Notes to the ANNUAL FINANCIAL STATEMENTS
for the year ended 30 June



    Company  
2012  
R million  
Company  
2011  
R million  

1.

Investment in subsidiaries

     
  Unlisted subsidiaries        
  Ordinary shares at cost        
    OUTsurance Holdings Limited   4 405   4 544  
    RMB-SI Investments Proprietary Limited   220   220  
  Non-cumulative, non-redeemable preference shares at cost        
    OUTsurance Holdings Limited   802   802  
  Total investment in subsidiaries   5 427   5 566  
  The non-cumulative, non-redeemable preference shares pay dividends        
  at a rate of 83.3% (2011: 75%) of the prime interest rate.        
  Valuation   10 506   7 754  
  OUTsurance Holdings Limited        
  Number of shares(1) (full amount)   2 933 321 973   3 168 450 800  
  % of equity(2)   85.6   92.8  
  RMB-SI Investments Proprietary Limited        
  Number of shares (full amount)   200 000 000   200 000 000  
  % of equity(2)   80.5   80.5  
  1. 1 584 225 400 shares held via Firness International Proprietary Limited        
    (2011: 1 584 225 400) and 1 349 096 573 shares held directly        
    (2011: 1 584 225 400).        
  2. After consolidation of share trust        

 

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