Notes
1. Accounting policies and basis of preparation
The principal policies used in the preparation of the results for the period ended June 30, 2007 are consistent with those applied in the annual financial statements for the year ended December 31, 2006 and for the results for the six months ended June 30, 2006 in terms of International Financial Reporting Standards. Comparative information in the condensed cash flow statement has been amended to accommodate the enhanced disclosure in the current year.
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Audited at |
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December 31, |
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June 30, 2007 |
3June 30, 2006 |
% Change |
2006 |
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| 2. Financial highlights |  |
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| Reconciliation between earnings and headline earnings |
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| Headline earnings | 89,720 |
72,061 |
24.5% |
262,041 |
| After-tax adjustment for: | ||||
| Net realised surplus on disposal of investments, property and equipment |
32,966 |
58,503 |
58,539 |
|
| Net profit attributable to members of the Company | 122,686 |
130,564 |
- 6.0% |
320,580 |
| Headline earnings per share (cents) | 736.6 |
592.0 |
2,151.5 |
|
| Earnings per share (cents) | 1,007.3 |
1,072.0 |
- 6.0% |
2,632.1 |
| Ordinary dividends declared per share (cents) | 260.0 |
220.0 |
650.0 |
|
| Dividends paid per share (cents) | 430.0 |
600.0 |
820.0 |
|
| Number of shares in issue | 12,179,500 |
12,179,500 |
12,179,500 |
|
| Net asset value per share (cents) | 15,194.9 |
13,362.5 |
13.7% |
14,441.8 |
| Solvency margin (%) | 55.0% |
54.0% |
55.8% |
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| Combined ratio (%) * | 97.2% |
97.9% |
97.3% |
|
| Return on average equity (%) | 18.2% |
17.8% |
19.6% |
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* If the conversion costs relating to the conversion of the Pension Fund from defined benefit to defined contribution of R135 million were included at December 2006, the combined ratio would have been 101.5%. |
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