Income Statements
| For the year ended 31 December 2005 |  |
|
|
|
|
Group |
Company |
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Note |
2005 |
2004 |
2005 |
2004 |
|
R000 |
R000 |
R000 |
R000 |
||
Restated |
Restated |
||||
| Gross insurance premium revenue | 3,509,671 |
3,191,143 |
3,049,769 |
2,840,241 |
|
| Insurance premium ceded to reinsurers | 646,274 |
570,030 |
439,584 |
432,049 |
|
Net insurance premium revenue |
2,863,397 |
2,621,113 |
2,610,185 |
2,408,192 |
|
| Change in gross provision for unearned premium | 126,187 |
58,745 |
22,677 |
25,411 |
|
| Change in reinsurers’ share of provision for | |||||
| unearned premium | (74,902) |
(9,541) |
(17,927) |
7,841 |
|
Net insurance premium earned |
2,812,112 |
2,571,909 |
2,605,435 |
2,374,940 |
|
| Reinsurers’ commission earned | 116,617 |
123,241 |
75,750 |
95,553 |
|
| Investment income | 353,482 |
239,138 |
324,922 |
218,294 |
|
Net income |
3,282,211 |
2,934,288 |
3,006,107 |
2,688,787 |
|
Gross insurance claims paid |
2,178,084 |
1,808,332 |
1,957,248 |
1,600,669 |
|
| Reinsurers’ share of claims paid | (338,875) |
(197,301) |
(257,313) |
(125,502) |
|
| Change in gross provision for outstanding claims | 86,058 |
138,790 |
63,053 |
122,904 |
|
| Change in reinsurers’ share of provision for | |||||
| outstanding claims | (22,897) |
(74,178) |
(6,407) |
(46,561) |
|
Net insurance claims |
1,902,370 |
1,675,643 |
1,756,581 |
1,551,510 |
|
Gross acquisition costs |
542,299 |
497,719 |
480,839 |
444,110 |
|
| Administrative and other operating expenses | 318,275 |
323,712 |
294,695 |
297,560 |
|
| Investment expenses | 5,368 |
3,396 |
5,368 |
3,396 |
|
| Primary policyholders’ interest | 5,287 |
12,268 |
– |
– |
|
Expenses |
871,229 |
837,095 |
780,902 |
745,066 |
|
Income before tax |
508,612 |
421,550 |
468,624 |
392,211 |
|
| Income tax expense | 118,388 |
105,819 |
102,270 |
93,250 |
|
Income after tax |
390,224 |
315,731 |
366,354 |
298,961 |
|
Net income attributable to: |
|||||
| – Members of the Company | 389, 130 |
313,413 |
366,354 |
298,961 |
|
| – Minority shareholders | 1,094 |
2,318 |
– |
– |
|
| Earnings per share (cents) | 3,195.0 |
2,573.3 |
|||
| Dividends per share, paid (cents) | 2,970.0 |
480.0 |
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