Old Mutual Limited

Good day, ladies and gentlemen, and welcome to the Old Mutual Q3 Voluntary Update. All attendees will be in listen-only mode. There will be an opportunity to ask questions imprompted. If you should need assistance during the call, please see them operated by keying in star and then zero. Please note that this event is being recorded. I will now hand you over to the Head of Investor Relations, Lunga. Please go ahead.

Thank you very much, and good afternoon to everyone who's joining us, and good morning to those who may be dialing in from the States. My name is Langa Magnaile, as introduced. I head up investor relations. On the call with me is Yuri, our CEO. He will be leading the call, and Yuri will be assisted during the Q&A and comment session by Kaspar, our CFO, who is presently our Chief Accountant Officer. I will now turn over the call over to you, Yuri. Thank you.

Thanks, Lago. Good afternoon, everybody, or good morning. It's good to be with you. I think I'm sure you have in front of you the operating update that we put out on the 18th of November. So maybe just by intro from my side, I think we had our capital markets day towards the end of October where we put out the important metrics that we're going to be measuring ourselves on and be reporting on going forward in our medium-term targets. We are not reporting on those metrics in this operating update, but as we make clear in the update, that's from next year onwards, from Q1 numbers onwards, we will be reporting on those. I think internally, since the capital markets down as we head towards the end of the year, the focus has moved, I think, as we spoke around taking those targets and operationalizing them into the business planning process. We've managed to catch the planning cycle to be able to do that, as well as the score-cutting process. They're very much moving from strategy into execution. And so that's the focus internally as we head towards the end of the year. I think just a couple of comments on the operating assets we've put out. I think you will have noticed that there's not major changes from the trends that we reported in the half year. So the last half year, sales continued to fall by 1%. Gross flows flat. A decline in net plan cash flow for, again, the reasons that we reported in the half year. particularly the lower margin outflows in investments. One does the single big outflow, it had an impact there. Curriculum premiums on the non-capital side are 5% on the domestic side, and loans and bonds are also 1% up. The impact would be, of course, there was a sale of an underperforming loan, but only an impact on that. So those are the metrics that we put out there, I think, I'm happy to go to questions for the conversation.