Condensed consolidated income statement
for the six months ended 30 June 2009
| Rand thousands |
Six months ended
30 June 2009 Unaudited |
Six months
ended
30 June 2008 Unaudited |
% change |
Year ended
31 December 2008
Audited |
| Insurance premium revenue |
2,872,055 |
2,656,792 |
8.1 |
5,316,490 |
| Insurance premium ceded to reinsurers |
(672,143) |
(623,737) |
|
(1,127,520) |
| Net insurance premium revenue |
2,199,912 |
2,033,055 |
|
4,188,970 |
| Net insurance premium earned |
2,221,796 |
2,031,208 |
9.4 |
4,116,395 |
| Reinsurance commission |
62,381 |
54,381 |
|
123,486 |
| Other income |
3,711 |
4,700 |
|
14,146 |
| Net investment income |
161,262 |
169,432 |
|
327,100 |
| Income |
2,449,150 |
2,259,721 |
8.4 |
4,581,127 |
| Net insurance claims |
1,683,944 |
1,510,818 |
|
3,086,303 |
| Acquisition expenses |
407,678 |
359,969 |
|
765,963 |
| Pension fund surplus |
– |
– |
|
24,156 |
| Administrative and other operating expenses |
227,245 |
203,984 |
|
437,411 |
| Expenses |
2,318,867 |
2,074,771 |
11.7 |
4,313,833 |
| Profit before tax |
130,283 |
184,950 |
(29.6) |
267,294 |
| Income tax expense |
23,854 |
33,764 |
|
56,838 |
| Profit after tax |
106,429 |
151,186 |
(29.6) |
210,456 |
| Earnings per share (cents) |
873.8 |
1,241.3 |
(29.6) |
1,728.0 |
|