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Notes to the annual financial statements
for the year ended 31 December 2008

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1. General information 2. Summary of significant accounting policies 3. Critical accounting judgements and estimates 4. Segment information - Group 5. Basic and diluted earnings and dividend per share 6. Property and equipment 7. Management of financial risks 8. Investments 9. Financial assets 10. Employee benefit obligations 11. Insurance risk management 12. Insurance liabilities and reinsurance assets 13. Intangible assets 14. Current taxation asset and current taxation liability 15. Cash and cash equivalents 16. Share capital 17. Share premium 18. Revaluation reserves (non-distributable reserves) 19. Share-based payment reserve 20. Deferred taxation 21. Accounts payable and accrued expenses 22. Provisions 23. Deferred reinsurance commission 24. Investment income 25. Net fair value losses on assets held at fair value through income 26. Net realised gains 27. Administrative and other operating expenses 28. Income tax expense 29. Cash generated from operations 30. Taxation paid 31. Related-party transactions 32. Directors' emoluments 33. Post balance sheet events 34. Contingency

		Group
		2008	2007
		R’000	R’000
5.	Basic and diluted earnings and dividend per share
5.1	Basic and diluted earnings per share
	Group net income after taxation attributable to members of the Company	210,457	289,860
	Earnings per share (cents)	1,728.0	2,379.9
	Headline earnings is determined as follows:
	Group net income after taxation attributable to members of the Company	210,457	289,860
	Less: Gains on disposal of property and equipment	(2,542)	(1,405)
	Less: Gains on disposal of land and buildings	–	(2,498)
	Less: Gains on disposal of available-for-sale financial assets and impairment losses	(77,292)	(92,013)
	Add: Tax effect	10,778	9,552
	Headline earnings	141,401	203,496
	Headline earnings per share (cents)	1,161.0	1,670.8
	The calculation of earnings per share and headline earnings per share are based on 12,179,500 (2007: 12,179,500) fully paid shares in issue.
	There were no potentially dilutive instruments in issue at both year-ends. There were no ordinary share transactions or potential ordinary share transactions occurring after the balance sheet date but before the financial statements were authorised for issue.
5.2	Dividends paid
	Cash dividends amounting to R85,256,500 were paid to the shareholders of the Company in 2008.
		2008	2007
	Dividends paid per share	cents	cents
	Final cash dividend in respect of 2007	440.0	430.0
	Interim cash dividend in respect of 2008	260.0	260.0
	Dividends paid during the year per share	700.0	690.0
	At the next Annual General Meeting, a dividend in respect of the 2008 financial year, of 140 cents per share, amounting to a total dividend of R17,051,300, is to be proposed. These financial statements do not reflect the final dividend to be proposed.