Annual Financial Statements

Statement of financial positionas at 31 December 2011

		Group		Company
		2011	2010	2011	2010
	Note	R'000	R'000	R'000	R'000
Assets
Land, buildings and equipment	5	94,131	112,690	88,928	107,389
Intangible assets	6	56,424	53,519	46,705	45,168
Investment in subsidiaries	7	–	–	57,409	58,569
Investment in associates	8	4,902	4,560	4,094	3,752
Financial instruments	9	2,920,147	3,036,859	2,621,344	2,714,511
– Available-for-sale	9.1	1,711,559	1,664,568	1,476,010	1,403,799
– Fair value through income	9.2	430,126	406,868	430,126	406,868
– Loans and receivables	9.3	778,462	965,423	715,208	903,844
Deferred taxation asset	10	–	18,468	–	15,794
Prepayment of defined-contribution fund	11	142,300	134,544	142,300	134,544
Deferred acquisition costs	12	94,504	102,192	78,399	88,734
Reinsurance assets	13	585,910	970,283	510,281	819,100
– Reinsurance outstanding claims	13	429,459	759,161	378,608	645,639
– Reinsurance unearned premiums	13	156,451	211,122	131,673	173,461
Income tax asset	29	19,652	26,355	11,741	21,949
Cash and cash equivalents	14	981,803	1,072,454	606,766	679,608
Total assets		4,899,773	5,531,924	4,167,967	4,689,118
Equity and liabilities
Equity
Share capital	15	4,650	4,650	4,650	4,650
Translation reserve		(35,053)	(36,908)	–	–
Revaluation reserves	16	310,818	293,941	310,818	293,941
Statutory contingency reserve		314,095	375,365	282,075	347,448
Retained income		1,420,435	1,246,779	1,321,570	1,145,222
Total equity		2,014,945	1,883,827	1,919,113	1,791,261
Liabilities
Deferred taxation liability	10	19,451	–	20,938	–
Employee benefit obligation	17	64,551	41,494	64,308	41,317
Financial liabilities held at amortised cost	18	183,831	281,597	–	–
Insurance liabilities	13	1,820,397	2,447,738	1,600,260	2,169,072
– Gross outstanding claims	13	1,139,419	1,691,964	1,031,181	1,549,936
– Gross unearned premiums	13	680,978	755,774	569,079	619,136
Deferred reinsurance commission	19	14,610	17,264	12,208	15,739
Trade and other payables	20	767,265	838,848	536,417	650,573
Provisions	21	14,723	21,156	14,723	21,156
Total liabilities		2,884,828	3,648,097	2,248,854	2,897,857
Total equity and liabilities		4,899,773	5,531,924	4,167,967	4,689,118

Annual Financial Statements

Statement of financial positionas at 31 December 2011

Equity

Liabilities