They look fine at first glance.
Bruno Paulson
It's difficult to find anything wrong with these numbers. All three regions are growing.
numbers wrong growing find difficult
The continental business was the main star, showing strong year-on-year growth and improving margins.
growth business strong improving star
The discipline of not doing something value-destructive to them is a good thing.
discipline good thing
In terms of maintaining independence, strong sales growth, particularly Asia, is a plus. The headline figure should relax pressure on management.
independence management growth strong pressure relax sales asia
We think the market was too pessimistic on Asia. The only issue is that the main growth is in low margin markets like India, Korea and Taiwan.
growth market india asia korea
Bulk annuities did compensate this quarter, but this weakness remains an issue given that annuities supply 50% of Legal
legal weakness
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