This cost has been taken through the IP experience line and the investment is expected to be self-funding, but there’s a lag effect with the claims benefits emerging in later periods. Turning to lump-sum experience. Claims experience in this part of the book is volatile. You can see the volatility in the past three halves. Notwithstanding the strengthening of assumptions in the second half of last year, we’ve seen increased claims across all sub-categories, death, trauma and TPD. nextWe believe the increase in claims in these areas also reflects the broader market environment. Indeed, this is the first half since 2013 that both retail trauma and retail TPD claims experience have been negative. At this stage we see no reason to alter our best estimate assumptions, although we will continue to monitor this carefully. The group experience losses were largely driven by single-client plan.
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