PPS Integrated Report 2021 Notes to the Consolidated Financial Statements | 184 Notes to the Consolidated Financial Statements (continued) for the year ended 31 December 2021 31. CASH (UTILISED BY)/GENERATED FROM OPERATIONS Group 2021 2020 Restated* R’m R’m Reconciliation of profit before movement in insurance policy liabilities to cash (utilised by)/generated from operations: 6 633 2 896 Profit before movement in policy liabilities 4 611 2 175 Attributable to unit trust holders 2 022 721 Investment contract receipts 783 707 Investment contract surrenders (339) (268) Adjustments for: – Depreciation 71 77 – Fair value of policyholder liabilities under investment contracts 567 166 – Amortisation and impairment of intangible asset 53 44 – Realised loss on disposal of property and equipment 3 – – Investment income (2 158) (2 098) – Finance costs 5 19 – Total gains on financial assets and investment property held at fair value through profit or loss (7 374) (2 046) Changes in working capital: – Insurance and other receivables (355) (399) – Insurance and other payables 229 199 – Short-term policy liabilities 4 – – Insurance policy liabilities 266 308 Cash utilised by operations (1 612) (395) 32.TAX PAID Group 2021 2020 R’m R’m Net tax receivable at beginning of year (72) (125) Current tax as per Statement of Profit or Loss and Other Comprehensive Income 392 222 Net tax (payable) / receivable at end of year (23) 72 Total tax paid 297 169
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