PPS Integrated Report 2021 Notes to the Consolidated Financial Statements | 208 Notes to the Consolidated Financial Statements (continued) for the year ended 31 December 2021 The cash and cash equivalents and debt securities interest rate sensitivity on profit before movement in insurance liabilities is shown below: 2021 2020 Restated Group R'm R'm Cash and cash equivalents Interest rate decrease: 1% (39) (25) Interest rate increase: 1% 39 25 Debt Securities Interest rate decrease: 1% (181) (155) Interest rate increase: 1% 181 155 Total interest rate risk Interest rate decrease: 1% (220) (180) Interest rate increase: 1% 220 180 Fluctuations in the value of assets held to back the DPF and investment components of the policy liabilities will affect the allocations to DPF benefits and investment policyholder liabilities each year. The choice of assets to back the DPF components of the policy liabilities reflects the Group’s interpretation of the investment risk appetite of the policyholders. The assets held in this regard are as follows: DPF and Investment policies Group excluding Investment Choice Investment Choice (DPF) 2021 R'm % R'm % Local Equity 11 053 41.7 1 887 29.2 Fixed interest 5 128 19.4 2 872 44.4 Cash 2 080 7.9 335 5.2 International Equity 8 230 31.0 1 370 21.2 Total 26 491 100.0 6 464 100.0 38. MANAGEMENT OF RISKS (continued) 38.3 Financial risk management (continued) a. Interest rate risk (continued)
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