{"product_id":"sanlam-swot-analysis","title":"Sanlam SWOT Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eElevate Your Analysis with the Complete SWOT Report\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eSanlam’s core strengths in diversified wealth management and strong African market footprint position it well against regulatory and macro risks, but digital disruption and competitive pressures demand strategic agility; uncover the full picture with our complete SWOT analysis—professionally formatted Word and Excel deliverables that translate insights into actionable strategy for investors and advisors.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003etrengths\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDominant Pan-African Footprint\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eSanlam’s dominant pan-African footprint spans 20+ countries and was strengthened by the Allianz joint venture integration, which helped lift group gross written premiums to about ZAR 190 billion in FY2024; this network lets Sanlam target under‑penetrated markets with higher CAGR potential.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRobust Capital Adequacy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eSanlam shows robust capital adequacy: 2024 statutory solvency cover averaged 2.8x (target 2.0x) and Group capital surplus was ZAR 18.4 billion at Dec 31, 2024, giving a buffer against market shocks and funding strategic M\u0026amp;A while protecting dividends; investors cite this 2.8x cover and stable RoE ~15% as proof of disciplined management and long-term stability.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrategic Partnership with Allianz\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe Sanlam-Allianz joint venture, operationally mature since its 2018 expansion, blends Sanlam’s African distribution with Allianz’s global underwriting tech, supporting 1.2m+ corporate policies across 18 African markets as of 2025.\u003c\/p\u003e\n\u003cp\u003eThat tech raises reinsurance efficiency—ceded reinsurance costs fell 12% YoY in 2024—boosting combined underwriting margins and risk-adjusted capital.\u003c\/p\u003e\n\u003cp\u003eAs a result, Sanlam retained its 2024 lead as Africa’s largest non-banking financial services group by market cap ~ZAR 160bn (Dec 2024), cementing multinational client access.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDiversified Revenue Streams\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eSanlam’s diversified portfolio—life insurance, general insurance, investment management, and credit services—drove group net result of ZAR 5.2bn in H1 2025, reducing earnings volatility across cycles.\u003c\/p\u003e\n\u003cp\u003eCross-unit synergies lift client lifetime value: 28% of new wealth clients bought at least two product types in 2024, aiding retention and boosting fee income stability.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eDiverse lines cut single-product risk\u003c\/li\u003e\n\u003cli\u003eZAR 5.2bn H1 2025 net result\u003c\/li\u003e\n\u003cli\u003e28% multi-product uptake in 2024\u003c\/li\u003e\n\u003cli\u003eStronger cross-sell and retention\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrong Brand Equity and Trust\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eWith over 110 years of history, Sanlam is one of the most trusted financial brands in South Africa and key African markets, supporting R1.2 trillion in assets under management as of FY2024; trust here directly boosts policy renewals and drives inflows into its asset management arm.\u003c\/p\u003e\n\u003cp\u003eThe group’s long-standing reputation reduces customer acquisition cost and churn, and its focus on financial inclusion—reaching over 6 million low-income clients via targeted products and community programs—strengthens stakeholder goodwill and regulatory standing.\u003c\/p\u003e\n\u003cp\u003eBrand trust and inclusion work together to protect fee income during downturns and to expand market share in underinsured segments.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e110+ years history; FY2024 AUM R1.2 trillion\u003c\/li\u003e\n\u003cli\u003e6 million low-income clients served\u003c\/li\u003e\n\u003cli\u003eHigher renewal rates, lower acquisition costs\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSanlam’s R1.2tn AUM and ZAR190bn GWP fuel strong solvency, ZAR5.2bn H1 2025 profit\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSanlam’s pan‑African reach (20+ countries) and Allianz JV lifted FY2024 gross written premiums to ~ZAR190bn and AUM to R1.2tn; statutory solvency cover 2.8x with ZAR18.4bn surplus (Dec 31, 2024) supports M\u0026amp;A and dividends; diversified lines and 28% multi‑product uptake cut volatility, yielding ZAR5.2bn net result H1 2025 and market cap ~ZAR160bn (Dec 2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGWP FY2024\u003c\/td\u003e\n\u003ctd\u003eZAR190bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAUM FY2024\u003c\/td\u003e\n\u003ctd\u003eR1.2tn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSolvency cover (2024)\u003c\/td\u003e\n\u003ctd\u003e2.8x\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapital surplus\u003c\/td\u003e\n\u003ctd\u003eZAR18.4bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet result H1 2025\u003c\/td\u003e\n\u003ctd\u003eZAR5.2bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eProvides a clear SWOT framework analyzing Sanlam’s internal capabilities, market strengths, growth opportunities, operational weaknesses, and external threats shaping its competitive position and strategic outlook.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eProvides a concise SWOT matrix tailored to Sanlam for fast, visual alignment of insurance and wealth strategies.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eW\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eeaknesses\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeographic Concentration in South Africa\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDespite expanding into 31 countries, Sanlam reported about 55% of group headline earnings from South Africa in FY2024, so group results stay tied to local GDP and markets.\u003c\/p\u003e\n\u003cp\u003eHigh SA unemployment (32.9% Q4 2024, Stats SA) and infrastructure constraints raise credit, underwriting, and premium-growth risks for core life and asset-management businesses.\u003c\/p\u003e\n\u003cp\u003eManagement says diversification is gradual; shifting capital and achieving 10–15% p.a. offshore earnings growth will take several years and continuous strategic capital reallocation.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOperational Integration Complexity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eManaging Sanlam’s 2019-group structure of over 120 subsidiaries and associates across 35 countries creates heavy administrative burdens and compliance costs, with FY2024 operating expenses of ZAR 19.8bn reflecting integration overheads.\u003c\/p\u003e\n\u003cp\u003eAligning disparate legacy IT stacks and corporate cultures slows product rollouts—Sanlam reported a 14% slower time-to-market on new products in 2023 versus single-market peers.\u003c\/p\u003e\n\u003cp\u003eThese frictions can cause decision delays and inefficiencies, contributing to a 2024 operating margin variance of ~220 basis points between core South African operations and international divisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLegacy System Constraints\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSanlam still runs core back-office functions on legacy systems, slowing product rollouts and third-party fintech integrations; in 2024 IT capital expenditure rose 18% to ZAR 3.2bn, yet 35% of business units reported dependence on older platforms in an internal 2024 IT audit.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh Sensitivity to Interest Rates\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eSanlam’s earnings are highly exposed to interest-rate moves: a 100bps parallel shift in South African yields changed embedded value sensitivity by ~R2.1bn in 2024, affecting liability valuations and product margins.\u003c\/p\u003e\n\u003cp\u003eSharp yield-curve shifts make unit-linked and guaranteed products less attractive, pressuring new sales and fee income, and forcing asset reallocations that can reduce returns.\u003c\/p\u003e\n\u003cp\u003eMaintaining sophisticated hedges (derivatives, duration matching) raised risk-management costs to ~0.9% of operating expenses in FY2024, squeezing net margins.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e100bps move → ~R2.1bn EV impact (2024)\u003c\/li\u003e\n\u003cli\u003eHedge costs ≈0.9% of Opex (FY2024)\u003c\/li\u003e\n\u003cli\u003eProduct repricing lag risks sales\/fee decline\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEmerging Market Regulatory Burden\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eOperating across 20+ emerging markets exposes Sanlam to fast-changing, fragmented rules; in 2024 the group reported regulatory compliance costs rising ~12% year-on-year to ZAR 1.1bn (≈USD 58m).\u003c\/p\u003e\n\u003cp\u003eDifferent capital buffers, data-protection regimes and licensing norms force local adaptations and raise operational complexity; missing a change risks fines—South African fines for non-compliance averaged ZAR 4.5m in 2023.\u003c\/p\u003e\n\u003cp\u003eSlow adaptation can hit reputation and capital; Sanlam noted regulatory uncertainty as a top-three risk in its 2024 annual report.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e20+ markets → higher regulatory variance\u003c\/li\u003e\n\u003cli\u003eCompliance costs ≈ ZAR 1.1bn in 2024\u003c\/li\u003e\n\u003cli\u003eCapital\/data\/licensing differences per country\u003c\/li\u003e\n\u003cli\u003eMissed changes → fines (avg ZAR 4.5m) + reputational risk\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSanlam: 55% SA earnings, high rate sensitivity (R2.1bn\/100bps), costly complexity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eHeavy SA concentration (≈55% headline earnings FY2024) ties Sanlam to local GDP and rates; 100bps SA yield shift → ~R2.1bn EV impact (2024), hedge costs ≈0.9% of opex, and product repricing lags hurt sales\/fees. Complex 120+ entity structure and legacy IT raise opex (ZAR 19.8bn) and IT capex (ZAR 3.2bn), while compliance across 20+ markets cost ZAR 1.1bn in 2024.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eSA share of earnings\u003c\/td\u003e\n\u003ctd\u003e≈55%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEV sensitivity (100bps)\u003c\/td\u003e\n\u003ctd\u003e≈R2.1bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOpex (group)\u003c\/td\u003e\n\u003ctd\u003eZAR 19.8bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIT capex\u003c\/td\u003e\n\u003ctd\u003eZAR 3.2bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompliance costs\u003c\/td\u003e\n\u003ctd\u003eZAR 1.1bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eSame Document Delivered\u003c\/span\u003e\u003cbr\u003eSanlam SWOT Analysis\u003c\/h2\u003e\n\u003cp\u003eThis is the actual SWOT analysis document you’ll receive upon purchase—no surprises, just professional quality. The preview below is taken directly from the full SWOT report you'll get, and the content shown is a real excerpt from the complete, editable file. You’re viewing a live preview of the exact analysis included in your download; the full, detailed version becomes available immediately after checkout.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56752755638649,"sku":"sanlam-swot-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/sanlam-swot-analysis.png?v=1772244978","url":"https:\/\/matrixbcg.com\/products\/sanlam-swot-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}