Amlin Insurance Services has diversified its UK commercial business by successfully growing its package and liability accounts into a better margin environment. Our commercial motor account has maintained its income at £98.0 million and is now among the leading commercial motor businesses in the UK. Commercial motor rates continue to increase above claims inflation, helping us maintain a good underwriting margin. With the shortage of capacity in UK liability classes pushing up rates to good levels, we have grown our income from £14.9 million to £44.3 million. We anticipate rates will continue to increase more in liability classes, and that this, together with our growing commercial package business, will form the core areas of growth for 2003. Gross incurred loss ratio represents the sum of paid and notified claims before deduction of reinsurance recoveries expressed as a percentage of premium before deduction of reinsurance purchases. BRIAN CARPENTER DIVISIONAL UNDERWRITER