Cash Flow Statements

for the year ended December 31, 2004               Group     Company   Note  2004  2003  2004  2003      R000  R000  R000  R000              Cash retained from operating activities         Cash generated from underwriting activities 20 316,981  191,712  306,428  161,357  Dividends, interest and rental received   157,351  150,350  136,351  110,258  Net increase in working capital 21 (53,551) (5,325) (29,067) (21,310) Cash generated from operating activities   420,781  336,737  413,712  250,305  Taxation paid 22 (118,054) (91,411) (102,458) (58,206) Cash available from operating activities   302,727  245,326  311,254  192,099  Dividends paid   (58,462) (36,539) (58,462) (36,539)     244,265  208,787  252,792  155,560  Cash effects of investing activities           Acquisition of:   (378,569) (607,605) (345,339) (580,466) Investment property and property for sale   (8,467) (24,600) –  –  Government and other interest bearing securities   (344,886) (555,406) (320,113) (557,292) Ordinary shares   (4,506) (6,668) (3,577) (4,678) Preference shares   (1,013) –  (1,013) –  Investment in subsidiaries   –  –  (4,009) –  Property, plant and equipment   (19,697) (20,931) (16,627) (18,496) Proceeds on disposal of:   396,526  569,552  381,881  567,936  Investment property and property for sale   14,754  6,441  1,500  6,441  Government and other interest bearing securities   286,128  499,424  286,128  499,250  Municipal annuities and other investment           securities   –  30  –  30  Ordinary shares   90,459  56,919  89,921  55,124  Investment in subsidiaries   –  –  –  2,452  Property, plant and equipment   5,185  6,738  4,332  4,639  Net repayment of originated loans   1,028  35,412  1,118  2,881      18,985  (2,641) 37,660  (9,649) Net increase in cash and cash equivalents   263,250  206,146  290,452  145,911  Cash and cash equivalents at beginning of year   889,121  682,975  393,993  248,082  Cash and cash equivalents at end of year   1,152,371  889,121  684,445  393,993