Momentum Short-term Insurance 1H2015 2H2015 1H2016 Key aspects Rm Rm Rm • Terminated unprofitable Premium income 227 279 286 channels Claims paid 160 281 245 • Improvement in premium quality Operating loss before tax (51) (131) (95) • Improving claims Policy count 53 483 56 425 52 634 and expense ratios Loss ratio 70.4% 100.7% 85.7% Combined ratio 128.4% 149.8% 135.6% Solvency ratio 34.0% 43.6% 33.9% Improving quality