Income Statements
for the year ended December 31, 2007 |
|
|
|
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| R000 |  |
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|
Group |
Company |
|||||
Note |
2007 |
2006 |
2007 |
2006 |
|||
| Insurance premium revenue | 4,400,960 |
3,910,639 |
3,964,136 |
3,431,870 |
|||
| Insurance premium ceded to reinsurers | 827,941 |
735,513 |
600,219 |
508,863 |
|||
| Net insurance premium revenue | 3,573,019 |
3,175,126 |
3,363,917 |
2,923,007 |
|||
| Change in provision for unearned premium | (17,100) |
(114,622) |
627 |
(37,838) |
|||
| Reinsurers’ share of change in provision for unearned premium |
(16,794) |
55,043 |
(17,269) |
23,776 |
|||
| Net insurance premium earned | 3,539,125 |
3,115,547 |
3,347,275 |
2,908,945 |
|||
| Reinsurance commission earned | 114,959 |
138,032 |
109,372 |
93,964 |
|||
| Other income – fee income | 19,947 |
10,602 |
36 |
– |
|||
| Pension fund surplus | 19,753 |
230,764 |
19,753 |
230,764 |
|||
| Investment income | 236,159 |
202,224 |
188,415 |
163,822 |
|||
| Net fair value losses on assets held at fair value through income |
(23,839) |
(18,962) |
(23,839) |
(18,962) |
|||
| Net realised gains on financial assets – available-for-sale |
94,512 |
71,334 |
95,309 |
71,250 |
|||
| Net income | 4,000,616 |
3,749,541 |
3,736,321 |
3,449,783 |
|||
| Insurance claims | |||||||
| Gross insurance claims paid | 2,813,110 |
2,513,901 |
2,650,634 |
2,288,209 |
|||
| Reinsurers’ share of claims paid | (333,419) |
(323,881) |
(325,907) |
(236,331) |
|||
| Change in gross provision for outstanding claims | 54,068 |
160,905 |
47,853 |
150,958 |
|||
| Reinsurers’ portion of change in provision for outstanding claims | 62,035 |
(94,083) |
64,141 |
(90,369) |
|||
| Net insurance claims | 2,595,794 |
2,256,842 |
2,436,721 |
2,112,467 |
|||
| Expenses | |||||||
| Gross acquisition costs | 618,605 |
609,307 |
609,353 |
532,720 |
|||
| Administrative and other operating expenses | 349,759 |
447,250 |
309,216 |
423,022 |
|||
| Investment expenses | 4,734 |
3,594 |
4,734 |
3,594 |
|||
| Expenses | 973,098 |
1,060,151 |
923,303 |
959,336 |
|||
| Profit before tax and interest | 431,724 |
432,548 |
376,297 |
377,980 |
|||
| Interest paid | 10,564 |
– |
10,564 |
– |
|||
| Profit before tax | 421,160 |
432,548 |
365,733 |
377,980 |
|||
| Income tax expense | 130,128 |
105,666 |
107,439 |
90,330 |
|||
| Profit after tax | 291,032 |
326,882 |
258,294 |
287,650 |
|||
Net income attributable to: |
|||||||
| – Members of the Company | 289,860 |
320,580 |
258,294 |
287,650 |
|||
| –- Minority interest | 1,172 |
6,302 |
– |
– |
|||
| Earnings per share (cents) | 2,379.9 |
2,632.1 |
– |
– |
|||
