Bruno Paulson
Bruno Paulson
difficult regions three wrong
It's difficult to find anything wrong with these numbers. All three regions are growing.
bulk business compensate given issue legal remains supply weakness
Bulk annuities did compensate this quarter, but this weakness remains an issue given that annuities supply 50% of Legal & General's new business profits.
growth issue korea low main margin market markets
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.
business growth improving main showing strong
The continental business was the main star, showing strong year-on-year growth and improving margins.
figure growth headline pressure relax sales strong terms
In terms of maintaining independence, strong sales growth, particularly Asia, is a plus. The headline figure should relax pressure on management.
discipline good
The discipline of not doing something value-destructive to them is a good thing.