The key results driver over the past five years, underwriting performance, was impacted heavily by U.S. hurricane losses in 2004, 2005, and 2008. However, only Hurricane Katrina in 2005 forced the technical account as a whole into deficit. By contrast, investment performance has been relatively consistent. The 2008 result was flattened by GBP853 million (USD1.6 billion) of foreign exchange gains and GBP1.3 billion (USD2.4 billion) of prior year reserve releases, which kept the overall underwriting result positive, despite the effects of Hurricane Ike.
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