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Statements of Changes in Equity

for the year ended December 31, 2007

		R000
						Non-		Statutory
				Share	Share	distributable	Translation	contingency	Retained
		Group		capital	premium	reserve	reserve	reserve	profit
		Balance at December 31, 2005		3,045	1,605	369,716	(45,855)	269,372	914,066
		Net gains in available-for-sale financial assets transferred to income on disposal				(66,473)
		Revaluation of available-for-sale financial assets				191,364
		Share of losses in associates recognised in equity				(22)
		Deferred tax adjustment resulting from revaluations				(60,111)
		Translation of foreign subsidiaries					(38,481)
		Transfer to/(from) statutory contingency reserve						44,271	(44,271)
		Net profit for the year							320,580
		Dividends paid							(99,873)
		Balance at December 31, 2006		3,045	1,605	434,474	(84,336)	313,643	1,090,502
		Net gains in available-for-sale financial assets transferred to income on disposal				(87,880)
		Revaluation of available-for-sale financial assets				55,609
		Deferred tax adjustment resulting from revaluations				(11,591)
		Translation of foreign subsidiaries				(21,907)	45,661		(34,400)
		Transfer to/(from) statutory contingency reserve						47,545	(47,545)
		Net profit for the year							289,860
		Dividends paid							(94,155)
		Balance at December 31, 2007		3,045	1,605	368,705	(38,675)	361,188	1,204,262

R000
				Total
				attributable to	Minority
				members of	interes tin
		Group		the Company	subsidiaries	Total
		Balance at December 31, 2005		1,511,949	3,147	1,515,096
		Net gains in available-for-sale financial assets transferred to income on disposal		(66,473)		(66,473)
		Revaluation of available-for-sale financial assets		191,364		191,364
		Share of losses in associates recognised in equity		(22)		(22)
		Deferred tax adjustment resulting from revaluations		(60,111)		(60,111)
		Translation of foreign subsidiaries		(38,481)	3,594	(34,887)
		Transfer to/(from) statutory contingency reserve		–		–
		Net profit for the year		320,580	6,302	326,882
		Dividends paid		(99,873)		(99,873)
		Balance at December 31, 2006		1,758,933	13,043	1,771,976
		Net gains in available-for-sale financial assets transferred to income on disposal		(87,880)		(87,880)
		Revaluation of available-for-sale financial assets		55,609		55,609
		Deferred tax adjustment resulting from revaluations		(11,591)		(11,591)
		Translation of foreign subsidiaries		(10,646)	(12,125)	(22,771)
		Transfer to/(from) statutory contingency reserve		–		–
		Net profit for the year		289,860	1,172	291,032
		Dividends paid		(94,155)		(94,155)
		Balance at December 31, 2007		1,900,130	2,090	1,902,220

					Non-	Statutory
			Share	Share	distributable	contingency	Retained
		Company	capital	premium	reserve	reserve	profit	Total
		Balance at December 31, 2005	3,045	1,605	374,780	261,019	729,602	1,370,051
		Net gains in available-for-sale financial assets transferred to income on disposal			(61,868)			(61,868)
		Revaluation of available-for-sale financial assets			136,783			136,783
		Deferred tax adjustment resulting from revaluations			(28,815)			(28,815)
		Transfer to/(from) statutory contingency reserve				31,283	(31,283)	–
		Net profit for the year					287,650	287,650
		Dividends paid					(99,873)	(99,873)
		Balance at December 31, 2006	3,045	1,605	420,880	292,302	886,096	1,603,928
		Net gains in available-for-sale financial assets transferred to income on disposal			(87,880)			(87,880)
		Revaluation of available-for-sale financial assets			55,002			55,002
		Deferred tax adjustment resulting from revaluations			(11,591)			(11,591)
		Transfer to/(from) statutory contingency reserve				44,091	(44,091)	–
		Net profit for the year					258,294	258,294
		Dividends paid					(84,039)	(84,039)
		Balance at December 31, 2007	3,045	1,605	376,411	336,393	1,016,260	1,733,714

In addition to the statutory contingency reserve, an additional 15% of net earned premium, being R502,091,000 (2006: R436,341,000), may not be distributed in order to achieve the 25% regulatory capital requirement of the Short-term Insurance Act and the Financial Services Board.

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