28 / 184
2017
2016
Change
R’000
R’000
%
DESCRIPTION OF INDIVIDUAL ITEMS
Net insurance premium revenue
3 858 384
3 413 766
13% Premiums received from policyholders net of
reinsurance premiums paid to reinsurers.
Other income
437 165
369 232
18% Administration fees: Long- and
short-term insurance, medical aid and
retirment annuity. Short-term insurance
commissions. Fees earned for asset
management.
Investment income and net
revaluation profits on financial assets
held at fair value through profit or
loss
4 594 132
2 275 380
102% Interest, dividends, and realised &
unrealised growth on investment assets.
Attributable to unit trust holders
(966 613)
(476 512)
103% Third-party unit trust holders' share of
revaluation profits.
Total revenue
7 923 068 5 581 866
42%
Gross insurance benefits and claims
2 877 157
2 422 710
19% Gross benefits paid to members.
Reinsurance claims recoveries
(177 198)
(160 042)
11% Insurance benefits recovered from
reinsurers.
Increase in fair value of policyholder
liabilities under investment contracts
140 060
15 296
816% Investment income, net of expenses,
relating to the underlying assets linked to
the investment policyholder contracts.
Expenses
1 596 492
1 507 437
6% Group operating expenses, commissions
paid on new business written, and multi-
manager fees paid by PPS Investments.
Profit before movement in insurance
policy liabilities
3 486 557 1 796 465
94%
Movement to insurance policy
liabilities
3 011 553
1 546 773
95% The amount allocated to members in their
capacity as policyholders.
Tax
465 379
226 342
106% Taxes raised in favour of the South African
and Namibian Revenue Services.
Surplus after tax and policy
movements
9 625
23 350
(59%) Any adjustment required to maintain
capital cover and the result of operations
of subsidiaries, other than the long-term
insurance subsidiary.
PPS GROUP CONSOLIDATED
STATEMENT OF PROFIT OR LOSS
AND COMPREHENSIVE INCOME
for the year ended
31 December 2017
These are the
benefits members
receive when
claiming from PPS
This amount is part of the
annual allocation to members’
PPS Profit-Share Accounts
PPS
INTEGRATED REPORT
2017
26