2019 Integrated Report

102 | PPS INTEGRATED REPORT 2019 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME for the year ended 31 December 2019 Group 2019 2018 Note R'000 R'000 Net insurance premium revenue 21 4 606 791 4 163 102 Other income 22 480 807 418 219 Net investment income and gains/(losses) on financial assets, excluding third party unit trust holders 3 609 692 (123 247) Investment income 23 2 385 663 2 114 846 Gains/(losses) on financial assets and investment property 24 2 959 262 (2 083 475) Attributable to unit trust holders 15 (1 735 233) (154 618) 8 697 290 4 458 074 Net insurance benefits and claims paid 25 3 489 217 2 931 878 Movement in fair value of policyholder liabilities under investment contracts 14 170 002 (48 342) Expenses 26 2 209 496 1 910 477 Finance costs 28 24 366 17 151 Profit/(loss) before movement in insurance policy liabilities 2 804 209 (353 090) Movement in insurance policy liabilities 12 2 435 702 (333 723) Tax charge/(credit) 29 381 298 (27 939) (Deficit)/surplus after tax and policy movements (12 791) 8 572 Other comprehensive income: Revaluation of owner-occupied property net of deferred tax 263 4 648 Total comprehensive (loss)/income for the year (12 528) 13 220 The mutual nature of PPS should be noted. The allocation to policyholders – described above as ‘Movement in insurance policy liabilities’ – is a portion of the annual allocation to members’ PPS Profit-Share Account in their capacity as policyholders. A further R1.8bn is from the movements in the Actuarial Reserve. The deficit after tax is the result of operations of the non-insurance subsidiaries and any increase required to maintain capital.