Combined has a long tradition of maintaining a strong financial profile. We consistently achieve strong cash flows and our invested assets emphasise high quality, fixed income assets that match our product liabilities reasonably. Our products generate stable claims patterns with minimal fluctuations which may result from changes in today's economic conditions. This, in conjunction with tightly managed expenses and conservative investment practices, produces predictable operating results, a strong cash flow and desirable return on capital.

2005 Statutory Results:*
* Figures below in thousands

** Exchange Rates taken as at 15/06/06 (source: www.ft.com)