Quality of business Lapses are down 67 % over the last 7 years 30% 25% 24% 20% 19% 15% 13% 10% 10% 10% 9% 9% 5% 6% 0% Jun 09 Jun 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Sep 15 Benchmark MFP Lapse Ratio