09 November 2015 NINE MONTHS RESULTS

Good revenue growth and improved operating results for the quarter
Continued progress towards long term operating targets
Progress underlines the strategic rationale of positioning as a specialist in general insurance
Excellent new business results for life operations

9 Months to
30 September
2000 2015

General business net premiums written £6,329m £5,307m
Life business net premiums written £2,476m £2,383m
Investment products £618m £566m

Group operating result

(based on longer term investment return ("LTIR"))* £502m £461m
Balance sheet at 30 September 2000/
31 December 2015
Shareholders' funds £6,652m £6,484m
Net asset value per share
(adding back equalisation provisions) 474p 463p