Home Condensed Income Statement Condensed Balance Sheet Condensed Statement of Changes in Equity Condensed Cash Flow Statement Notes Comments Review Cash Dividend Declaration No.74 Board of Directors Administration

Notes

Accounting policies and basis of preparation

The principal policies used in the preparation of the reviewed results for the period ended 30 June 2008 are consistent with those applied in the annual financial statements for the year ended 31 December 2007 and for the results for the six months ended 30 June 2007 in terms of International Financial Reporting Standards, including IAS 34, except for the adoption of IFRIC 11 by the Group which results in the reallocation of equity components in the amount of R30.9 million. Comparative information in the condensed cash flow statement has been amended to accommodate disclosure in the current year.

Financial highlights

Rand thousands

Six months

Year ended

ended

31 December 2007

30 June 2008

30 June 2007

% Change

(Audited)

Net profit attributable to members of the

Company

(IAS 33 Earnings)

151,186

122,686

23.2%

289,860

Adjusted for:

Less loss/(gains) on disposal of plant

and equipment

(IAS 16)

1,512

–

(1,405)

Less gains on disposal of land and buildings

(IAS 16)

–

(2,498)

Less gains on disposal of available-for-sale

financial assets

(IAS 16)

(97,465)

(35,489)

(92,013)

Add tax effect

8,884

2,523

9,552

Headline earnings

64,117

89,720

(28.5%)

203,496

Headline earnings per share (cents)

526.4

736.6

(28.5%)

1,670.8

Earnings per share (cents)

1,241.3

1,007.3

23.2%

2,379.9

Ordinary dividends declared per share (cents)

260

260

700

Dividends paid per share (cents)

440

430

2.3%

690

Number of shares in issue

12,179,500

12,179,500

Net asset value per share (cents)

15,646.0

15,194.9

3.0%

15,601.0

Solvency margin (%)

49.1%

55.0%

53.2%

Combined ratio (%)

99.5%

97.2%

97.5%

Return on average equity (%)

19.0%

18.2%

15.8%

Segmental information

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