In this workout, we've been asked to calculate Generali's return on equity in 2018, using both opening equity and average equity. Now, we've been given some extracts from their financial statements to help us do this, and on the left-hand side, you can see it's an extract from their income statement, starting off with the earnings before taxes and finishing off with the consolidated result for the period. Now an important thing to note is that the consolidated result for the period is split between the amounts attributable to the group and the amounts which are attributable to minority interests. Now, when we calculate return on equity, we're doing it from the perspective of Generali's shareholders. So what we actually care about is this figure of 2.3 billion here. Now, another thing that we're gonna have to be careful of is the fact there's a discontinued operation in this business and you can see the results of those discontinued operations of 173 million there. So we are gonna need to exclude that from our net income figure when we are calculating return on equity, 'cause that's a non-recurring income item. Now looking on the right-hand side, you can see we've got extracts from Generali's balance sheet, and that's the shareholder's equity portion of the balance sheet. And again, you can see that this is split between what's attributable to the group and what's attributable to minority interests. And so what we care about, again, is the amounts attributable to the group. So that's this line here, the 23.6 billion in 2018. So let's have a go at calculating Generali's return on equity. And hopefully, you can see that the information from above has been populated into this table here. So you can see we've got the net income attributable to the group of 2.3 billion and we've got the profits of discontinued operations of 173. So to calculate recurring net income, we're simply gonna take the net income figure and deduct from it the discontinued operations, and that gives us recurring net income of 2.1 billion. Now in terms of shareholders' equity, again, that's just been taken from the balance sheet extracts above. You can see that's 25 billion in 2017 and 23.6 billion in 2018. Now clearly, this information is ready for us to use to calculate return on equity. Now, starting off with return on opening equity. So that's using the equity from 2017. So we take our recurring net income and we divide it by the 2017 equity number. And that gives a return on equity of 8.5%. Now, we can do a similar calculation return on average shareholders equity. But clearly, we'll need to calculate the average shareholders' equity when we're doing that. We'll start off with our net income figure and we divide it by average. So we use the average function here. And that's the 2017 shareholder equity and the 2018 shareholders equity. And that gives us a return on equity figure of 8.8%. So both of those return on equity figures, pretty healthy. 8.5% and 8.8%. And usually, insurance companies would be targeting a figure of around nine, 10%. This is looking pretty healthy for Generali.