NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2022 6. Financial assets – investments at fair value through profit or loss Group 2022 2021 Restated R’m R’m Financial assets excluding third party assets 40 725 41 171 Unit trusts and pooled funds managed for third parties (note 16) 13 172 11 617 Total financial assets at fair value through profit or loss 53 897 52 788 Analysis of financial assets held at fair value through profit or loss Level 1 fair value financial assets Equity securities: – local listed 15 691 18 587 – international listed 6 607 5 218 Total level 1 fair value financial assets 22 298 23 805 Level 2 fair value financial assets Debt securities – fixed interest rate: – government bonds and local listed 20 042 16 580 – international listed 57 399 20 099 16 979 Unit trusts and pooled funds: – local unit trusts and pooled funds 6 300 4 686* – international equity unit trusts 5 127 4 192 – international fixed interest unit trusts 35 300 – international balanced unit trusts – 2 797 11 462 11 975* Total level 2 fair value financial assets 31 561 28 954* Level 3 fair value financial assets Unit trusts and pooled funds: – local pooled funds and unit trusts 38 29* Total level 3 fair value financial assets 38 29* Total financial assets at fair value through profit and loss 53 897 52 788 * Amounts have been restated for the Old Mutual Midina Fund being disclosed as Level 3 instead of Level 2. At 31 December 2022, investments classified as Level 2 comprise approximately 58.6% (2021 restated: 54.9%) of financial assets measured at fair value. Debt securities are classified as level 2 as directly observable market inputs other than level 1 have been used to value these bonds. The observable inputs used to determine the fair value of unit trusts and pooled funds classified as Level 2 are the unit prices published by the unit trust fund managers. The investments classifies as Level 3 comprise 0.1% (2021 restated: 0.1 %) of financial assets and represents the Group's investment in the Old Mutual Midina Fund. 130 Notes to the Consolidated Financial Statements
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