Metropolitan Retail Dec Dec Key aspects 2012 2013 Change • New business margin Rm Rm remains strong Total funds received 3 141 3 450 10% • Investing in sales force New business PVP * 2 783 2 831 2% • Strong mortality Recurring * 509 558 10% experience Single * 533 692 30% • Reduced FNB Life Value of new business * 120 122 2% participation PVP margin * 4.3% 4.3% • Strong growth in profit Operating profit after tax 242 315 30% * Excludes FNB Life Good growth in core market