Metropolitan Retail Dec Dec 1 year Key aspects 2014 2015 change • Increasing agent Rm Rm numbers and productivity Total funds received 3 456 3 645 5% • Improving persistency New business PVP 2 684 2 411 (10)% • Strong expense Recurring 581 530 (9)% management • Increased RdR reduced Single 590 641 9% VNB by R40m Value of new business 107 68 (36)% • Good profit growth Operating profit after tax 273 311 14% Distribution improving in a tough market