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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		Company
				2008	2007	2008	2007
				R’000	R’000	R’000	R’000
15.	Cash and cash equivalents
	Cash at bank and on hand			121,372	167,611	20,032	126,426
	Short-term bank deposits*			676,657	410,106	115,000	122,730
	Other short-term highly liquid investments			325,781	523,921	193,127	114,237
				1,123,810	1,101,638	328,159	363,393
	*   The effective interest rate on short-term bank deposits with a duration of less than three months is between 9.75% and 12.13% per annum (2007: 8.60% and 10.60%). The effective interest rate on current accounts at the balance sheet date was between 9.75% and 10.25% per annum (2007: 7.25% and 9.25%).
	Included in the cash and cash equivalents is an amount of R24,002 (2007: R324,100) held in Zimbabwe. Due to foreign exchange regulations in Zimbabwe these funds are not freely transferable.