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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

		2008	2007
		R'000	R'000
32.	Directors’ emoluments
	Executive directors
	NV Beyers
	Basic salary	1,575	1,500
	Bonus	133	125
	Other material benefits*	581	241
	Post-employment benefits**	236	209
	Share-based payments	247	465
	Total	2,772	2,540
	DM Burton (resigned as a director on 31 May 2008)
	Basic salary	306	691
	Bonus	65	59
	Other material benefits*	49	207
	Post-employment benefits**	46	98
	Share-based payments	147	107
	Total	613	1,162
	CN Zungu (resigned as a director on 31 May 2008)
	Basic salary	292	662
	Bonus	59	56
	Other material benefits*	61	227
	Post-employment benefits**	44	94
	Share-based payments	136	122
	Total	592	1,161
	Total executive directors	3,977	4,863
	Non-executive directors
	Directors’ fees paid to the following non-executive directors:
	JPG de Rauville	546	398
	PT Martin	–	70
	SG Morris	407	267
	DS Phiri	181	180
	A Paas#	–	40
	MN Mbekeni	242	41
	DD Mokgatle	301	24
	JPM Deiss#	215	18
	CJ Cron#	179	83
	Total non-executive directors	2,071	1,121
	Total	6,048	5,984
	The above emoluments have been paid by Zurich Insurance Company South Africa Limited. Details of the directors’ shareholdings are set out in the directors’ report.
	All key management personnel (including non-executive directors)
	Basic salary	4,069	2,715
	Bonus	388	239
	Other material benefits*	2,153	579
	Pension scheme contributions	723	428
	Profitsharing	285	–
	Total other key management personnel	7,618	3,961
	Key management personnel are persons having authority for planning, directing and controlling the activities of the Group, directly or indirectly. This includes executive and non-executive directors.
*	Includes company car, medical aid, housing allowance and club subscriptions – material benefits.
**	Includes post-retirement medical aid benefits.
#	Payments made directly to Zurich Financial Services.