During the year, we successfully completed our planned exit from the highly competitive mass market distribution sector through the sale of Equity Insurance Brokers and Open + Direct branch networks to Swinton Group and the divestment of Hastings Insurance Services and Advantage via a management buyout.

These divestments marked a significant milestone for IAG's operations in the UK as we were able to return our strategic focus back to the profitable core specialist underwriting markets through our retained business, Equity Red Star. In addition, we maintained our specialist commercial broking through Barnett & Barnett and important affinity relationships with Equity Direct Broking.

A sharpened focus on these remaining businesses provides a solid platform for future growth through our expertise in specialist underwriting, niche and profitable markets and a reputation for service with high profile brands.

Recognised as one of the UK's leading motor insurers, Equity Red Star continued its impressive record of unbroken profitability in the 2009 financial year, achieving an insurance margin of 15.2%.

To achieve this, we capitalised on our specialist fleet, motorcycle, haulage, classic car and motor breakdown niche lines. At the same time, Barnett & Barnett grew gross written premium, and expects to continue this growth over the next few years through a balanced mixture of acquisition and organic growth in the commercial risk market.

Equity Direct Broking enjoys affinity relationships with a number of household names such as Santander, Renault, Harley-Davidson and First Direct. Its reputation for delivering an end to end service in this sector is supporting Equity Direct's ability to attract strong brands as key partners to assist the delivery of additional revenue.

We will continue focusing on our proven strengths in specialist markets, leveraging our recognised expertise and traditional hard work to drive the business forward.

While there will be challenges ahead, there is no doubt that our operations have room to grow further in our home markets and the strategy we have adopted will bring additional success.