Momentum Retail Dec Dec Key aspects 2012 2013 Change • Strong inflow of funds Rm Rm Total funds received 15 370 17 676 15% • Good mortality profits New business PVP 8 459 10 499 24% • Increase in asset- based fees Recurring 539 519 (4)% • Expenses well Single 5 426 7 609 40% controlled Value of new business 93 136 46% • Strong increase in value of new business PVP margin 1.1% 1.3% and profit Operating profit after tax 514 652 27% Focus on quality paying off