Computation of normalised earnings (unaudited)

The group believes that normalised earnings more accurately reflect operational performance. Headline earnings are adjusted to take into account non-operational and accounting anomalies.

For the period ended 30 June   2011  
R million   Unaudited  
Headline earnings attributable to equity holders   525  
RMI Holdings’ share of normalised adjustments made by associates:    
  Net realised and fair value losses on excess   19  
  Basis and other changes and investment variances   47  
  Amortisation of intangible assets relating to business combinations   50  
  Other   12  
  IFRS 2 share based expenses   1  
Normalised earnings after normalised adjustments of associates   654  
Adjustment for:    
  Group treasury shares   (18) 
Normalised earnings attributable to equity holders   636  

Computation of normalised earnings per share

  2011  
For the period ended 30 June   Unaudited  
Weighted average number of shares in issue (millions)   495  
Normalised earnings per share (cents)   128,4  
Diluted normalised earnings per share (cents)   125,6  
Dividend cover (relative to normalised earnings)   2,3  

Sources of normalised earnings

For the period ended 30 June   2011  
R million   Unaudited  
Normalised earnings from:      
  MMI Holdings   223  
  Discovery   165  
  OUTsurance   203  
  RMB Structured Insurance   48  
Normalised earnings before funding costs   639  
  Funding costs   (3) 
Normalised earnings   636  

 

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