Notes to the group financial statements for the year ended 31 March 2006           23. Financial assets held under multi-manager investment contracts The policyholder assets held by the group’s multi-manager investment subsidiary, Investment Solutions in South Africa, Namibia and the United Kingdom is provided below. These policyholder assets are directly matched by linked obligations to policyholders.   Following the adoption of IFRS, financial assets held in unit trust managed by the group’s multi-manager investment subsidiary, Investment Solutions, in South Africa and the United Kingdom, are now included in the consolidated balance sheet of the group. These financial assets are directly matched to linked obligations to unit-holders.        2006  Rm  2005  Rm  23.1 Movement in multi-manager and unit trust investment contracts assets         A reconciliation of the movement in the financial assets held under multi-manager and unit trust investment contracts is provided below:         Opening balance 85 518  63 317      Movement during year:         Premium inflow 27 624  21 247      Withdrawals (21 896) (12 793)     Investment returns after tax 28 042  13 833      Fees and other payments (348) (155)     Foreign subsidiaries exchange differences (567) 69      Closing balance 118 373  85 518     23.2 Analysis of multi-manager and unit trust investment contracts assets         An analysis of the aggregate financial assets of multi-manager and unit trust investment contracts is set out below:         Financial assets classified as “fair value through profit or loss” 100 753  71 282         Equity securities – listed 52 081  34 687         Equity securities – unlisted 49  30         Preference shares 338  126         Unit trusts 30 381  18 983         Debt securities – listed 3 095  1 966         Debt securities – government stock 2 905  2 982         Policy of insurance 8 013  1 700         Derivative financial instruments 3 308  5 588         Receivables 583  5 220      Cash and cash equivalents 17 620  14 236         Money market 16 624  12 147         Cash 996  2 089      Total financial assets held under multi-manager investment contracts (per the balance sheet) 118 373  85 518      A reconciliation of the assets held under multi-manager investment contracts with the linked liability under such contracts is as follows:         Total financial assets held under multi-manager investment contracts (per balance sheet) 118 373  85 518      Reversal of adjustments made under IFRS         Add: Alexander Forbes shares held as policyholder assets and         reclassified in the group balance sheet to an equity deduction         on adoption of IFRS 151  151      Add: Financial effects in the 2005 financial year of accounting for         policyholder investments as treasury shares under IFRS 30  30      Add: Financial effects in the 2006 financial year of accounting for         policyholder investments as treasury shares under IFRS 81  —      Less: Tax effects attributable to policyholders (refer note 18.3) (18) (9)     Total financial assets held for policyholders under multi-manager investment contracts 118 619* 85 691*     * Total assets managed by the group at 31 March 2006 total R124 billion (2005: R107 billion) which include assets of the group’s           back | next   |