Gross premium income grew by 8.1% (2008: 21.7%) to R2.9 billion (2008: R2.6 billion). The commercial portfolio, which represents 69% of total premiums, grew by 10.7% and the personal portfolio by 16.2% following rating adjustments and real growth in the portfolio. Risk Financing contracted following deliberate action by management.

The underwriting result declined to a deficit of R24.5 million from a surplus of R10.8 million during the same period in 2008 and the general insurance result (inclusive of attributable investment income) declined from R65.6 million to R30.7 million.

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