Ann: Third quarter performance, page-31

There has been an opposite view since 2017 that seems to have contributed to the steady slide in the share price - the permanently low interest rate (or even negative rate) environment is going to inflict a structural damage to the guaranteed annuity income model. Sort of like when public sector in many countries gave up the defined benefit pension model. This view point seems to make the case that there is no way annuity schemes are going to generate even barely tolerable returns until the interest rate cycle turns. This theme tore through the insurance industry for years now. Same reason banks are on the wane. Depending on how true that is and how it exactly continues to unfold, the likes of CGF may be expensive even at this price. Interest in annuities could decline a lot and everybody and his granny would chase risk assets. In simple terms, the theory is that CHF has serious structural damage to its model and it will struggle to keep its current businesses above water.