CIS has always maintained a strong capital position. We have continued to meet our required solvency requirements comfortably, for both our life and general insurance businesses.
We support the FSA's proposed new realistic solvency requirements for life insurers and, like all others in the industry, we are now working towards their implementation at the end of 2004. The new requirements present some different challenges, but we have been monitoring their effect on the balance sheet of our with-profits fund for some time. I am confident that CIS will remain appropriately capitalised.
