1. Note Financial assets and liabilities classified as fair value through profit or loss on initial recognition Financial assets and liabilities at amortised cost PPS ProfitShare accounts and reinsurance contracts Total carrying amount Fair value 7 15 691 – – 15 691 15 691 7 6 607 – – 6 607 6 607 7 20 042 – – 20 042 20 042 7 57 – – 57 57 7 11 500 – – 11 500 11 500 9 – – 1 382 1 382 1 382 13 – 1 069 – 1 069 1 069 14 – 2 915 – 2 915 2 915 10 – – (32 293) (32 293) (32 293) – – (7 290) (7 290) (7 290) – – (240) (240) (240) 9 – – (118) (118) (118) 15 (4 495) – – (4 495) (4 495) 16 (15 086) – – (15 086) (15 086) 9 – – (13) (13) (13) 20 – (221) – (221) (221) (a) * Fair value analysis of financial statement line items with a fair value (continued) The note has been restated to align with IFRS 17 disclosures and to remove prepayments from the table Qualifying policyholders’ residual interest in the net assets of the PPS Group Group R’m 2022 Restated* Equity securities(a) Local listed International listed Debt securities(a) Government and local bonds International listed Unit trusts and pooled funds(a) Reinsurance contract assets Receivables Cash and cash equivalents PPS Profit-Share accounts Liability for remaining coverage and incurred claims Short-term insurance policy liabilities Investment contract liabilities Debt securities are designated at fair value through profit and loss and Equity securities and Unit trusts and pooled funds are mandatorily held at fair value through profit and loss. Payables Liabilities to unit trust holders Reinsurance contract liabilities NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023 33 37. 37.3 Between 0 – 2 Between 2 – 5 More than Carrying months months 5 months value 1 180 133 42 210 1 565 1 842 – – – 1 842 4 311 – – – 4 311 Between 0 – 2 Between 2 – 5 More than Carrying months months 5 months value 1 334 16 21 11 1 382 1 070 – – – 1 070 4 302 – – – 4 302 Financial assets that are past due The Group does not have collateral or other credit enhancements for its credit risk exposure from financial assets and insurance contract assets during the current or prior year. Insurance receivables can be settled from the Profit-Share Account on arrangement with the policyholder. When determining whether credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both qualitative and quantitative information and analysis, based on the Group’s experience and informed credit assessment, that includes forward-looking information such as forecasts which include the impact of macro-economics. Expected credit losses on Insurance receivables are determined using a provision matrix. Receivables are categorised per individual policyholder arrangement. Impairment rates applied to various categories are set out below: Category 1 Cash and cash equivalents Group Restated 2022 Reinsurance contract assets Receivables Cash and cash equivalents R’m Receivables Neither past due nor impaired Category 2 Category 3 Balances older than 60 days in excess of recoverable Profit-Share Account balance Balances in excess of recoverable Profit-Share Account balance Arrangement Debtor balances for members aged 51 and older. Before age 51, balances in excess of recoverable Profit-Share Account balance R’m Financial assets that are past due Management of risks (continued) Ageing of financial assets The following table provides information regarding the credit quality of assets(including unit trust fund assets) which expose the Group to credit risk: Group 2023 Financial risk management (continued) Neither past due nor impaired Reinsurance contract assets 216 Notes to the Consolidated Financial Statements
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