Income statement for the year ended 30 June 2011
| R million | Group 2011 |
Group 2010 |
% changed |
|---|---|---|---|
| Insurance premium revenue | 12 486 | 7 860 | |
| Premium revenue from investment contracts transferred to insurance contracts | – | 1 865 | |
| Reinsurance premiums | (1 700) | (1 172) | |
Net insurance premium revenue |
10 786 | 8 553 | |
| Fee income from administration business | 3 888 | 3 380 | |
| Investment income | 205 | 239 | |
| Net realised gains on available-for-sale financial assets | 202 | 200 | |
| Net fair value gains on financial assets at fair value through profit or loss | 661 | 276 | |
| Vitality income | 1 480 | 1 182 | |
Net income |
17 222 | 13 830 | |
| Claims and policyholders' benefits | (5 573) | (2 586) | |
| Insurance claims recovered from reinsurers | 1 246 | 841 | |
| Recapture of reinsurance | (313) | – | |
Net claims and policyholders' benefits |
(4 640) | (1 745) | |
| Acquisition costs | (2 116) | (1 961) | |
| Marketing and administration expenses | (6 012) | (4 807) | |
| BEE expenses | – | (6) | |
| Amortisation of intangibles from business combinations | (97) | – | |
| Recovery of expenses from reinsurers | 139 | 95 | |
| Transfer from assets/liabilities under insurance contracts | (1 530) | (2 717) | |
| – change in assets arising from insurance contracts | 1 760 | 1 639 | |
| – change in liabilities arising from insurance contracts | (3 184) | (4 291) | |
| – change in liabilities arising from reinsurance contracts | (106) | (65) | |
| Fair value adjustment to liabilities under investment contracts | (52) | (175) | |
Profit from operations |
2 914 | 2 514 | |
| Gains and losses resulting from business combinations | 609 | – | |
| Write-off of software from business combination | (95) | – | |
| Realised gains on disposal of intellectual property | 87 | – | |
| Realised gains on disposal of investment property | 122 | – | |
| Finance costs | (168) | (14) | |
| Foreign exchange loss | (14) | (3) | |
| Share of loss from associate | (4) | – | |
Profit before tax |
3 451 | 2 497 | 38 |
| Income tax expense | (872) | (782) | (12) |
Profit for the year |
2 579 | 1 715 | 50 |
Profit attributable to: |
|||
| – equity holders | 2 577 | 1 717 | 50 |
| – non-controlling interest | 2 | (2) | |
| 2 579 | 1 715 | 50 | |
Earnings per share for profit attributable to the equity holders of the company during the year (cents): |
|||
| – basic | 464.4 | 309.9 | 50 |
| – diluted | 464.2 | 308.7 | 50 |