2020 INTEGRATED REPORT

Group 2020 2019 R’m R’m The non-DPF liabilities developed as follows: Liabilities at beginning of the year 3 973 4 434 Unwinding of discount rate 371 343 Expected cash flows 1 281 (467) Expected risk liability at year-end 5 625 4 310 Impact of movements (188) (101) Change in valuation assumptions (518) (927) Asset value adjustments 6 106 Risk benefit liability for new business issued 247 585 Non-DPF liabilities at end of the year 5 172 3 973 The DPF liabilities developed as follows: Liabilities at beginning of the year 28 975 26 073 Claims paid during the year (1 667) (1 482) Allocation of profits 2 215 4 246 Movement in unallocated profit (17) 50 Asset value adjustments (39) 88 DPF liabilities at end of the year 29 467 28 975 Analysis of total insurance policy liabilities, net of reinsurance: Non-DPF liabilities 5 172 3 973 DPF liabilities 29 467 28 975 Current liabilities 796 488 Liabilities at end of the year 35 435 33 436 PPS INTEGRATED REPORT 2020 | 159