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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
27.	Administrative and other operating expenses – by nature
	Made up as follows:		548,749	440,648	522,091	400,105
	Employee expenses
	– Salaries and wages		200,965	200,999	190,569	191,307
	– Medical aid		16,966	16,102	16,339	15,569
	– Pension fund expenses		424	(2,245)	(500)	(2,990)
	– Provident fund expenses		196	229	170	209
	– Share-based remuneration		14,761	–	14,761	–
	IT expenses		64,487	66,008	63,008	64,630
	Marketing expenses		18,557	39,676	17,054	39,019
	Depreciation expenses
	– Motor vehicles		5,600	5,518	5,445	5,232
	– Furniture		1,549	1,078	1,353	1,029
	– Office equipment		460	310	193	289
	– Computer equipment and systems		10,619	9,739	4,050	8,340
	– Buildings		124	–	–	–
	– Leasehold improvements		523	–	227	–
	Intangibles amortisation		4,182	–	451	–
	Administration expenses		182,776	81,915	185,108	59,358
	Audit remuneration
	– Fees for audit		3,646	3,203	2,402	2,050
	– Other services		1,711	398	1,711	298
	Surplus on disposal of property and equipment		(2,483)	(816)	(2,272)	(1,397)
	Operating leases rentals		23,686	18,534	22,022	17,162
	Less: Claims handling expenses		(111,338)	(90,889)	(111,338)	(90,889)
	Total expenses		437,411	349,759	410,753	309,216