While we expect the external conditions for our emerging markets businesses to continue to be challenging in the next six months, particularly given the lower GDP growth expectation in South Africa, we will focus on what we do best: meeting the needs of our customers through innovative, attractively priced and transparent investment, savings, insurance and banking products as well as continually improving the operating efficiencies of our business. In common with many businesses that earn a significant proportion of their profits from outside the UK, we expect the strength of Sterling to have an impact on our reported results.

We continue to explore opportunities to expand our business in Africa through investing for growth both organically and inorganically. The continuing changes in the UK savings market following RDR and the Government’s announcement on pension reforms in March increase the attractiveness of the UK as a place to invest. We shall evaluate whether we can achieve faster growth through acquisitions to complement our existing vertically integrated wealth management business.

FY 2014 financial results