PPS GROUP CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME for the year ended 31 December 2022 2022 R’m 2021 Restated R’m 2020 Restated R’m 2019 R’m 2018 R’m Description of individual items Net insurance premium revenue 5 336 5 030 4 898 4 607 4 163 Premiums received from policyholders net of reinsurance premiums paid to reinsurers. Other income 655 605 530 481 418 Administration fees: Long- and short-term insurance, medical aid and retirement annuity. Short-term insurance commissions. Fees earned for asset management. Investment income and profits/ (losses) on financial assets and investment property 313 9 178 4 144 4 575 31 Interest, dividends and realised and unrealised gains on investment assets. Attributable to unit trust holders 101 (1 668) (721) (964) (155) Third-party unit trust holders’ share of relevant income and revaluation gains. Total revenue 6 405 13 145 8 851 8 699 4 458 Gross insurance benefits and claims (5 042)* (6 147) (4 841) (3 749) (3 167) Gross benefits paid to members. Reinsurance claims recoveries 453 696 481 260 235 Claims recovered from reinsurers. (Increase)/decrease in fair value of policyholder liabilities under investment contracts 84 (567) (166) (170) 48 Changes in the underlying assets linked to investment policyholder contracts, net of expenses, relating to the underlying assets linked to the investment policyholder contracts. Expenses (2 707) (2 498) (2 131) (2 211) (1 910) Group operating expenses, commissions paid on new business written and investment management fees. Finance costs (7) (5) (19) (24) (17) Interest cost on borrowings and lease liabilities. (Loss)/profit before movement in insurance policy liabilities (814) 4 624 2 175 2 804 (353) Movement to insurance policy liabilities 868** (3 838) (1 691) (2 436) 334 The amount allocated to members in their capacity as policyholders. Tax (103) (799) (472) (381) 28 Taxes raised in favour of the South African and Namibian Revenue Services. (Deficit)/Surplus after tax and policy movements (49) (13) 12 (13) 9 Any adjustment required to maintain capital cover and the result of operations of subsidiaries, other than the long-term insurance subsidiaries. This includes losses of subsidiaries that are in the start-up phase of their business cycle. * This comprises insurance claims paid to members and Profit-share pay-outs. ** This amount forms part of the annual allocation to members’ PPS Profit-Share Accounts. A further R1.49 billion resulting from movements in the Actuarial Reserve. 50 Abridged financial statements
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