The group's earnings momentum continued, growing net result from financial services (NRFFS) by 14%, reflecting strong trading performances across our businesses. Our life insurance and health operations grew NRFFS by 14%, general insurance reported a 16% rise, investment management performance was satisfactory with 10% growth, while the group's credit and structuring operations recorded growth of 9%. NRFFS per share increased by 19% due to lower adjusted weighted average number of shares in 2024 relative to 2023. Net operational earnings increased by 8% (12% per share) to R8,1 billion, underpinned by the strong performance in NRFFS and a decline in project expenses. The lower growth rate relative to NRFFS is due to lower investment return on shareholder capital of R1,2 billion (2023: R1,5 billion), largely attributable to foreign exchange movements.

Total new business volumes were strong for the first six months of 2024, at R204 billion. Growth was underpinned by the life insurance operations, growing sales by 15%. Life insurance new business volumes were strong across all regions. Net value of new covered business increased by 10%, with a net new business margin of 2,73%.

The strong asset gathering ability of the group resulted in net client cash flows more than doubling to R24 billion, with all lines of business recording positive net flows.

Group equity value (GEV) per share was R73,41 on 30 June 2024. Return on GEV (RoGEV) and adjusted RoGEV per share was 9,3% and 10,7% respectively for the first six months of 2024, ahead of the hurdle rate of 7,5%. Positive contributors to the RoGEV were strong value of new business, risk experience, working capital and credit spread experience in the life insurance operations, and in the non-life operations, higher valuation of the Indian credit business (Shriram Finance Limited) due to improved performance and outlook, strong operating results from Santam, and cost efficiencies in the South Africa asset management operations.