Mr. Philip Bradley:

I would not say people are being punished for their loyalty. AXA has very high customer retention, much higher than the market on average. As customers are with us for a period of time, we do not have price walking, which is where prices increase year on year. As customers are with us for a period of time, we give them additional protection for free. If people are with us over five or seven years we give them lifetime no-claims discount protection and comprehensive insurance for driving other cars. We do not have a practice of price walking and we do have a practice of giving additional cover to loyal customers. Of course, we also have an AXA loyalty scheme. Yes, there are some differences between new business prices and renewal prices and we started to address this in 2017. Over half of our renewal customers get a lower price than new business along with some of the benefits I mentioned.