Preliminary group results for the year ended 31 December 2004

Notes
 
  Rand thousands  
 
2004 
2003
 
   
   
   
1. Accounting policies
  The financial statements are prepared in
  accordance and comply with the South African
  Statements of Generally Accepted Accounting
  Practice. The accounting policies applied in the
  preparation of these financial statements are
  consistent with those used in the prior year.
 
2. Determination of headline earnings
  Net profit attributable to members of
  the Company  
327 934 
223 919 
  After-tax adjustment for:  
  – Net realised surplus on disposal of  
    investments, property, plant and equipment
(67 192)
(44 215)
  Headline earnings  
260 742 
179 704 
  Headline earnings per share (cents)  
2 140.8 
1 475.5 
   
     
  
Foreign 
   
 
South Africa 
subsidiaries 
Total 
3. Segmental information
   
   
   
  Twelve months ended 31 December 2004
  Gross written premium
  General insurance business
2 840 241 
201 536 
3 041 777 
  Alternative risk transfer business
149 366 
– 
149 366 
   
2 989 607 
201 536 
3 191 143 
   
 
 
 
  Profit before taxation
  General insurance business
390 701 
32 893 
423 594 
  Alternative risk transfer business
37 942 
– 
37 942 
   
428 643 
32 893 
461 536 
   
 
 
 
  Net assets
  General insurance business
1 345 314 
85 636 
1 430 950 
  Alternative risk transfer business
132 258 
– 
132 258 
   
1 477 572 
85 636 
1 563 208 
   
 
 
 
  Twelve months ended 31 December 2003
  Gross written premium
  General insurance business
2 706 160 
218 285 
2 924 445 
  Alternative risk transfer business
264 655 
– 
264 655 
   
2 970 815 
218 285 
3 189 100 
   
 
 
 
  Profit before taxation
  General insurance business
246 279 
36 149 
282 428 
  Alternative risk transfer business
44 615 
– 
44 615 
   
290 894 
36 149 
327 043 
   
 
 
 
  Net assets      
  General insurance business
1 026 819 
85 980 
1 112 799 
  Alternative risk transfer business
139 853 
– 
139 853 
   
1 166 672 
85 980 
1 252 652 
   
 
 
 
  Rand thousands  
2004 
2003 
      
  
  
4. Other financial information  
  Earnings per share (cents)  
2 692.5 
1 838.5 
  Dividend paid per share (cents)  
480.0 
300.0 
  Number of shares in issue  
12 179 500 
12 179 500 
  Net asset value per share (cents)  
12 424 
9 835 
  Solvency margin (%)  
57.9 
47.1 
   
5. Profit before tax after charging/(crediting)  
  Depreciation  
17 723 
23 336 
  Surplus on disposal of property, plant  
  and equipment  
(2 580)
(1 495)
   
6. Investment income  
  Interest and rental income  
137 170 
129 896 
  Dividends  
20 181 
20 454 
  Unrealised gains on trading bonds  
11 682 
2 422 
  Total investment income  
169 033 
152 772 
   
 
 
7. Investments  
  Investment properties  
27 958 
27 156 
  Investment in associates  
19 710 
19 830 
  – Listed  
9 710 
6 573 
  – Unlisted  
10 000 
13 257 
  Mortgages and loans  
8 387 
9 415 
  Available-for-sale investments  
523 976 
474 355 
  Ordinary shares  
 
 
  – Listed  
478 871 
431 400 
  – Unlisted  
36 534 
37 855 
  Preference shares  
 
 
  – Listed  
1 165 
– 
  – Unlisted  
1 925 
2 118 
  Government and other approved securities  
5 445 
2 931 
  Municipal annuities and other fixed  
 
 
  interest securities  
36 
51 
  Trading investments  
322 910 
254 333 
  Total investments  
902 941 
785 089 
     
  
  
8.

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.