Income statement
for the year ended 30 June


      Notes    Group  
2012  
R million  
Restated  
Group  
Period ended  
30 June  
2011  
R million  
Gross insurance premiums      7 384   2 272  
Less: Reinsurance premiums      (326)  (101) 
Net insurance premiums      7 058   2 171  
Change in provision for unearned premiums net of reinsurance      (397)  (100) 
Net insurance premiums earned   20   6 661   2 071  
Fee income   21   119   50  
Investment income   22   569   155  
Net fair value gains/(losses) on financial assets   23   209   (213) 
Net income      7 558   2 063  
Gross claims paid   24   (2 872)  (376) 
Reinsurance recoveries received   24   291   70  
Investment contract benefits   25   (119)  (12) 
Transfer to policyholders’ interest   15   (266)  (184) 
Transfer to policyholder liabilities under insurance contracts      (12)  –  
Provision for cash bonuses   6.5   (280)  (93) 
Acquisition expenses   26   (172)  (30) 
Fair value adjustment to financial liabilities      (220)  (54) 
Marketing and administration expenses   27   (1 799)  (565) 
Result of operating activities      2 109   819  
Finance costs   30   (138)  (46) 
Share of after tax results of associates   3   975   318  
Profit before taxation      2 946   1 091  
Taxation   31   (517)  (352) 
Profit for the year      2 429   739  
Attributable to:           
Equity holders of the company      2 248   587  
Non-controlling interests      181   152  
Profit for the year      2 429   739  
   

Return to top