Ann: Investor briefing - AASB 17 pro forma historical financials, page-12

Looking at this some more . under the change to aasb17 the $200mil shift in "assets" to "liabilities" yet from a regulatory capital perspective this $200mil is still counted as an asset. "Net surplus relating to insurance liabilities increase offsets net asset impact" One can almost envisage a scenario where HLI has little balance sheet equity but is fully compliant with regulatory capital requirements. Reminds me of the whole business securitisations they used to do. Anyway at least it is quite transparent how much profit should be released from the "liability" run off each year. Should produce some pretty impressive headline ROE figures. I think we'll see highest share price since listing within the next year ie. north of $5