The management operating insurance margin for half 2 is about half a percent lower than pcp. That is a wrinkle in the results. Why if everything is so great and it is a great claims half, is that margin worse than pcp. I know there were some modernisation and change programs that were expensed, which is why the expense ratio went up (excl commissions). Not sure if management accounts excluded this, but I doubt it at this stage. A bit to dissect there! Were the one off expenses more than $50m or so that would even it up?
The management operating insurance margin for half 2 is about...
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