Income statement
for the period ended 30 June 2011


  Notes Group  
 2011  
R million 
Share of after tax results in associate companies – equity accounted earnings 3 318 
Gross insurance premiums   2 272 
Less: reinsurance premiums   (101)
Net insurance premiums   2 171 
Change in provision for unearne d premiums net of reinsurance   (100)
Net insurance premiums earned 20 2 071 
Fee income 21 50 
Investment income 22 155 
Net fair value losses on financial assets 23 (213)
Net income   2 063 
Gross claims paid 24 (376)
Reinsurance recoveries received 24 70 
Investment contract benefits 25 (12)
Transfer to policyholders’ interest 14 (184)
Provision for cash bonuses 6.5 (127)
Acquisition expenses 26 (30)
Fair value adjustment to financial liabilities   (54)
Marketing and administration expenses 27 (565)
Result of operating activities   785 
Profit before finance costs and taxation   1 103 
Finance costs 28 (46)
Profit before taxation   1 057 
Taxation 29 (342)
Profit for the period   715 
Attributable to:    
Equity holders of the company   570 
Non-controlling interests   145 
Profit for the period   715 
   

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