37. 37.3 % % 34 26 28 46 5 8 33 20 100 100 % % 32 27 39 48 7 6 22 19 100 100 Fluctuations in the value of assets held to back the PPS Profit-share accounts and investment components of the policy liabilities will affect the allocations to PPS Profit-share accounts and investment policyholder liabilities each year. The choice of assets to back the PPS Profit-share accounts of the policy liabilities reflects the Group’s interpretation of the investment risk appetite of the policyholders. The assets held in this regard are as follows: 5 998 Investment Choice R'm PPS Profit-share accounts and Investment policies excluding Group 2023 Equity - local Interest - local and international Cash - local and international Equity - international Total Group 2022 Equity - local Interest - local and international Cash - local and international 1 794 400 5 521 1 220 8 255 1 750 Equity - international Total 25 590 6 442 10 020 3 072 Investment Choice Investment Choice R'm R'm PPS Profit-share accounts and Investment policies excluding 8 990 1 683 10 681 32 141 1 541 2 778 505 R'm 10 787 1 174 Investment Choice Management of risks (continued) Financial risk management (continued) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023 221 Notes to the Consolidated Financial Statements
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