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Mutual & Federal - Quarterly operational update
Trading conditions in the third quarter of 2009 continued to reflect the difficult economic conditions in South Africa, which have resulted in subdued levels of consumer expenditure.
As a result of these pressures, there was a marginal 2% decline in premiums, both for the third quarter 2009 compared to the third quarter 2008, and for 2009 year-to-date compared to 2008 year-to-date, in the corporate, commercial and conventional personal portfolios. Premiums within the personal group schemes portfolio declined by approximately 40% for the year-to-date due to the cancellation of a number of unprofitable schemes during 2008.