Good morning, everyone. Judging by the energy in this room, I thought I was going to receive a big warm welcome.

Thank you so much. My name is Dan Moyane, just in case some of you have forgotten.

Thank you very much. It's my pleasure and privilege to welcome you to the presentation of the annual financial results of the Momentum Group for the period ending 30 June 2026.

Jeanette, the energy in this room, guys, give yourselves a round of applause. It's just a beautiful, beautiful moment.

I was telling Anneke I don't know what to do with all this energy. It's so palpable.

It's beautiful to see. We're coming to you live from the company's head offices here in Centurion, Tshwane.

We welcome everyone who's joining us today, the analysts, the investors, the shareholders, the journalists, and employees, of course, of the company who are watching us live either on the EMpulse platform, which is the intranet of the group, or on BDTV, that's Business Day Television, which is on DStv, that's channel 412, or on our live webcast, which is copcam.com/mg and today's date 17/09/2026. It just feels like a special day, this 17th of September.

Now the full results, of course, are available for you as well. You want to check them out on the group's website, that's momentumgroupltd.co.za.

Thanks to the Momentum Group investor relations team who have put together the presentation that you are about to see shortly, and the group marketing's PR and events team for their execution of today. Now as you will hear shortly, this is a very strong set of results, which we can all be proud of.

It is, in fact, always good when a company that's called Momentum shows that it has plenty, plenty of it. These results certainly suggest that it does.

The Group CEO, Jeanette Marais, and the Group Finance Director, Risto Ketola, will present this set of results covering how the focused implementation of the group strategy has achieved the earnings target a year in advance of the completion of the Impact strategy in 2027. As in the past, there will of course be time after the presentation to get questions from analysts, to get them responded to.

Jeanette and Risto will do that. Now let's put really warm welcome to Jeanette to begin the presentation.

Now before you start, Jeanette, I don't know if you remember this, during COVID-19, countries were battling what to do, but there were three countries that did the right things. One of them is New Zealand.

In my book, the reason why they did so well is because they were led by women.

We'll make sure your bonus reflects that comment. Good morning, everyone, especially to our colleague, where are you, Brand?

Brand Pretorius, who is again, I think the same happened last year, celebrating his birthday today. Congratulations, Brand.

It's wonderful that you're spending your birthday with us today, but I'm sure we're going to make it worth your while. Then also from me and my team, it's wonderful to have my whole executive team here with me today, to welcome you to the live results broadcast of our annual financial results for 2026.

I really am excited to present record results to you today. I will start by summarizing the key financial results, after which I will put a further spotlight on some of the individual business units and their contribution to our excellent set of results.

Now when we communicated in 2024 that we had set an earnings target of R7 billion by F2027, many of our stakeholders, some of you in this room today, thought that it would be impossible to deliver those targets. At that point, market consensus and business unit projections forecasted earnings of R6.3 billion by F2027.

As an executive team, we decided to really challenge ourselves by setting what was then called an unreasonable target of R7 billion. Then we sat down and we made sure that we had the plans in place to deliver.

I am very proud to stand here today and to announce that we have closed 2 F2026 with record normalized headline earnings of more than R7 billion, up 13% from last year. As Dan has said, a whole year earlier than planned.

This is also more than double the earnings we achieved in F2023. We've seen stronger operational performance across most of our business units, and the quality of our earnings also improved year-on-year with much fewer positive market impacts that helped us with our profitability.

Now there are two extra facts that I want to share with you. It is the first time, Risto says in his 10 years, I would say probably ever, that every single one of our business units is profitable.

Not just that, five of our individual businesses contributed more than R1 billion each in earnings this year. We've seen a 5% improvement in our VNB from R469 million last year to R491 million this year, and we've seen an improvement in every single one of our business units except one.

Momentum Investments had improved margins and higher volumes on their wealth platforms, but this unfortunately was again moderated by lower demand for guaranteed annuities and the market shift towards higher volume, lower margin living annuities. The focus on the quality and the profitability of our new business remains an important focus area for us as a business.

It's the one that we know that we can still improve quite a lot. We have a clear action plan for each one of our businesses, and that is really to improve product commerciality, pricing discipline, adviser productivity, and make sure that we generate profitable growth.

Our sales growth has really exceeded all of our expectations with an 18% increase in our sales numbers to R94 billion of sales this year. We've done really well across all of our businesses.

Africa delivered the strongest increase at 45%. Momentum Corporate's 38% was mainly due to new business in FundsAtWork, living annuity, and single-premium structured investments.

Momentum Investments increased their sales by 16% overall, and our wealth platform new business is up by 24%. Momentum Retail's 8% growth was driven by Investo, our recurring premium savings product.

Metropolitan is the only business where we saw a decrease in sales, which decreased by 14%. This was a very deliberate focus we had on reducing our footprint by 33% over the last year.

This difference is such that we've seen a significant improvement in our agent productivity and in the quality of new business in Metropolitan. I'm very pleased to declare a final dividend of 120 cents, which brings our full-year dividend to 230 cents per ordinary share.

This is excellent year-on-year growth of 31% on the final dividend we declared of 175 cents last year. Now this growth is definitely underpinned by our very strong capital position, and this dividend payment, even at this level, remains at the lower end of the target range that we set for ourselves in our dividend policy.

There's lots of room to do better. Return on equity remains one of our best performing measurements, and as you can see, ROE increased further to 21.7%, and this again driven by our strong earnings.

Our ROE is already ahead of our target of 20% for F2027, and it remains of the highest in the industry, if not the highest. Now this concludes what I wanted to say about the financial results, as you know Risto will share a lot more about that.

This time, I'm not going to focus on the delivery on specific Impact strategy objectives like how I always do. I'm going to focus on how we delivered these excellent earnings.

As I mentioned earlier, every single business unit is profitable. Five businesses are now in the R1 billion earnings stable, realizing the dream Risto had of having four unicorns when we launched the Impact strategy.

In these tough economic conditions, we have also managed to double our earnings in three years, and we managed to more than double our share price and our market cap in less than three years. It wasn't only market sentiment that shifted, there was a fundamental shift in the business itself.

Three years ago, we started by defining our purpose, we developed our Impact strategy, and then we articulated the culture behaviors that we thought will help our people live our purpose and deliver on our strategy. Now I believe that we are a very different organization today because purpose, strategy, culture, which was a massive integrated systemic change, has really all focused on people: our employees, our stakeholders, and our clients.

I believe that when these overlap, results improve exponentially. The increase in our earnings is not the purpose, it was the outcome of the integration of purpose, strategy, and culture.

I just believe that when an organization starts to inherently change, that is when the magic happens, because that takes you away from just thinking that you exist to chase targets. We've seen a very positive shift in our earnings and growth across the group, but today I do want to use the three businesses that have just entered the unicorn stable as an example of the change that we've seen across our business.

Now when we started with the Impact strategy, we penciled in R750 million of earnings in F2027 for Metropolitan, and yet here they are. We also predicted that Momentum Investments and Guardrisk will reach R1 billion of earnings, but only in F2027.

Let me share with you how we did this, because it wasn't just luck. Let's start with Metropolitan.

Let me have a sip of water. At the start of the Impact strategy, we needed a fundamental shift in Metropolitan.

The first thing the business did was that they defined a five-point plan to reset the business and to help them reach their R750 million of earnings by F2027. What this did was it gave the business and its leaders strategic clarity of focus.

They knew exactly what they needed to do. They were completely aligned on their execution, and it helped them to visibly track their progress.

You will remember that I repeatedly gave you feedback about how the business was doing against their five-point plan. Product commerciality was one of the most important levers in the five-point plan, and really this focused on improved product design, new business quality, but on top of this, Metropolitan also looked at the cost of their distribution, and this has helped them to improve their VNB from a -R41 million by R100 million to R60 million now at the end of F2026.

They also embarked on a multi-year digital transformation plan, which was a massive migration from their legacy systems onto more modern platforms. They expanded the automation and the digital self-service.

It's important to remember that that legacy migration from the legacy system was one of the biggest of its kind ever done in South Africa. It required a lot of collaboration from across the group, and at the same time, they had to execute it without any client disruption.

Now this helped them to deliver efficiencies that structurally reduced their cost base on top of everything else, and it helped them change the way in which they service their clients. Digital self-service has now increased to 32%, manual work reduced by 50%, which means that our good people have time to focus more on client needs rather than to doing administration.

Through their very disciplined cost saving program, Metropolitan managed to save costs of almost R160 million over the last two years. Focus on advice, very important, not only one of the levers of the five-point plan, but at the same time, also one of our group strategic objectives.

This for me is one of the most beautiful examples of where strategy and culture behaviors actually start to overlap, because it took a lot of courage for Peter and his team to rationalize and optimize their client agency. It was not an easy process.

By doing that, they created a leaner and a much more productive sales force. The agency force, and this is over the two years of the Impact strategy, reduced by 42%, but their sales only reduced by 19%.

This adviser productivity also increased from 2.8 to 3.7 policies per week. Not only do we have much higher adviser productivity, but also much better quality of new business, which is again good for our clients.

Then Metropolitan remains an example to the rest of the group of what a group look like when you really, really are obsessed about how you make your clients feel. What always impressed me is that they always challenge themselves to find more ways to do better for their clients.

What they've also done is that they've simplified product design by launching the No-Lapse Funeral Growth Plan. This is a product that actually bring together fully digital product with pricing discipline and with much improved longer term client outcomes, which is exactly what our strategy and our culture behaviors is all about.

The numbers speak for itself. Client satisfaction increased to 94%, and Metropolitan again was a winner of the Ask Afrika Orange Index Award for the 11th consecutive year in a time in 11 years.

Peter, you and the team, well done. It's important to note that none of this happened on its own.

Metropolitan's people made it happen. They took the courageous decisions, they built the digital capability, and they owned every outcome along the way.

The next business I'd like to use as an example is Momentum Investments. Again at the start of the Impact strategy, Momentum Investments had a broad, but quite fragmented portfolio of capabilities.

What they have done is they made the fundamental shift to align all of these capabilities with a very focused strategy and created a much more aligned and a much more connected business. That had a profound income.

You can see the total assets under management and administration increased to more than R1.2 trillion. I was told yesterday that when I say trillion and billion, I have to make sure people know it's not millions.

The total net flows increased to R20 billion. Collaboration and vertical integration is really starting to unlock a lot of value across the group, but specifically for Momentum Investments, their stronger collaboration with the channels, MFP and MDS specifically, have really improved their sales, and specifically on the wealth platform, which is the first entry point for clients into our investment suite, you can see wealth assets under administration increased to more than R360 billion, and wealth net flows to over R16 billion for the year, which is no mean feat.

Vertical integration, one of my favorite topics, is also now starting to unlock a lot of value across the value chain. If you think at the value chain, it connects your channels with your platform, with your in-house propositions, and of course to asset management capabilities.

Again, you can see there that now, in spite of the fact that our wealth platform is still mainly supported by IFAs, 23% of our wealth assets are now managed in in-house solutions. This business has also invested a lot in new revenue streams and capabilities to help them with their growth.

Momentum Securities delivered earnings of R31 million for the last year, and QROTE, our new baby asset manager, had strong net inflows and now stand at assets under management of R52 billion. They also invested in technology to improve their processes and their operations.

This really has helped them with greater efficiency and with great client outcomes. That really is, for me, one of the most positive measurements, because our client net promoter score has improved from 55 to 63 points, which really is a world-class number.

Ferdi, you and the team, well done on that as well. Then they had to make some courageous decisions themselves.

Momentum Investments closed the Momentum Money product, we restructured its UK business completely, and then, after a few years and being very committed to the project, they had the courage to change the wealth replatform project from the single provider we were looking at at that stage to a far more agile, modular technology while retaining the foundational improvements that they've made. These milestones demonstrate what can be achieved through strategic clarity, collaboration, and the courage to change course, and an outcome of earnings more than doubling in two years, as you can see on the earnings number at the bottom of the slide.

Then Guardrisk, and another sip of water. I'm talking very fast because I want to give a lot of time to Risto.

Guardrisk is an acquisition that we made 12 years ago, and Guardrisk remains a source of strength and the capital backing of the Momentum Group. This has really enabled them to take some selected underwriting risk and to pursue some bolt-on acquisitions and help them invest in the capabilities that they need for growth.

The underwriting profit specifically through the underwriting choices they've made have increased from R605 million in F2024 to more than R1 billion now, which remained the largest driver of the earnings growth in Guardrisk. Guardrisk is also a strategic partner for businesses seeking to participate in the insurance space.

You might be surprised by the breadth of industry's products and partnerships which Guardrisk plays a role in, and how often Guardrisk sits behind some very innovative insurance solutions across industries and markets. You can clearly see again investing in technology, data, specialist capabilities that has helped them to strengthen their underwriting, to create efficiencies, and to support their growth.

The scale is really demonstrated by the market share. Guardrisk remains the leading South African cell captive insurer, and they're a top-five non-life insurer by gross written premium and insurance income.

Guardrisk also decided to deliberately diversify the earnings across revenue sources, clients, industries, channels, and geographies. Its capabilities span cell captives, specialized underwriting, risk sharing, reinsurance, embedded insurance, and alternative capital solutions.

Bolt-on acquisitions, specifically acquisitions, has made a significant contribution not just to Guardrisk growth, but also to help them broaden the capabilities and the earnings that they have for that business. Now Guardrisk is often in the advantageous position of acquiring businesses that it really knows quite well because they're already a client.

This support them with more informed investment decisions and a much smoother transfer of the business. Zestlife was probably its boldest move at the time.

It came when there was a lot of uncertainty in the market about healthcare reform, which raised a lot of questions about the future of medical gap cover. Yet they had the courage to make the acquisition, and Zestlife and Admed generated more than R300 million of net revenue in F2026, which is up 54% year-on-year.

Then the bolt-on transactions that they have done across their portfolio delivered a combined IRR of 31.4%. The integration of the Namibia short-term insurance business in F2025 expanded their geographic reach, and the earnings in that business, I don't know what it is with 54%, increased by another 54% year-on-year to R74 million.

Together, these choices enabled Guardrisk to deliver earnings of over R1 billion, achieving its Impact strategy milestone 1 year ahead of target. Here's another reflection on the growth in this business, and you can see it reflected in how the valuation of the Guardrisk business has increased over the last 12 years from R1.6 billion in 2014 at the time of the acquisition to now a R9.2 billion valuation.

They've also repaid their purchase price through dividends in 10 years, and Guardrisk journey demonstrates what is possible when a strong and supportive group provides the foundation, the capital for entrepreneurial leadership, disciplined risk taking, and deliberate diversification. Now if you look across the entire group, we are where we are because there were different journeys for different businesses.

Some had to focus on turnaround plans at the beginning of this period. There were others that were already successful, and they only needed to take it to the next level.

Then there were areas that we identified where we needed exponential growth. The point is many different journeys, but always exactly the same outcome.

The first one is that we have a clear strategic focus that help us to make deliberate choices about where to compete, how we can create value, and what needs to change. Secondly, collaboration and our connected capabilities are really starting to pay off across the group.

The strength of our federation is showing. Although we are bound together by the same strategy, the same culture behaviors, and the same purpose, we are allowed to execute differently, but this connection is really starting to unlock a lot of value for us.

Now I've just lost my slide. It's back.

Thirdly, although we are bound together as a group, our business units retain their autonomy. They get a lot of support from the group, and it is showing that our federated model is far more than the sum of its parts.

Our earnings base is a lot broader. It's a lot more resilient across the group, and this is supported by diversified businesses and by diversified income streams.

Our capital allocation, we provide that to all businesses in the group, and it help all of them to create growth and to enable progress. We will not do an acquisition if it doesn't meet our hurdle rates.

I can assure you that for every transaction you see we do, there's at least five or six that we didn't do if they don't meet these hurdle rates. I'm very happy with the excellent internal rates of return that was generated by all the acquisitions across the group.

We have also demonstrated that we have the courage to make the right decisions, and that as executives, we keep each other accountable to make these decisions when they need to be made. To end off, I want to talk about the return on investment of being human.

We see, every time, that it's the human aspect of a business that creates the exponential return. Our focus on people, including our clients, our advisers, and our employees, has resulted in the best return on investment for this group.

Businesses do not create value, people do. When people thrive, businesses thrive, too.

To end off, two years ago, our target of R7 billion for F2027 seemed impossible. I'm incredibly proud that we managed to reach this impossible earnings target, for which I was labeled unreasonable at the time, a full year ahead of schedule.

I'm even more proud of the driving force behind this success. It has nothing to do with luck.

This is the result of deliberate choices, sustained effort, and a business that is increasingly operating at its full potential. These results also demonstrate what becomes possible when an organization starts changing itself rather than simply chasing targets.

This is what you see: the magic when purpose, strategy, and culture start to come together. Our focus on our clients, our client obsession, as we call it inside this building, is really starting to bear fruit.

I'm seeing that the metrics are all moving in the right direction. We can never deny that there's always a lot more that we need to do in this space.

Our willingness to focus on it and the energy that that has created inside our building gives me great hope that it's only going to get better and better from here. In closing, thank you to our employees for living our purpose to build and protect our clients' financial dreams, and for shaping a culture that we can be proud of.

Also thank you to my executive team who accepted unreasonable targets and are delivering on it every single day. To our board, thank you for all your support, thank you for all your wisdom.

To our financial advisers and clients, thank you for trusting us with your financial dreams. That was a drumroll, I think.

With two minutes to spare, Risto, you've got extra time. I'm handing over to Risto to take us through the financials.

Thank you very much.

Thanks, Jeanette. My bottle is the one without the lipstick.

Yeah. No, it is a pleasure to to come and talk to you about the business.

People who know me well knows one of my favorite things is to talk about Momentum Group. Earnings, R7.1 billion.

Jeanette covered that a little bit earlier. I'll obviously give details just now.

To preempt a question that will come up is what do I think is like the normalized earnings if you take out a lot of the volatility in here. I would say it's about R6.6 billion.

There's about R400 million of positive investment variances in the current year result. A lot lower than last year, when we talk about the improvement in quality, a lot of that comment comes from lower positive investment variances this year.

Assumption changes were a little bit positive for the year, maybe R100 million. Remember a lot of that goes into CSM nowadays rather than coming through earnings.

Also, in my calculation, we adjusted the underwriting results to be a little bit more closer to normal rather than very favorable last year. On the negative side, we did have VC fund losses again.

Most investors we keep we don't talk about it too much, but investors might know that over the last four years, we've taken R1 billion of fair value losses on our VC investments through the P&L. The strong results have been despite that that sort of a headwind.

We also had a couple of operational events, fraud events and things like that, that you can add back as one-offs during the year. We also had some experience variances, like unexpected reinsurance expenses during the year.

Net-net, maybe maybe R500 million adjustment to get to R6.6 billion. Now it's always nice when things add up, R6.6 billion times 10, R66 billion, that's our EV.

The normalized earnings number is pretty consistent with the EV number that we we sort of show the investors. Okay.

Also, 6.6 times 10 is R66 billion, it's a lot more than our market cap, but that's a that's a topic for another day. Okay.

Earnings per share up 18%. That extra 5% reflects the buyback that we completed during the year.

Dividend up 31%. The 13% above the earnings growth comes from the new dividend policy, our payout ratio did increase quite a bit over the year.

ROE remains high, above our 20% target, close to 22% at the moment. Embedded value per share, one of the more pleasing aspects of the results, up 19% for the year.

If you add back the dividend, the return on embedded value was 24% for the year. Now I think that's an exceptional result.

I'll actually expand on that just now, but maybe the short story there is that the return on embedded value on the core life business remains as good as it's always been. That's a very well-managed part of the business.

Now our non-covered businesses, Guardrisk, Health, those things are starting to come through strongly, which is lifting the overall group embedded value growth. Business volumes up 18%.

Jeanette spoke about one or two areas there. The value of new business, VNB, up 5%.

To be honest, that's a little bit better than I I thought coming into the last quarter of the year. I'll show you later that annuity VNB dropped by R200 million literally.

It does mean that there's been a significant improvement in VNB in the other areas. I would say that 90% of our VNB story is actually positive, but obviously annuity is attractive product for us and a very sticky product.

I would love annuity volumes to recover, but that has not been the market experience lately. New business margin is 0.5%, and I'll talk more about that later again.

Instead of jumping into the divisionals like I usually do, I'll just stop on the EV briefly here. For the last 5 years, our embedded value return on embedded value is 16% per year.

Comfortably above our cost of equity, cost of capital, so, I think we can tick a box on that. Also, I can't remember if Jeanette said in her speech, but I know at one stage she was thinking about it, saying that our market cap has doubled, but the reality is that more of it's been EV growth, embedded value growth, than rerating in the market.

I sort of I think the market perception has improved, but majority of returns actually been physical delivery in terms of return on capital, dividends, everything else. If you split that ROEV into two components, the large block, which is the life insurance business, it it sort of does steady 16% per year.

People often say your VNB is modest, it could definitely be better. We're trying.

My favorite question is what do what are we doing to improve VNB, and I feel like answering, what aren't we doing, okay? People have always look at the VNB is quite low-ish.

Maybe true, but the experience variance on the in-force book is is very good. I think I think there's no doubt you can argue that we we do a good job at getting optimal value out of the existing clients we have.

I think we are a well-managed mature life insurance company. Then you look at the blue block where, when I joined 10 years ago, everybody, even back then people say, good life business, but beyond that, what's happening?

There's nothing happening there. I think in the last couple of years, you're really starting to get to this inflection point where something like Guardrisk is 15% of our total EV.

It's growing rapidly. If you go look at the details, we use a discount rate of, I think, 15% for that business.

If they can just deliver on budget, that's sort of 15% return on embedded value in there. They generally tend to beat budget.

Lawrence, thank you. I I think we've gone in the last year or two from a situation where your non-covered operations were a bit of a drag on return on embedded value to now being a positive contributor.

People often ask me, say, what what do I think is that is the underlying long-term return on embedded value? I think historically, I have generally said maybe 13%.

You can probably now say more like 14%, conservatively. I do think that my internal gut feel for what is a sustainable ROEV has improved.

Just gives you a bit more detail on on some of the drivers. Guardrisk, good growth, 17% per year over that 5 years.

Over that 5 years, the discount rate's probably averaged 16%. Delivery to budget, and then a little bit more.

Insure, obviously there's a bit of a cyclical recovery in the insurance market, but the business is in a much better state now. Health, big year for Health, I'll talk about it later.

They signed on Bonitas, they extended GEMS contract. Health for Me is doing well.

I think Health operates in a very difficult segment, but they're doing they they're already the winner, for sure, in that space. Then our Investments business, obviously rising markets helps there, but I do think as well that some of the recent acquisitions have been good for us so far, and some of the start-up ventures are showing promise as well.

The other one that is worth highlighting up front is the improvement in the solvency metrics since mid-year. There is no doubt that nobody expected nobody, I want to find a person who expected the 3% decline in bond yields, in a in a very brief period of time.

The decline in bond yields did cause some quite a rapid decline in our solvency cover ratio going into the interims. We spent a lot of time and effort in the second half of the year to address those factors.

It's pleasing that we are back in a situation where I think our solvency metrics are at the level where we have the optionality and the freedom to to really, deploy our capital in the most optimal way. Coming back to the more standard programming, core life operations.

I'll I'll I'll speak through each of these in a separate slide, but good to see all four South African life businesses doing over R1 billion. I haven't done the maths, but I think our just the SA life business must be making close to R5 billion a year.

I'll start with Momentum Retail, down 26% for the year. If you look at the two lightly shaded bars, you'll see there's a R400 million swing in the investment variances.

I think a more more generic term would be sort of asset-liability matching outcome. The reality is that a big part of this business is is our affluent market whole-of-life protection product, where you have I don't know if Steven's here, but like, I don't know, a quarter to a third of our cash flows are beyond like 30 years where there are no bonds, we can't hedge those cash flows.

With the new inflation targets, we decided at interims to discount those cash flows at a lower rate, effectively raising our liabilities. It is a reality that not all the cash flows can be matched, and lower yields do increase the PV of those outflows.

Beyond that unhedgable market variance, results were flat year-on-year, so that's a R1.3 billion roughly. Within that, lots of interesting little themes, and it's a big business, I'll I'll spend a bit of time there.

Firstly, mortality was exceptionally strong. It's probably the best mortality result we ever had.

I I I can confirm that mortality now is better than pre-COVID-19. Where it stays, that's where the experts are debating, but as we speak for the current year, I don't think mortality in the insured population has been better in in history in South Africa.

We also continue to see positive alterations and persistency variance. Maybe linked to my earlier point about us being quite good at managing the in-force book, we actually get clients buying up on average rather than buying down on average.

We make we make additional alteration profits most years, including this year. Now those are all positive, why is the result flat?

There were also some negatives. The one that we did not budget for is we did have increases in our reinsurance rates during the year.

They are temporary. I would argue that the very strong mortality results means that we would be expecting those those increases to be temporary and to see a lower reinsurance expense next year.

Okay. Steven asked me to come to the negotiations with you.

I'll talk about VNB a little bit later on, but because of the lower yields, the way our capital modeling works, we also allocate a lot more risk capital to this particular segment. On the earnings side, it's positive because you've got more interest income on the additional capital.

For VNB, it's negative because now you've got a higher cost of capital charge. Despite that, the VNB grew quite strongly.

I don't think Jeanette mentioned it, but a lot of the growth was from Investo, our savings business, where there's been significant redesign of that business over the last few years. Running a savings book at positive VNBs is no mean feat.

I think the guys have done exceptionally well. Momentum Investments, up 24%.

There's three quite distinct businesses here. We've got the wealth platform, we've got asset management, and then we've got annuities.

I suppose the one common denominator, they're all asset-based, though all three of those areas would have been aided by the rising average asset values. Beyond that, we continue to see good experience on the annuity book.

I I just went on about how good mortality is in the insured population in the younger ages. When it comes to annuities, we do allow for continuous mortality improvements.

Those improvements have not been as big in the advanced ages as we expected. We're in quite an unusual and a good position where we're making mortality profits in the younger ages because there's less deaths, and then we're making mortality profits in the annuity population because mortality is not improving as quickly as expected.

It's almost like the best of of of both possible actuarial outcomes. Also, the annuity portfolio is very actively managed by Kagiso's team in BSM.

Very good credit results for the year. Credit spreads are difficult in South Africa, there's not much good quality assets around, but it's pleasing that our origination activities were reasonably successful, and I think we had zero defaults for the year on the book.

Also the active management, the trading activities also contributed positively to the result. Jeanette mentioned Momentum Money, that closure is almost complete, the impact on earnings is now negligible.

Metropolitan Life, up 32%. You'll notice here this business actually had a positive market variance year-on-year.

I'm digressing from the script a little bit because it illustrates the very different nature of the book in Metropolitan and Mom Life. Metropolitan is mainly funeral, where the book runs off a lot quicker.

You have very little of this cash flow 30, 40 years away that's unhedgable like in the affluent book. Even though they both sell life insurance, they sort of interest rate risk is very different because of the client behavior being so different.

Coming back to the script, new business, besides people often associate better quality of sales with VNB, and that's true, but it also has a immediate earnings impact in some scenarios like here. A good example is when we had 3,000 agents 3 years ago, we had 300 branch managers, 30 regional managers, 6 provincial managers.

Now that we have shrunk the sales force to more like 2,000, there's also been quite a big reduction in that management layer, and those savings are tens of millions that drop straight to bottom line. Also, because of the more focused sales force, we also incurring less commission losses.

These are where we pay a commission to an agent who then resigns and we can't recover the commissions if the book goes bad. With with lower turnover and a higher proportion of experienced agents, those losses have come down.

The activities on the channel not only helped VNB, they also had a immediate positive impact on earnings. Persistency remains favorable, and mortality remains favorable, similar to what we saw on the more affluent part of the book.

Jeanette mentioned performance optimization has been big here. Proportionately, I think they've done the most savings out of any business unit, probably like a 10% reduction in their cost base out of automation, self-servicing, the sales force optimization.

The last item, it's a bit cryptic, but I thought I'll mention it because it's over R100 million positive to earnings, it's one of those positive one-offs. We migrated the savings business from the old mainframe system onto a more modern platform in the last 18 months.

While we were preparing for that, you always pick up issues where are these policy values 100% right? Is the reserve correct?

Typical actuarial fashion, when you pick up a problem, you reserve you put a big reserve, what we call work in process or data reserves. As we've been working through those legacy matters, generally we find that the reserves are prudent.

There was two quite big projects we ran during the year, and on completion, the reserves held were probably well, I knew they were, they were more than R100 million higher than we actually needed to address the issue. There's still a couple of legacy things across the group we're looking at.

I'm I'm comfortable that the provisions we're holding are prudent, but I think R100 million release in one business unit is is is a bit outside the usual expectation. Momentum Corporate, it is down year-on-year, but R1.4 billion is a very strong result for this business.

You could say results went from exceptional to just good. Where's Dumi?

Very good. From exceptional to very good.

Now a lot of the profit here, majority of profit comes from underwriting, death cover, disability cover, temporary disability for your for your employees. The cash profits maybe we it is a bit like short-term insurance, premiums in, claims out.

At that sort of cash flow level, we actually had a better year this year than last year. You could say that we're still running quite a good cycle in in Corporate.

However, last year, we had more reserve-related releases. As an example, we hold a IBNR reserve, sort of incurred but not yet reported claims.

Last year, there was a significant release compared to this year, the non-cash items explain quite a bit of this this year-on-year decline. I'll mention our balance sheet investment solutions here.

We offer a variety of products where we utilize our balance sheet. A good example is our guaranteed index solutions, where we guarantee clients the index return exactly.

We obviously help we hold hedging assets, and any surplus or deficit to matching the index, that's that is our source of profit. It's a nice concept for a client: guarantee you 100% tracking at no cost.

We do then make a margin on the hedging assets, and that book has grown quite nicely over the last few years. The one negative, again, big enough worth mentioning, it's over R100 million negative, it wasn't all positive.

A very popular choice for employee for employers is a continuation option. They will pay us a small too small, I don't know, they pay us a small monthly fee to to allow their their retirement fund members, when they leave the scheme, to convert the group life cover into individual cover with no underwriting.

Now obviously when you offer a option like that, you think to yourself, there might be a little bit of selection against you here, that people who people who are very healthy when they leave the employer, they might be able to get cheaper cover somewhere else. The guys who are less healthy, that's probably the only option they can get for a a reasonable premium rate.

I'm not going to go into details, but historically, we assumed mortality in this book would be like four times higher than normal. It's worse than that, now we're going to five times normal mortality.

That's a big hit to to P&L for the current year. Obviously a very valuable option, that's why I was joking with Dumi.

You must take me with to do your meetings as well. Somebody has to be looking after the shareholder here.

Yeah. Momentum Africa, definitely trending in the right direction.

I think the one problem in Africa, is it is three quite distinct businesses, so often when we tell a story, it's a bit different in different countries. The two positives for the year was Botswana and Lesotho.

Botswana, obviously very tough economy at the moment, but we have a strong market presence in annuities, also corporate business. I think we've done well in the context of of what's happening there.

Lesotho, we are the dominant insurer, and we signed up some very profitable and large corporate schemes in the last year or two. Namibia, on the other hand, I think operationally the business is doing quite well, but the global minimum tax came into effect this year.

Most of you will know that OECD now has a 15% global minimum tax. Herman is nodding her head because obviously it's an issue in Guernsey as well, but Namibia actually taxes life insurance profits very favorably.

Now having to tax them at 15% was almost a R60 million hit to the Namibia earnings year-on-year. Now obviously it sets a new base, but it does mean that the Namibia earnings for the year were down largely because because of that.

Onerous contracts, I'm not sure how many more times we will show this, but it's been an area of of significant focus for us. Momentum Investments, we redesigned the back-to-back product to make sure that both the whole-life and annuity components, fund themselves.

Metropolitan Life, the focus on quality has reduced the onerous onerous contract percentage. I think it's really Momentum Africa that remains one further potential area of improvement.

I think that might add another R100 million to earnings once we get to address that. New business volumes, I always like showing this to scale because people mustn't forget that two-thirds of our business comes from the wealth segment, Momentum Investments.

Now by its nature, it's quite a low margin area. It's a very intermediate market, very knowledgeable policyholders, very knowledgeable intermediaries, a lot of it is investment business where the fees are clear and obvious.

By nature, I personally think our margin there is actually quite good. I think it's more the mix of business than anything else.

Also in Metropolitan, for a 33% reduction in average sales force, to have a 14% reduction in sales, that's a good outcome. I know Peter always feels terrible about sales going backwards, but I think from a from a from a value creation perspective, it's it's been a very clearly a positive outcome.

I'm now also starting to rush a bit. It's like when you're having fun, time just flies.

Value of new business, I I sort of mentioned in the beginning that I I actually think the R30 million increase is a good outcome. Now if you look at Momentum Investments, that's down R150 million.

Wealth platform profit VNB is actually up. The decline in annuities is nearly R200 million.

Despite the annuity VNB declining by R200 million, we're up for the year. We had R200 million, R250 million additional VNB for everywhere else.

Mom Retail did R50 million extra, wealth platform did extra, MetLife up 80, Mom Corporate up, some very good FundsAtWork flows towards the end of the year. I think I think we're trending in the right direction.

We always knew annuities, we were very exposed to it because of our market share in annuities, we're the market leader in the market. And 491 is not where we want to stop.

All I'm just trying to make the point is that there are some green shoots behind this very negative picture created by annuity trends. Non-life operations, I feel like I won't be able to do justice to this in my remaining 10 minutes, but like Jeanette said, nobody made a loss, which is a first time in 10 years I've been here.

Guardrisk, it's become such a big business. I'll have to stop here a little bit.

Underwriting results are a big part of the growth in the last, let's say, 6 years or so. Jeanette sort of mentioned having a supportive parent with risk appetite and capital.

I think that that's where there's been alignment between Momentum Group and Guardrisk in terms of deployment of capital and sources of growth. Now whenever you're doing underwriting, it can go against you.

I think the underwriting margin here remains 10% plus. The guys have been very good at selecting business lines that they they active in.

In this year, there's a good example where there's one particular asset book that has been very profitable last few years, I've been quite nervous that eventually that's going to like that that's not going to last forever. It did not last forever.

This year, that profits halved. Same time, we had good results coming from corporate, motor insurance, gap cover, life underwriting.

I think like a good diversified specialist insurer, you sort of always have like one book having an issue, and then two books actually do very well. Diversification is has come through strongly.

Fee income is up 11% despite that one bank that that got its own license. Their fees were still in last year, we had good fee income growth beyond that client.

Also the early signs of moving Namibia to Guardrisk is is very encouraging. Momentum Insure, the claims ratio of 47%, it's obviously excellent, but we must also not forget that we did have some weather events during the year.

I don't know, R60 million maybe for the year. I don't think the claims ratio can get much better than this, Brand.

It is exceptionally strong. The only the only negative, it's Brand's birthday, I feel bad, but the only negative I can think about is the top-line growth has not been there the last year or two.

The business actually kept their own expenses flat year-on-year, zero growth. Despite that, the expense ratio went up a little bit because of shrinkage in the in-force book.

Majority of I mean it's a complex business, but a big part of the focus is now on getting more quotes out there, getting more leads. Our conversion rates are actually quite good.

When clients see what we have to offer, we actually convert them quite well. It's more about just getting more people to see that.

Focus, very proud of getting that contract, but for the year, it actually created a loss for us in the accounts. We incurred heavy take-on costs, we hired more than 500 people, had to buy 500 laptops, we had to furnish offices in Sandton.

We we incurred substantial take-on cost against one month of revenue. There is quite a big negative from Bonitas in that 367.

Obviously next year we expect the scheme to make some profits, I think there'll be quite a big delta in the health earnings coming from Bonitas. Beyond Bonitas, there's also good news in that the GEMS contract has now been renewed, that it's in good shape.

Health for Me, which is our low-income product, is growing still rapidly at decent underwriting margins. Even Momentum Health, it's grown a little bit.

A little a little bit is a win in the current environment in the open scheme market. India looks small here, but psychologically very important that we now have profits in India for the first time.

This is net of about R40 million of overhead costs being incurred in South Africa to support this initiative. I wasn't sure if I would joke about this, but like my I keep telling Johann thanks for the business class flights to Mumbai because I sit on the board there, but okay.

I'm a tiny bit of the R40 million, trust me. These are under IFRS 17 as well, quite important, so these numbers are comparable to the way we look at the business.

Maybe again being quite brief for such an important business, top-line growth continues to be fantastic. In in local currency, nearly 40% last year.

I think our budget for this year is a similar growth rate, and I think it's very doable. Combined ratio is coming down nicely because of the scale benefits, expense ratio is coming down fast because of the top-line growth.

Nice problem to have, Brand, yeah. Okay.

On the claims on the loss ratio side, claims ratio side, there has been some pressure, and it's a bit of a global thing with medical inflation, utilization rates, and India's facing similar problems. The long-term success of this business, well, I think it's almost guaranteed to be successful, but the degree of success, a lot of it's going to be the claims ratio management.

I think the top-line growth and expense management, I'm almost taking as a given. Also for the for the technical guys who wonder why we make a profit with 103% combined ratio, it's because it's annually written premiums.

We get the money up front, it's actually very big float. It's it's quite different to South Africa where premiums are paid monthly.

Shareholders, two items worth noting here for the improvement. One thing is that our shareholder fees were down significantly, about R100 million reduction in consulting fees.

We use consultants extensively in the early part of our performance optimization project. Then secondly, the VC funds, we had a loss this year, but substantially lower than last year.

Those two items explain about R250 million of the 274. Capital management, as I said, very happy with the improvement, which was caused by the yield curve declining substantially.

One thing, I'm not so nervous about another decline. I was telling Johann that I don't see our bond yields going below Japan, so so I think we're okay for now.

This is an important slide to stop on. Had we not done anything, the required minimum capital would have increased by R4 billion, mainly because of the lower yields.

Now you can't run the business on one times minimum. You take two times minimum, that's R8 billion.

For a company with a R50 billion market cap to tie up extra R8 billion in risk capital, that's a big, big event, okay? Clearly we had to take some action here, and through our capital optimization project, we have increased the available capital through tier-2 issuance and and and lower dividends from the life co.

We also redid the calculations of the required capital, which then resulted in only a R1 billion increase to the required capital. Things we did: we remodeled our reinsurance, utilize re-insurance, we applied various reinsurance structures, for example, mass lapse reinsurance, we looked at the way we model those, we looked at the tax implication of that, we also introduced deferred tax assets under certain stress scenarios where we remain a good going concern from accounting basis, we also relooked at modeling of the way our subsidiaries are dealt with, do we treat them as private equity or do we actually look at the underlying nature of the business.

A lot of work was done to minimize the impact of the lower yields. Because of that, our internal assessment of high-quality liquid assets we want to hold, I always joke this is the money I can bring here tomorrow, but Kagiso tells me it's not quite.

Might be difficult to liquidate some of those corporate bonds for tomorrow, but anyway. The high-quality liquid assets, we would have increased it to R18.6 billion, R7 billion increase, but now the increase is to R16 billion under the new capital modeling.

Obviously when you change the modeling, you also look at the ratios sometimes, so that's why it's not exactly one for one. The pleasing outcome there is that that's the difference between having R2.5 billion of surplus capital, which creates the flexibility, versus not having it.

I think the project was definitely worthwhile. Cash flow slide, this is a very popular one always.

The you can see that the dividend flow inflows into group, R4 billion, about R1 billion lower than last year. The main difference is the life business.

To strengthen the capital ratio, we did pay quite a small dividend from the life co. That should go back next year, I think that R4 billion, normal normal scenario about R5 billion.

Where did we spend the money? India, we we supporting the capital, well, any growth capital, some money went there.

Consult is important. One of our stated strategic objectives is to invest aggressively in advice and and distribution, we have provided capital to Momentum Consult to increase their footprint.

The other interesting item and worth for the maybe good for the staff to hear, is that R204 million positive on the preference shares. When we did our staff scheme, iSabelo, a few years ago, we had to sort of provide the financing for the scheme to buy the shares.

Now the shares have done well enough that they deep in the money, they were able to get third-party bank funding and pay the group back. We had a nice couple hundred million debt repayment from the staff scheme.

After that dividend, we still had R700 million surplus well, cash flows to the group. Combining the surplus capital, the 725, I'm trying to just explain that things are looking quite comfortable right now.

Shareholder value, Jeanette already spoke about this. The payout ratio in the second half was 48, so that was a bit higher, a bit closer to the mid midpoint of our 40 to 60.

For the year, it is still 43%. I see some analyst wrote about the low payout ratio, but anyway, second half was a bit better.

ROEs, this chart is more meaningful if you have the history. I think we showed this first time 6 years ago at a Capital Markets Day.

One thing that's remained constant is our mature life businesses, Corporate, MetLife, Retail, they always have high ROEs. Running a mature, well-run life company is a is a high return on capital business.

There's a few reasons for it. One of them is we paid the commissions 15, 20 years ago, and now you sort of harvesting the profits from the in-force book.

We have maintained good returns on those. The difference here is Guardrisk used to be close to 20, now it's 30.

Insure used to be close to 10, now it's 20. India used to be -20, now it's positive couple of percent.

We sort of maintaining our ROEs on mature businesses, but all the smaller businesses have seen steady improvement over that period, which explains the group ROE improvement. The only other topical matter, I knew I'm going to run out of time, there's only one this time.

I'll try I'll try to think of something new for next for for interims. The performance optimization is going well.

Now when we started, we had a target of R1 billion, and we said that we had tangible plans for R883 million. We said we'll we'll figure it out, we'll find it.

Every six months, people come with new ideas, we update numbers, we sort of get some plans together. We now are the now for the first time in a situation that just by delivering on existing projects, we'll get to the billion.

There is a good chance we'll get to the billion by interims. We're not going to stop.

We'll try and find another R50 million, R100 million in the next six months beyond that, okay? Things are going well.

Some of the stuff we actively working on: we moving more more more sort of infrastructure from on-prem to cloud. There are some small corporate health schemes that we need to deal with.

We also moving from using PCs to tablets in the Metropolitan sales force. I was telling it's because Rowan makes so many memes, we can't afford Then on conclusion, firstly, for me, maybe my view of the highlights a little bit different to to to to Jeanette's, they're both positive, luckily, but the excellent EV growth says something to me.

It does show that we have been able to continue strong returns in the core businesses and seeing sort of breakthrough of the smaller operations, and the solvency metrics improving, basically giving us the flexibility to to do as we please. Earnings are ahead of targets.

Right in the beginning, I said I think normalized earnings are R6.6 billion. When we started this project two years ago, this three-year strategy, I actually thought we could get to 5.8 this year.

Last year similarly, we we keep being about 10% ahead of our own internal plans, let's hope we can keep that momentum going. Also, in my opinion, maybe there should be an H there, in my honest opinion, our liquidity and market risk management remains world-class.

It's been pretty volatile out there. We had we had some geopolitical events, we had some bond yield movements.

The level of activity in our sort of derivatives area, risk management, is it's it's significant, and it's very sophisticated, thank goodness. Profitable growth, this is VNB and non-covered.

It's probably come through in in lots of the conversations today. I think we doing exceptionally well running our business as it is.

We need to find those incremental growth areas, we need to find some profitable growth. Then lastly, like Jeanette, I have to say congratulations and thank you to all the employees.

There's more than 10,000 people here. I can say that vast majority are pointing in the right direction here.

What, it's not always easy to to grow the business while you're having a big optimization project at the same time. It requires resilience and and and real commitment.

Thank you to all of you guys. Then obviously our clients and advisers, won't be able to do it without you either.

Thank you, and I'll hand over to Dan.

Thank you. Thank you very much, Risto, as well as to Jeanette.

Let's give them another round of applause for their presentation today. We have a couple of questions from our analysts.

I'm sure some more might come. We've got a bit of time while we're still on air on Business Day Television just to address a few questions.

If you want to send some more, you can. First up, I'm going to start with a question for Jeanette, which is from a staff member, one of those 10,000 people you've mentioned now, Risto.

Jeanette, how do we see all the work going into building our culture coming through in the financial results? How is it actually coming through, the building the culture?

I spoke about that for 20 minutes, did I not? For me, it's literally just, I think what you see is when you give people a reason to get out of bed in the morning, when you, like we did, define a purpose, in our case how we exist to build and protect our clients' financial dreams, people are motivated by a lot more than just money, are motivated by a lot more than just chasing an unreasonable target of R7 billion.

I think it's playing through really because people really do care about our clients and what we do for our clients, and being part of that journey to making that come through. Thank you.

They wanted to hear from the leader again. Thank you very much, Jeanette.

Nothing more for me.

Thank you. That's it.

Risto, from Michael Christelis at UBS: "Can you give more color on why you have declared a dividend at the low end of your payout range and no additional buybacks? Are you worried about solvency, or do you have other use for the excess capital?"

There you go.

Mike, thanks for that. No, it's a easy question, or it's a hard question.

I think first of all, there's a bit of a practical issue in that as a regulated insurer, we just can't wake up in the morning and say, "Let's go for a buyback." There's a process.

As an example, some of the modeling changes we made to the SCR, they were only discussed at actuarial committee for finality a couple of weeks ago. I think there's a bit of a timing issue there.

On the other hand, you're also right that success does breed success in a way. We currently in a very privileged position that we have number of opportunities that we want to explore.

Like Jeanette said, it's not like we're going to do a deal just because we've got money, but we want to actually explore those opportunities first before we decide on what to do with the surplus capital. We took the view that we'll deal with the normal dividend as ordinary course of business, but with the surplus capital, will probably take another three to six months to decide exactly what's the best course of action.

Right now at the current discount to EV, buybacks make sense, but we also want to explore the other opportunities.

Hang on, Risto, I've got two more questions from Francois now, Francois du Toit from Anchor Stockbrokers. The first one is: "Does part of the R764 million increase in cost of capital, that's EV impact, relate to increasing cost of reinsurance and hedging associated with actions taken to reduce SCR following the yield curve movement?

Should we model lower investment returns on capital in future as a result of actions to reduce risk?" Ugh,

again a complex question, but the short answer is no. Majority of the increase in cost of capital is really additional capital allocated to the businesses.

Within Momentum Metropolitan Life, we've done a rational allocation into Mom Life, MetLife, Corporate, and some sits in shareholders. There's actually very little sitting in shareholders now because we allocated more to the operating businesses.

The reinsurance modeling, it doesn't have a impact on VNB. Also the investment strategy on the capital is unchanged.

It's really increase in the allocation towards business units that will explain I think all of the 765.

Last question from Francois du Toit, Anchor Brokers: "Can you quantify the cost associated with onboarding Bonitas, and therefore the swing in earnings you expect from Bonitas for FY '27?"

The Health CFO is shaking her head there, but these are confidential client matters. I think it's fair to say it's tens of millions.

It's under R100 million, but it's tens of millions, it's a big number for this year. We expect the scheme to be profitable going forward, if you go from tens of millions of losses to tens of millions of profits, I think the impact will be noticeable.

Okay. Thapelo Mokonyane from Investec wants to know from you, Risto: "How do you think about the share price discount to your EVPS, and how this can unlock over time?"

With patience. We keep driving the embedded value growth as much as we can.

On the share price, we try to tell our story as coherently as we can. Hopefully people appreciate it.

I do think the embedded value is accurate in a way that it hasn't got any heroic assumptions or unusually high values for unlisted subsidiaries or anything like that. I think the R50 EV is a real number to think about.

I mentioned earlier that we have been doing buybacks for quite a lengthy period of time. We stopped buybacks at interims because of the yields fell so sharply and the SCR ratio fell.

Now again remember we need to go and get regulatory approval, everything else to restart the buyback program. By stopping the program in December, it means that it takes a little bit of time now to restart the program.

That is a natural way of deploying surplus capital at the current discount to EV. Maybe that will help unlock a value a little bit, but the markets must be the markets, and we drive earnings, dividends, and embedded value.

From Marius Strydom now, Auxin Insights: "Risto, well done with another clean set of results with superior disclosure." That's from Marius.

"One, why did you hold off on significantly writing up your India valuation? How does your alternative DCF compare with sunken cost and peer-based valuations?

Finally, when will you reassess a buyback? Could this be after the first half of the year 2027 results?"

Obviously buybacks are a big theme. Jeanette is laughing because we had one or two board members question why we didn't maybe speed up some of these things, but anyway.

Now they're going to say, "I told you so," okay? Part of it's a practical timing.

Even if we wanted to do it now, it would have been quite a tight squeeze. We could have maybe announced it today and then started in a couple of months.

The other one is, like I said, there is a couple of attractive opportunities that could really generate good returns. Then the India one, the DCF is substantially higher than historic cost, I would agree that there's a bit of a gap in EV in that we're carrying India at a historic cost.

If you use peer multiples, listed peer multiples, you're talking about billions of rand. You're talking about our own DCF, maybe a little bit less.

Remember, our own DCF is largely to justify the historic cost, I wouldn't put too much focus on that. I don't think we will move to a DCF anytime soon.

I think there is a reasonable possibility that we'll get a market value for that asset in due course, and then we'll probably carry it at market value.

Thank you very much, Risto. That's all for you.

The final question from Michael Christelis, UBS, goes to Peter T. Peter T., he calls you, Peter.

Peter T., "How has the new Metropolitan no-lapse policy done since launch?" Would you mind coming up then to answering that, Peter?

Have we got a roving mic for Peter? Thank you.

Thank you, Mike.

It's okay.

At the Capital Markets Day, that's when we launched the no-lapse funeral growth plan. Then for 2 months, we received a whole lot of leads from clients who were really interacting with the system, and there were also a lot of lessons.

In the last six to seven weeks, we spent a lot of time to try and improve the client journey, as well as to ensure that we give other alternatives to be able to sell. From the beginning of October, you will see a lot of activities: one, to educate; two, to also sell a lot more.

Then there are some of the partners who would like to engage with us to make sure that we can be able to reach a lot of clients, which we will take advantage of. From the people who engaged with us through the system, it's more than 8,000 people engaged with us through the system.

Yes, we have sold more than 1,000 policy, whereas we were only targeting 500 policies during the POC. Out of that just over 1,200 policies, more than 300 of them have already paid the minimum required amount of money.

From October, we should be able to see quite a lot of improvement. I see someone is doing, "Clock it."

Clock it, Peter. Thank you so much.

Thank you,

Peter. Thank you for that.

Thank you. Let's give him a round of applause.

Thank you very much, Peter. Thank you.

This is how we conclude the presentation. Once again, thank you, Jeanette.

Thank you, Risto. Thank you to everyone who's participated as well there in the analysts in today's question-and-answer session.

Now as as we conclude these results, as Jeanette has said, reflecting a strong execution, disciplined leadership, and meaningful progress in delivering the Impact strategy. Done again to everyone who've joined us here and also across all our various platforms.

You can go now and enjoy the rest of the day. Done.

Have a wonderful rest of the 17th of September. Thank you.