98 / 203
97
Group
2018
2017
Note
R'000
R'000
Net insurance premium revenue
21
4 163 102
3 858 384
Other income
22
418 219
437 165
Investment income
23
2 097 695
1 823 561
(Losses)/profits on financial assets and investment property
24
(2 083 475)
2 770 571
Attributable to unit trust holders
15
(154 618)
(966 613)
4 440 923
7 923 068
Net insurance benefits and claims
25
2 931 878
2 699 959
Movement in fair value of policyholder liabilities under investment
contracts
14
(48 342)
140 060
Expenses
26
1 910 477
1 596 492
(Loss)/profit before movement in insurance policy liabilities
(353 090)
3 486 557
Movement in insurance policy liabilities
12
(333 723)
3 011 553
Tax (credit)/charge
28
(27 939)
465 379
Surplus after tax and policy movements
8 572
9 625
Other comprehensive income:
Revaluation of owner-occupied property net of deferred tax
4 648
18 608
Total comprehensive income for the year
13 220
28 233
The mutual nature of PPS should be noted. The allocation to policyholders – described above as ‘Movement
to insurance policy liabilities’ – is a portion of the annual allocation to members’ PPS Profit-Share Account in
their capacity as policyholders. The balance of R968.3 million is from the movements in the Actuarial Reserve
(Non-Discretionary Participation Features ('Non-DPF') liability). The surplus after tax is the result of operations
of the non-insurance subsidiaries and any increase required to maintain capital.
CONSOLIDATED
STATEMENT OF PROFIT
OR LOSS AND OTHER
COMPREHENSIVE INCOME
for the year ended 31 December 2018