Income statements
for the year ended 31 December 2008
Group |
Company |
||||||
2008 |
2007 |
2008 |
2007 |
||||
Note |
R’000 |
R’000 |
R’000 |
R’000 |
|||
| Insurance premium revenue | 5,316,490 |
4,400,960 |
4,834,688 |
3,964,136 |
|||
| Insurance premium ceded to reinsurers | (1, 127, 520) |
(827,941) |
(794,274) |
(600,219) |
|||
| Net insurance premium revenue | 4,188,970 |
3,573,019 |
4,040,414 |
3,363,917 |
|||
| Change in provision for unearned premium | (89,358) |
(17,100) |
(78,281) |
627 |
|||
| Reinsurers’ share of change in provision for unearned premium | 16,783 |
(16,794) |
11,077 |
(17,269) |
|||
| Net insurance premium earned | 4,116,395 |
3,539,125 |
3,973,210 |
3,347,275 |
|||
| Reinsurance commission earned | 123,486 |
114,959 |
117,632 |
109,372 |
|||
| Other income – fee income | 14,147 |
19,947 |
1,200 |
36 |
|||
| Pension fund (deficit)/surplus | (24,156) |
19,753 |
(24,156) |
19,753 |
|||
| Investment income | 313,753 |
236,159 |
213,013 |
188,415 |
|||
| Net fair value loss on assets held at fair value through income | (20,041) |
(23,839) |
(20,041) |
(23,839) |
|||
| Net realised gain on available-for-sale financial assets | 98,342 |
94,512 |
98,342 |
95,309 |
|||
| Net income | 4,621,926 |
4,000,616 |
4,359,200 |
3,736,321 |
|||
| Net insurance claims | (3,086,303) |
(2,595,794) |
(2,992,287) |
(2,436,721) |
|||
 |
|||||||
| Gross insurance claims paid | (3,341,242) |
(2,813,110) |
(3,262,939) |
(2,650,634) |
|||
| Reinsurers’ share of claims paid | 403,281 |
333,419 |
397,098 |
325,907 |
|||
| Change in gross provision for outstanding claims | (191,271) |
(54,068) |
(171,674) |
(47,853) |
|||
| Reinsurers’ share of change in provision for outstanding claims | 42,929 |
(62,035) |
45,228) |
(64,141) |
|||
| Expenses | (1,228,729) |
(973,098) |
(1,165,895) |
(923,303) |
|||
| Acquisition expenses | (765,963) |
(618,605) |
(730,557) |
(609,353) |
|||
| Administrative and other operating expenses | (437,411) |
(349,759) |
(410,753) |
(309,216) |
|||
| Impairment of available-for-sale financial assets | (21,050) |
– |
(21,050) |
– |
|||
| Share of loss of associates | (345) |
– |
– |
– |
|||
| Investment expenses | (3,960) |
(4,734) |
(3,535) |
(4,734) |
|||
| Results of operating activities | 306,894 |
431,724 |
201,018 |
376,297 |
|||
| Interest expense | (39,599) |
(10,564) |
– |
(10,564) |
|||
| Profit before tax | 267,295 |
421,160 |
201,018 |
365,733 |
|||
| Income tax expense | (56,838) |
(130,128) |
(42,073) |
(107,439) |
|||
| Profit for the year | 210,457 |
291,032 |
158,945 |
258,294 |
|||
| Net income attributable to: – Members of the Company |
210,457 |
289,860 |
158,945 |
258,294 |
|||
| – Minority interest in subsidiaries | – |
1,172 |
– |
– |
|||
| Basic and diluted earnings per share (cents) | 1,728.00 |
2,379.90 |
– |
– |
|||
