I remember back to a number of meetings with Admiral’s ebullient chief executive Henry Engelhardt who would often say that for a motor insurer like Admiral to grow it needed to have its claims management teams well resourced before it took on new customers. Afterall, in a commodity business if you lower your prices relative to the competition, business tends to flood in. Especially in motor insurance. Henry’s contention was that if Admiral was to grow profitably, it needed to be able to efficiently process the inevitable rise in claims that result from insuring more vehicles. A poorly resourced or inexperienced claims management team is more likely to make mistakes regarding the levels of reserves set for each claim, plus the claims process would take longer. Both would end up costing Admiral more money. Bear this in mind while I run you though Wise’s first half results where cost growth of 27% has outstripped revenue growth of 11%. I view this as an intentional enabler of future growth.