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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

		Quoted	Unquoted	Total	Quoted	Unquoted	Total
		2008	2008	2008	2007	2007	2007
		R’000	R’000	R’000	R’000	R’000	R’000
24.	Investment income
	Group
	Financial assets at fair value through income
	Debt instruments – interest received	46,624	–	46,624	47,550	–	47,550
	Available-for-sale financial assets
	– Equity instruments – dividends received	20,626	19,959	40,585	18,314	8,106	26,420
	– Fixed-interest investments – interest received	–	44,095	44,095	–	31,427	31,427
	Loans and receivables	86,739	693	87,432	44,643	–	44,643
	Cash and cash equivalents – interest received	95,017	–	95,017	86,119	–	86,119
	Total for the year	249,006	64,747	313,753	196,626	39,533	236,159
	Company
	Financial assets at fair value through income
	Debt instruments – interest received	46,624	–	46,624	47,550	–	47,550
	Available-for-sale financial assets
	– Equity instruments – dividends received	20,626	14,108	34,734	18,314	7,893	26,207
	– Fixed-interest investments – interest received	–	44,095	44,095	–	31,427	31,427
	Loans and receivables	47,141	693	47,834	44,643	–	44,643
	Cash and cash equivalents – interest received	37,726	–	37,726	28,588	–	28,588
	Dividends from subsidiaries	–	2,000	2,000	–	10,000	10,000
	Total for the year	152,117	60,896	213,013	139,095	49,320	188,415