| Condensed Income Statement |
|
|
|
|
|
|
|
| |
Year ended |
Year ended |
|
| |
31 December |
31 December |
|
| |
2008 |
2007 |
|
| Rand thousands |
(Reviewed) |
(Audited) |
% Change |
| Insurance premium revenue |
5,316,490 |
4,400,960 |
20.8 |
| Insurance premium ceded to reinsurers |
(1,127,520) |
(827,941) |
|
| Net insurance premium revenue |
4,188,970 |
3,573,019 |
17.2 |
| Net insurance premium earned |
4,116,395 |
3,539,125 |
16.3 |
| Reinsurance commission earned |
123,486 |
114,959 |
|
| Pension fund (deficit)/surplus |
(24,156) |
19,753 |
|
| Other income – fee income |
14,147 |
19,947 |
|
| Investment income |
|
|
|
| – Interest and dividends received |
274,154 |
236,159 |
|
| – Interest paid |
– |
(10,564) |
|
| Net fair value loss on assets held at fair value through income |
(20,041) |
(23,839) |
|
| Impairment on available-for-sale financial assets |
(21,050) |
– |
|
| Net realised gains on financial assets – available-for-sale |
98,342 |
94,512 |
|
| Income |
4,561,277 |
3,990,052 |
14.3 |
| |
|
|
|
| Net insurance claims |
3,086,303 |
2,595,794 |
18.9 |
| Gross acquisition costs |
765,963 |
618,605 |
23.8 |
| Administrative and other operating expenses |
437,411 |
349,759 |
25.1 |
| Share of loss of associates |
345 |
– |
|
| Investment expenses |
3,960 |
4,734 |
|
| Expenses |
4,293,982 |
3,568,892 |
20.3 |
| |
|
|
|
| Profit before tax |
267,295 |
421,160 |
(36.5) |
| Income tax expense |
(56,838) |
(130,128) |
(56.3) |
| Profit after tax |
210,457 |
291,032 |
(27.7) |
| Minority interest |
– |
(1,172) |
|
| Net profit attributable to members of the Company |
210,457 |
289,860 |
(27.4) |
|
|
|
|
|
