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      "text": "Traditional With-Profits CSM release to the operating result expected to reduce year-on-year due to:\n8% lower opening CSM, due to adverse markets and run-off of the book\nLower CSM expected rate of returns (same dynamic as per PruFund)\nLower CSM amortisation rate (same dynamic as per PruFund)",
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      "text": "PruFund CSM release to the operating result expected to reduce year-on-year due to:\n3% lower opening CSM, due to adverse market impact in 2023\nLower CSM expected rate of returns due changes in the Strategic Asset Allocation¹ of the With-Profits Fund\nLower CSM amortisation rate due to improved persistency assumptions\nLosses in Advice, Platform and Other, expected to gradually reduce over time",
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      "text": "Annuities return on excess assets expected to reduce year-on-year across AOP and Underlying Cap Gen due to:\nReduction in excess assets due to upstream dividends, and\nReduction in the rate of return, as illiquid assets previously backing the excess have been used to back liabilities\nrelated to new business",
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      "text": "1. In 2023, the With-Profits Fund reduced its exposure to Equities, largely replacing it with Fixed Income assets which over the long-term offer lower expected returns",
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