Mr. Seán McGrath:

I disagree. In Allianz Insurance we price to a margin of 6%. That is a target the company operates in the 80 markets across the globe in which it operates. It does not seek a different level of profitability in the Irish market from what it seeks in China, the US, Mexico, Germany or elsewhere. We believe that is a fair level of profit and a level that is required to remain a sustainable insurance company that remains solvent and is run in a fair and balanced way in the longer term. We have had many examples in this market of companies that have taken more maverick approaches and have cost Irish businesses and consumers many millions. We are still paying for most of them in the form of levies.

With regard to passing on savings from a reduction in claim costs, I reiterate that we will pass on any reduction in costs in our premiums. This market is very competitive-----