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As previously advised
to shareholders, the agreement in terms
of which the group’s UK subsidiary,
Media Insurance Services business, acted
as direct marketing agent was cancelled
in November 2002. This business conducts
no new business, but continues to receive
trail commission income from in-force business
in respect of direct marketing campaigns
conducted prior to November 2002. This income
will reduce over time.
The group continues to conduct direct marketing
business in the UK albeit on a much smaller
scale. This business is conducted by Alexander
Forbes UK Direct, which performs all premiums
and claims administration, under an insurance
binder agreement. The results of this direct
marketing business are included as part
of the trading results of International
Financial Services. |
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