PPS GROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 December 2022 2022 R’m 2021 Restated R’m 2020 Restated R’m 2019 R’m 2018 R’m Description of individual items ASSETS Property and equipment 556 622 681 736 594 Fixed assets owned and leased. These include PPS’s head office premises, furniture, equipment, computers and vehicles. Investment property 327 371 460 501 409 Properties which are held for the purpose of rental income and capital appreciation. Intangible assets 264 244 235 175 168 Internally developed insurance software and acquired customer relationships. Assets held for sale – 60 – – – Investment property disposed of which transfer of ownership is in progress at 31 December. Other non-current assets 54 206 53 145 45 692 40 819 43 215 Assets backing insurance liabilities. These mainly comprise investments in equities and bonds, managed by investment managers who act in accordance with investment mandates set by the board of directors of PPS Insurance. Current assets 4 590 5 226 3 456 3 060 3 203 Primarily cash resources of PPS Group. Total assets 59 943 59 668 50 524 45 291 47 589 EQUITY AND LIABILITIES Total equity 248 307 339 339 360 Statutory capital requirement of the insurance entities, revaluation reserve of owner-occupied properties and certain reserves of subsidiaries. Insurance policy liabilities and PPS Profit-Share Accounts 38 644 39 730 35 481 33 419 31 137 PPS Profit-Share Accounts (Discretionary Participation Feature-Policyholder Liabilities) 32 294* 33 219 29 467 28 975 26 073 Members' PPS Profit-Share Accounts comprising cumulative operating profits and investment profits/(losses). Actuarial reserves (Non-Discretionary Participation Feature Policyholder Liabilities) 5 227 5 297 5 185 3 945 4 527 Capital held to pay future claims. Current liabilities 1 123 1 214 829 499 537 Long-term insurance: Notified claims not yet paid, claims provisions and shortterm insurance policy liabilities. Investment contract liabilities 4 495 4 205 3 194 2 589 2 046 Funds of members invested in PPS living annuities and endowment products. Liabilities to unit trust holders 15 086 13 347 10 121 7 197 12 670 Value of outsiders’ investments in unit trusts controlled by PPS. Other liabilities 1 470 2 079 1 389 1 747 1 376 Primarily current liabilities. Total equity and liabilities 59 943 59 668 50 524 45 291 47 589 * Members’ PPS Profit-Share Accounts comprising Apportionment and Special Benefit Accounts. ABRIDGED FINANCIAL STATEMENTS 49 Abridged financial statements
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