Life assurance consolidators should be boring most of the time, perhaps apart from when they do some M&A. Operationally, Chesnara has been close to achieving that, although recent events have made it challenging. Although cash generation has remained adequate in the past couple of years, the prospects of a calmer environment should bring a return to more meaningful surpluses again. A comfortable, but not overweight, capital position supports this. We expect continued, steady, operational and capital management activities to underpin the additional value that acquisitions and new business will bring in.