FY2015 results were broadly as we forecast in terms of PBT and dividend but the reserve release was a surprise - with negative implications for underlying margins, reflecting soft rates. Our PBT forecasts for 2016/17E are broadly unchanged but we ease back the dividend as we noted a more cautious tone from the group on capital preservation/return. However, we still see an above average yield which also helps the ROE, Allowing Lancashire to deliver decent bottom cycle returns. We move back to ....