| |
Note |
|
2006
Rm |
2005
Rm |
| |
|
|
|
|
| Income from operations
|
|
|
5 369 |
4 858 |
| Fee and commission income |
4 |
|
5 076 |
4 622 |
| Operational interest income
from insurance broking activities |
5 |
|
63 |
64 |
| Interest and other finance
income from financing activities |
6 |
|
111 |
63 |
| Less: Directly related
interest expense |
6 |
|
(33) |
|
| Net premium and investment
income from insurance activities |
7 |
|
622 |
386 |
| Less: Net claims and
transfers to policyholders' funds |
7 |
|
(470) |
(277) |
| Other income |
8 |
|
71 |
107 |
| Operating expenses |
9 |
|
(5 094) |
(4) |
| Operating profit
|
|
|
346 |
736 |
| |
|
|
|
|
| Analysed as follows:
|
|
|
|
|
| Trading results of operations |
|
|
791 |
772 |
| Profit from direct marketing
entity in run-off |
10 |
|
41 |
68 |
| Consolidation of group cell
captive insurance arrangement |
11 |
|
(1) |
23 |
| Impairment charges and other
capital gains and losses |
12 |
|
(19) |
(21) |
| Exceptional gains and losses |
13 |
|
(466) |
(106) |
| Operating profit |
|
|
346 |
736 |
| Investment income |
|
|
|
|
|
Interest and other investment income |
14 |
|
87 |
66 |
Financial effects of accounting for policyholder
investments as
treasury shares |
15 |
|
(81) |
(30) |
Net fair value gain (offset by taxation expense
attributable
to policyholders) |
16 |
|
18 |
9 |
|
Fair value movement in policyholder assets |
16 |
|
28 042 |
13 |
|
Fair value movement in policyholder liabilities |
16 |
|
(28 024) |
(13) |
| Finance costs |
17 |
|
(92) |
(129) |
| Share of net profits of associates |
31 |
|
17 |
5 |
| Profit before taxation
|
|
|
295 |
657 |
| Taxation |
|
|
|
|
| Taxation expense |
18 |
|
(220) |
(190) |
| Tax attributable to policyholders
(offset by net fair value gain above) |
18 |
|
(18) |
(9) |
| Profit for the year
|
|
|
57 |
458 |
| Attributable to:
|
|
|
|
|
| Ordinary shareholders |
|
|
12 |
413 |
| Minority interests |
19 |
|
45 |
45 |
| Profit for the year |
|
|
57 |
458 |
| |
|
|
|
|
| Earnings per share (cents) |
21 |
|
3 |
105 |
| Diluted earnings per share
(cents) |
21 |
|
3 |
104 |
| Headline earnings per share
(cents) |
21 |
|
4 |
111 |
| Core earnings per share (cents) |
21 |
|
116 |
113 |
| Proposed distribution per share
(cents) |
20 |
|
59 |
67 |
