| Rand thousands | Note |
Reviewed at 30/06/06 |
Reviewed at 30/06/05 Restated |
% Change |
Audited at 31/12/05 |
| Insurance premium revenue | 1,905,852 |
1,714,718 |
11.2% |
3,509,671 |
|
| Insurance premium ceded to reinsurers | 374,217 |
331,486 |
646,274 |
||
| Net insurance premium revenue | 1,531,635 |
1,383,232 |
2,863,397 |
||
| Net insurance premium earned | 1,495,576 |
1,371,918 |
9.0% |
2,806,825 |
|
| Investment income | 95,197 |
86,386 |
10.2% |
175,412 |
|
| Fair value adjustment on trading | |||||
| investments | (28,680) |
(928) |
5,138 |
||
| Net realised gains on disposal of | |||||
| investments | 68,425 |
40,875 |
172,932 |
||
| Net income | 1,630,518 |
1,498,251 |
8.8% |
3,160,307 |
|
| Net insurance claims | 1,074,935 |
928,894 |
15.7% |
1,902,370 |
|
| Acquisition expenses | 226,458 |
208,106 |
8.8% |
425,682 |
|
| Administrative and other operating | |||||
| expenses | 160,872 |
157,206 |
2.3% |
318,275 |
|
| Investment expenses | 2,250 |
1,914 |
5,368 |
||
| Expenses | 1,464,515 |
1,296,120 |
13.0% |
2,651,695 |
|
| Profit before tax | 166,003 |
202,131 |
(17.9%) |
508,612 |
|
| Income tax expense | 33,941 |
59,954 |
(43.4%) |
118,388 |
|
| Profit after tax | 132,062 |
142,177 |
(7.1%) |
390,224 |
|
| Minority interest | 1,498 |
2,491 |
1,094 |
||
| Net profit attributable to members | |||||
| of the Company | 130,564 |
139,686 |
(6.5%) |
389,130 |
|
| Financial highlights | |||||
| After-tax adjustment for: | |||||
| Net realised surplus on disposal of | |||||
| investments, property and equipment, | |||||
| after tax | (58,503) |
(38,598) |
51.6% |
(153,654) |
|
| Headline earnings | 72,061 |
101,088 |
(28.6%) |
235,476 |
|
| Headline earnings per share (cents) | 592.0 |
830.0 |
(28.6%) |
1,933.4 |
|
| Earnings per share (cents) | 1,084.0 |
1,167.0 |
(7.1%) |
3,195.0 |
|
| Ordinary dividends declared per share | |||||
| (cents) | 220.0 |
200.0 |
10.0% |
800.0 |
|
| Dividends paid per share (cents) | 600.0 |
480.0 |
2,970.0 |
||
| Number of shares in issue | 12,179,500 |
12,179,500 |
12,179,500 |
||
| Net asset value per share (cents) | 13,362 |
10,686 |
25.0% |
12,414 |
|
| Solvency margin (%) | 54.0% |
48.3% |
52.9% |
||
| Combined ratio (%) | 97.9% |
94.4% |
94.3% |
||
| Return on equity (%) | 17.8% |
21.7% |
28.3% |
Consolidated Income Statement