2020 INTEGRATED REPORT

30.CASH (UTILISED BY)/GENERATED FROM OPERATIONS Group 2020 2019 R’m R’m Reconciliation of profit before movement in insurance policy liabilities to cash (utilised by)/generated from operations: 3 028 4 539 Profit before movement in policy liabilities 2 175 2 804 Attributable to unit trust holders 853 1 735 Investment contract receipts 707 586 Investment contract surrenders (268) (213) Adjustments for: – Depreciation 77 78 – Fair value of policyholder liabilities under investment contracts 166 170 – Amortisation and impairment of intangible asset 44 52 – Realised profit on disposal of property and equipment (0.1) (4) – Impairment losses from loan to associate company – 143 – Investment income (2 576) (2 385) – Finance costs 19 24 – Total gains on financial assets and investment property held at fair value through profit or loss (1 677) (2 959) Changes in working capital: – Insurance and other receivables (378) (115) – Insurance and other payables 196 165 – Short-term policy liabilities – 5 – Insurance policy liabilities 308 (41) Cash (utilised by)/generated from operations (354) 45 31. TAX PAID Group 2020 2019 R’m R’m Net tax receivable at beginning of year (125) (61) Current tax as per Statement of Profit or Loss and Other Comprehensive Income 222 336 Net tax receivable at end of year 72 125 Total tax paid 169 400 PPS INTEGRATED REPORT 2020 | 173