The size of the opportunities in the annuity markets is unquestioned. Our sales here are most likely to be limited by our risk appetite, rather than demand. Our appetite is dependent upon pricing, risk diversification and the availability of appropriate liquid asset markets. In the latter part of 2008 asset markets were very thin and volatile, limiting our appetite for larger schemes. There are some signs of liquidity returning, however we remain committed to pricing for all of these risks, even if it is at a cost to short term volume. Individual protection sales are expected to stabilise in 2009, and while housing market activity remains depressed, our broader product offering is supporting resilient application volumes. Group protection has a great opportunity to reinforce recent successes in 2009, as cost-effective employee benefits packages assume greater importance in uncertain times. We have leading products, excellent service standards, and a great reputation. We intend to exploit these fully.
