PPS Group consolidated statement of profit or loss and comprehensive income for the year ended 31 December 2021 2021 R’m 2020 Restated R’m 2019 Restated R’m 2018 R’m 2017 R’m Description of individual items Net insurance premium revenue 5 030 4 898 4 607 4 163 3 858 Premiums received from policyholders net of reinsurance premiums paid to reinsurers. Other income 605 530 481 418 437 Administration fees: long and short-term insurance, medical aid and retirement annuity. Short-term insurance commissions. Fees earned for asset management. Investment income & profits/ (losses) on financial assets and investment property 9 532 4 144 4 575 32 4 612 Interest, dividends, and realised & unrealised gains on investment assets. Attributable to unit trust holders (2 022) (721) (964) (155) (967) Third-party unit trust holders' share of relevant income and revaluation gains. Total revenue 13 145 8 851 8 699 4 458 7 940 Gross insurance benefits and claims (6 147) (4 841) (3 749) (3 167) (2 877) Gross benefits paid to members. Reinsurance claims recoveries 696 481 260 235 177 Claims recovered from reinsurers. (Increase)/Decrease in fair value of policyholder liabilities under investment contracts (567) (166) (170) 48 (140) Investment income, net of expenses, relating to the underlying assets linked to the investment policyholder contracts. Expenses (2 511) (2 131) (2 211) (1 910) (1 596) Group operating expenses, commissions paid on new business written, and investment management fees. Finance costs (5) (19) (25) (17) (17) Interest cost on borrowings and lease liabilities. (Loss)/profit before movement in insurance policy liabilities 4 611 2 175 2 804 (353) 3 487 Movement to insurance policy liabilities (3 838) (1 691) (2 436) 334 (3 012) The amount allocated to members in their capacity as policyholders. Tax (786) (472) (381) 28 (465) Taxes raised in favour of the South African and Namibian Revenue Services. Surplus/(deficit) after tax and policy movements (13) 12 (13) 9 10 Any adjustment required to maintain capital cover and the result of operations of subsidiaries, other than the long-term insurance subsidiaries. This includes losses of subsidiaries that are in the start-up phase of their business cycle. This comprises insurance claims paid to members and Profit-Share payouts This amount forms part of the annual allocation to members’ PPS Profit-Share Accounts. A further R1.6bn is from movements in the Actuarial Reserve PPS Integrated Report 2021 Abridged financial statements | 84
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