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Preliminary group results for the year ended 31 December 2003
Notes
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1. Accounting policies:
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The financial statements are prepared in accordance and
comply with South African Statements of Generally Accepted Accounting
Practice. The implementation of AC133 resulted in the unrealised gains
or deficits on trading investments, previously transferred to investment
reserves, now being credited or charged to the income statement during
the current year. |
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Twelve months
ended 31 Dec |
Twelve months
ended 31 Dec |
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Rand thousands |
2003 |
2002 |
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2. Determination of headline earnings:
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Net profit attributable to members of the Company
After-tax adjustment for: |
223 919 |
115 136 |
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– Net realised surplus on disposal of
investments and property, plant and equipment |
(44 215) |
(52 702) |
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– Exceptional item |
– |
14 000 |
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Headline earnings |
179 704 |
76 434 |
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Headline earnings per share (cents) |
1 475.5 |
627.6 |
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3. Segmental
information: |
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Gross written premium |
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General insurance business |
2 924 445 |
2 594 120 |
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Alternative risk transfer business |
264 655 |
333 977 |
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3 189 100 |
2 928 097 |
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Profit before taxation |
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General insurance business |
282 428 |
128 813 |
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Alternative risk transfer business |
44 615 |
16 325 |
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327 043 |
145 138 |
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Net assets |
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General insurance business |
1 112 799 |
921 200 |
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Alternative risk transfer business |
139 853 |
109 795 |
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1 252 652 |
1 030 995 |
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4. Other financial
information: |
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Earnings per share before adjustment (cents) |
1 838.5 |
945.3 |
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Earnings per share after excluding exceptional
item (cents) |
1 838.5 |
1 060.3 |
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Dividends per share (cents)
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– Paid/declared |
450.0 |
400.0 |
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Number of shares in issue |
12 179 500 |
12 179 500 |
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Net asset value per share (cents) |
9 835 |
8 002 |
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Solvency margin % |
47.1 |
43.3 |
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Dividend cover |
4.1 |
2.4 |
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5. Profit before
tax after charging/(crediting): |
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Depreciation |
23 336 |
23 913 |
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Surplus on disposal of property, plant and
equipment |
(1 495) |
(794) |
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Unrealised gains on trading bonds |
2 422 |
– |
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6. Investment
income: |
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Interest and rental income |
132 318 |
108 617 |
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Dividends |
20 454 |
20 610 |
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Total investment income |
152 772 |
129 227 |
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7. Investments:
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Investment properties |
27 156 |
29 886 |
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Investment in associates |
19 830 |
22 433 |
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– Listed |
6 573 |
5 910 |
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– Unlisted |
13 257 |
16 523 |
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Mortgages and loans |
9 415 |
44 827 |
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Available-for-sale investments
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474 355 |
515 389 |
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Ordinary shares |
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– Listed |
431 400 |
429 671 |
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– Unlisted |
37 855 |
35 349 |
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Preference shares |
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– Unlisted
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2 118 |
2 083 |
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Government and other approved
securities |
2 931 |
48 217 |
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Municipal annuities and
other fixed interest securities |
51 |
69 |
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Trading investments |
254 333 |
142 466 |
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Total investments |
785 089 |
755 001 |
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8. Change
in accounting policy:
During the current year the Group implemented AC133, financial
instruments. The effect on shareholders’ equity is as follows:
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Restatement of opening retained income
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3 152 |
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Restatement of investment reserve |
(3 152) |
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– |
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9. Auditors:
The preliminary announcement has been reviewed by the Company’s
external auditors, PricewaterhouseCoopers Inc. A copy of their review
opinion is available on request at the Company’s registered office.
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