|
30 JUNE |
30 JUNE |
31 DEC |
|
2001 |
2000 |
2000 |
|
| 1.
Accounting policies |
|
|
|
|
The same
accounting policies and methods of
computation are followed in the interim statements
as compared with the most recent
annual financial statements.
|
|
|
|
|
2.
Determination of headline earnings:
|
|
|
|
|
Net income
attributable to members
|
90 590 |
64 362 |
186 734 |
| After-tax
adjustment for: |
|
|
|
| –
Net realised surplus on disposal of |
|
|
|
| investments
and fixed assets |
(45 697) |
(31 238) |
(182 834) |
| –
Reverse provision for restructuring cost |
(12 112) |
(24 710) |
(24 710) |
| –
Provision for restructuring cost |
10 481 |
14 739 |
12 112 |
|
|
| Headline
earnings |
43 262 |
23 153 |
(8 698) |
|
|
| Headline
earnings per share – cents |
355,2 |
190,1 |
(71,4) |
|
Adjusted
headline earnings per share
before
STC on special dividends and
|
|
|
|
| cost
of restructuring – cents |
368,6 |
403,2
|
893,0 |
| Dividend
per share – cents |
|
|
|
| –
Normal paid |
450,0 |
– |
250,0 |
| –
Normal proposed |
250,0 |
250,0 |
450,0 |
| –
Special paid |
– |
1 050,0 |
4 900,0 |
| Number
of shares in issue |
12 179 500 |
12 179 500 |
12 179 500 |
| Net
asset value per share – cents |
8 507 |
11 345 |
8 032 |
| Solvency
margin % |
60,3 |
93,4 |
62,7 |
|
3.
Underwriting loss after
|
|
|
|
| charging/(crediting):
|
|
|
|
| Depreciation |
5 615 |
9 093 |
18 076 |
| (Surplus)/Loss
on disposal of fixed assets |
(811) |
621 |
372 |
|
|
|
|
|
|
|
| Interest |
47 909 |
67 790 |
125 317 |
| Dividends |
20 264 |
26 244 |
44 675 |
|
|
| Total
investment income |
68 173 |
94 034 |
169 992 |
|
|
|
It was
announced in the budget speech
that the
long standing relief from taxation
in respect
of the statutory contingency
reserve
was being withdrawn. Full details
are awaited
of the withdrawal of this relief
which is
likely to result in an additional tax charge
of around R40 million. No provision has
yet been made for this additional tax liability.
|
|
|
|
|
|
|
|
|
| Fixed
properties |
52 787 |
49 800 |
52 734 |
| Mortgages
and loans |
19 856 |
21 488 |
19 303 |
| Government
and other approved securities |
145 811 |
375 153 |
192 411 |
|
|
|
|
|
Public
boards, annuities and other
|
|
|
|
| fixed
interest securities |
104 |
148 |
120 |
|
|
|
218 558 |
446 589 |
264 568 |
| Listed
shares |
616 971 |
812 031 |
625 409 |
| Unlisted
shares |
98 816 |
89 105 |
90 033 |
|
|
| Total
investments |
934 345 |
1 347 725 |
980 010 |
| |
|
 |
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|
