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  Income Statements   

for the year ended 31 December 2006

		Group		Company
		2006	2005	2006	2005
	Note	R000	R000	R000	R000
Insurance premium revenue		3,910,639	3,509,671	3,431,870	3,049,769
Insurance premium ceded to reinsurers		735,513	646,274	508,863	439,584
Net insurance premium		3,175,126	2,863,397	2,923,007	2,610,185
Change in provision for unearned premium		(114,622)	(126,187)	(37,838)	(22,677)
Reinsurers’ share of change in provision for
unearned premium		55,043	74,902	23,776	17,927
Net insurance premium revenue	11	3,115,547	2,812,112	2,908,945	2,605,435
Reinsurance commission earned		138,032	116,617	93,964	75,750
Other income – fee income		10,602	4,224	–	–
Pension fund surplus	8.1	230,764	–	230,764	–
Investment income	18	202,224	136,033	163,822	111,554
Net fair value (loss)/gain on assets held at fair value
through income	19	(18,962)	53,297	(18,962)	51,841
Net realised gains on financial assets – available-for-sale	20	71,334	164,152	71,250	161,527
Net income		3,749,541	3,286,435	3,449,783	3,006,107
Insurance claims
Gross insurance claims paid	21	2,513,901	2,178,084	2,288,209	1,957,248
Reinsurers’ share of claims paid		(323,881)	(338,875)	(236,331)	(257,313)
Change in gross provision for outstanding claims		160,905	86,058	150,958	63,053
Reinsurers’ portion of change in provision for
outstanding claims		(94,083)	(22,897)	(90,369)	(6,407)
Net insurance claims		2,256,842	1,902,370	2,112,467	1,756,581
Expenses
Gross acquisition costs		609,307	542,299	532,720	480,839
Administrative and other operating expenses		447,250	327,786	423,022	294,695
Investment expenses		3,594	5,368	3,594	5,368
Expenses		1,060,151	875,453	959,336	780,902
Profit before tax	22	432,548	508,612	377,980	468,624
Income tax expense	23	105,666	118,388	90,330	102,270
Profit after tax		326,882	390,224	287,650	366,354
Net income attributable to
– Members of the Company		320,580	389,130	287,650	366,354
– Minority interest		6,302	1,094
Earnings per share (cents)	4	2,632.1	3,195.0