Group 2022 2021 R’000 R'000 Life and disability – Premiums 2 725 2 588 Sickness benefit – Premiums 1 547 1 500 – Claims 1 943 1 170 PPS Profit-Share Account 17 211 17 310 Motor and household – Premiums 1 122 1 125 – Claims 893 431 Assets under management 94 638 63 382 The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions with all members. The aggregate compensation of The Professional Provident Society Holdings Trust trustees and Professional Provident Society Insurance Company Limited executives paid by the Group is set out below: Group 2022 2021 R’000 R'000 Salaries and other employee benefits 52 273 49 036 Performance payments 27 675 29 137 Trustees' remuneration 12 760 12 202 92 708 90 375 38. Critical accounting estimates and judgements in applying accounting policies The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities at reporting date as well as affecting the reported income and expenses for the year. Estimates and judgements are evaluated annually and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 38.1 Valuation of long-term insurance policy liabilities The determination of the liabilities under insurance contracts is dependent on estimates and assumptions made by the Group. In determining the value of these insurance policy liabilities, assumptions regarding mortality, persistency, investment returns, expense level and inflation, tax and future profit allocations have been made. For details on these assumptions refer to note 13.1. No allowance was made for any assumed deterioration in mortality and morbidity due to HIV/AIDS. It is expected that the impact of the epidemic on the current membership will not be significant in the near future. 37. Related parties (continued) 165 Notes to the Consolidated Financial Statements
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