PPS Integrated Report 2021 Notes to the Consolidated Financial Statements | 204 Notes to the Consolidated Financial Statements (continued) for the year ended 31 December 2021 Corporate and government debt Included in the category designated at fair value through profit or loss are interest instruments of corporate and government debt. Management recognises and accepts that losses may occur through the inability of corporate debt issuers to service their debt. To mitigate this risk, management has formulated guidelines based on ratings from Standard & Poor’s, an industry accepted credit ratings agent. The Group’s total exposure to corporate debt amounted to R18.1 billion (2020: 15.5 billion) at 31 December 2021. The following represent the major industry sectors to which the Group is exposed as at 31 December 2021: Group R'm 2021 2020 restated Government 12 169 8 673 Banks 4 349 5 187 Utilities 682 519 Corporate 895 1 087 Total 18 095 15 466 Concentrations of credit risk The maximum exposure to credit risk for its financial assets, including unit trusts, at the reporting date by credit rating category was as follows: Below AAA Below A Group 2021 AAA and but no lower but no lower BBB- and R'm Government than A than BBB- Below Unrated Total Debt securities* 11 970 5 177 219 442 287 18 095 Reinsurance assets – 165 – – – 165 Insurance receivables – – – – 281 281 Cash and cash equivalents* 34 3 799 88 3 921 Other receivables – – – – 675 675 Reinsurance receivables – 428 – – – 428 * Including assets held in unit trust funds Below AAA Below A Group 2020 Restated AAA and But no lower but no lower BBB- and R'm Government than A than BBB- Below Unrated Total Debt securities* 8 828 5 908 150 443 137 15 466 Reinsurance assets – 43 – – – 43 Insurance receivables – – – – 232 232 Cash and cash equivalents* 17 1 967 458 34 39 2 515 Other receivables – – – – 536 536 Reinsurance receivables – 197 – – – 197 * Including assets held in unit trust funds 38. MANAGEMENT OF RISKS (continued) 38.3 Financial risk management (continued)
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