underwriting profit of £109m. In 2019, the Group made profits of £573m and reported an underwriting profit of £167m. Losses of £290m (with an underwriting profit of £142m) occurred in 2018. That year, Nick Turner's "new business engine" also had to downgrade targets by £7million pounds." In 2013, the NFU was placed in a table produced by the Association of British Insurers for pensions annuities. In 2018, customer retention on renewal had stood at of 95.5%, but in 2022 it stood at to 82.6% in respect of motor customers. Executive Pay The issue of director and executive pay has received attention through time. For example, in 2011, with the Insurance Times quoting an observer as saying: "Ian Leech, sales and agency director, received a mere 21 per cent increase... because he retired two thirds of the way through the calendar year... More recently, in 2022, Irish Farmers Journal reported financial director Richard Morley pocketed £738,000 a year from the business while the current chief executive, Nick Turner, currently CEO, took remuneration of over £1.04 million from the business in 2021. The former CEO, Lindsay Sinclair, took £879,444 from the business in 2021. Sinclair's drawings were over £2.5 million annually before he left, a matter about which concerns were renewed in 2019. Long Term Incentive Plan (LTIP) An Long Term Incentive Plan grant is made each year with performance conditions covering a three year period. Under the rules of the plan the maximum grant for the CEO is an additional 150% of base pay, and 108% for executive directors. The grant vests three years later, but (it is said) only if performance conditions have been met. Clawback or scale back can occur if: performance is mis-stated misconduct comes to light there has been a major failure of management resulting in substantial damage to the business or reputation of NFUM. Director fees NFUM does not prescribe a cap on fees or operate a standard percentage increase, and non-executive directors typically take in excess of £70,000 a year in remuneration. Of the more senior executives and directors, the chairman, Jim McLaren, took over £200,000 in remuneration, in 2021. Non-Executive Directors no longer accrue pension benefits with NFU Mutual, but some former Non-Executive Directors (or their widows) are still receiving a pension, on an ex gratia, non-contractual and unfunded basis. The total cost of these pensions for14 former Directors or widows in 2021 was