GROUP ACCOUNTING POLICIES (continued) gains and losses are recognised in the Statement of Profit or Loss and Other Comprehensive Income in the period in which they arise. 16. Revenue 16.1 Insurance premium revenue Refer to accounting policies 4.2.1 and 4.2.2. 16.2 Other income Other income is recognised in line with IFRS 15, “ Revenue from contracts with customers”. Other income is measured at the fair value of the consideration received or receivable and is recognised as services are rendered and the performance obligation to the customer is met. Royalties are earned from a licence agreement with PPS Mutual Australia. Long-term Insurance policy administration services are rendered to Noble Oak, a long-term insurance company incorporated in Australia. Administration fees include fees charged to medical aid schemes for administration services rendered to these entities. Investment management fees include service fees earned in respect of investment management services rendered. Commission received is recognised in the accounting period in which it accrues. Financial advice & Fiduciary service fees are earned for investment advice services as well as activities related to will and estate planning. 16.3 Investment income Investment income comprises interest, dividends, as well as net fair value gains or losses on financial assets held at fair value through profit or loss. Interest is recognised as income on the effective interest method. Interest income on financial assets at fair value through profit or loss is recognised as part of the fair value movement. Interest from unit trusts are recognised when distributed by the unit trust. Dividends are recognised as income on the last day to register in respect of listed shares. Dividends include shares received in terms of capitalisation issues, irrespective of whether there is an option to receive cash in lieu of shares. Dividends from unit trusts are recognised when distributed by the unit trust. 16.4 Gains on financial assets and investment property Gains (both realised and unrealised) on financial assets held at fair value through profit or loss comprise of gains on disposal or revaluation of assets to fair values and are recognised in the Statement of Profit or Loss and Other Comprehensive Income. 122 Group Accounting Policies
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