Some PDs have expressed that this strategy has deprived them of business, but such a decision has always been taken by us after assessment of the market situation and in my view it has minimised the risk on PDs.
The supportive environment for investment income is unlikely to continue once market conditions begin to normalise. At the same time, underwriting income is subject to the existing downside risks in the overall macroeconomic outlook. Although there are few solvency concerns facing the industry, there is no room for complacency in this environment.