

Then you see the again the IFRS 17 build-up of the store of value, a strong growth of 11% driven really by the incredible value of new business coming through, in fact exceeding the release to earnings, and therefore you get this this strong growth in in store of value. We did not get the, of course, the interest rates have not long-term rates in the UK have not come down, so that is not a a effect in this in this regard.

Let me turn to Vitality Global Markets, and I've made the point now that we've brought all of them all of our businesses and focus into one that's managed now regionally, which I think is very very powerful. This is a considerable opportunity for us, we believe.

It's not simple. We've set a target of getting to $80 million to $100 million of earnings by 2029.

We remain confident of it, but it's lumpy and not linear. There's a lot of activity taking place in in the business.

If you look at the face plate, I made a point about the yen, the yen depreciation. We have a large contract asset inside Sumitomo Life.

It's a fantastic partnership of real value. In the but in Japan, interest rates went up and the yen went down.

The effect on that asset came through the P&L. Without that effect, we would have seen considerable growth in Vitality Global Markets.

The number is small, you can see. We've got to grow significantly to get to that $80 million to $100 million of profit, but there's considerable activity, and we remain confident we can do that.

Revenue came down, again the effect of of of currency, but our partners are growing, up 10%, lives growing up 16% to just under 10 under 10 million. There are four strategies, and I I I outlined them at the last presentation.

I want to just take you through them, and they are getting I think more intense with more activity as we go forward. The first is deepening the the proposition of Vitality AI.

I made the point we launched in London. We are two weeks from a launch in New York on intensifying its capabilities.

We are focusing a lot on existing partnerships, a lot of work has taken place with our key partners to scale them. We are pursuing new opportunities in Europe, in Middle East and other markets.

We are focusing now hard on the US. We made the point at previous announcements, the US was a small business.

We had to bring it to profitability in 2027. We're on track to do that, but we've made a further acquisition and we're pushing hard in the UK and have confidence in the US and have confidence about what we can achieve.

Let me give you some insights. Firstly, I'm not going to get into too much detail on this, but Vitality AI being launched in two weeks' time in the US is I think a considerable step forward.

It really takes the work we've done with with Google and Gemini into this personal health pathway that is significantly significantly comprehensive, from kind of wellness, physical activity through to disease management. It is incredibly complex with very low rates of error.

We are very confident about its hyper-personalisation. It gives rise to a a set of statuses from Blue through to to Diamond as we always have, but now egalitarian, scientific, a real proper proxy legally in every respect for how people are managing their healthcare regardless of their state of health.

We now have a global network of partners, incentives and reward partners linked to our statuses. Critically, and this is the proposition, there are different ways because the model of paying for life insurance, dynamic pricing, and for health insurance, flexing contributions in a careful way.

We can demonstrate on the back of this again, the Alpha, EX, SX, the ability to offer this. That launch in the in the US will be to health plans, and that's very very important to our business.

Globally, all of these assets of course are rolled out globally. Important step we're taking.

The second is working on our existing partners and finding new partners in growth. There's been a frenetic amount of activity in that regard.

As you can see, our partners are growing over time. John Hancock continues to grow.

Sumitomo Life grew by 10%. AIA came down by 10%.

In Thailand, there was a reduction in new business. There was a flurry of health policies sold in the previous period due to a change in regulation.

We expect that to grow. You can see strong growth of our smaller partners.

The US has grown nicely by 22%, and Amplify now has actually grown, getting some traction inside AIA. Across the board, I think really really good activity.

We are working hard on new partners with a strong pipeline building up. There are two opportunities now that are kind of in finalisation.

One has come through is our acquisition of CareCentrix, but others hopefully hopefully will follow. The US is for us very exciting.

We've been very very careful in the US market, focusing firstly on employer on employers with the Vitality model, then selling to health plans. We have made careful, targeted acquisitions: WellSpark we did in November '24, Ramp we did in March '26.

We've absorbed them I think very nicely. They bring both client base and they bring specific capabilities to add into our personal health pathway capability.

CareCentrix is is a fantastic company. We are proud to have acquired.

We acquired it for $47 million, literally closing closing the acquisition in the last number of weeks. CareCentrix is a is a company that focuses on government business, Medicare Advantage, Medicaid.

It brings a whole range of assets that can be used, drags us into that market. As you can see in the middle of the chart, that creates a much much greater addressable market for us, $180 billion $130 billion of fees in that market that we we can be a leader in.

We need to we need to work hard to do that. On the other hand, it brings substantial substantial clients and capabilities into our existing markets.

On both sides, we think it offers great capability. You can see what's happening in the US.

By the end of 2026 in this reporting period, we covered 3. 3.6 million lives, had revenue of about $40 million.

Going in now after all of these changes, total lives covered over 18 million with a revenue of $120 million, $115 million. The US has really got a lot more scale.

We have got another partner in HealthEquity, the largest health savings account player in the US, and are working very hard with them. A lot is taking place in the US market, and excited by that by that potential.

I think this has been a seminal period for the US, and part of our growth strategy going forward. Let me turn to Ping An Health, and just end off there.

I think the performance of Ping An Health has been absolutely tremendous. You can see the growth, really strong operating results pre-tax up 31% to 3.3 billion of profitability.

Our our 25% share after tax up 14% to over half to over 545 million RMB, considerable scale of the business. I made the point about new business reversing, I'll touch on that in a moment.

This is a big business covering over 35 million lives. You can see the size of the balance sheet over 15 billion RMB.

The business is is highly cash generative and solvent. It's paid a dividend to Discovery, our 25% over half a billion rand.

I think a fantastic performance in the case of of Ping An Health. Just to just to repeat, at the at the half year, at the end of the calendar year, Ping An Health lost the use of the Ping An Life distribution channel.

We were very concerned about the effect of new business. The team has worked incredibly hard and quickly.

They've diversified products. In the past, e-Sheng-Bao, which was really the the the mainstream product being sold through the Ping An Life channel, we've diversified into other high-value products, specific segment, specific special disease products that have done remarkably well.

You can see from the chart, different distribution channels that are already growing strongly. The effect on on sales was a lot less on new business was a lot less than we thought.

I think excitingly, [Hui Li Gao?] , which is Vitality GO now, is a focus of the company to attach that to their products.

Directionally, the business model is kind of getting into China in the right way. The work done by the Ping An Health team has been remarkable.

To call out Ping An Group, they've been remarkably supportive over this period of this change, which could have been very very significant and hasn't been. I think that's important.

Then to make the point, we remain bullish about the opportunity in China. It is a lower growth environment than it was, but all of the directional issues, regulation, etc., is about promoting private health insurance.

When you look at kind of the dynamics on the ground, growing middle class, all the pressures I mentioned before, all those directions point to a growing private health insurance market. Ping An is growing its market share, now covers more than 10%, strong premium growth as you can see.

It's a significant company with nearly 20 billion RMB of of premium. I think an amazing amazing performance.

Let me summarise or end there on the Vitality global business. A frenetic year of considerable activity.

We remain confident about its ability to meet its profit targets. A lot to be done, not simple, not linear, but very very exciting.

Next big step in New York in two weeks' time, and we'll see how that receptivity plays out. Let me summarise before I before I before I hand over to to questions.

I think an excellent year. We are inside or ahead of our growth corridor that we set, cash conversion ratio better than expected, I think a very rational use and allocation of capital, and normalised ROE coming up nicely.

I hope the clarity around the strategy, the Super-Bank and Vitality AI, is clear, manifesting I think in strong composite businesses that are differentiated, purpose-built, close to our values, and have considerable growth potential going forward. That is my presentation.

I've been joined by all of our key executives here who will take questions. We are here in the room and online.

I have Deon Viljoen, our CFO, with me; David Danilowitz, our head of of strategy and of investor relations here as well. David, I'm going to hand over to you I think to take questions, if I can.

David, to you.

Great. Adrian, thank you very much.

Again, just a reminder for all participants, please light up questions as you go. We'll go through them sequentially.

I'm going to start off with the first question, which comes from Senamile from SBG. Senamile, thank you so much.

I'll read the question. The question is for Hylton.

"Well done on a very strong year for the Bank. What are the key milestones investors should monitor between the current profitability level and the longer-term earnings ambition for the Bank?"

Thanks. Thanks for the question.

I think we've been pretty explicit in terms of the F'29 ambition of 2 million clients and 3 billion rand of operating profit before new business acquisition costs. I think those remain the key metrics and through the interim period as well.

Through the period now, we're at approximately 1.6 million clients. I think and that remains probably the key kind of lead indicator as we move towards the ambition.

The growth in new business or profit before new business acquisition costs increased by 497 million rand this year. It was about 100 million ahead of the sort of the 400 million annual profit progression that we've been targeting and resulted in a profit of 865 million, kind of getting towards the billion-rand profit before new business acquisition costs, bearing in mind that the Bank is incurring a significant new business strain as we grow and the kind of the rate of growth accelerates.

Those remain I think the kind of the two key indicators, the milestones that we will continue to track, and then obviously I think the kind of the product and Super-Bank platform rollout that Adrian spoke to, and that later this year I think will start to emerge strongly and will be a key kind of entry point into phase two of the Bank. Those will probably be the kind of the three areas that we will be focusing on.

Great. Thanks, Hylton.

Sena had another question. This is for Neville on VitalityHealth.

I'll read the question to Neville: "How sustainable are the VitalityHealth margin gains and what is the normalised margin outlook?"

Thanks for the question, David. I think, as Adrian said, the shared-value model has been significant in us very very profitable from a margin perspective.

Our guidance has been a 7.5% margin. The market is, as Adrian said, is quite challenging at the moment from an economic perspective, but there's no reason to believe that we won't be able to deliver the market guidance of our 7.5% and hopefully, we could outperform this.

Very importantly, it gives us options in terms of profit growth versus lives and revenue growth, and we're going to use those opportunities from a strategic perspective to see how we can grow the business on a sustainable basis.

Great. Thank you, Neville.

The next question is for Riaan on Discovery Life, it comes from Thapelo from Investec. Riaan, the question is: "Solvency for the Life business is down to 1.7 times.

What drove that and what is your target for this?"

Good morning. Our SCR coverage reduced to 1.7 times, and I think it's still significantly above our risk appetite levels is the first point to make.

The key reasons for this slight reduction in the solvency margin were lower yields in South Africa as well as optimising our cost of reinsurance. I think, in short, we've got significant headroom in both our current solvency as well as liquidity positions, and they are both way above our risk appetite levels.

Thank you. Moving on, Thapelo had a follow-up as well.

This is for Andy. The question is: "How should we think about the financial leverage move from here?

Do you want to take it closer to 10% at the bottom of the target range, or close to the mid-point being more appropriate?"

I think two or three points to make on this. The first is that you will naturally see a drift downwards hopefully in the financial leverage ratio if nothing else changes because the equity should grow in the group.

You're naturally going to see a decline in the leverage ratio. The second point to make is that we will continue to optimise the use of debt and the cost of that debt as we have in the very successfully in the past year.

That could be just managing the cost of different facilities or the use of debt for other purposes. I think the third point to make is that it's really building on Adrian's point around the whole financial framework of the group giving us the improved cash generation, the growth in the business in the group, giving us increased financial flexibility.

You'll see as and when opportunities arise, that gives us the freedom to use debt to execute on opportunities, and they may well arise in the future. The best example in the last 12 months is the opportunity it gave us to execute on the one Discovery Place building purchase.

You can see with that, we're still hovering around the middle of the range. I think that's really the best way to think of it.

Great. Thank you.

A question from Jaco Fouché from Citywire. This question is for Deon.

"Good morning. This is a question around Discovery Invest.

The question is, what exactly does the 81% of linked assets invested in Discovery funds represent, and how much further can that penetration realistically rise?"

Thank you, David, and thanks for the question, Jaco. Good morning, everybody.

Of the unit-linked assets under management on our platform, of the total platform, we have about 180 billion of assets on the platform. The 81% represents the assets that are actually under management in our own funds.

The remainder will be with external asset managers. We've always sort of reflected that kind of level of penetration.

We're quite comfortable at that level because ultimately it's driven by the needs of individual clients. It's largely driven by that balance.

Excellent. The next question back to Hylton, coming from Michael Christelis from UBS.

Hylton, the question is: "The Bank has been successful in bringing a large number of new Discovery customers. To what extent have you been successful in selling other Discovery products to these customers?"

Thanks, David, and thanks, Michael. I think we're just starting that process, and we're seeing excellent traction early on.

The time period to the first, second, third Discovery product for new-to-bank and new-to-group clients is about a third of what we're observing in other product entry points into the group. The kind of the adoption and take-up of the next Discovery product for bank clients where bank is the entry point is significantly quicker.

We really are only starting that process now, and I think that's very much the focus and the potential and the opportunity in the Super-Bank strategy. Bear in mind that 70% of new-to-bank clients are completely new to the group as well, about 1,000 clients joining the Bank every day are only bank clients, and so that is obviously the real opportunity in terms of the new business strategy and integration for the rest of the South African group.

Thank you. Michael has a follow-up, and in fact it's aligned with a question from Warwick from RMB Morgan Stanley.

From Michael and Warwick, I'll bring it together: "What is the medium-term outlook for mortality profits in South Africa given the strong variances seen across the sector? To what extent do you expect these to normalise over time?"

Warwick's alignment to that question, I think really very similar. Riaan, over to you for the mortality question.

Thank you. That's a great question.

I think that, as Adrian has outlined in the slides, the past period has seen a significantly lower claims experience and engaged lives, much stronger correlation compared to what we've seen in the past. We've also seen that older ages, specifically above age 50, has significantly better experience in the individual life book.

I think this link between better experience and engaged life, the dynamics of the shared-value model playing out, and also seeing better experience at older ages is very encouraging considering the ageing of an in-force book. We're quite optimistic about future trends given these observations.

There's obviously some short-term volatility that one need to account for, but yeah, these trends are emerging incredibly strongly.

Thanks, Riaan. Over to Neville, it's a follow-up from Warwick from RMB Morgan Stanley: "How should we think about the shape of the Vitality AI and Vitality Global centre costs for the next two years?

You mentioned increasing the intensity of expansion, especially in the US. Do costs accelerate or was FY '26 a peak spend period?"

Thanks, Warwick, for the question. I think very importantly, there is going to be continued spend in the Vitality AI capabilities as well as the capabilities across the business.

We are very very confident, however, that these capabilities are going to result in us closing partnership deals over a period of time that will be significant from a revenue-generation perspective with high margins. I think it's important to understand that it is a long sales cycle, but our current partnerships that we have got in place through AIA, John Hancock, Sumitomo Life have been going for more than 10 years.

The ability to actually lock in partners for a long period of time with our capabilities is significant. In essence, we are building a significant capability for growth.

As Adrian mentioned, this could be lumpy, but we are very very confident that we'll be able to implement these partners at a marginal cost from a relatively fixed-cost base. In the near term, there will be additional expenses related to Vitality AI as we continue to evolve the very powerful proposition that is resonating exceptionally well across the globe.

Next question comes from Harry Botha. This is for Andy.

Harry Botha from Bank of America Securities: "Other than dividends, how should we think about excess capital allocation going forward, given the US growth strategy? Does the Bank require further capital from the group?"

Thanks again, David, and thanks, Harry, for the question. I think so just to answer your question, the Bank doesn't really require any material capital from the group for its development from this point onwards.

You can see it's very cash generative and the profit signature has turned now, so that's not going to be in any way a drain on the group's capital resources. I think we'll just really stick to the framework that we've outlined for you quite clearly, which is this financial flexibility gives us three areas: we can manage the levels of debt, we can manage the level of the dividend, and we can keep our powder dry for future development, growth opportunities.

I think that's really where we'll be focusing.

Great. Thank you, Andy.

Harry has a follow-on question related to Ping An Health. We're going to move over to David Ferreira.

David, the question is: "In Ping An Health, can underlying earnings offset the normalisation of exceptional investment gains going forward?"

Thank you very much for the question, Harry, and greetings from Shanghai. The simple answer is that while there's clearly uncertainty around investment returns going forward, yes, base case, we do expect that net profit after tax will equal or will exceed these fiscal year '26 levels in future fiscal years.

Great, David. Thanks for joining.

In fact, we'll come back to you. A question from Barron regarding Ping An Health.

The question is: "What is your financial year '27 outlook for new business growth after the distribution changes that impacted this current year?"

Thanks, Barron, for the question. Again, the short answer is that, as you heard from Adrian, new channels and products are picking up fast, and we estimate that the fiscal year '27 growth compared to fiscal year '26 will most likely be in a range of between 9% and 20% measured in RMB, the Chinese currency.

David, I'm going to stick with you. It's working well, this question comes from Tej from White Oak Capital.

It goes: "Hi, team. Thanks for the presentation.

Could you kindly elaborate on the disruption of distribution via Ping An Life license? Was this a company decision or was it regulatory?"

Thanks for the question, Tej. We communicated some of this six months ago.

It was Ping An Group's and Ping An Life's response to views that had been expressed by the regulator. I would say that, regardless of that proximate reason, we had been expecting the channel separation to come at some point, and it did.

Thank you, David. Sticking with Tej's question, it's Adrian, it's a high-level question around South Africa and the macro environment.

Again, the question from Tej is: "How would you evaluate the risk of economic slowdown in SA due to higher fuel prices? How likely is this to infect Insure members or lives growth that we saw in the year?"

David, that's a good question. I'm not sure I can guess what that will be.

Firstly, I think our view is that there are green shoots in the economy, and business and others are working hard to turn that into growth. I think our default assumption is hopefully we are flat or grow somewhat, that's critical.

Points of inflation, like you mentioned, fuel prices, etc., obviously create some risk. The truth is, if you look at the group over time, we have always been in a waxing and waning environment, often more difficult.

We tend to grow because of competitiveness where others don't, I'm not overly concerned. I don't think that the economy, within bands, presents a risk to us.

I think we'll have the ability to manage through it. Great question.

Thanks for it, but not a great concern. I think we should expect to continue to grow.

In the areas where we highlighted here, Insure and other areas where we had very strong pricing discipline, we need to keep that, but grow off the back of that. Not concerned within reason, and I think our group tends to do, ironically, better in difficult times.

Let's see how it plays out, but a great question. Thank you for it.

Great. Thank you, Adrian.

I'm going to switch over to a question from Daniel Matsebula from Anchor Boateng. The question is for Neville: "How should we think about the incremental investment into Vitality Global Markets on the path to the targeted $80 million to $100 million in profit?"

Neville, I think you've largely dealt with it in the prior question. I don't know if you've got anything more to add, but just opening up to you.

No, no, I don't think there is more to add. Just to reiterate that the cost base is relatively fixed from a technology perspective.

We will continue to invest in Vitality AI from a product perspective, and we are very confident of landing partners at strong margins.

Great. Thanks.

I think we have Adam Murphy online on VitalityLife. I'm going to ask the question that came from Tej as well: "If you could help us understand the line adjustment to shareholder funds in the EV build-up per entity, VitalityLife has a 12 12 billion rand adjustment, which makes the embedded value less than the VIF.

Thank you." In fact, if we don't have Adam online, Andy, we can shift over to you as well.

Just yeah, it looks like Adam is available.

Hi, David. Thanks for the question.

This is an adjustment for the subordinated debt that sits in the UK business that's been funded from Discovery centrally, it's just an adjustment to bring the solo calculation consistent.

Great. It's got two or three more questions coming through.

The next question is to Andy. It's on the dividend cover from Anand, also from White Oak: "Is there a possibility for dividend coverage to improve from 4.5 times further to say 4 or 3.5 times over the next couple of years?"

Great. Thank you.

Thanks for the question. It's certainly part of our range of options, and I think we wouldn't rule that out.

We did say when we reinstituted the dividend that we'd come in at five times cover and look to reduce that over time. You've seen that strategy unfold in these results.

Certainly, given that we need to balance the different priorities around growth and around management of debt, but the dividend is also one of those pieces of our artillery. Obviously, the more that we increase dividends, obviously a great return to shareholders, but it also helps to improve the ROE.

Certainly part of the mix. I won't commit to anything at this stage, but it's something that we will consider with the other moving parts.

Neville, the next question I'm going to pass back to you. It regards to Europe and the Generali partnership.

The question comes from Tej again. The question is: "With the Generali partnership ending in 2025, are you on the lookout for other partnerships in Continental Europe?"

Sorry, David, you broke up there, but just to repeat the question that since the termination of Generali, are there opportunities in Continental Europe? Absolutely.

We are flat out talking to significant life and health insurers across Europe with regards to the shared-value insurance model and embedding that into their businesses. It's too early to speculate on how many of these will be closed, but there is significant activity, as Adrian had shown in his slide.

We are confident that whilst the sales cycle is complicated and long, we will align with the correct partners in Europe that will give us a sustainable long-term presence and partnership with them.

Thank you, Neville. The final or penultimate question comes from Francois for Riaan.

It's around the SA Life business. The question is: "SA Life revenue increased by 2% and the revenue growth is slowing down with the second half flat on the first half.

Can you comment on whether this slowdown is reflected in premiums in individual life, and how the revenue growth outlook will reflect in the earnings growth for the SA Life segment?"

Thanks, Francois. That's a great question.

It really reflects one of the nuances in IFRS 17 reporting in that revenue in IFRS 17, by definition, doesn't follow necessarily premium and premium growth. If you consider the numbers in this period, even though revenue growth under IFRS 17 was up 2%, premium growth in individual life was actually up more than 6%.

There is a bit of a disconnect between revenue and premium, where revenue reflects your level of services that you expect to deliver in the period rather than premium. Premium growth is rather the one that ultimately drives earnings growth and future growth.

Thanks, Riaan. Another question from Anand.

This is for David: "Does Vitality have a presence in other markets, such as South Korea and India? If yes, please share potential of these."

Anand, thanks for the question. The answer is yes and yes.

In India, we have a partnership through our broader AIA partnership with Tata AIA, and we provide the Vitality product to them, helped to integrate it into their life products and so on. In fact, we're right in the process now of a major relaunch of that program.

In South Korea, we used to have a partnership there, as you may know, with AIA Korea, and we mutually agreed to terminate that partnership for good reasons on both sides. It was a completely amicable termination, and because of that, we now have the opportunity to look for new partners in life and health insurance in Korea, and we have launched that process.

Thank you.

Great. Thank you, David.

We had a final question. I will ask it.

Thank you very much for the interest today. The question is a follow-up.

Just lost it for a second. It will come back shortly.

The question is, again, this is from Tej: "If the yen depreciation has affected Vitality Global Network numbers significantly, what can we infer about the concentration of revenues within the segment in Japan?" The question is for Deon.

Thank you very much.

Hi, Tej. Thank you for the question.

Maybe just to clarify, clearly the Sumitomo contract is a very sizeable one, very successful contract. The impact of the yen is not only around the current year's revenue, and the nature of the contract results in the recognition of a contract asset, which is then also exposed to the yen currency movements.

That's why it is so pronounced in the overall result. It is recognised as part of the income overall.

Yes, it is a sizeable contract. We obviously have a number of partners across the globe, but the impact is really a result of the combination of the contract asset being recognised and fair valued at spot rate at the end of each reporting period.

Great. Deon, thank you very much for that.

Adrian, we are clear of all the questions. Again, just thanks for all the questions coming through.

Please post them to us directly through myself or through the broader team. Adrian, back to you.

David, thank you. Thanks for that, and thanks to all of you for the interest and the time.

We're very grateful for that. We appreciate the probing questions and the interest in the group.

It's been a very important year for us. Again, thank you for the time.

We are done. David, thanks to all the team and to our greater Discovery group.

Thank you.