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| for the year ended December 31, 2004 | |||||
| Group | Company | ||||
| Note | 2004 | 2003 | 2004 | 2003 | |
| R000 | R000 | R000 | R000 | ||
| Gross premiums | 3,191,143 | 3,189,100 | 2,840,241 | 2,706,160 | |
| Reinsurance premiums | 490,283 | 528,111 | 432,049 | 428,217 | |
| Net premiums | 2,700,860 | 2,660,989 | 2,408,192 | 2,277,943 | |
| Increase in unearned premiums | 55,969 | 77,678 | 33,252 | 45,849 | |
| Change in gross provision | 50,049 | 147,988 | 25,188 | 64,841 | |
| Reinsurers’ share | 5,920 | (70,310) | 8,064 | (18,992) | |
| Premiums earned | 2,644,891 | 2,583,311 | 2,374,940 | 2,232,094 | |
| Net claims | 12 | 1,710,561 | 1,825,453 | 1,551,510 | 1,591,611 |
| Claims paid | 1,630,456 | 1,786,344 | 1,475,167 | 1,568,143 | |
| Gross amount | 1,788,048 | 2,028,780 | 1,600,669 | 1,783,225 | |
| Reinsurers’ share | (157,592) | (242,436) | (125,502) | (215,082) | |
| Change in provision for | |||||
| outstanding claims | 80,105 | 39,109 | 76,343 | 23,468 | |
| Gross amount | 137,465 | (3,813) | 122,904 | (1,485) | |
| Reinsurers’ share | (57,360) | 42,922 | (46,561) | 24,953 | |
| Commission | 387,427 | 391,320 | 348,557 | 347,357 | |
| Expenses | 311,109 | 238,835 | 284,955 | 219,514 | |
| Combined expenses | 2,409,097 | 2,455,608 | 2,185,022 | 2,158,482 | |
| Underwriting profit | 235,794 | 127,703 | 189,918 | 73,612 | |
| Investment income | 13 | 157,351 | 150,350 | 136,351 | 110,258 |
| Fair value adjustments on trading investments | 11,682 | 2,422 | 11,682 | 2,829 | |
| Net realised surplus on disposal of | |||||
| investments | 70,105 | 49,914 | 70,261 | 48,133 | |
| Investment expenses | (3,396) | (3,346) | (3,396) | (3,346) | |
| Pension fund valuation adjustment | 11 | (10,000) | – | (10,000) | – |
| Profit before tax | 14 | 461,536 | 327,043 | 394,816 | 231,486 |
| Taxation | 15 | 109,214 | 81,968 | 93,250 | 55,298 |
| Profit after tax | 352,322 | 245,075 | 301,566 | 176,188 | |
| Minority interest | (24,388) | (21,156) | – | – | |
| Interest in subsidiaries | (2,318) | (2,034) | – | – | |
| Cell shareholders’ interest | (22,070) | (19,122) | – | – | |
| Net profit attributable to | |||||
| members of the Company | 327,934 | 223,919 | 301,566 | 176,188 | |
| HEADLINE EARNINGS PER SHARE (cents) | 3.1 | 2,140.8 | 1,475.5 | ||
| EARNINGS PER SHARE (cents) | 3.2 | 2,692.5 | 1,838.5 | ||
| DIVIDENDS PER SHARE, PAID (cents) | 480.0 | 300.0 | |||