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Condensed Income Statement

Rand thousands
		Six months	Six months		Year ended
		ended	ended		31 December 2007
		30 June 2008	30 June 2007	% Change	(Audited)
Insurance premium revenue		2,656,792	2,183,457	21.7%	4,400,960
Insurance premium ceded to reinsurers		623,737	460,784		827,941
Net insurance premium revenue		2,033,055	1,722,673		3,573,019
Net insurance premium earned		2,031,208	1,707,879	18.9%	3,539,125
Reinsurance commission earned		54,381	61,627		114,959
Pension fund surplus		–	6,126		19,753
Other income – fee income		4,700	6,366		19,947
Net investment income		122,717	100,463		225,595
– Interest and dividends received		130,079	104,118		236,159
– Interest paid		(7,362)	(3,655)		(10,564)
Net fair value loss on assets held at fair value
through income		(48,280)	(18,066)		(23,839)
Net realised gains on financial assets –
available-for-sale		97,465	35,489		94,512
Income		2,262,191	1,899,884	19.1%	3,990,052
Net insurance claims		1,510,818	1,233,774	22.5%	2,595,794
Gross acquisition costs		359,969	324,053		618,605
Administrative and other operating expenses		203,984	164,248		349,759
Investment expenses		2,470	1,778		4,734
Expenses		2,077,241	1,723,853	20.5%	3,568,892
Profit before tax		184,950	176,031		421,160
Income tax expense		33,764	53,222		130,128
Profit after tax		151,186	122,809		291,032
Minority interest		–	123		1,172
Net profit attributable to members of the
Company		151,186	122,686	23.2%	289,860

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