whole life policy sales. Investment income also fell as a result of higher interest rates. A reduction in insurance claims and benefits and significant changes in actuarial reserves resulted in positive statutory net profit of HK$152 million compared to the negative profit of HK$(66) million during the first six months of 2014. Before the pro forma adjustments to shareholders’ equity described in Figure 11, the annualized return on average equity for the six months ended 30 June 2015 for the Covered Entities and XX Life was 21.4% and 22.5%, respectively