Change in accounting policy

During the year, the group changed its accounting policy in respect of nonclaims bonuses on insurance contracts to include expected cancellation rates in the calculation of the provision at the reporting date.

This change in accounting policy has been accounted for retrospectively and the comparative amounts have been restated. The effect of this change in accounting policy is as follows:

  2011  
  R million  
Statement of financial position     
Assets     
Decrease in deferred taxation   (136) 
Total restatement of assets   (136) 
Equity and liabilities     
Increase in retained earnings   17  
Increase in transactions with non-controlling interests reserve   305  
Increase in non-controlling interest   29  
Decrease in insurance contract liabilities   (487) 
Total restatement of equity and liabilities   (136) 
Income statement     
Decrease in cash bonuses on insurance contracts expense   34  
Increase in deferred taxation   (10) 
Increase in non-controlling interest   (7) 
Increase in profit attributable to equity holders  of the company for the period   17