1H15 slightly below expectation on lower sales and higher expense; Hold USDA Crop Progress 2015.8.17 USDA Crop Progress 2015.8.24 Hold:Uninspiring 1H as Life & Health lags peers as usual 3QF earnings should mark the near-term bottom with rebound likely in 4QF Weak, but with some differentiation Interim reported earnings down 19% YoY;10% above consensus Good operating half,waiting for a sale First Take: In line with expectations; overseas business well on track H115 earnings below expectation due to SG&A expenses increase