Weak Q4 growth likely outweighs strong cash flow A better year-end and better start Diversification is back FY16 EPS 4.5% ahead but expect consensus to remain unchanged given input cost guidance Solid FY16 volumes and sensible FY17 guidance, but organic sales and EPS below 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 European Utilities Comps Sheet – 16 February 2017 Ogden to drive UK motor churn / AIG reserving read across to Swiss Re