Life & Pensions: Was there much internal debate when you completed your triennial review of the FRR's strategic asset allocation?
Nicolas Sobczak, chief investment officer, FRR: Yes. There was a huge debate and it was good to go through. The first line of discussion was, what is the equity risk premium (ERP) in the long run? And are we rewarded for carrying and holding risky assets in our portfolio in the long run? That means you have to question more deeply what the ERP is. Was it material, and