Solid FY16 volumes and sensible FY17 guidance, but organic sales and EPS below expectations 2017 EBIT outlook significantly below consensus expectations Weaker 4Q16 operating trends, with solvency below expectations 1H17 Result: Pre-commitment grinding higher Q4 2016 results: Lacklustre profits, in line guidance but selectivity hits Ogden to drive UK motor churn / AIG reserving read across to Swiss Re Brazil trip lends comfort despite cautious issuers Thursday 16 February 2017 Solid FY16; South Deep plan in line with UBSe Q4 spotlight: finally delivering on cash flow