In plain English, this means that the return to the investor mustbe considerably less than the insurance company earns on the bonds, which in turn is usually less than the market rate.
It may seem odd for an investment professional to focus on something as basic as plain-vanilla savings, but before we can be investors we mustbe savers.
And it is no more plain-speaking, for on fuel with one breath it claims the tax mustbe high on environmental grounds and with another it justifies it because of spending on health and schools.